# EDGAR Filing Document

**Accession Number:** 0001818416
**File Stem:** 0001104659-26-024608
**Filing Date:** 2026-3
**Character Count:** 363324
**Document Hash:** d4debbf63f28dcdf4209a3a1b40f9e0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-024608.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001104659-26-024608

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Eagle Credit Opportunities Fund
- **CENTRAL INDEX KEY:** 0001818416

**ORGANIZATION NAME:**
- **EIN:** 851899053
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23592
- **FILM NUMBER:** 26730124

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **STREET 2:** 48TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 2126983300

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **STREET 2:** 48TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23592</u>

**First Eagle Credit Opportunities Fund** 

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas

New York, NY 10105-4300

(Address of principal executive offices)(Zip code)

Sheelyn Michael

First Eagle Investment Management, LLC 1345 Avenue of the Americas

New York, NY 10105

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-212-698-3300</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N- CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549- 1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

![](j2623092_aa001.jpg)

![](j2623092_aa002.jpg)

Annual Report

**December 31, 2025**

First Eagle Credit Opportunities Fund

Advised by First Eagle Investment Management, LLC

**Forward-Looking Statement Disclosure**

One of our most important responsibilities as mutual fund managers is to communicate with shareholders in an open and direct manner. Some of our commentary to shareholders are based on current management expectations and are considered "forward-looking statements". Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as "may", "will", "believe", "attempt", "seek", "think", "ought", "try" and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

**Table of Contents**

---

| | |
|:---|:---|
| **[Management's Discussion of Fund Performance](#job2_001)** | [4](#job2_001) |
| **[Fund Overview](#job2_002)** | [6](#job2_002) |
| **[Consolidated Schedule of Investments](#job2_003)** | [8](#job2_003) |
| **[Consolidated Statement of Assets and Liabilities](#job2_004)** | [52](#job2_004) |
| **[Consolidated Statement of Operations](#job2_005)** | [54](#job2_005) |
| **[Consolidated Statements of Changes in Net Assets](#job2_006)** | [55](#job2_006) |
| **[Consolidated Statement of Cash Flows](#job2_007)** | [57](#job2_007) |
| **[Financial Highlights](#job2_008)** | [58](#job2_008) |
| **[Notes to Consolidated Financial Statements](#job2_009)** | [66](#job2_009) |
| **[Report of Independent Registered Public Accounting Firm](#job2_010)** | [99](#job2_010) |
| **[Fund Expenses](#job2_011)** | [101](#job2_011) |
| **[General Information](#job2_012)** | [105](#job2_012) |
| **[Dividend Reinvestment Plan](#job2_013)** | [106](#job2_013) |
| **[Tax Information](#job2_014)** | [107](#job2_014) |
| **[Privacy Notice](#job2_015)** | [108](#job2_015) |
| **[Additional Information](#job2_016)** | [114](#job2_016) |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Management's Discussion of Fund Performance (unaudited)

Despite tight spreads, all-in yield compression and heightened risk—idiosyncratic, macroeconomic and geopolitical—credit markets finished a strong 2025 in generally positive fashion. Supply and demand declined amid tariff uncertainty during the first quarter, and capital market and repricing activities also fell during the most volatile periods in April. As sentiment and capital markets activity began to stabilize, supply remained constrained and volumes skewed towards refinancing and repricing. In the second half of the year, we began to see too much capital chasing too few deals across both syndicated loans and private credit. As a result, loan demand outstripped supply, which weighed on spreads and created an environment generally skewed in favor of borrowers, even as broad macroeconomic and geopolitical risks were joined by idiosyncratic concerns among certain issuers and sectors.

Collateralized loan obligation (CLO) issuance remained the primary driver of loan demand throughout 2025, driven by banks, insurance companies, investment managers and Japanese investors. Retail demand for leveraged loans, in contrast, has been weak, with loan funds shedding nearly $11 billion in assets over the year.<sup>1</sup> In the direct lending market, total new issuance of $327 billion in 2025 established a new annual high. Lower interest rates and pressure from limited partners drove record levels of leveraged buyouts (LBOs), add-ons and dividend recapitalizations during the year, while refinancing activity slowed.

We continued to focus on the lower middle market space—companies with earnings before interest, taxes, depreciation and amortization in a range of $5-$50 million—where LBO activity was more plentiful and transactions accounted for 45% of all deals.<sup>2</sup> Private equity buyers are focused on rollups of basic, cash-flowing businesses with pricing power and inelastic demand—such as HVAC, plumbing, elevator servicing and landscaping. These smaller businesses offer an opportunity to professionalize, scale and consolidate within sectors of the US economy that have long remained outside mainstream mergers and acquisitions.

The total return of the Fund's Class I shares increased 6.11%<sup>3</sup> for the 12 months ended December 31, 2025, while the S&P UBS Leveraged Loan Index returned 5.94% during the same period.

<sup>1</sup>Source: PitchBook \| LCD; data as of January 5, 2026.

<sup>2</sup>Source: KBRA DLD Research; data as of January 15, 2026.

<sup>3</sup>The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Management's Discussion of Fund Performance (unaudited)

**Broadly-syndicated loans (BSLs)** typically refer to floating-rate commercial loans provided by a group of lenders—the syndicate—to a noninvestment grade borrower.

**Collateralized loan obligations (CLO)** are financial instruments collateralized by a pool of corporate loans.

**Direct lending** refers to a loan agreement negotiated between a borrower and single or small group of nonbank lenders. Direct lending can also be referred to as "private credit" or "private lending."

A **leveraged buyout (LBO)** is the acquisition of one company by another using a significant amount of borrowed capital to meet the cost of acquisition.

**Private credit** refers to a loan agreement between a borrower and single or small group of nonbank lenders. Private credit can also be referred to as "direct lending" or "private lending."

**Indexes are unmanaged and do not incur management fees or other operating expenses. One cannot invest directly in an index.**

**S&P UBS Leveraged Loan index** (Gross/Total) formerly named the Credit Suisse Leveraged Loan Index, measures the performance of the investable universe of the US dollar institutional leveraged loans. A total-return index tracks price changes and reinvestment of distribution income.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund

**Fund Overview**

Data as of December 31, 2025 (unaudited)

**Investment Objective**

The First Eagle Credit Opportunities 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.

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns**<sup>^</sup> **(%)** | **One Year** | **Five Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Inception<br>(9/15/2020) to Date** |
| First Eagle Credit Opportunities Fund Class I | 6.11 | 6.81 | 7.04 |
| S&P UBS Leverage Loan Index | 5.94 | 6.37 | 6.60 |

---

**Asset Allocation\***<sup>^^</sup> **(%)**

![](j2623092_ca001.jpg)

---

| | |
|:---|:---|
| **Debt Breakdown\*\* (%)** | **Debt Breakdown\*\* (%)** |
| Secured vs. Unsecured | Secured vs. Unsecured |
| First Lien Secured Loans | 97.29 |
| Second Lien Secured Loans | 2.46 |
| Unsecured Debt | 0.25 |
| Floating vs Fixed | Floating vs Fixed |
| Floating Rate | 99.76 |
| Fixed Rate | 0.24 |

---

**Top 5 Industries\*(%)**

---

| | |
|:---|:---|
| Health Care Services | 13.2 |
| Research & Consulting Services | 6.4 |
| IT Consulting & Other Services | 5.1 |
| Insurance Brokers | 4.2 |
| Application Software | 3.6 |

---

**Portfolio Characteristics\*\***

---

| | | |
|:---|:---|:---|
| Weighted Average Loan Spread | 5.11 | % |
| % of Portfolio at Floor | 0.00 | % |
| Weighted Average Maturity (Years) | 3.69 |  |
| Weighted Average Duration (Years) | 0.10 |  |
| Weighted Average Days to Reset | 35.67 | \*\*\* |
| Weighted Average Purchase Price | 98.81 | % |
| Weighted Average Market Price | 96.59 | % |
| Number of Positions | 430 |  |

---

<sup>^</sup>Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower. For information regarding these fee waivers and/or expense limitations, see Note 6.

<sup>^^</sup>Broadly Syndicated Loans, Middle Market Loans and Directly Originated Loans are presented under the Senior Loans category on the Schedule of Investments.

~The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*Asset Allocation and Industries percentages are based on total investments in the portfolio.

\*\*Excludes short-term investments, warrants and common stocks.

\*\*\*Includes Senior Loans only.

†Less than 0.05%.

The Fund's portfolio composition is subject to change at any time.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Fund Overview

**Growth of a $1,000,000 Initial Investment**

![](j2623092_ca002.jpg)

**Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.**

**Class I Shares require $1 million minimum investment and are offered without a sales charge. If a sales charge was included values would be lower.**

The S&P UBS Leveraged Loan Index is designed to mirror the investable universe of the US denominated leveraged loan market. It consists of issues rated "BB" or lower, i.e. the highest Moody's/S&P ratings are Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year and are made by issuers domiciled in developed countries.

**Top 10 Holdings\* (%)**

---

| | |
|:---|:---|
| SuperHero Fire Protection, LLC, Eleventh Amendment Incremental Term Loan — First Lien <br>(Security & Alarm Services, United States) | 1.4 |
| Irving Parent, Corp. (Quisitive), Initial Term Loan — First Lien (IT Consulting & Other Services, <br>United States) | 1.3 |
| 841 Prudential MOB LLC, Term Loan — First Lien (Real Estate Development, United States) | 1.3 |
| Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Term A Loan — First Lien (Research & <br>Consulting Services, United States) | 1.3 |
| Monarch Behavioral Therapy, LLC, Closing Date Term Loan — First Lien (Health Care Services, <br>United States) | 1.2 |
| Sagebrush Buyer, LLC (Province), Initial Term Loan — First Lien (Research & Consulting Services, <br>United States) | 1.2 |
| National Mentor Holdings, Inc. (Civitas Solutions), Initial Term Loan — Second Lien (Health Care <br>Services, United States) | 1.2 |
| Unified Patents, LLC, Term A Loan — First Lien (IT Consulting & Other Services, United States) | 1.1 |
| Advantmed Buyer Inc., Initial Term Loan — First Lien (Health Care Technology, United States) | 1.1 |
| Syner-G Intermediate Holdings, LLC, Term Loan — First Lien (Pharmaceuticals, United States) | 1.0 |
| **Total** | **12.1** |

---

\*Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Percentages are based on total net assets.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Senior Loans (a) — 91.8%** | **Senior Loans (a) — 91.8%** | **Senior Loans (a) — 91.8%** |
| **Advertising — 1.0%** | **Advertising — 1.0%** | **Advertising — 1.0%** |
| Data Driven Intermediate, LLC, Term Loan — First Lien<br>(SOFR 3 month + 3.50%), 7.27%, 05/01/2030‡ (b)(c)(d) | 2472351 | 2459989 |
| New Insight Holdings Inc. (Research Now/Dynata/<br>Survey Sampling), First Out New Money <br>Term Loan — First Lien<br>(SOFR 3 month + 5.00%), 9.14%, 07/15/2028 (e) | 912045 | 908853 |
| New Insight Holdings Inc. (Research Now/Dynata/<br>Survey Sampling), Second Out Term Loan — First Lien<br>(SOFR 3 month + 5.50%), 9.64%, 10/15/2028 | 4962312 | 3084399 |
| WH Borrower, LLC (aka WHP Global), <br>Initial Term Loan — First Lien<br>(SOFR 3 month + 4.50%), 8.39%, 02/20/2032 (e) | 993753 | 999730 |
| **7452971** | **7452971** | **7452971** |
| **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
| Chromalloy Corp., Term Loan — First Lien<br>(SOFR 3 month + 3.25%), 7.23%, 03/27/2031 (e) | 2951823 | 2972810 |
| Karman Holdings Inc., Initial Term Loan — First Lien<br>(SOFR 3 month + 3.50%), 7.17%, 04/01/2032‡ (e) | 1418489 | 1433561 |
| MAG DS Corp., Initial Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor), <br>9.27%, 04/01/2027 (b)(d) | 1940438 | 1938623 |
| **6344994** | **6344994** | **6344994** |
| **Agricultural & Farm Machinery — 0.1%** | **Agricultural & Farm Machinery — 0.1%** | **Agricultural & Farm Machinery — 0.1%** |
| Hydrofarm Holdings Group, Inc., Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor), <br>9.60%, 10/25/2028‡ (b)(d) | 1118313 | 933791 |
| **Air Freight & Logistics — 0.8%** | **Air Freight & Logistics — 0.8%** | **Air Freight & Logistics — 0.8%** |
| Air Buyer Inc. (Condata Global), Revolving <br>Credit Loan — First Lien<br>(PRIME 3 month + 4.50%), 11.25%, 07/23/2030‡ (b)(c) | 221854 | 215199 |
| Air Buyer Inc. (Condata Global), Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor), <br>9.36%, 07/23/2030‡ (b)(c)(d) | 3278146 | 3179802 |
| AIT Worldwide Logistics Holdings, Inc., <br>Initial Term Loan — First Lien<br>(SOFR 3 month + 4.00%), 7.89%, 04/08/2030 (e) | 2466285 | 2484782 |
| **5879783** | **5879783** | **5879783** |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Apparel Retail — 0.1%** | **Apparel Retail — 0.1%** | **Apparel Retail — 0.1%** |
| Xcel Brands, Inc., Initial Term Loan A — First Lien<br>(SOFR 3 month + 8.50%, 2.00% Floor), <br>12.17%, 12/12/2028‡ (b)(c) | 1083333 | 1083333 |
| **Apparel, Accessories & Luxury Goods — 1.6%** | **Apparel, Accessories & Luxury Goods — 1.6%** | **Apparel, Accessories & Luxury Goods — 1.6%** |
| Gloves Buyer, Inc. (Protective Industrial Products), <br>Initial Term Loan — First Lien<br>(SOFR 1 month + 4.00%), 7.72%, 05/21/2032 (e) | 1615217 | 1610169 |
| Penney Holdings LLC (Catalyst Brands), <br>Initial Term Loan — First Lien<br>(SOFR 1 month + 8.13%, 2.50% Floor), <br>11.82%, 09/20/2030‡ (b)(c) | 6000000 | 5850000 |
| Rachel Zoe Creations, LLC, Term Loan — First Lien<br>(SOFR 3 month + 7.25%, 2.00% Floor), <br>10.97%, 12/15/2028‡ (b)(c) | 4775000 | 4676516 |
| **12136685** | **12136685** | **12136685** |
| **Application Software — 3.8%** | **Application Software — 3.8%** | **Application Software — 3.8%** |
| Apex Analytix, Inc. (Montana Buyer, Inc.), <br>Initial Term Loan — First Lien<br>(SOFR 1 month + 4.75%, 0.75% Floor), <br>8.47%, 07/22/2029‡ (b)(c) | 2614783 | 2595172 |
| AppHub LLC, Delayed Draw Term Loan — First Lien<br>(SOFR 6 month + 6.25%, 1.00% Floor),<br>10.24%, 09/29/2028‡ (b)(c) | 364020 | 362200 |
| AppHub LLC, June 2024 Delayed Draw <br>Term Loan — First Lien<br>(SOFR 6 month + 6.25%, 1.00% Floor),<br>10.54%, 09/29/2028‡ (b)(c) | 2021772 | 2011663 |
| AppHub LLC, Revolving Credit Loan — First Lien<br>(SOFR 3 month + 6.25%, 1.00% Floor),<br>10.09%, 09/29/2028‡ (b)(c) | 103013 | 102498 |
| AppHub LLC, Term Loan — First Lien<br>(SOFR 6 month + 6.25%, 1.00% Floor),<br>10.37%, 09/29/2028‡ (b)(c)(d) | 2642205 | 2628994 |
| Boxer Parent Co. Inc. (BMC Software),<br>2031 Replacement Dollar Term Loan — First Lien<br>(SOFR 3 month + 3.00%), 6.82%, 07/30/2031 (e) | 2965038 | 2960812 |
| Cloud Software Group, Inc. (TIBCO Software),<br>Tenth Amendment Tranche B-2 Term Loan — First Lien<br>(SOFR 3 month + 3.25%), 6.92%, 03/21/2031 (e) | 1485038 | 1488631 |
| Cloudera, Inc., Initial Term Loan — First Lien<br>(SOFR 1 month + 3.75%), 7.57%, 10/08/2028 (e) | 2984496 | 2867444 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Application Software — 3.8% (continued)** | **Application Software — 3.8% (continued)** | **Application Software — 3.8% (continued)** |
| CMI Marketing, Inc (AdThrive), <br>Initial Term Loan — First Lien<br>(SOFR 1 month + 4.25%, 0.50% Floor),<br>8.08%, 03/23/2028‡  | 472064 | 466753 |
| EagleView Technology Corp., Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% PIK),<br>10.17%, 08/14/2028 (e) | 3205994 | 3094208 |
| Mitchell International, Inc., <br>Initial Term Loan — First Lien<br>(SOFR 1 month + 3.25%), 6.97%, 06/17/2031 (e) | 2967387 | 2980756 |
| Project Alpha Intermediate Holdings, Inc. (Qlik),<br>Second Amendment Refinancing Term Loan — First Lien<br>(SOFR 3 month + 3.25%, 0.50% Floor),<br>6.92%, 10/26/2030 | 4975 | 4973 |
| Rocket Software, Inc., Extended Dollar <br>Term Loan — First Lien<br>(SOFR 1 month), 7.47%, 11/28/2028 (e) | 1804033 | 1805909 |
| Sapio Sciences, LLC (Jarvis Bidco), <br>Initial Term Loan — First Lien<br>(SOFR 1 month + 6.25%, 1.00% Floor),<br>10.07%, 11/17/2028‡ (b)(c)(d) | 3213125 | 3213125 |
| WatchGuard Technologies, Inc., <br>Initial Term Loan — First Lien<br>(SOFR 1 month + 5.25%, 0.75% Floor),<br>8.97%, 07/02/2029 (e) | 1982065 | 1983313 |
| **28566451** | **28566451** | **28566451** |
| **Asset Management & Custody Banks — 1.0%** | **Asset Management & Custody Banks — 1.0%** | **Asset Management & Custody Banks — 1.0%** |
| Apella Capital, LLC, Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.54%, 03/01/2029‡ (b)(c) | 247000 | 247000 |
| Apella Capital, LLC, First Amendment Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.52%, 03/01/2029‡ (b)(c) | 292804 | 292804 |
| Apella Capital, LLC, First Amendment <br>Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.52%, 03/01/2029‡ (b)(c)(d) | 584133 | 584133 |
| Apella Capital, LLC, Initial Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.52%, 03/01/2029‡ (b)(c)(d) | 1250950 | 1250950 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Asset Management & Custody Banks — 1.0% (continued)** | **Asset Management & Custody Banks — 1.0% (continued)** | **Asset Management & Custody Banks — 1.0% (continued)** |
| Apella Capital, LLC, Second Amendment Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.44%, 03/01/2029‡ (b)(c) | 990858 | 990858 |
| Apella Capital, LLC, Second Amendment <br>Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.49%, 03/01/2029‡ (b)(c)(d) | 988369 | 988369 |
| Apella Capital, LLC, Third Amendment Delayed <br>Draw Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.54%, 03/01/2029‡ (b)(c) | 345793 | 345793 |
| IPM MSO Management, LLC, Closing Date <br>Term Loan — First Lien<br>(SOFR 3 month + 6.50%, 1.00% Floor),<br>10.64%, 06/17/2026‡ (b)(c)(d) | 768331 | 733756 |
| IPM MSO Management, LLC, Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 6.50%, 1.00% Floor),<br>10.64%, 06/17/2026‡ (b)(c)(d) | 92288 | 88135 |
| IPM MSO Management, LLC, Second Amendment <br>Term Loan — First Lien<br>(SOFR 3 month + 6.50%),<br>10.64%, 06/17/2026‡ (b)(c)(d) | 211442 | 201928 |
| Oak Point Partners, LLC, Term Loan — First Lien<br>(SOFR 1 month + 4.75%, 1.00% Floor),<br>8.57%, 12/01/2027‡ (b)(c)(d) | 1924323 | 1924324 |
| **7648050** | **7648050** | **7648050** |
| **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** |
| Enthusiast Auto Holdings, LLC (EAH-Intermediate <br>Holdco LLC), Fifth Amendment Term Loan — First Lien<br>(SOFR 1 month + 4.50%, 1.00% Floor),<br>8.22%, 12/19/2026‡ (b)(c)(d) | 4363689 | 4363689 |
| Enthusiast Auto Holdings, LLC (EAH-Intermediate <br>Holdco LLC), Third Amendment Term Loan — First Lien<br>(SOFR 1 month + 4.50%, 1.00% Floor),<br>8.22%, 12/19/2026‡ (b)(c)(d) | 1387321 | 1387321 |
| Hertz Corp., The, 2023 Incremental <br>Term Loan — First Lien<br>(SOFR 1 month + 3.75%), 7.47%, 06/30/2028 | 493703 | 412861 |
| Hertz Corp., The, Initial Term B Loan — First Lien<br>(SOFR 1 month + 3.50%, 0.50% Floor),<br>7.33%, 06/30/2028 | 898523 | 757006 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Auto Parts & Equipment — 1.0% (continued)** | **Auto Parts & Equipment — 1.0% (continued)** | **Auto Parts & Equipment — 1.0% (continued)** |
| Hertz Corp., The, Initial Term C Loan — First Lien<br>(SOFR 1 month + 3.50%, 0.50% Floor),<br>7.33%, 06/30/2028 | 177316 | 149389 |
| Power Stop, LLC, Initial Term Loan — First Lien<br>(SOFR 6 month + 4.75%, 0.50% Floor),<br>8.55%, 01/26/2029 (e) | 989609 | 833127 |
| **7903393** | **7903393** | **7903393** |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| Solaris US Bidco LLC (Therakos),<br>Initial Term Loan — First Lien<br>(SOFR 3 month + 5.25%), 9.07%, 11/29/2030 (e) | 3219982 | 3171682 |
| **Broadcasting — 0.3%** | **Broadcasting — 0.3%** | **Broadcasting — 0.3%** |
| Allen Media, LLC, Initial Term Loan — First Lien<br>(SOFR 3 month + 5.50%), 9.32%, 02/10/2027 | 1923445 | 1361040 |
| Learfield Communications, LLC, <br>2024 Refinancing Term Loan — First Lien<br>(SOFR 1 month + 4.75%), 8.47%, 06/30/2028‡ (e) | 1272658 | 1277322 |
| **2638362** | **2638362** | **2638362** |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| Opal Bidco SAS (Opella LLC), Facility B4 — First Lien<br>(SOFR 3 month + 3.00%), 6.69%, 04/28/2032 (e) | 1995000 | 2009963 |
| **Casinos & Gaming — 1.2%** | **Casinos & Gaming — 1.2%** | **Casinos & Gaming — 1.2%** |
| Catawba Nation Gaming Authority, <br>Initial Term B Loan — First Lien<br>(SOFR 1 month + 4.75%), 8.47%, 03/29/2032 (b)(e) | 4600000 | 4718841 |
| J & J Ventures Gaming, LLC, <br>2025 Term Loan — First Lien<br>(SOFR 1 month + 3.50%), 7.22%, 04/26/2030 (e) | 4453781 | 4428039 |
| **9146880** | **9146880** | **9146880** |
| **Commodity Chemicals — 0.2%** | **Commodity Chemicals — 0.2%** | **Commodity Chemicals — 0.2%** |
| A&A Global Imports, LLC, <br>First Out Term Loan — First Lien<br>0.00%, 06/01/2026‡ (b)(c)(d) | 1063099 | 26577 |
| A&A Global Imports, LLC, <br>Last Out Term Loan — First Lien<br>0.00%, 06/01/2026‡ (b)(c)(d) | 1224822 |  |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Commodity Chemicals — 0.2% (continued)** | **Commodity Chemicals — 0.2% (continued)** | **Commodity Chemicals — 0.2% (continued)** |
| A&A Global Imports, LLC, <br>New Revolving Loan — First Lien<br>(SOFR 3 month + 8.00%, 1.00% Floor),<br>11.82%, 06/01/2026‡ (b)(c) | 54138 | 54138 |
| Hexion Holdings Corp., <br>2024 Refinancing Term Loan — First Lien<br>(SOFR 1 month + 4.00%), 7.73%, 03/15/2029 (e) | 1202558 | 1162832 |
| **1243547** | **1243547** | **1243547** |
| **Construction & Engineering — 1.3%** | **Construction & Engineering — 1.3%** | **Construction & Engineering — 1.3%** |
| McHale & McHale Landscape Design, LLC, <br>Closing Date Term Loan — First Lien<br>(SOFR 3 month + 5.25%, 1.00% Floor),<br>8.64%, 07/16/2031‡ (b)(c)(d) | 2508403 | 2480184 |
| McHale & McHale Landscape Design, LLC, <br>Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 4.75%, 1.00% Floor),<br>8.54%, 07/16/2031‡ (b)(c) | 285000 | 281794 |
| R.L. James, Inc. (HH Restore Acquisition),<br>Closing Date Term Loan — First Lien<br>(SOFR 1 month + 6.00%, 1.00% Floor),<br>9.82%, 12/15/2028‡ (b)(c)(d) | 939726 | 939726 |
| R.L. James, Inc. (HH Restore Acquisition),<br>Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor),<br>10.04%, 12/15/2028‡ (b)(c) | 892120 | 892120 |
| R.L. James, Inc. (HH Restore Acquisition),<br>First Amendment Incremental Term Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor),<br>10.02%, 12/15/2028‡ (b)(c)(d) | 311622 | 311621 |
| R.L. James, Inc. (HH Restore Acquisition),<br>Revolving Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor),<br>10.02%, 12/15/2028‡ (b)(c) | 67562 | 67562 |
| TriStrux, LLC, Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 1.00%, 1.00% Floor, 2.00% PIK),<br>6.82%, 12/23/2027‡ (b)(c)(d) | 327256 | 163628 |
| TriStrux, LLC, Initial Term Loan — First Lien<br>(SOFR 3 month + 1.00%, 1.00% Floor, 7.00% PIK),<br>11.82%, 12/23/2027‡ (b)(c)(d) | 916418 | 458209 |
| TriStrux, LLC, Revolving Loan — First Lien<br>(SOFR 3 month + 8.00%, 1.00% Floor, 6.88% PIK),<br>18.10%, 12/23/2027‡ (b)(c) | 360800 | 180332 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Construction & Engineering — 1.3% (continued)** | **Construction & Engineering — 1.3% (continued)** | **Construction & Engineering — 1.3% (continued)** |
| Violet Utility Buyer, LLC (Vannguard), <br>Initial Term Loan — First Lien<br>(SOFR 3 month + 4.75%, 1.00% Floor),<br>8.59%, 07/24/2031‡ (b)(c)(d) | 3977761 | 3933011 |
| **9708187** | **9708187** | **9708187** |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Smyrna Ready Mix Concrete, LLC, <br>2025 Term Loan — First Lien<br>(SOFR 1 month + 3.00%), 6.72%, 04/02/2029 | 1771590 | 1784877 |
| **Data Processing & Outsourced Services — 0.5%** | **Data Processing & Outsourced Services — 0.5%** | **Data Processing & Outsourced Services — 0.5%** |
| Schola Group Acquisition, Inc. (Lathan McKee),<br>Closing Date Term Loan — First Lien<br>(SOFR 3 month + 4.75%, 1.00% Floor),<br>8.59%, 04/09/2031‡ (b)(c)(d) | 3205369 | 3173316 |
| Schola Group Acquisition, Inc. (Lathan McKee),<br>Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 4.75%), 8.60%, 04/09/2031‡ (b)(c) | 461930 | 457310 |
| **3630626** | **3630626** | **3630626** |
| **Distributors — 0.2%** | **Distributors — 0.2%** | **Distributors — 0.2%** |
| Highline Aftermarket Acquisition, LLC, <br>2025-1 Term Loan — First Lien<br>(SOFR 3 month + 3.50%), 7.32%, 02/19/2030‡ (e) | 1485008 | 1495225 |
| **Diversified Support Services — 0.7%** | **Diversified Support Services — 0.7%** | **Diversified Support Services — 0.7%** |
| Streetmasters Intermediate, Inc., <br>Term Loan — First Lien<br>(SOFR 1 month + 5.50%, 1.00% Floor),<br>9.22%, 04/01/2030‡ (b)(c)(d) | 5107667 | 4979975 |
| **Drug Retail — 1.0%** | **Drug Retail — 1.0%** | **Drug Retail — 1.0%** |
| Blazing Star Parent, LLC, <br>Closing Date Term Loan — First Lien<br>(SOFR 3 month + 7.00%, 1.00% Floor),<br>10.82%, 08/28/2030‡ (b)(c) | 7950000 | 7830750 |
| **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** |
| Mission Critical Group, LLC, <br>Delayed Draw Term Loan — First Lien<br>(SOFR 1 month + 5.50%), 9.33%, 04/17/2030‡ (b)(c) | 621581 | 621581 |
| Mission Critical Group, LLC, Term Loan — First Lien<br>(SOFR 1 month + 5.50%), 9.23%, 04/17/2030‡ (b)(c)(d) | 2240295 | 2240295 |
| **2861876** | **2861876** | **2861876** |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |
| EiKO Global, LLC, Revolving Credit Loan — First Lien<br>(SOFR 3 month + 6.50%), 10.17%, 09/03/2030‡ (b)(c) | 3583999 | 3503359 |
| **Electronic Equipment & Instruments — 0.4%** | **Electronic Equipment & Instruments — 0.4%** | **Electronic Equipment & Instruments — 0.4%** |
| VeriFone Systems, Inc., 2025-1 Term Loan — First Lien<br>(SOFR 3 month + 5.25%), 9.35%, 08/18/2028 | 2821449 | 2679981 |
| **Electronic Manufacturing Services — 0.2%** | **Electronic Manufacturing Services — 0.2%** | **Electronic Manufacturing Services — 0.2%** |
| Creation Technologies Inc., <br>Initial Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 0.50% Floor),<br>9.70%, 10/05/2028‡ (e) | 1910681 | 1913070 |
| **Environmental & Facilities Services — 2.9%** | **Environmental & Facilities Services — 2.9%** | **Environmental & Facilities Services — 2.9%** |
| CI (MG) Group, LLC (Mariani Landscape),<br>Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.25%, 03/27/2030‡ (b)(c) | 1703862 | 1699602 |
| CI (MG) Group, LLC (Mariani Landscape),<br>Initial Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.17%, 03/27/2030‡ (b)(c)(d) | 6882015 | 6864810 |
| CI (MG) Group, LLC (Mariani Landscape),<br>Revolving Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.17%, 03/27/2030‡ (b)(c) | 427518 | 426450 |
| EnergySolutions (Energy Capital Partners),<br>Initial Term Loan — First Lien<br>(SOFR 1 month + 3.25%), 6.97%, 09/20/2030 (e) | 1847247 | 1862256 |
| SR Landscaping, LLC, Amendment No. 1 Delayed <br>Draw Term Loan — First Lien<br>(SOFR 3 month + 6.25%, 1.00% Floor),<br>10.12%, 10/30/2029‡ (b)(c) | 422822 | 393225 |
| SR Landscaping, LLC, Closing Date <br>Term Loan — First Lien<br>(SOFR 1 month + 6.25%, 1.00% Floor),<br>10.12%, 10/30/2029‡ (b)(c)(d) | 2647947 | 2462591 |
| SR Landscaping, LLC, Delayed Draw <br>Term Loan — First Lien<br>(SOFR 1 month + 6.25%, 1.00% Floor),<br>10.12%, 10/30/2029‡ (b)(c) | 881711 | 819991 |
| SR Landscaping, LLC, Revolving Loan — First Lien<br>(SOFR 3 month + 6.25%, 1.00% Floor),<br>10.12%, 10/30/2029‡ (b)(c) | 445109 | 413951 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Environmental & Facilities Services — 2.9% (continued)** | **Environmental & Facilities Services — 2.9% (continued)** | **Environmental & Facilities Services — 2.9% (continued)** |
| Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.),<br>Closing Date Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.40%, 07/12/2030‡ (b)(c)(d) | 4915556 | 4841822 |
| Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.),<br>Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.30%, 07/12/2030‡ (b)(c) | 1938844 | 1909762 |
| **21694460** | **21694460** | **21694460** |
| **Financial Exchanges & Data — 0.8%** | **Financial Exchanges & Data — 0.8%** | **Financial Exchanges & Data — 0.8%** |
| Priority Holdings, LLC, 2025-1 Refinancing <br>Term Loan — First Lien<br>(SOFR 1 month + 3.75%), 7.47%, 07/30/2032 (e) | 5857264 | 5770869 |
| **Food Distributors — 0.7%** | **Food Distributors — 0.7%** | **Food Distributors — 0.7%** |
| National Convenience Distributors, LLC, <br>Delayed Draw Term Loan — First Lien<br>(SOFR 1 month + 6.75%), 10.52%, 08/09/2028‡ (b)(c)(d) | 677647 | 664941 |
| National Convenience Distributors, LLC, <br>Initial Term Loan — First Lien<br>(SOFR 1 month + 6.75%, 1.00% Floor),<br>10.52%, 08/09/2028‡ (b)(c)(d) | 5082353 | 4987059 |
| **5652000** | **5652000** | **5652000** |
| **Footwear — 0.1%** | **Footwear — 0.1%** | **Footwear — 0.1%** |
| SHO Holding I Corp., Tranche A Term Loan — First Lien<br>(SOFR 1 month + 6.50%), 10.33%, 06/30/2029‡ (b)(c) | 536157 | 536157 |
| **General Merchandise Stores — 0.9%** | **General Merchandise Stores — 0.9%** | **General Merchandise Stores — 0.9%** |
| 1959 Holdings, LLC (Family Dollar),<br>Funding Date Term Loan — First Lien<br>(SOFR 1 month + 6.50%), 10.20%, 07/05/2030‡ (b)(c) | 6976744 | 6906977 |
| **Health Care Distributors — 0.7%** | **Health Care Distributors — 0.7%** | **Health Care Distributors — 0.7%** |
| Prescott's Inc. (AKA Greenjacket),<br>Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 4.75%, 1.00% Floor),<br>8.62%, 12/30/2030‡ (b)(c) | 1194915 | 1191928 |
| Prescott's Inc. (AKA Greenjacket), <br>Term Loan — First Lien<br>(SOFR 3 month + 4.75%, 1.00% Floor),<br>8.42%, 12/30/2030‡ (b)(c)(d) | 4022085 | 4012030 |
| **5203958** | **5203958** | **5203958** |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Health Care Facilities — 1.1%** | **Health Care Facilities — 1.1%** | **Health Care Facilities — 1.1%** |
| ConvenientMD (CMD Intermediate Holdings, Inc.),<br>2024 Extended Revolving Credit Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.44%, 06/08/2029‡ (b)(c) | 20000 | 18200 |
| ConvenientMD (CMD Intermediate Holdings, Inc.),<br>2024 Extended Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.47%, 06/08/2029‡ (b)(c)(d) | 1775523 | 1615726 |
| Crisis Prevention Institute, Inc., <br>2024 Term Loan — First Lien<br>(SOFR 3 month + 4.00%, 0.50% Floor),<br>7.67%, 04/09/2031‡ (e) | 2018637 | 2010441 |
| Quorum Health Resources (QHR),<br>2023 Incremental Term Loan — First Lien<br>(SOFR 1 month + 5.25%), 9.07%, 05/28/2027‡ (b)(c)(d) | 1950000 | 1940250 |
| Quorum Health Resources (QHR),<br>Specified Delayed Draw Term Loan — First Lien<br>(SOFR 1 month + 5.25%), 9.07%, 05/28/2027‡ (b)(c)(d) | 1950000 | 1940250 |
| Quorum Health Resources (QHR),<br>Term Loan — First Lien<br>(SOFR 1 month + 5.25%, 1.00% Floor),<br>9.07%, 05/28/2027‡ (b)(c)(d) | 1030112 | 1024962 |
| **8549829** | **8549829** | **8549829** |
| **Health Care Services — 13.9%** | **Health Care Services — 13.9%** | **Health Care Services — 13.9%** |
| Anne Arundel Dermatology Management, LLC, <br>Delayed Draw Term Loan B — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor, 1.00% PIK),<br>10.65%, 10/15/2027‡ (b)(c)(d) | 207773 | 198423 |
| Anne Arundel Dermatology Management, LLC, <br>Delayed Draw Term Loan A — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor, 1.00% PIK),<br>10.65%, 10/15/2027‡ (b)(c)(d) | 122661 | 117127 |
| Anne Arundel Dermatology Management, LLC, <br>Delayed Draw Term Loan C — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor, 1.00% PIK),<br>10.65%, 10/15/2027‡ (b)(c) | 584859 | 557030 |
| Anne Arundel Dermatology Management, LLC, <br>Restatement Date Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor, 1.00% PIK),<br>10.65%, 10/15/2027‡ (b)(c)(d) | 2024167 | 1933080 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | |
|:---|:---|
| **Health Care Services — 13.9% (continued)** | **Health Care Services — 13.9% (continued)** |
| BCDI BHI Intermediate 2, LP (Basic Home Infusion),<br>Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.57%, 09/29/2028‡ (b)(c)(d) | 1203845 |
| BCDI BHI Intermediate 2, LP (Basic Home Infusion),<br>Initial Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.57%, 09/29/2028‡ (b)(c)(d) | 2855166 |
| BCDI BHI Intermediate 2, LP (Basic Home Infusion),<br>Revolving Credit Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.57%, 09/29/2028‡ (b)(c) | 173907 |
| Boston Clinical Trials LLC (Alcanza Clinical Research),<br>Fourth Amendment Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.57%, 12/20/2027‡ (b)(c) | 895640 |
| Boston Clinical Trials LLC (Alcanza Clinical Research),<br>Fourth Amendment Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.57%, 12/20/2027‡ (b)(c)(d) | 2061628 |
| Boston Clinical Trials LLC (Alcanza Clinical Research),<br>Initial Term Loan — First Lien<br>(SOFR 3 month + 6.25%, 1.00% Floor),<br>10.07%, 12/20/2027‡ (b)(c)(d) | 4646146 |
| Boston Clinical Trials LLC (Alcanza Clinical Research),<br>Revolving Credit Loan — First Lien<br>(SOFR 3 month + 6.25%, 1.00% Floor),<br>10.28%, 12/20/2027‡ (b)(c) | 93750 |
| Community Based Care Acquisition, Inc. <br>(Amivie Acquisition, Inc.),<br>Delayed Draw Tranche A Term Loan — First Lien<br>(SOFR 3 month + 5.25%, 1.00% Floor),<br>9.02%, 09/16/2027‡ (b)(c)(d) | 880590 |
| Community Based Care Acquisition, Inc. <br>(Amivie Acquisition, Inc.),<br>Delayed Draw Tranche B Term Loan — First Lien<br>(SOFR 3 month + 5.25%, 1.00% Floor),<br>9.02%, 09/16/2027‡ (b)(c) | 983409 |
| Community Based Care Acquisition, Inc. <br>(Amivie Acquisition, Inc.),<br>Delayed Draw Tranche C Term Loan — First Lien<br>(SOFR 3 month + 5.25%, 1.00% Floor),<br>9.02%, 09/16/2027‡ (b)(c) | 1991294 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Health Care Services — 13.9% (continued)** | **Health Care Services — 13.9% (continued)** | **Health Care Services — 13.9% (continued)** |
| Community Based Care Acquisition, Inc. <br>(Amivie Acquisition, Inc.),<br>Initial Term Loan — First Lien<br>(SOFR 3 month + 5.25%, 1.00% Floor),<br>9.02%, 09/16/2027‡ (b)(c)(d) | 2171890 | 2171890 |
| Dermatology Intermediate Holdings III, Inc. (Forefront),<br>Term B-1 Loan — First Lien<br>(SOFR 3 month + 5.50%, 0.50% Floor),<br>9.34%, 03/30/2029‡ (e) | 3408826 | 3313669 |
| Elevate HD Parent, Inc., Delayed Draw <br>Term Loan A — First Lien<br>(SOFR 1 month + 6.00%, 1.00% Floor),<br>9.82%, 08/20/2029‡ (b)(c) | 74127 | 74127 |
| Elevate HD Parent, Inc., Delayed Draw <br>Term Loan B — First Lien<br>(SOFR 1 month + 6.00%, 1.00% Floor),<br>9.82%, 08/20/2029‡ (b)(c) | 894222 | 894222 |
| Elevate HD Parent, Inc., Initial Term Loan — First Lien<br>(SOFR 1 month + 6.00%, 1.00% Floor),<br>9.82%, 08/20/2029‡ (b)(c)(d) | 3176875 | 3176875 |
| Endo1 Partners, LLC, Initial Term Loan — First Lien<br>(SOFR 1 month + 6.76%, 2.00% Floor, 0.38% PIK),<br>10.85%, 05/23/2030‡ (b)(c)(d) | 1516724 | 1509141 |
| Endo1 Partners, LLC, Last Out Term Loan — First Lien<br>(SOFR 1 month + 6.76%, 2.00% Floor, 0.38% PIK),<br>10.85%, 05/24/2030‡ (b)(c)(d) | 5714246 | 5657104 |
| Endo1 Partners, LLC, Revolving Loan — First Lien<br>(SOFR 1 month + 4.00%, 1.00% Floor),<br>7.73%, 05/23/2030‡ (b)(c) | 527632 | 524994 |
| Epic Staffing Group (Cirrus/Tempus/Explorer Investor),<br>Initial Term Loan — First Lien<br>(SOFR 3 month + 6.00%, 0.50% Floor),<br>9.73%, 06/28/2029‡ (b) | 4851979 | 4269742 |
| Gen4 Dental Partners Opco, LLC, <br>Initial Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.64%, 05/13/2030‡ (b)(c)(d) | 5431250 | 5376937 |
| Global Medical Response, Inc., <br>Initial Term Loan — First Lien<br>(SOFR 3 month + 3.50%), 7.38%, 10/01/2032 | 1500000 | 1511137 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Health Care Services — 13.9% (continued)** | **Health Care Services — 13.9% (continued)** | **Health Care Services — 13.9% (continued)** |
| Houseworks Holdings, Fourth Amendment <br>Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.32%, 12/15/2028‡ (b)(c)(d) | 2616840 | 2577587 |
| Houseworks Holdings, Revolving Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.20%, 12/15/2028‡ (b)(c) | 255468 | 251636 |
| Houseworks Holdings, Third Amendment Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.32%, 12/15/2028‡ (b)(c) | 727204 | 716296 |
| Houseworks Holdings, Third Amendment <br>Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.32%, 12/15/2028‡ (b)(c)(d) | 1657895 | 1633026 |
| In Vitro Sciences, LLC (New IVS Holdings, LLC),<br>Closing Date Term Loan — First Lien<br>(SOFR 1 month + 7.00%, 1.00% Floor),<br>10.83%, 02/28/2029‡ (b)(c)(d) | 8005479 | 7365041 |
| In Vitro Sciences, LLC (New IVS Holdings, LLC),<br>Delayed Draw Term Loan — First Lien<br>(SOFR 1 month + 7.00%, 1.00% Floor),<br>10.83%, 02/28/2029‡ (b)(c)(d) | 2050420 | 1886386 |
| In Vitro Sciences, LLC (New IVS Holdings, LLC),<br>Revolving Loan — First Lien<br>(SOFR 3 month + 7.00%, 1.00% Floor),<br>11.22%, 02/28/2029‡ (b)(c) | 315401 | 290169 |
| Life Northwestern Pennsylvania, LLC (FFL Pace <br>Buyer, Inc.), Delayed Draw Term Loan — First Lien<br>(SOFR 1 month + 5.25%, 1.00% Floor),<br>9.22%, 12/06/2027‡ (b)(c)(d) | 567976 | 567976 |
| Life Northwestern Pennsylvania, LLC (FFL Pace <br>Buyer, Inc.), Initial Term Loan — First Lien<br>(SOFR 1 month + 5.25%, 1.00% Floor),<br>9.22%, 12/06/2027‡ (b)(c)(d) | 1694837 | 1694837 |
| Life Northwestern Pennsylvania, LLC (FFL Pace <br>Buyer, Inc.), Revolving Loan — First Lien<br>(SOFR 1 month + 5.25%, 1.00% Floor),<br>9.22%, 12/06/2027‡ (b)(c) | 271423 | 271423 |
| LMSI Buyer, LLC, Initial Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.57%, 10/25/2027‡ (b)(c)(d) | 2117055 | 1947691 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Health Care Services — 13.9% (continued)** | **Health Care Services — 13.9% (continued)** | **Health Care Services — 13.9% (continued)** |
| LMSI Buyer, LLC, Revolving Credit Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.57%, 10/25/2027‡ (b)(c) | 390516 | 359275 |
| LSCS Holdings Inc. (Dohmen Life Science Services/<br>Project Ghost), 2025 Refinancing Term Loan — First Lien<br>(SOFR 3 month + 4.50%), 8.17%, 03/04/2032 (e) | 4659101 | 4573699 |
| Medrina, LLC, Initial Term Loan — First Lien<br>(SOFR 6 month + 6.00%, 1.00% Floor),<br>9.69%, 10/20/2029‡ (b)(c)(d) | 5396812 | 5396812 |
| Medrina, LLC, Primary Delayed Draw <br>Term Loan — First Lien<br>(SOFR 6 month + 6.00%, 1.00% Floor),<br>10.22%, 10/20/2029‡ (b)(c) | 953934 | 953934 |
| Monarch Behavioral Therapy, LLC, <br>Closing Date Term Loan — First Lien<br>(SOFR 1 month + 5.00%, 1.00% Floor),<br>8.72%, 06/06/2030‡ (b)(c)(d) | 9523554 | 9475936 |
| Monarch Behavioral Therapy, LLC, <br>Delayed Draw Term Loan — First Lien<br>(SOFR 1 month + 5.00%, 1.00% Floor),<br>8.72%, 06/06/2030‡ (b)(c) | 1460920 | 1453616 |
| Monarch Behavioral Therapy, LLC, <br>Revolving Loan — First Lien<br>(SOFR 1 month + 5.00%, 1.00% Floor),<br>8.72%, 06/06/2030‡ (b)(c) | 997204 | 992218 |
| National Mentor Holdings, Inc. (Civitas Solutions),<br>Initial Term Loan — Second Lien<br>(SOFR 1 month + 7.25%, 0.75% Floor),<br>11.07%, 03/02/2029 | 9386585 | 8870323 |
| Visante Acquisition, LLC, Initial Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.59%, 01/31/2030‡ (b)(c)(d) | 4889931 | 4889931 |
| Women's Care Holdings, Inc., <br>Initial Term Loan — Second Lien<br>(SOFR 3 month + 8.25%, 0.75% Floor),<br>12.19%, 01/12/2029 | 2851232 | 2209705 |
| **105448390** | **105448390** | **105448390** |
| **Health Care Technology — 2.5%** | **Health Care Technology — 2.5%** | **Health Care Technology — 2.5%** |
| Advantmed Buyer Inc., Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 4.50%, 1.00% Floor),<br>8.17%, 02/14/2031‡ (b)(c) | 1153235 | 1153234 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Health Care Technology — 2.5% (continued)** | **Health Care Technology — 2.5% (continued)** | **Health Care Technology — 2.5% (continued)** |
| Advantmed Buyer Inc., Initial Term Loan — First Lien<br>(SOFR 3 month + 4.50%, 1.00% Floor),<br>8.17%, 02/14/2031‡ (b)(c)(d) | 8149524 | 8149524 |
| Greenway Health, LLC (fka Vitera Healthcare <br>Solutions, LLC), Term Loan — First Lien<br>(SOFR 3 month + 6.75%), 10.42%, 04/01/2029‡ (b)(c)(d) | 6972581 | 6972581 |
| RMBUS Holdco Inc. (Eclat Health Solutions Inc.),<br>Initial Term Loan — First Lien<br>(SOFR 6 month + 6.50%, 1.00% Floor),<br>10.62%, 01/08/2029‡ (b)(c)(d) | 2773185 | 2773185 |
| **19048524** | **19048524** | **19048524** |
| **Heavy Electrical Equipment — 1.6%** | **Heavy Electrical Equipment — 1.6%** | **Heavy Electrical Equipment — 1.6%** |
| APS Acquisition Holdings, LLC, Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.17%, 07/11/2029‡ (b)(c) | 936094 | 936094 |
| APS Acquisition Holdings, LLC, <br>Initial Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.17%, 07/11/2029‡ (b)(c)(d) | 6153251 | 6153251 |
| Arcline FM Holding, LLC (Fairbanks),<br>2025-1 New Term Loan — First Lien<br>(SOFR 3 month + 2.75%), 6.42%, 06/23/2030 (e) | 3388659 | 3406924 |
| Astro Acquisition, LLC, Initial Term Loan — First Lien<br>(SOFR 6 month + 3.25%), 7.12%, 08/30/2032 | 1706363 | 1722001 |
| **12218270** | **12218270** | **12218270** |
| **Highways & Railtracks — 0.1%** | **Highways & Railtracks — 0.1%** | **Highways & Railtracks — 0.1%** |
| NA Rail Hold Co. LLC (Patriot Rail),<br>Tranche B-3 Term Loan — First Lien<br>(SOFR 3 month + 3.00%), 6.74%, 03/08/2032 (e) | 995000 | 1004950 |
| **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** |
| Hunter Douglas Holding B.V., Amendment No. 3 <br>Tranche B-1 Term Loan — First Lien<br>(SOFR 3 month + 3.00%), 6.67%, 01/17/2032 (e) | 1982456 | 1995907 |
| Thornton Carpet, LLC, Closing Date <br>Term Loan — First Lien<br>(SOFR 1 month + 5.00%, 1.00% Floor),<br>8.73%, 05/15/2031‡ (b)(c)(d) | 2265041 | 2239559 |
| **4235466** | **4235466** | **4235466** |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Home Improvement Retail — 1.0%** | **Home Improvement Retail — 1.0%** | **Home Improvement Retail — 1.0%** |
| 360 Partners, LLC, Term Loan — First Lien<br>(SOFR 3 month + 4.50%, 1.00% Floor),<br>8.37%, 08/07/2031‡ (b)(c)(d) | 1043478 | 1031739 |
| Air Conditioning Specialist, Inc., Closing Date <br>Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.38%, 11/19/2029‡ (b)(c)(d) | 4996785 | 4971801 |
| Air Conditioning Specialist, Inc., Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.29%, 11/19/2029‡ (b)(c) | 1732264 | 1723603 |
| Air Conditioning Specialist, Inc., <br>Revolving Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.26%, 11/19/2029‡ (b)(c) | 328904 | 327259 |
| **8054402** | **8054402** | **8054402** |
| **Homebuilding — 0.2%** | **Homebuilding — 0.2%** | **Homebuilding — 0.2%** |
| HP PHRG Borrower, LLC (Power Home Remodeling),<br>Closing Date Term Loan — First Lien<br>(SOFR 3 month + 4.00%), 7.67%, 02/20/2032‡ (e) | 1225720 | 1220615 |
| **Hotels, Resorts & Cruise Lines — 0.4%** | **Hotels, Resorts & Cruise Lines — 0.4%** | **Hotels, Resorts & Cruise Lines — 0.4%** |
| Stats, LLC (Peak Jersey Holdco Ltd.), <br>Term Loan — First Lien<br>(SOFR 3 month + 5.25%), 9.40%, 07/10/2026 (e) | 3453875 | 3403794 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Lash OpCo, LLC, Initial Term Loan — First Lien<br>(SOFR 3 month + 5.00%, 1.00% Floor, 2.00% PIK),<br>10.94%, 09/17/2027‡ (b)(c)(d) | 2088633 | 1929305 |
| **Human Resource & Employment Services — 1.7%** | **Human Resource & Employment Services — 1.7%** | **Human Resource & Employment Services — 1.7%** |
| Danforth Health, Inc., Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.37%, 12/09/2027‡ (b)(c) | 677604 | 677604 |
| Danforth Health, Inc., First Amendment Incremental <br>Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.32%, 12/09/2027‡ (b)(c)(d) | 954576 | 954576 |
| Danforth Health, Inc., Fourth Amendment Incremental <br>Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.32%, 12/09/2027‡ (b)(c)(d) | 1897880 | 1897880 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Human Resource & Employment Services — 1.7% (continued)** | **Human Resource & Employment Services — 1.7% (continued)** | **Human Resource & Employment Services — 1.7% (continued)** |
| Danforth Health, Inc., Initial Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.17%, 12/09/2027‡ (b)(c)(d) | 1213476 | 1213476 |
| Danforth Health, Inc., Second Amendment <br>Incremental Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.32%, 12/09/2027‡ (b)(c)(d) | 7173410 | 7173409 |
| Triple Crown Consulting, LLC, Term A Loan — First Lien<br>(SOFR 1 month + 6.50%, 1.50% Floor),<br>10.32%, 06/02/2028‡ (b)(c)(d) | 1086504 | 1083787 |
| **13000732** | **13000732** | **13000732** |
| **Industrial Machinery — 1.1%** | **Industrial Machinery — 1.1%** | **Industrial Machinery — 1.1%** |
| BCP VI Summit Holdings LP (Nvent Thermal),<br>Initial Term Loan — First Lien<br>(SOFR 1 month + 3.00%), 6.84%, 01/30/2032 (e) | 1995000 | 2010591 |
| Dynamo US Bidco Inc. (Innomotics), <br>Facility B1 (USD) — First Lien<br>(SOFR 1 month + 3.25%), 7.09%, 09/30/2031‡ (e) | 1239369 | 1252537 |
| Kenan Advantage Group, Inc., <br>The, U.S. Term B-4 Loan — First Lien<br>(SOFR 1 month + 3.25%), 6.97%, 01/25/2029 (e) | 2312402 | 2296215 |
| TK Elevator Midco GmbH (Vertical MidCo),<br>Facility B (USD) — First Lien<br>(SOFR 6 month + 2.75%), 6.95%, 04/30/2030 (e) | 2970112 | 2991957 |
| **8551300** | **8551300** | **8551300** |
| **Insurance Brokers — 4.4%** | **Insurance Brokers — 4.4%** | **Insurance Brokers — 4.4%** |
| Acrisure, LLC, 2025 Term B Loan — First Lien<br>(SOFR 1 month + 3.25%), 6.97%, 06/20/2032 (e) | 1960862 | 1965764 |
| Alera Group, Inc., Term Loan — First Lien<br>(SOFR 1 month + 3.25%), 6.97%, 05/30/2032 (e) | 1316024 | 1323847 |
| Amynta Agency Borrower Inc. <br>(Amynta Warranty Borrower Inc.),<br>2025-1 Refinancing Term Loan — First Lien<br>(SOFR 1 month + 2.75%), 6.47%, 12/29/2031 (e) | 1972562 | 1979338 |
| CFC Bidco 2022 Ltd., Initial Term Loan — First Lien<br>(SOFR 3 month + 3.75%), 7.74%, 07/01/2032‡  | 4000000 | 3905000 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Insurance Brokers — 4.4% (continued)** | **Insurance Brokers — 4.4% (continued)** | **Insurance Brokers — 4.4% (continued)** |
| Newcleus, LLC, Initial Term Loan — First Lien<br>(SOFR 3 month + 4.00%, 1.00% Floor, 2.00% PIK),<br>11.82%, 08/02/2026‡ (b)(c)(d) | 1210497 | 1162077 |
| Portfolio Holding, Inc. (Turbo Buyer/PGM),<br>Amendment No. 3 Incremental <br>Term Loan Retired 01/02/2026 — First Lien<br>(SOFR 6 month + 6.00%, 1.00% Floor),<br>9.85%, 06/02/2026‡ (b)(c)(d) | 1915775 | 1915775 |
| Portfolio Holding, Inc. (Turbo Buyer/PGM),<br>Amendment No. 4 Incremental Delayed Draw <br>Term Loan Retired 01/02/2026 — First Lien<br>(SOFR 6 month + 6.00%, 1.00% Floor),<br>9.85%, 06/02/2026‡ (b)(c)(d) | 753156 | 753156 |
| Portfolio Holding, Inc. (Turbo Buyer/PGM),<br>Amendment No. 4 Incremental <br>Term Loan Retired 01/02/2026 — First Lien<br>(SOFR 6 month + 6.00%, 1.00% Floor),<br>9.85%, 06/02/2026‡ (b)(c)(d) | 1127034 | 1127034 |
| The Mutual Group, LLC, Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor),<br>9.42%, 01/31/2030‡ (b)(c)(d) | 4784903 | 4784903 |
| Tricor, LLC, Amendment No. 4 Delayed Draw <br>Term Loan — First Lien<br>(SOFR 1 month + 5.00%, 1.00% Floor),<br>8.82%, 08/08/2031‡ (b)(c) | 5334347 | 5334347 |
| Tricor, LLC, Amendment No.3 Incremental <br>Term Loan — First Lien<br>(SOFR 1 month + 5.00%, 1.00% Floor),<br>8.82%, 08/08/2031‡ (b)(c)(d) | 1799595 | 1799595 |
| Tricor, LLC, Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 5.00%, 1.00% Floor),<br>8.85%, 08/08/2031‡ (b)(c)(d) | 706667 | 706667 |
| Tricor, LLC, Term Loan — First Lien<br>(SOFR 1 month + 5.00%, 1.00% Floor),<br>8.82%, 08/08/2031‡ (b)(c)(d) | 1880828 | 1880828 |
| XPT Partners, LLC, 2024 Delayed Draw <br>Term Loan — First Lien<br>(SOFR 1 month + 5.50%, 1.00% Floor),<br>9.89%, 09/13/2028‡ (b)(c) | 211554 | 209967 |
| XPT Partners, LLC, 2024 Revolving Loan — First Lien<br>(SOFR 6 month + 5.50%, 1.00% Floor),<br>9.40%, 09/13/2028‡ (b)(c) | 113095 | 112246 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Insurance Brokers — 4.4% (continued)** | **Insurance Brokers — 4.4% (continued)** | **Insurance Brokers — 4.4% (continued)** |
| XPT Partners, LLC, Term Loan — First Lien<br>(SOFR 6 month + 5.50%, 1.00% Floor),<br>9.89%, 09/13/2028‡ (b)(c)(d) | 4241398 | 4209587 |
| **33170131** | **33170131** | **33170131** |
| **Integrated Telecommunication Services — 0.5%** | **Integrated Telecommunication Services — 0.5%** | **Integrated Telecommunication Services — 0.5%** |
| Guardian US Holdco LLC (Intrado Corp.),<br>Initial Term Loan — First Lien<br>(SOFR 3 month + 3.50%), 7.17%, 01/31/2030 (e) | 1949175 | 1954857 |
| Orion US Finco, Initial Term Loan — First Lien<br>(SOFR 3 month + 3.50%), 7.43%, 10/08/2032 | 1500000 | 1508790 |
| **3463647** | **3463647** | **3463647** |
| **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** |
| Ingenio LLC, First Amendment Term Loan — First Lien<br>(SOFR 3 month + 2.00%, 1.00% Floor, 6.00% PIK),<br>11.82%, 08/03/2027‡ (b)(c)(d) | 4195677 | 4006872 |
| Ingenio LLC, Term Loan — First Lien<br>(SOFR 3 month + 2.00%, 1.00% Floor, 6.00% PIK),<br>11.82%, 08/03/2027‡ (b)(c)(d) | 1352939 | 1292057 |
| **5298929** | **5298929** | **5298929** |
| **Internet & Direct Marketing Retail — 1.5%** | **Internet & Direct Marketing Retail — 1.5%** | **Internet & Direct Marketing Retail — 1.5%** |
| Everlane, Inc., Term Loan — First Lien<br>(SOFR 1 month + 6.50%, 1.00% Floor),<br>10.20%, 02/14/2029‡ (b)(c) | 3300000 | 3300000 |
| Kobra International, Ltd. (d/b/a Nicole Miller),<br>Term Loan — First Lien<br>(SOFR 1 month + 6.00%, 1.00% Floor),<br>9.87%, 05/17/2027‡ (b)(c) | 6755991 | 6755991 |
| Sweetwater Borrower LLC, <br>Initial Term Loan — First Lien<br>(SOFR 1 month + 4.25%, 0.75% Floor),<br>8.08%, 08/07/2028‡ (e) | 1123773 | 1132201 |
| **11188192** | **11188192** | **11188192** |
| **Internet Services & Infrastructure — 0.7%** | **Internet Services & Infrastructure — 0.7%** | **Internet Services & Infrastructure — 0.7%** |
| Blackhawk Network Holdings, Inc., <br>Additional Term B-2 Loan — First Lien<br>(SOFR 3 month + 4.00%), 7.67%, 03/12/2029 (e) | 3088966 | 3107546 |
| Technology Partners, LLC (Imagine Software),<br>Initial Term Loan — First Lien<br>(SOFR 3 month + 5.00%, 1.00% Floor),<br>8.98%, 11/16/2027‡ (b)(c)(d) | 2246266 | 2246266 |
| **5353812** | **5353812** | **5353812** |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **IT Consulting & Other Services — 5.4%** | **IT Consulting & Other Services — 5.4%** | **IT Consulting & Other Services — 5.4%** |
| Alpine SG, LLC (ASG), February 2023 <br>Term Loan — First Lien<br>(SOFR 3 month + 4.75%, 1.00% Floor),<br>9.49%, 11/05/2027‡ (b)(c)(d) | 121023 | 121023 |
| Alpine SG, LLC (ASG), Initial Term Loan — First Lien<br>(SOFR 3 month + 4.75%, 1.00% Floor),<br>9.49%, 11/05/2027‡ (b)(c)(d) | 352709 | 352709 |
| Alpine SG, LLC (ASG), May 2022 <br>Term Loan — First Lien<br>(SOFR 3 month + 4.75%, 1.00% Floor),<br>9.49%, 11/05/2027‡ (b)(c)(d) | 185442 | 185442 |
| Alpine SG, LLC (ASG), November 2021 <br>Term Loan — First Lien<br>(SOFR 3 month + 4.75%, 1.00% Floor),<br>9.49%, 11/05/2027‡ (b)(c)(d) | 342977 | 342977 |
| Argano, LLC, 2025 Delayed Draw <br>Term Loan — First Lien<br>(SOFR 1 month + 5.50%, 1.00% Floor),<br>9.22%, 09/13/2029‡ (b)(c) | 2028386 | 2028386 |
| Argano, LLC, Initial Term Loan — First Lien<br>(SOFR 1 month + 5.50%, 1.00% Floor),<br>9.23%, 09/13/2029‡ (b)(c)(d) | 7678210 | 7678210 |
| Asurion, LLC, New B-10 Term Loan — First Lien<br>(SOFR 1 month + 4.00%), 7.82%, 08/19/2028 (e) | 2976923 | 2984008 |
| Eliassen Group, LLC, Initial Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 0.75% Floor),<br>9.42%, 04/14/2028‡ (b)(c) | 170229 | 168101 |
| Eliassen Group, LLC, Initial Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 0.75% Floor),<br>9.42%, 04/14/2028‡ (b)(c)(d) | 2365000 | 2335438 |
| Inflexionpoint LLC (fka Automated Control Concepts),<br>Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.43%, 10/22/2026‡ (b)(c)(d) | 1860104 | 1860104 |
| Irving Parent, Corp. (Quisitive), <br>Initial Term Loan — First Lien<br>(SOFR 3 month + 5.25%, 1.00% Floor),<br>8.92%, 03/11/2031‡ (b)(c)(d) | 10270150 | 10116098 |
| Marlin DTC — LS Midco 2, LLC (Clarus Commerce, LLC),<br>2A Term Loan — First Lien<br>(SOFR 1 month + 6.50%, 1.00% Floor),<br>10.32%, 07/01/2026‡ (b)(c)(d) | 1438086 | 1351801 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **IT Consulting & Other Services — 5.4% (continued)** | **IT Consulting & Other Services — 5.4% (continued)** | **IT Consulting & Other Services — 5.4% (continued)** |
| Trio BidCo, LLC, Closing Date Term B Loan — First Lien<br>(SOFR 3 month + 4.00%), 7.67%, 10/29/2032 | 1060621 | 1064598 |
| Unified Patents, LLC, Term A Loan — First Lien<br>(SOFR 6 month + 4.75%), 8.35%, 12/23/2027‡ (b)(c)(d) | 8270339 | 8228987 |
| Zodiac Purchaser, LLC (Zuora), Term Loan — First Lien<br>(SOFR 1 month + 3.50%), 7.22%, 02/14/2032 (e) | 2176786 | 2172302 |
| **40990184** | **40990184** | **40990184** |
| **Leisure Facilities — 0.7%** | **Leisure Facilities — 0.7%** | **Leisure Facilities — 0.7%** |
| Bandon Fitness Texas, Inc., Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor, 0.50% PIK),<br>10.53%, 07/27/2028‡ (b)(c) | 1269474 | 1186958 |
| Bandon Fitness Texas, Inc., Initial <br>Term Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor, 0.50% PIK),<br>10.49%, 07/27/2028‡ (b)(c)(d) | 2852149 | 2666760 |
| Bandon Fitness Texas, Inc., Revolving Loan — First Lien<br>(SOFR 3 month + 6.50%, 1.00% Floor, 0.50% PIK),<br>11.01%, 07/27/2028‡ (b)(c) | 244283 | 228404 |
| Peninsula Pacific Entertainment Development, LLC, <br>Closing Date Term B Facility Loan — First Lien<br>(SOFR 3 month + 4.75%), 8.42%, 10/01/2032‡ | 1927896 | 1939946 |
| **6022068** | **6022068** | **6022068** |
| **Managed Health Care — 0.3%** | **Managed Health Care — 0.3%** | **Managed Health Care — 0.3%** |
| LBH Services, LLC, Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 7.75%, 1.00% Floor, 0.75% PIK),<br>12.60%, 03/28/2028‡ (b)(c) | 311272 | 234608 |
| LBH Services, LLC, Revolving Loan — First Lien<br>(SOFR 1 month + 7.75%, 1.00% Floor, 0.75% PIK),<br>12.45%, 03/28/2028‡ (b)(c) | 775409 | 585434 |
| LBH Services, LLC, Term Loan — First Lien<br>(SOFR 1 month + 7.75%, 1.00% Floor, 0.75% PIK),<br>12.33%, 03/28/2028‡ (b)(c)(d) | 1494856 | 1128585 |
| Mamba Purchaser, Inc., Fifth Amendment <br>Term Loan — First Lien<br>(SOFR 1 month + 3.00%), 6.73%, 10/14/2031 | 226377 | 227368 |
| **2175995** | **2175995** | **2175995** |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Metal & Glass Containers — 0.9%** | **Metal & Glass Containers — 0.9%** | **Metal & Glass Containers — 0.9%** |
| BCPE Empire Holdings, Inc., <br>Amendment No. 8 Incremental Term Loan — First Lien<br>(SOFR 1 month + 3.25%), 6.97%, 12/11/2030 (e) | 2977444 | 2951391 |
| Closure Systems International Group Inc. <br>(Canister International Group Inc.),<br>Amendment No.5 Term Loan — First Lien<br>(SOFR 1 month + 3.00%), 6.72%, 03/22/2029 (e) | 2969870 | 2982864 |
| Clydesdale Acquisition Holdings, Inc., 2025 <br>Incremental Closing Date Term B Loan — First Lien<br>(SOFR 1 month + 3.25%), 6.97%, 04/01/2032 | 979442 | 979790 |
| **6914045** | **6914045** | **6914045** |
| **Multi-Sector Holdings — 0.4%** | **Multi-Sector Holdings — 0.4%** | **Multi-Sector Holdings — 0.4%** |
| Auxey Bidco Ltd. (Alexander Mann Solutions),<br>Facility B (USD) — First Lien<br>(SOFR 1 month + 6.00%), 10.03%, 06/29/2027 (b)(e) | 2940000 | 2785650 |
| **Oil & Gas Storage & Transportation — 0.1%** | **Oil & Gas Storage & Transportation — 0.1%** | **Oil & Gas Storage & Transportation — 0.1%** |
| VRS Buyer, Inc. (Liquid Tech Solutions),<br>Initial Term Loan — First Lien<br>(SOFR 3 month + 3.50%), 7.24%, 10/12/2032‡  | 1004624 | 1009436 |
| **Other Diversified Financial Services — 0.5%** | **Other Diversified Financial Services — 0.5%** | **Other Diversified Financial Services — 0.5%** |
| Cohnreznick Advisory LLC (Currahee Borrower Sub),<br>Initial Term Loan — First Lien<br>(SOFR 3 month + 3.50%), 7.17%, 03/31/2032‡ | 3691391 | 3716787 |
| **Packaged Foods & Meats — 0.5%** | **Packaged Foods & Meats — 0.5%** | **Packaged Foods & Meats — 0.5%** |
| Aspire Bakeries Holdings LLC, <br>Second Amendment Refinancing <br>Term Loan Retired 01/02/2026 — First Lien<br>(SOFR 1 month + 3.50%), 7.22%, 12/23/2030 (e) | 992487 | 999440 |
| Golden State Foods LLC, Initial Term Loan — First Lien<br>(SOFR 1 month + 4.00%), 7.69%, 12/04/2031 (e) | 2883077 | 2904700 |
| **3904140** | **3904140** | **3904140** |
| **Paper Packaging — 1.4%** | **Paper Packaging — 1.4%** | **Paper Packaging — 1.4%** |
| Advanced Web Technologies (AWT),<br>Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 1.00% Floor, 2.25% PIK),<br>10.10%, 12/17/2027‡ (b)(c)(d) | 759788 | 759503 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Paper Packaging — 1.4% (continued)** | **Paper Packaging — 1.4% (continued)** | **Paper Packaging — 1.4% (continued)** |
| Advanced Web Technologies (AWT), First <br>Amendment Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 4.25%, 1.00% Floor, 2.25% PIK),<br>10.34%, 12/17/2027‡ (b)(c)(d) | 329117 | 328993 |
| Advanced Web Technologies (AWT), First <br>Amendment Delayed Draw Term Loan 2 — First Lien<br>(SOFR 3 month + 4.25%, 1.00% Floor, 2.25% PIK),<br>10.34%, 12/17/2027‡ (b)(c)(d) | 475915 | 475743 |
| Advanced Web Technologies (AWT), First <br>Requested Incremental Term Loan — First Lien<br>(SOFR 3 month + 4.25%, 1.00% Floor, 2.25% PIK),<br>10.10%, 12/17/2027‡ (b)(c)(d) | 2109516 | 2109077 |
| Advanced Web Technologies (AWT),<br>Fourth Amendment Delayed Term Loan — First Lien<br>(SOFR 3 month + 4.25%, 1.00% Floor, 2.25% PIK),<br>10.10%, 12/17/2027‡ (b)(c) | 726651 | 725386 |
| Advanced Web Technologies (AWT), Fourth <br>Amendment Incremental Term Loan — First Lien<br>(SOFR 6 month + 4.25%, 1.00% Floor, 2.25% PIK),<br>10.34%, 12/17/2027‡ (b)(c)(d) | 1565318 | 1564992 |
| Advanced Web Technologies (AWT), Revolving <br>Credit Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor),<br>10.19%, 12/17/2027‡ (b)(c) | 26485 | 26485 |
| Advanced Web Technologies (AWT), Second <br>Amendment Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 4.25%, 1.00% Floor, 2.25% PIK),<br>10.10%, 12/17/2027‡ (b)(c)(d) | 1564538 | 1563951 |
| Advanced Web Technologies (AWT),<br>Term Loan — First Lien<br>(SOFR 3 month + 4.25%, 1.00% Floor, 2.25% PIK),<br>10.10%, 12/17/2027‡ (b)(c)(d) | 873750 | 873567 |
| Golden West Packaging Group LLC, <br>Term B-1 Loan — First Lien<br>(SOFR 3 month + 5.25%, 1.00% Floor),<br>9.20%, 06/27/2031‡  | 2739471 | 1859416 |
| **10287113** | **10287113** | **10287113** |
| **Paper Products — 1.0%** | **Paper Products — 1.0%** | **Paper Products — 1.0%** |
| R-Pac International Corp. (Project Radio),<br>2024 Incremental Term Loan — First Lien<br>(SOFR 3 month + 6.00%), 9.84%, 12/29/2027‡ (b)(c) | 2355965 | 2355965 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Paper Products — 1.0% (continued)** | **Paper Products — 1.0% (continued)** | **Paper Products — 1.0% (continued)** |
| R-Pac International Corp. (Project Radio),<br>Initial Revolving Loan — First Lien<br>(SOFR 1 month + 6.00%, 0.75% Floor),<br>9.83%, 12/29/2027‡ (b)(c) | 485075 | 485074 |
| R-Pac International Corp. (Project Radio),<br>Initial Term Loan — First Lien<br>(SOFR 3 month + 6.00%, 0.75% Floor),<br>10.10%, 12/29/2027‡ (b)(c) | 4812500 | 4812500 |
| **7653539** | **7653539** | **7653539** |
| **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |
| Alvogen Pharma US, Inc., Loan — Second Lien<br>(SOFR 3 month + 2.50%, 8.00% PIK),<br>14.17%, 03/01/2029‡  | 2509040 | 1718135 |
| Nephron Pharmaceuticals, LLC, <br>FO Term Loan — First Lien<br>(SOFR 3 month + 4.00%, 3.25% Floor),<br>7.67%, 12/30/2027‡ (b)(c)(d) | 1476923 | 1476923 |
| Nephron Pharmaceuticals, LLC, <br>LO Term Loan — First Lien<br>(SOFR 3 month + 9.20%, 3.25% Floor),<br>12.87%, 12/30/2027‡ (b)(c)(d) | 5021538 | 5021538 |
| Syner-G Intermediate Holdings, LLC, <br>Term Loan — First Lien<br>(SOFR 3 month + 5.25%, 1.00% Floor),<br>8.92%, 09/17/2030‡ (b)(c)(d) | 8583952 | 7897236 |
| **16113832** | **16113832** | **16113832** |
| **Railroads — 0.5%** | **Railroads — 0.5%** | **Railroads — 0.5%** |
| Beacon Mobility Corp., Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 3.25%), 6.92%, 08/06/2030‡  | 302940 | 304929 |
| Beacon Mobility Corp., Initial Term Loan — First Lien<br>(SOFR 3 month + 3.25%), 6.92%, 08/06/2030‡  | 3625352 | 3649153 |
| **3954082** | **3954082** | **3954082** |
| **Real Estate Development — 1.3%** | **Real Estate Development — 1.3%** | **Real Estate Development — 1.3%** |
| 841 Prudential MOB LLC, Term Loan — First Lien<br>(SOFR 1 month + 6.50%, 2.50% Floor),<br>10.32%, 10/09/2027‡ (b)(c) | 9837838 | 9837837 |
| **Real Estate Services — 1.3%** | **Real Estate Services — 1.3%** | **Real Estate Services — 1.3%** |
| Avison Young (Canada) Inc., <br>Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 8.50%), 12.67%, 12/12/2027‡ (f) | 505518 | 492880 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Real Estate Services — 1.3% (continued)** | **Real Estate Services — 1.3% (continued)** | **Real Estate Services — 1.3% (continued)** |
| Avison Young (Canada) Inc., <br>First Out Term Loan — First Lien<br>(SOFR 3 month + 6.25%), 10.33%, 03/12/2028 | 7900000 | 7363432 |
| Avison Young (Canada) Inc., <br>Initial Term Loan — First Lien<br>(SOFR 3 month + 8.50%), 12.67%, 12/12/2027‡ (d)(f) | 1361680 | 1327637 |
| Avison Young (Canada) Inc., <br>Second-Out Term Loan — First Lien<br>(SOFR 3 month + 1.50%, 2.00% Floor, 6.50% PIK),<br>11.99%, 03/12/2029‡ (f) | 1761399 | 805475 |
| Avison Young (Canada) Inc., <br>Third-Out Term Loan — First Lien<br>(SOFR 3 month + 1.50%, 2.00% Floor, 6.50% PIK),<br>12.10%, 03/12/2029 (f) | 579940 | 123582 |
| **10113006** | **10113006** | **10113006** |
| **Research & Consulting Services — 6.7%** | **Research & Consulting Services — 6.7%** | **Research & Consulting Services — 6.7%** |
| CC Amulet Management, LLC (Children's Choice),<br>Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 5.00%, 1.00% Floor),<br>9.19%, 08/31/2027‡ (b)(c) | 300545 | 300545 |
| CC Amulet Management, LLC (Children's Choice),<br>Revolving Loan — First Lien<br>(SOFR 1 month + 5.00%, 1.00% Floor),<br>9.11%, 08/31/2026‡ (b)(c) | 47249 | 47250 |
| CC Amulet Management, LLC (Children's Choice),<br>Second Amendment Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 5.00%, 1.00% Floor),<br>9.01%, 08/31/2027‡ (b)(c) | 2489349 | 2489349 |
| CC Amulet Management, LLC (Children's Choice),<br>Term Loan — First Lien<br>(SOFR 3 month + 5.00%, 1.00% Floor),<br>9.10%, 08/31/2027‡ (b)(c)(d) | 3253336 | 3253336 |
| Citrin Cooperman Advisors LLC, <br>Initial Term Loan — First Lien<br>(SOFR 3 month + 3.00%), 6.67%, 04/01/2032‡ (e) | 2992500 | 3004964 |
| Eisner Advisory Group LLC, February 2024 <br>Incremental Term Loan — First Lien<br>(SOFR 1 month + 4.00%, 0.50% Floor),<br>7.72%, 02/28/2031 (e) | 3977500 | 4010453 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Research & Consulting Services — 6.7% (continued)** | **Research & Consulting Services — 6.7% (continued)** | **Research & Consulting Services — 6.7% (continued)** |
| Harbour Benefit Holdings, Inc. (Zenith Merger Sub),<br>Revolving Loan — First Lien<br>(SOFR 1 month + 5.50%, 1.00% Floor),<br>9.22%, 07/11/2029‡ (b)(c) | 531933 | 526613 |
| Harbour Benefit Holdings, Inc. (Zenith Merger Sub),<br>Term A Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.17%, 07/11/2029‡ (b)(c)(d) | 9875000 | 9776250 |
| HFW Cos., LLC (fka HFW Holdings, LLC),<br>Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 5.00%, 1.00% Floor),<br>8.85%, 05/01/2031‡ (b)(c) | 1310100 | 1296999 |
| HFW Cos., LLC (fka HFW Holdings, LLC),<br>Term A Loan — First Lien<br>(SOFR 3 month + 5.00%, 1.00% Floor),<br>8.85%, 05/01/2031‡ (b)(c)(d) | 6285833 | 6222975 |
| Motus Group, LLC, Initial Term Loan — First Lien<br>(SOFR 3 month + 3.75%, 0.50% Floor),<br>7.42%, 12/11/2028‡ (e) | 992481 | 990829 |
| PRGX Global, Inc., Initial Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.49%, 12/20/2030‡ (b)(c)(d) | 3134211 | 3079362 |
| Sagebrush Buyer, LLC (Province),<br>Initial Term Loan — First Lien<br>(SOFR 1 month + 5.00%, 1.00% Floor),<br>8.72%, 07/01/2030‡ (b)(c)(d) | 9400163 | 9400163 |
| Strategy Corps., LLC, Revolving Credit Loan — First Lien<br>(SOFR 1 month + 5.50%, 1.00% Floor),<br>9.21%, 06/28/2030‡ (b)(c) | 213862 | 210119 |
| Strategy Corps., LLC, Term Loan — First Lien<br>(SOFR 1 month + 5.50%, 1.00% Floor),<br>9.22%, 06/28/2030‡ (b)(c)(d) | 6480263 | 6366858 |
| **50976065** | **50976065** | **50976065** |
| **Restaurants — 0.3%** | **Restaurants — 0.3%** | **Restaurants — 0.3%** |
| Cooper's Hawk Intermediate Holding, LLC, <br>Closing Date Initial Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.32%, 07/29/2031 (b) | 2305263 | 2308145 |
| Cooper's Hawk Intermediate Holding, LLC, <br>Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.32%, 07/29/2031 (b) | 126316 | 126474 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Restaurants — 0.3% (continued)** | **Restaurants — 0.3% (continued)** | **Restaurants — 0.3% (continued)** |
| Cooper's Hawk Intermediate Holding, LLC, <br>Revolving Loan — First Lien<br>(SOFR 1 month + 5.50%, 1.00% Floor),<br>9.23%, 07/29/2031‡ (b) | 31579 | 31578 |
| **2466197** | **2466197** | **2466197** |
| **Security & Alarm Services — 1.8%** | **Security & Alarm Services — 1.8%** | **Security & Alarm Services — 1.8%** |
| LSF12 Crown US Commercial Bidco, LLC (Kidde Global <br>Solutions), 2025 Refinancing Term Loan — First Lien<br>(SOFR 1 month + 3.50%), 7.37%, 12/02/2031 (e) | 2625852 | 2645545 |
| SuperHero Fire Protection, LLC, Eleventh Amendment <br>Incremental Term Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.17%, 12/31/2029‡ (b)(c)(d) | 10307517 | 10307517 |
| SuperHero Fire Protection, LLC, <br>Revolving Loan — First Lien<br>(SOFR 3 month + 5.50%, 1.00% Floor),<br>9.34%, 12/31/2029‡ (b)(c) | 215056 | 215056 |
| **13168118** | **13168118** | **13168118** |
| **Specialized Consumer Services — 2.6%** | **Specialized Consumer Services — 2.6%** | **Specialized Consumer Services — 2.6%** |
| Case Works, LLC, Delayed Draw Term Loan — First Lien<br>(SOFR 3 month + 5.25%, 1.00% Floor),<br>8.98%, 10/01/2029‡ (b)(c) | 748804 | 730084 |
| Case Works, LLC, Revolving Loan — First Lien<br>(SOFR 3 month + 5.25%, 1.00% Floor),<br>8.93%, 10/01/2029‡ (b)(c) | 464655 | 453039 |
| Case Works, LLC, Term Loan — First Lien<br>(SOFR 3 month + 5.25%, 1.00% Floor),<br>8.92%, 10/01/2029‡ (b)(c)(d) | 4988405 | 4863695 |
| LaserAway Intermediate Holdings II, LLC, <br>Initial Term Loan — First Lien<br>(SOFR 3 month + 5.75%, 0.75% Floor),<br>9.89%, 10/14/2027‡ (b)(c)(d) | 4053929 | 4053929 |
| Mammoth Holdings, LLC, Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor),<br>9.87%, 11/15/2030‡ (b)(c) | 897955 | 866526 |
| Mammoth Holdings, LLC, Initial Revolving <br>Credit Loan — First Lien<br>(SOFR 1 month + 6.00%, 1.00% Floor),<br>10.55%, 11/15/2029‡ (b)(c) | 111364 | 107466 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Specialized Consumer Services — 2.6% (continued)** | **Specialized Consumer Services — 2.6% (continued)** | **Specialized Consumer Services — 2.6% (continued)** |
| Mammoth Holdings, LLC, Initial Term Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor),<br>9.67%, 11/15/2030‡ (b)(c)(d) | 3572727 | 3447682 |
| Owl Vans, LLC, Revolving Loan — First Lien<br>(SOFR 1 month + 5.25%, 1.00% Floor),<br>8.97%, 12/31/2030‡ (b)(c) | 288000 | 280800 |
| Owl Vans, LLC, Term Loan — First Lien<br>(SOFR 1 month + 5.25%, 1.00% Floor),<br>8.97%, 12/31/2030‡ (b)(c)(d) | 3041280 | 2965248 |
| Thermostat Purchaser III, Inc., <br>Initial Term B-1 Loan — First Lien<br>(SOFR 3 month + 4.25%), 7.92%, 08/31/2028‡ (e) | 2214976 | 2211288 |
| **19979757** | **19979757** | **19979757** |
| **Specialized Finance — 1.7%** | **Specialized Finance — 1.7%** | **Specialized Finance — 1.7%** |
| Ahead DB Holdings, LLC, Term B-5 Loan — First Lien<br>(SOFR 3 month + 3.00%, 0.75% Floor),<br>6.17%, 02/01/2031 (e) | 3930312 | 3930980 |
| AlpineX OpCo, LLC, Delayed Draw <br>Term Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor),<br>10.25%, 12/27/2027‡ (b)(c)(d) | 508974 | 508973 |
| AlpineX OpCo, LLC, Fourth Amendment <br>Incremental Term Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor),<br>10.25%, 12/27/2027‡ (b)(c)(d) | 73189 | 73189 |
| AlpineX OpCo, LLC, Revolving Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor),<br>10.25%, 12/27/2027‡ (b)(c) | 112621 | 112621 |
| AlpineX OpCo, LLC, Second Amendment <br>Incremental Revolving Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor),<br>10.25%, 12/27/2027‡ (b)(c) | 52857 | 52857 |
| AlpineX OpCo, LLC, Second Amendment <br>Incremental Term Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor),<br>10.25%, 12/27/2027‡ (b)(c)(d) | 834763 | 834763 |
| AlpineX OpCo, LLC, Term Loan — First Lien<br>(SOFR 3 month + 6.00%, 1.00% Floor),<br>10.25%, 12/27/2027‡ (b)(c)(d) | 789333 | 789333 |
| Apex Group Treasury Ltd., 2025 <br>Refinancing USD Term Loan — First Lien<br>(SOFR 3 month + 3.50%), 7.39%, 02/27/2032 (e) | 2985000 | 2820825 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Specialized Finance — 1.7% (continued)** | **Specialized Finance — 1.7% (continued)** | **Specialized Finance — 1.7% (continued)** |
| Berkeley Research Group Holdings, LLC, <br>Term Loan B — First Lien<br>(SOFR 3 month + 3.25%), 6.92%, 05/01/2032 (e) | 1770140 | 1775795 |
| iLending LLC, Term A Loan — First Lien<br>(SOFR 1 month + 1.00%, 1.00% Floor, 5.00% PIK),<br>9.82%, 12/21/2028‡ (b)(c)(d) | 644996 | 565984 |
| iLending LLC, Term B Loan — First Lien<br>0.00%, 12/21/2028‡ (b)(c)(d) | 631418 |  |
| June Purchaser LLC (Janney Montgomery Scott),<br>Initial Term Loan — First Lien<br>(SOFR 3 month + 2.75%), 6.42%, 11/28/2031 (e) | 1701429 | 1715253 |
| **13180573** | **13180573** | **13180573** |
| **Specialty Chemicals — 1.0%** | **Specialty Chemicals — 1.0%** | **Specialty Chemicals — 1.0%** |
| Plaze (PLZ Aeroscience), <br>2021-1 Term Loan — First Lien<br>(SOFR 1 month + 3.75%, 0.75% Floor), <br>7.58%, 08/03/2026 | 976864 | 906041 |
| Plaze (PLZ Aeroscience), Initial Term Loan — First Lien<br>(SOFR 1 month + 3.50%), 7.33%, 08/03/2026 | 4963690 | 4603822 |
| RLG Holdings, LLC, 2022 Incremental <br>Term Loan — First Lien<br>(SOFR 1 month + 5.00%), 8.72%, 07/07/2028‡ (e) | 2609654 | 1637558 |
| RLG Holdings, LLC, Closing Date Initial <br>Term Loan — First Lien<br>(SOFR 1 month + 4.25%, 0.75% Floor),<br>8.08%, 07/07/2028 (e) | 896319 | 551460 |
| **7698881** | **7698881** | **7698881** |
| **Specialty Stores — 0.2%** | **Specialty Stores — 0.2%** | **Specialty Stores — 0.2%** |
| Great Outdoors Group, LLC (Bass Pro Group),<br>Term B-3 Loan — First Lien<br>(SOFR 1 month + 3.25%), 6.97%, 01/23/2032 (e) | 1488722 | 1499329 |
| **Systems Software — 0.6%** | **Systems Software — 0.6%** | **Systems Software — 0.6%** |
| McAfee Enterprise (Magenta Buyer LLC),<br>Super Priority Term Loan — First Lien<br>(SOFR 3 month + 6.25%, 1.00% Floor),<br>10.09%, 07/27/2028 (e) | 1579521 | 1585444 |
| Perforce Software, Inc., <br>2024-1 Refinancing Term Loan — First Lien<br>(SOFR 1 month + 4.75%), 8.47%, 06/29/2029 | 2977444 | 2679699 |
| **4265143** | **4265143** | **4265143** |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Technology Distributors — 0.3%** | **Technology Distributors — 0.3%** | **Technology Distributors — 0.3%** |
| Modena Buyer LLC (End User Computing),<br>Initial Term Loan — First Lien<br>(SOFR 3 month + 4.25%), 8.09%, 07/01/2031 (e) | 2482412 | 2474456 |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
| TouchTunes Music Group, LLC (TA TT Buyer),<br>Tranche B-1 Term Loan — First Lien<br>(SOFR 3 month + 4.75%), 8.42%, 04/02/2029 (e) | 3859050 | 3773437 |
| **Textiles — 0.5%** | **Textiles — 0.5%** | **Textiles — 0.5%** |
| Elevate Textiles, Inc. (International Textile Group),<br>First Out Term Loan — First Lien<br>(SOFR 3 month + 8.50%), 12.64%, 09/30/2027‡ (e) | 2058856 | 2071085 |
| Elevate Textiles, Inc. (International Textile Group),<br>Last Out Term Loan — First Lien<br>(SOFR 3 month + 1.00%, 1.00% Floor, 5.50% PIK),<br>10.64%, 09/30/2027‡  | 2635324 | 2042376 |
| **4113461** | **4113461** | **4113461** |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| DXP Enterprises, Inc., 2025 Incremental <br>Term Loan — First Lien<br>(SOFR 1 month + 3.25%), 6.97%, 10/11/2030 (e) | 1980000 | 1999800 |
| **Trucking — 1.8%** | **Trucking — 1.8%** | **Trucking — 1.8%** |
| A&R Logistics Holdings, Inc., Tranche 7 Incremental <br>Term Loan — First Lien<br>(SOFR 3 month + 2.50%, 1.00% Floor, 4.25% PIK),<br>10.89%, 02/03/2028‡ (b)(c)(d) | 3304767 | 2842100 |
| A&R Logistics Holdings, Inc., Tranche 9 Incremental <br>Term Loan — First Lien<br>(SOFR 3 month + 2.50%, 1.00% Floor, 4.25% PIK),<br>10.89%, 02/03/2028‡ (b)(c)(d) | 625405 | 537848 |
| First Student Bidco Inc. (First Transit Parent Inc.),<br>Initial Term B Loan — First Lien<br>(SOFR 3 month + 2.50%), 6.17%, 08/15/2030 | 2149228 | 2159168 |
| First Student Bidco Inc. (First Transit Parent Inc.),<br>Initial Term C Loan — First Lien<br>(SOFR 3 month + 2.50%), 6.17%, 08/15/2030 | 393309 | 394865 |
| Stonepeak Taurus Lower Holdings LLC (TRAC),<br>Initial Term Loan (Second Lien Term Loan) — Second Lien<br>(SOFR 3 month + 7.00%, 0.50% Floor),<br>10.77%, 01/28/2030 | 5000000 | 4437500 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Trucking — 1.8% (continued)** | **Trucking — 1.8% (continued)** | **Trucking — 1.8% (continued)** |
| Student Transportation of America Holdings, Inc., <br>Term Loan B — First Lien<br>(SOFR 3 month + 3.25%), 6.94%, 06/24/2032‡ (e) | 2987500 | 2999958 |
| **13371439** | **13371439** | **13371439** |
| **Water Utilities — 0.7%** | **Water Utilities — 0.7%** | **Water Utilities — 0.7%** |
| Waste Resource Management, Inc., <br>Delayed Draw Term Loan — First Lien<br>(SOFR 1 month + 5.75%, 1.00% Floor),<br>9.47%, 12/28/2029‡ (b)(c) | 1538290 | 1538290 |
| Waste Resource Management, Inc., <br>Term Loan — First Lien<br>(SOFR 1 month + 5.75%, 1.00% Floor),<br>9.47%, 12/28/2029‡ (b)(c)(d) | 4147048 | 4147048 |
| **5685338** | **5685338** | **5685338** |
| **Total Senior Loans<br>(Cost $712,002,995)** |  | **697582228** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks — 1.1%** | **Common Stocks — 1.1%** | **Common Stocks — 1.1%** |
| **Commodity Chemicals — 0.0%** | **Commodity Chemicals — 0.0%** | **Commodity Chemicals — 0.0%** |
| A&A Global Imports LLC, Class A\*‡ (b)(c)(d) | 41 |  |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Solugenix Lenders I LLC\*‡ (b)(c) | 7777778 | 7777778 |
| **Real Estate Services — 0.0% (g)** | **Real Estate Services — 0.0% (g)** | **Real Estate Services — 0.0% (g)** |
| Avison Young-Investments LLC (Canada)\*‡ (d) | 1236 | 139 |
| Avison Young-Investments LLC, <br>Preference (Canada)\*‡ (d) | 1950816 | 346270 |
| **346409** | **346409** | **346409** |
| **Transportation Infrastructure — 0.0% (g)** | **Transportation Infrastructure — 0.0% (g)** | **Transportation Infrastructure — 0.0% (g)** |
| Limetree Bay Cayman\*‡ (c) | 1430 | 14 |
| **Total Common Stocks<br>(Cost $8,866,771)** |  | **8124201** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount ($)** |  |
| **Corporate Bonds — 0.3%** | **Corporate Bonds — 0.3%** | **Corporate Bonds — 0.3%** |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Allen Media LLC<br>10.50%, 02/15/2028‡ (h) | 3000000 | 1290000 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |

---

---

| | | |
|:---|:---|:---|
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| Camelot Finance SA<br>4.50%, 11/01/2026 (h) | 430000 | 427073 |
| **Total Corporate Bonds<br>(Cost $3,399,978)** |  | **1717073** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Warrants** |  |
| **Warrants — 0.0% (g)** | **Warrants — 0.0% (g)** | **Warrants — 0.0% (g)** |
| **Apparel Retail — 0.0% (g)** | **Apparel Retail — 0.0% (g)** | **Apparel Retail — 0.0% (g)** |
| Xcel Brands, Inc., expiring 12/12/2034\*‡ (b)(c) | 7667 | 1074 |
| **Interactive Media & Services — 0.0% (g)** | **Interactive Media & Services — 0.0% (g)** | **Interactive Media & Services — 0.0% (g)** |
| Ingenio LLC, expiring 3/28/2030\*‡ (b)(c)(d) | 78 | 76871 |
| **Total Warrants<br>(Cost —)** |  | **77945** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investments — 11.7%** | **Short-Term Investments — 11.7%** | **Short-Term Investments — 11.7%** |
| **Investment Companies — 11.7%** | **Investment Companies — 11.7%** | **Investment Companies — 11.7%** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 3.73% (i) (Cost $89,289,082) | 89289082 | 89289082 |
| **Total Investments — 104.9%<br>(Cost $813,558,826)** |  | **796790529** |
| **Credit Facility**<sup>^</sup> **— (12.3)%<br>(Cost $(93597266))** |  | **(93597266)** |
| **Other Assets Less Liabilities — 7.4%** |  | **56733244** |
| **Net Assets — 100.0%** |  | **759926507** |

---

\*Non-income producing security.

‡Value determined using significant unobservable inputs.

^Total borrowings of $96,650,000, net of unamortized deferred financing costs of $3,052,734.

(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 December 31, 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

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

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 December 31, 2025 amounted to $482,050,302, which represents approximately 63.43% of net assets of the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** |  | **Acqusition Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** |
| 1959 Holdings, LLC (Family Dollar), <br>Funding Date Term Loan — First Lien |  | 11/12/25 | $6910647 | 6910647 | $— | 99.00 |
| 360 Partners, LLC, Term Loan — First Lien | 360 Partners, LLC, Term Loan — First Lien | 08/07/25 | 1036873 | 1036873 |  | 98.88 |
| 841 Prudential MOB LLC, Term <br>Loan — First Lien |  | 10/09/24 | 9752929 | 9752929 | 100.00 | 100.00 |
| A&A Global Imports LLC |  | 02/15/24 |  | 0 |  | 0.00 |
| A&A Global Imports, LLC, First Out Term <br>Loan — First Lien | 06/01/21 - 10/19/22 | 06/01/21 - 10/19/22 | 1059899 | 1059899 |  | 2.50 |
| A&A Global Imports, LLC, Last Out Term <br>Loan — First Lien | 06/01/21 - 10/19/22 | 06/01/21 - 10/19/22 | 1221206 | 1221206 |  | 0.00 |
| A&A Global Imports, LLC, New Revolving <br>Loan — First Lien | 02/14/24 - 09/30/25 | 02/14/24 - 09/30/25 | 53578 | 53578 | 100.00 | 100.00 |
| A&R Logistics Holdings, Inc., Tranche 7 <br>Incremental Term Loan — First Lien | 07/06/22 - 04/02/25 | 07/06/22 - 04/02/25 | 3302465 | 3302465 |  | 86.00 |
| A&R Logistics Holdings, Inc., Tranche 9 <br>Incremental Term Loan — First Lien |  | 08/01/22 | 623615 | 623615 |  | 86.00 |
| Advanced Web Technologies (AWT), <br>Delayed Draw Term Loan — First Lien | 03/14/24 - 07/02/24 | 03/14/24 - 07/02/24 | 758703 | 758703 |  | 99.96 |
| Advanced Web Technologies (AWT), <br>First Amendment Delayed Draw Term <br>Loan — First Lien |  | 05/09/23 | 326756 | 326756 |  | 99.96 |
| Advanced Web Technologies (AWT), <br>First Amendment Delayed Draw Term <br>Loan 2 — First Lien |  | 02/13/24 | 475916 | 475916 |  | 99.96 |
| Advanced Web Technologies (AWT), First <br>Requested Incremental Term <br>Loan — First Lien | 10/18/22 - 07/02/24 | 10/18/22 - 07/02/24 | 2101759 | 2101759 |  | 99.98 |
| Advanced Web Technologies (AWT), <br>Fourth Amendment Delayed Term <br>Loan — First Lien | 03/24/25 - 09/08/25 | 03/24/25 - 09/08/25 | 715892 | 715892 |  | 99.83 |
| Advanced Web Technologies (AWT), <br>Fourth Amendment Incremental Term <br>Loan — First Lien |  | 07/02/24 | 1548918 | 1548918 |  | 99.98 |
| Advanced Web Technologies (AWT), <br>Revolving Credit Loan — First Lien |  | 09/25/25 | 26304 | 26304 | 100.00 | 100.00 |
| Advanced Web Technologies (AWT), <br>Second Amendment Delayed Draw Term <br>Loan — First Lien | 02/13/24 - 07/02/24 | 02/13/24 - 07/02/24 | 1563860 | 1563860 |  | 99.96 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** |  | **Acqusition Date** | **Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** |
| Advanced Web Technologies (AWT), Term <br>Loan — First Lien | 02/05/21 - 07/02/24 | 02/05/21 - 07/02/24 | $868920 | $— | 99.98 |
| Advantmed Buyer Inc., Delayed Draw <br>Term Loan — First Lien |  | 03/21/25 | 1148700 | 100.00 | 100.00 |
| Advantmed Buyer Inc., Initial Term <br>Loan — First Lien |  | 02/14/25 | 8054642 | 100.00 | 100.00 |
| Air Buyer Inc. (Condata Global), <br>Revolving Credit Loan — First Lien | 07/23/24 - 12/23/25 | 07/23/24 - 12/23/25 | 218947 |  | 97.00 |
| Air Buyer Inc. (Condata Global), <br>Term Loan — First Lien |  | 07/23/24 | 3242849 |  | 97.00 |
| Air Conditioning Specialist, Inc., Closing <br>Date Term Loan — First Lien |  | 11/19/24 | 4930580 |  | 99.50 |
| Air Conditioning Specialist, Inc., Delayed <br>Draw Term Loan — First Lien | 11/29/24 - 08/22/25 | 11/29/24 - 08/22/25 | 1710065 |  | 99.50 |
| Air Conditioning Specialist, Inc., <br>Revolving Loan — First Lien | 11/19/24 - 02/27/25 | 11/19/24 - 02/27/25 | 324327 |  | 99.50 |
| Alpine SG, LLC (ASG), February 2023 <br>Term Loan — First Lien |  | 02/03/23 | 119432 | 100.00 | 100.00 |
| Alpine SG, LLC (ASG), Initial Term <br>Loan — First Lien |  | 11/05/21 | 350488 | 100.00 | 100.00 |
| Alpine SG, LLC (ASG), May 2022 Term <br>Loan — First Lien |  | 05/13/22 | 183807 | 100.00 | 100.00 |
| Alpine SG, LLC (ASG), November 2021 <br>Term Loan — First Lien |  | 11/24/21 | 339932 | 100.00 | 100.00 |
| AlpineX OpCo, LLC, Delayed Draw Term <br>Loan — First Lien |  | 05/09/23 | 507027 | 100.00 | 100.00 |
| AlpineX OpCo, LLC, Fourth Amendment <br>Incremental Term Loan — First Lien |  | 12/15/23 | 72152 | 100.00 | 100.00 |
| AlpineX OpCo, LLC, Revolving Loan — <br>First Lien | 12/27/21 - 07/18/24 | 12/27/21 - 07/18/24 | 111733 | 100.00 | 100.00 |
| AlpineX OpCo, LLC, Second Amendment <br>Incremental Revolving Loan — First Lien | 09/16/22 - 07/18/24 | 09/16/22 - 07/18/24 | 52276 | 100.00 | 100.00 |
| AlpineX OpCo, LLC, Second Amendment <br>Incremental Term Loan — First Lien |  | 09/16/22 | 824259 | 100.00 | 100.00 |
| AlpineX OpCo, LLC, Term Loan — First Lien | AlpineX OpCo, LLC, Term Loan — First Lien | 12/27/21 | 783124 | 100.00 | 100.00 |
| Anne Arundel Dermatology Management, <br>LLC, Delayed Draw Term <br>Loan B — First Lien |  | 03/14/22 | 207773 |  | 95.50 |
| Anne Arundel Dermatology Management, <br>LLC, Delayed Draw Term <br>Loan A — First Lien |  | 03/14/22 | 122661 |  | 95.49 |
| Anne Arundel Dermatology Management, <br>LLC, Delayed Draw Term Loan C — <br>First Lien | 11/09/21 - 11/09/23 | 11/09/21 - 11/09/23 | 583246 |  | 95.24 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acqusition Date** | **Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** |
| Anne Arundel Dermatology Management, <br>LLC, Restatement Date Term <br>Loan — First Lien | 02/05/21 - 03/14/22 | $2022249 | $— | 95.50 |
| Apella Capital, LLC, Delayed Draw Term <br>Loan — First Lien | 08/30/24 - 12/27/24 | 245453 | 100.00 | 100.00 |
| Apella Capital, LLC, First Amendment <br>Delayed Draw Term Loan — First Lien | 12/27/24 - 06/03/25 | 290682 | 100.00 | 100.00 |
| Apella Capital, LLC, First Amendment <br>Term Loan — First Lien | 12/04/24 | 575526 | 100.00 | 100.00 |
| Apella Capital, LLC, Initial Term <br>Loan — First Lien | 03/01/24 | 1234084 | 100.00 | 100.00 |
| Apella Capital, LLC, Second Amendment <br>Delayed Draw Term Loan — First Lien | 06/03/25 - 06/27/25 | 983224 | 100.00 | 100.00 |
| Apella Capital, LLC, Second Amendment <br>Term Loan — First Lien | 03/06/25 | 973057 | 100.00 | 100.00 |
| Apella Capital, LLC, Third Amendment <br>Delayed Draw Loan — First Lien | 06/27/25 - 09/09/25 | 342878 | 100.00 | 100.00 |
| Apex Analytix, Inc. (Montana Buyer, Inc.), <br>Initial Term Loan — First Lien | 06/15/22 | 2583069 |  | 99.25 |
| AppHub LLC, Delayed Draw Term Loan — <br>First Lien | 10/04/22 - 04/02/24 | 363136 |  | 99.50 |
| AppHub LLC, June 2024 Delayed Draw <br>Term Loan — First Lien | 08/29/24 | 2016785 |  | 99.50 |
| AppHub LLC, Revolving Credit Loan — <br>First Lien | 09/25/25 | 102006 |  | 99.50 |
| AppHub LLC, Term Loan — First Lien | 09/29/22 | 2618638 |  | 99.50 |
| APS Acquisition Holdings, LLC, Delayed <br>Draw Term Loan — First Lien | 04/08/25 - 10/20/25 | 931989 | 100.00 | 100.00 |
| APS Acquisition Holdings, LLC, Initial <br>Term Loan — First Lien | 07/10/24 | 6078913 | 100.00 | 100.00 |
| Argano, LLC, 2025 Delayed Draw Term <br>Loan — First Lien | 04/03/25 - 12/31/25 | 2010436 | 100.00 | 100.00 |
| Argano, LLC, Initial Term Loan — First <br>Lien | 09/13/24 - 04/10/25 | 7567084 | 100.00 | 100.00 |
| Auxey Bidco Ltd. (Alexander Mann <br>Solutions), Facility B (USD) — First Lien | 12/13/24 - 07/21/25 | 2887893 |  | 94.75 |
| Bandon Fitness Texas, Inc., Delayed <br>Draw Term Loan — First Lien | 07/01/22 - 10/31/25 | 1264917 |  | 93.50 |
| Bandon Fitness Texas, Inc., Initial Term <br>Loan — First Lien | 07/27/22 - 10/31/25 | 2830641 |  | 93.50 |
| Bandon Fitness Texas, Inc., Revolving <br>Loan — First Lien | 04/23/25 | 242974 |  | 93.50 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** |  | **Acqusition Date** | **Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** |
| BCDI BHI Intermediate 2, LP <br>(Basic Home Infusion), Delayed Draw <br>Term Loan — First Lien |  | 02/13/24 | $1200933 | $100.00 | 100.00 |
| BCDI BHI Intermediate 2, LP (Basic <br>Home Infusion), Initial Term <br>Loan — First Lien |  | 09/30/22 | 2833380 | 100.00 | 100.00 |
| BCDI BHI Intermediate 2, LP <br>(Basic Home Infusion), Revolving <br>Credit Loan — First Lien |  | 09/30/22 | 172585 | 100.00 | 100.00 |
| Blazing Star Parent, LLC, Closing Date <br>Term Loan — First Lien |  | 11/12/25 | 7836486 |  | 98.50 |
| Boston Clinical Trials LLC (Alcanza Clinical <br>Research), Fourth Amendment Delayed <br>Draw Term Loan — First Lien | Boston Clinical Trials LLC (Alcanza Clinical <br>Research), Fourth Amendment Delayed <br>Draw Term Loan — First Lien | 05/31/24 | 892999 | 100.00 | 100.00 |
| Boston Clinical Trials LLC (Alcanza Clinical <br>Research), Fourth Amendment Term <br>Loan — First Lien | Boston Clinical Trials LLC (Alcanza Clinical <br>Research), Fourth Amendment Term <br>Loan — First Lien | 04/19/24 | 2043425 | 100.00 | 100.00 |
| Boston Clinical Trials LLC (Alcanza Clinical <br>Research), Initial Term Loan — First Lien | 12/21/21 - 02/13/24 | 12/21/21 - 02/13/24 | 4610617 | 100.00 | 100.00 |
| Boston Clinical Trials LLC (Alcanza Clinical <br>Research), Revolving Credit Loan — <br>First Lien | 10/07/25 - 11/26/25 | 10/07/25 - 11/26/25 | 93359 | 100.00 | 100.00 |
| Case Works, LLC, Delayed Draw Term <br>Loan — First Lien | 12/13/24 - 09/26/25 | 12/13/24 - 09/26/25 | 745926 |  | 97.50 |
| Case Works, LLC, Revolving Loan — <br>First Lien | 12/11/24 - 12/30/25 | 12/11/24 - 12/30/25 | 459794 |  | 97.50 |
| Case Works, LLC, Term Loan — First Lien |  | 10/01/24 | 4938938 |  | 97.50 |
| Catawba Nation Gaming Authority, Initial <br>Term B Loan — First Lien |  | 12/16/24 | 597238 | 102.58 | 102.58 |
| Catawba Nation Gaming Authority, Initial <br>Term B Loan — First Lien | 06/12/25 - 07/21/25 | 06/12/25 - 07/21/25 | 3981534 | 102.58 | 102.58 |
| CC Amulet Management, LLC (Children's <br>Choice), Delayed Draw Term <br>Loan — First Lien |  | 08/31/21 | 300064 | 100.00 | 100.00 |
| CC Amulet Management, LLC (Children's <br>Choice), Revolving Loan — First Lien |  | 12/16/22 | 47114 | 100.00 | 100.00 |
| CC Amulet Management, LLC (Children's <br>Choice), Second Amendment Delayed <br>Draw Term Loan — First Lien | 08/30/24 - 06/05/25 | 08/30/24 - 06/05/25 | 2481186 | 100.00 | 100.00 |
| CC Amulet Management, LLC (Children's <br>Choice), Term Loan — First Lien | 08/31/21 - 08/09/24 | 08/31/21 - 08/09/24 | 3232749 | 100.00 | 100.00 |
| CI (MG) Group, LLC (Mariani Landscape), <br>Delayed Draw Term Loan — First Lien | 04/11/25 - 11/26/25 | 04/11/25 - 11/26/25 | 1691703 |  | 99.75 |
| CI (MG) Group, LLC (Mariani Landscape), <br>Initial Term Loan — First Lien |  | 03/27/25 | 6792551 |  | 99.75 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** |  | **Acqusition Date** | **Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** |
| CI (MG) Group, LLC (Mariani Landscape), <br>Revolving Loan — First Lien | 05/13/25 - 10/01/25 | 05/13/25 - 10/01/25 | $421744 | $— | 99.75 |
| Community Based Care Acquisition, Inc. <br>(Amivie Acquisition, Inc.), Delayed Draw <br>Tranche A Term Loan — First Lien |  | 06/15/22 | 877603 | 100.00 | 100.00 |
| Community Based Care Acquisition, Inc. <br>(Amivie Acquisition, Inc.), Delayed Draw <br>Tranche B Term Loan — First Lien |  | 09/30/22 | 976475 | 100.00 | 100.00 |
| Community Based Care Acquisition, Inc. <br>(Amivie Acquisition, Inc.), Delayed Draw <br>Tranche C Term Loan — First Lien | 03/19/24 - 08/04/25 | 03/19/24 - 08/04/25 | 1977184 | 100.00 | 100.00 |
| Community Based Care Acquisition, Inc. <br>(Amivie Acquisition, Inc.), Initial Term <br>Loan — First Lien |  | 09/16/21 | 2154732 | 100.00 | 100.00 |
| ConvenientMD (CMD Intermediate <br>Holdings, Inc.), 2024 Extended Revolving <br>Credit Loan — First Lien |  | 09/02/25 | 19729 |  | 91.00 |
| ConvenientMD (CMD Intermediate <br>Holdings, Inc.), 2024 Extended Term <br>Loan — First Lien | 11/24/21 - 06/09/22 | 11/24/21 - 06/09/22 | 1764091 |  | 91.00 |
| Cooper's Hawk Intermediate Holding, <br>LLC, Closing Date Initial Term <br>Loan — First Lien |  | 07/28/25 | 2272403 | 100.13 | 100.13 |
| Cooper's Hawk Intermediate Holding, <br>LLC, Delayed Draw Term Loan — First Lien | Cooper's Hawk Intermediate Holding, <br>LLC, Delayed Draw Term Loan — First Lien | 12/23/25 | 125372 | 100.12 | 100.12 |
| Cooper's Hawk Intermediate Holding, <br>LLC, Revolving Loan — First Lien |  | 10/20/25 | 30323 | 100.00 | 100.00 |
| Danforth Health, Inc., Delayed Draw <br>Term Loan — First Lien |  | 10/24/24 | 675437 | 100.00 | 100.00 |
| Danforth Health, Inc., First Amendment <br>Incremental Term Loan — First Lien |  | 12/01/22 | 947096 | 100.00 | 100.00 |
| Danforth Health, Inc., Fourth Amendment <br>Incremental Term Loan — First Lien |  | 08/30/24 | 1873357 | 100.00 | 100.00 |
| Danforth Health, Inc., Initial Term <br>Loan — First Lien |  | 05/13/22 | 1205759 | 100.00 | 100.00 |
| Danforth Health, Inc., Second Amendment <br>Incremental Term Loan — First Lien |  | 05/24/24 | 7110169 | 100.00 | 100.00 |
| Data Driven Intermediate, LLC, Term <br>Loan — First Lien |  | 05/01/25 | 2455785 |  | 99.50 |
| EiKO Global, LLC, Revolving Credit <br>Loan — First Lien | 09/02/25 - 09/09/25 | 09/02/25 - 09/09/25 | 3515954 |  | 97.75 |
| Elevate HD Parent, Inc., Delayed Draw <br>Term Loan A — First Lien |  | 12/01/23 | 73868 | 100.00 | 100.00 |
| Elevate HD Parent, Inc., Delayed Draw <br>Term Loan B — First Lien | 08/09/24 - 11/20/25 | 08/09/24 - 11/20/25 | 889871 | 100.00 | 100.00 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acqusition Date** | **Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** |
| Elevate HD Parent, Inc., Initial Term <br>Loan — First Lien | 08/18/23 | $3137495 | $100.00 | 100.00 |
| Eliassen Group, LLC, Initial Delayed Draw <br>Term Loan — First Lien | 03/31/22 - 09/29/23 | 170072 |  | 98.75 |
| Eliassen Group, LLC, Initial Term <br>Loan — First Lien | 08/03/22 | 2353438 |  | 98.75 |
| Endo1 Partners, LLC, Initial Term <br>Loan — First Lien | 05/23/25 | 1495658 |  | 99.50 |
| Endo1 Partners, LLC, Last Out Term <br>Loan — First Lien | 05/23/25 | 5599388 |  | 99.00 |
| Endo1 Partners, LLC, Revolving <br>Loan — First Lien | 05/23/25 - 12/15/25 | 517557 |  | 99.50 |
| Enthusiast Auto Holdings, LLC <br>(EAH-Intermediate Holdco LLC), Fifth <br>Amendment Term Loan — First Lien | 12/20/24 | 4363689 | 100.00 | 100.00 |
| Enthusiast Auto Holdings, LLC <br>(EAH-Intermediate Holdco LLC), Third <br>Amendment Term Loan — First Lien | 03/20/23 | 1386089 | 100.00 | 100.00 |
| Epic Staffing Group (Cirrus/Tempus/<br>Explorer Investor), Initial Term <br>Loan — First Lien | 06/27/22 - 09/15/23 | 4689991 |  | 88.00 |
| Everlane, Inc., Term Loan — First Lien | 10/07/22 | 3285608 | 100.00 | 100.00 |
| Gen4 Dental Partners Opco, LLC, Initial <br>Term Loan — First Lien | 05/13/24 | 5346418 |  | 99.00 |
| Greenway Health, LLC (fka Vitera <br>Healthcare Solutions, LLC), <br>Term Loan — First Lien | 12/18/23 | 6824128 | 100.00 | 100.00 |
| Harbour Benefit Holdings, Inc. <br>(Zenith Merger Sub), Revolving <br>Loan — First Lien | 07/11/24 | 524968 |  | 99.00 |
| Harbour Benefit Holdings, Inc. <br>(Zenith Merger Sub), Term A <br>Loan — First Lien | 07/11/24 | 9762219 |  | 99.00 |
| HFW Cos., LLC (fka HFW Holdings, LLC), <br>Delayed Draw Term Loan — First Lien | 05/01/25 | 1305541 |  | 99.00 |
| HFW Cos., LLC (fka HFW Holdings, LLC), <br>Term A Loan — First Lien | 05/01/25 | 6221738 |  | 99.00 |
| Houseworks Holdings, Fourth <br>Amendment Term Loan — First Lien | 05/28/24 | 2579520 |  | 98.50 |
| Houseworks Holdings, Revolving <br>Loan — First Lien | 09/01/23 | 250517 |  | 98.50 |
| Houseworks Holdings, Third Amendment <br>Delayed Draw Term Loan — First Lien | 08/02/24 - 02/28/25 | 716951 |  | 98.50 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** |  | **Acqusition Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** |
| Houseworks Holdings, Third Amendment <br>Term Loan — First Lien |  | 09/01/23 | $1627212 | 1627212 | $— | 98.50 |
| Hydrofarm Holdings Group, Inc., <br>Term Loan — First Lien | 12/10/21 - 03/18/22 | 12/10/21 - 03/18/22 | 1103183 | 1103183 |  | 83.50 |
| iLending LLC, Term A Loan — First Lien |  | 05/16/25 | 607063 | 607063 |  | 87.75 |
| iLending LLC, Term B Loan — First Lien |  | 05/16/25 | 593226 | 593226 |  | 0.00 |
| In Vitro Sciences, LLC (New IVS Holdings, <br>LLC), Closing Date Term Loan — First Lien |  | 02/29/24 | 7919590 | 7919590 |  | 92.00 |
| In Vitro Sciences, LLC (New IVS Holdings, <br>LLC), Delayed Draw Term <br>Loan — First Lien | 02/29/24 - 07/15/24 | 02/29/24 - 07/15/24 | 2036220 | 2036220 |  | 92.00 |
| In Vitro Sciences, LLC (New IVS Holdings, <br>LLC), Revolving Loan — First Lien |  | 10/03/25 | 311128 | 311128 |  | 92.00 |
| Inflexionpoint LLC (fka Automated Control <br>Concepts), Term Loan — First Lien | 10/22/21 - 05/06/22 | 10/22/21 - 05/06/22 | 1853965 | 1853965 | 100.00 | 100.00 |
| Ingenio LLC |  | 03/28/25 |  | 0 | 985.53 | 985.53 |
| Ingenio LLC, First Amendment Term <br>Loan — First Lien |  | 04/28/22 | 4184173 | 4184173 |  | 95.50 |
| Ingenio LLC, Term Loan — First Lien |  | 08/03/21 | 1350082 | 1350082 |  | 95.50 |
| IPM MSO Management, LLC, Closing Date <br>Term Loan — First Lien |  | 12/10/21 | 766496 | 766496 |  | 95.50 |
| IPM MSO Management, LLC, Delayed <br>Draw Term Loan — First Lien |  | 06/15/22 | 92207 | 92207 |  | 95.50 |
| IPM MSO Management, LLC, Second <br>Amendment Term Loan — First Lien |  | 05/10/22 | 210856 | 210856 |  | 95.50 |
| Irving Parent, Corp. (Quisitive), Initial <br>Term Loan — First Lien |  | 03/11/25 | 10133431 | 10133431 |  | 98.50 |
| Kobra International, Ltd. (d/b/a Nicole <br>Miller), Term Loan — First Lien | 05/17/22 - 09/27/24 | 05/17/22 - 09/27/24 | 6736026 | 6736026 | 100.00 | 100.00 |
| LaserAway Intermediate Holdings II, LLC, <br>Initial Term Loan — First Lien | 07/27/22 - 09/11/23 | 07/27/22 - 09/11/23 | 4025216 | 4025216 | 100.00 | 100.00 |
| Lash OpCo, LLC, Initial Term Loan — <br>First Lien |  | 02/05/21 | 2085640 | 2085640 |  | 92.37 |
| LBH Services, LLC, Delayed Draw Term <br>Loan — First Lien |  | 03/28/22 | 309006 | 309006 |  | 75.37 |
| LBH Services, LLC, Revolving Loan — First <br>Lien | 03/28/22 - 02/17/23 | 03/28/22 - 02/17/23 | 774210 | 774210 |  | 75.50 |
| LBH Services, LLC, Term Loan — First Lien | LBH Services, LLC, Term Loan — First Lien | 03/28/22 | 1486013 | 1486013 |  | 75.50 |
| Life Northwestern Pennsylvania, LLC <br>(FFL Pace Buyer, Inc.), Delayed Draw Term <br>Loan — First Lien | Life Northwestern Pennsylvania, LLC <br>(FFL Pace Buyer, Inc.), Delayed Draw Term <br>Loan — First Lien | 02/13/24 | 567977 | 567977 | 100.00 | 100.00 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acqusition Date** | **Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** |
| Life Northwestern Pennsylvania, LLC <br>(FFL Pace Buyer, Inc.), Initial Term <br>Loan — First Lien | 12/10/21 | $1682471 | $100.00 | 100.00 |
| Life Northwestern Pennsylvania, LLC <br>(FFL Pace Buyer, Inc.), Revolving <br>Loan — First Lien | 01/23/23 - 11/24/25 | 269113 | 100.00 | 100.00 |
| LMSI Buyer, LLC, Initial Term <br>Loan — First Lien | 12/10/21 - 11/09/23 | 2107636 |  | 92.00 |
| LMSI Buyer, LLC, Revolving Credit <br>Loan — First Lien | 10/25/21 - 10/01/24 | 387760 |  | 92.00 |
| MAG DS Corp., Initial Term Loan — First <br>Lien | 02/05/21 - 05/11/23 | 1906793 |  | 99.91 |
| Mammoth Holdings, LLC, Delayed Draw <br>Term Loan — First Lien | 11/14/23 - 11/14/23 | 891402 |  | 96.50 |
| Mammoth Holdings, LLC, Initial Revolving <br>Credit Loan — First Lien | 09/29/25 - 12/30/25 | 109871 |  | 96.50 |
| Mammoth Holdings, LLC, Initial Term <br>Loan — First Lien | 11/14/23 | 3516977 |  | 96.50 |
| Marlin DTC — LS Midco 2, LLC (Clarus <br>Commerce, LLC), 2A Term <br>Loan — First Lien | 04/08/21 | 1437740 |  | 94.00 |
| McHale & McHale Landscape Design, LLC, <br>Closing Date Term Loan — First Lien | 07/16/25 | 2481972 |  | 98.87 |
| McHale & McHale Landscape Design, LLC, <br>Delayed Draw Term Loan — First Lien | 12/01/25 | 283944 |  | 98.88 |
| Medrina, LLC, Initial Term <br>Loan — First Lien | 10/20/23 | 5322412 | 100.00 | 100.00 |
| Medrina, LLC, Primary Delayed Draw <br>Term Loan — First Lien | 01/22/25 | 949488 | 100.00 | 100.00 |
| Mission Critical Group, LLC, Delayed <br>Draw Term Loan — First Lien | 11/03/25 | 618563 | 100.00 | 100.00 |
| Mission Critical Group, LLC, Term <br>Loan — First Lien | 06/18/25 | 2219073 | 100.00 | 100.00 |
| Monarch Behavioral Therapy, LLC, <br>Closing Date Term Loan — First Lien | 06/06/24 | 9410136 |  | 99.50 |
| Monarch Behavioral Therapy, LLC, <br>Delayed Draw Term Loan — First Lien | 06/06/24 | 1455525 |  | 99.50 |
| Monarch Behavioral Therapy, LLC, <br>Revolving Loan — First Lien | 12/30/24 - 10/08/25 | 988609 |  | 99.50 |
| National Convenience Distributors, LLC, <br>Delayed Draw Term Loan — First Lien | 10/08/25 | 665227 |  | 98.13 |
| National Convenience Distributors, LLC, <br>Initial Term Loan — First Lien | 10/08/25 | 4989526 |  | 98.12 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** |  | **Acqusition Date** | **Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** |
| Nephron Pharmaceuticals, LLC, FO Term <br>Loan — First Lien |  | 01/31/25 | $1464086 | $100.00 | 100.00 |
| Nephron Pharmaceuticals, LLC, LO <br>Term Loan — First Lien |  | 01/31/25 | 4956047 | 100.00 | 100.00 |
| Newcleus, LLC, Initial Term <br>Loan — First Lien | 08/02/21 - 08/04/21 | 08/02/21 - 08/04/21 | 1207118 |  | 96.00 |
| Oak Point Partners, LLC, Term <br>Loan — First Lien |  | 12/10/21 | 1913643 | 100.00 | 100.00 |
| Owl Vans, LLC, Revolving Loan — First Lien | Owl Vans, LLC, Revolving Loan — First Lien | 09/26/25 | 284346 |  | 97.50 |
| Owl Vans, LLC, Term Loan — First Lien |  | 12/31/24 | 3007807 |  | 97.50 |
| Penney Holdings LLC (Catalyst Brands), <br>Initial Term Loan — First Lien |  | 11/12/25 | 5855570 |  | 97.50 |
| Portfolio Holding, Inc. (Turbo Buyer/PGM), <br>Amendment No. 3 Incremental Term Loan <br>Retired 01/02/2026 — First Lien | Portfolio Holding, Inc. (Turbo Buyer/PGM), <br>Amendment No. 3 Incremental Term Loan <br>Retired 01/02/2026 — First Lien | 05/14/21 | 1914499 | 100.00 | 100.00 |
| Portfolio Holding, Inc. (Turbo Buyer/PGM), <br>Amendment No. 4 Incremental Delayed <br>Draw Term Loan Retired <br>01/02/2026 — First Lien | Portfolio Holding, Inc. (Turbo Buyer/PGM), <br>Amendment No. 4 Incremental Delayed <br>Draw Term Loan Retired <br>01/02/2026 — First Lien | 05/31/22 | 752934 | 100.00 | 100.00 |
| Portfolio Holding, Inc. (Turbo Buyer/PGM), <br>Amendment No. 4 Incremental Term Loan <br>Retired 01/02/2026 — First Lien | Portfolio Holding, Inc. (Turbo Buyer/PGM), <br>Amendment No. 4 Incremental Term Loan <br>Retired 01/02/2026 — First Lien | 11/15/21 | 1126149 | 100.00 | 100.00 |
| Prescott's Inc. (AKA Greenjacket), Delayed <br>Draw Term Loan — First Lien | Prescott's Inc. (AKA Greenjacket), Delayed <br>Draw Term Loan — First Lien | 10/24/25 | 1190570 |  | 99.75 |
| Prescott's Inc. (AKA Greenjacket), <br>Term Loan — First Lien |  | 12/30/24 | 3984383 |  | 99.75 |
| PRGX Global, Inc., Initial Term <br>Loan — First Lien |  | 02/20/25 | 3106422 |  | 98.25 |
| Quorum Health Resources (QHR), 2023 <br>Incremental Term Loan — First Lien |  | 06/30/23 | 1934330 |  | 99.50 |
| Quorum Health Resources (QHR), <br>Specified Delayed Draw Term <br>Loan — First Lien |  | 02/13/24 | 1945100 |  | 99.50 |
| Quorum Health Resources (QHR), <br>Term Loan — First Lien |  | 05/28/21 | 1026107 |  | 99.50 |
| R.L. James, Inc. (HH Restore Acquisition), <br>Closing Date Term Loan — First Lien |  | 12/15/23 | 928231 | 100.00 | 100.00 |
| R.L. James, Inc. (HH Restore Acquisition), <br>Delayed Draw Term Loan — First Lien | 12/15/23 - 08/07/25 | 12/15/23 - 08/07/25 | 880578 | 100.00 | 100.00 |
| R.L. James, Inc. (HH Restore Acquisition), <br>First Amendment Incremental <br>Term Loan — First Lien |  | 08/07/25 | 306366 | 100.00 | 100.00 |
| R.L. James, Inc. (HH Restore Acquisition), <br>Revolving Loan — First Lien |  | 11/07/25 | 66581 | 100.00 | 100.00 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acqusition Date** | **Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** |
| Rachel Zoe Creations, LLC, Term <br>Loan — First Lien | 12/15/25 | $4677832 | $— | 97.94 |
| RMBUS Holdco Inc. (Eclat Health <br>Solutions Inc.), Initial Term <br>Loan — First Lien | 01/08/24 | 2740733 | 100.00 | 100.00 |
| R-Pac International Corp. (Project <br>Radio), 2024 Incremental Term <br>Loan — First Lien | 10/11/24 | 2340469 | 100.00 | 100.00 |
| R-Pac International Corp. (Project <br>Radio), Initial Revolving <br>Loan — First Lien | 10/28/24 - 10/30/25 | 481361 | 100.00 | 100.00 |
| R-Pac International Corp. (Project Radio), <br>Initial Term Loan — First Lien | 11/23/21 | 4773318 | 100.00 | 100.00 |
| Sagebrush Buyer, LLC (Province), Initial <br>Term Loan — First Lien | 07/01/24 | 9283877 | 100.00 | 100.00 |
| Sapio Sciences, LLC (Jarvis Bidco), Initial <br>Term Loan — First Lien | 11/18/22 | 3186493 | 100.00 | 100.00 |
| Schola Group Acquisition, Inc. (Lathan <br>McKee), Closing Date Term <br>Loan — First Lien | 04/09/25 | 3172678 |  | 99.00 |
| Schola Group Acquisition, Inc. <br>(Lathan McKee), Delayed Draw Term <br>Loan — First Lien | 08/01/25 | 460296 |  | 99.00 |
| SHO Holding I Corp., Tranche A Term <br>Loan — First Lien | 04/05/24 | 534627 | 100.00 | 100.00 |
| Solugenix Corp. | 12/16/24 | 7738888 |  | 1.00 |
| SR Landscaping, LLC, Amendment No. 1 <br>Delayed Draw Term Loan — First Lien | 08/20/24 - 08/14/25 | 421157 |  | 93.00 |
| SR Landscaping, LLC, Closing Date Term <br>Loan — First Lien | 10/30/23 | 2620159 |  | 93.00 |
| SR Landscaping, LLC, Delayed Draw Term <br>Loan — First Lien | 10/30/23 | 878890 |  | 93.00 |
| SR Landscaping, LLC, Revolving <br>Loan — First Lien | 10/30/23 - 08/20/25 | 440098 |  | 93.00 |
| Strategy Corps., LLC, Revolving Credit <br>Loan — First Lien | 03/14/25 - 07/15/25 | 211310 |  | 98.25 |
| Strategy Corps., LLC, Term <br>Loan — First Lien | 06/28/24 | 6411025 |  | 98.25 |
| Streetmasters Intermediate, Inc., Term <br>Loan — First Lien | 04/17/25 | 5050523 |  | 97.50 |
| SuperHero Fire Protection, LLC, Eleventh <br>Amendment Incremental Term <br>Loan — First Lien | 07/31/25 | 10104657 | 100.00 | 100.00 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acqusition Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** |
| SuperHero Fire Protection, LLC, <br>Revolving Loan — First Lien | 09/01/21 - 04/10/24 | $214764 | 214764 | $100.00 | 100.00 |
| Syner-G Intermediate Holdings, LLC, <br>Term Loan — First Lien | 09/17/24 | 8503759 | 8503759 |  | 92.00 |
| Technology Partners, LLC (Imagine <br>Software), Initial Term Loan — First Lien | 01/16/21 | 2232002 | 2232002 | 100.00 | 100.00 |
| The Mutual Group, LLC, Term <br>Loan — First Lien | 01/31/24 | 4732850 | 4732850 | 100.00 | 100.00 |
| Thornton Carpet, LLC, Closing Date Term <br>Loan — First Lien | 05/15/25 | 2241582 | 2241582 |  | 98.88 |
| Tri Scapes, LLC (HH-TRISCAPES <br>ACQUISITION, INC.), Closing Date Term <br>Loan — First Lien | 07/12/24 | 4855526 | 4855526 |  | 98.50 |
| Tri Scapes, LLC (HH-TRISCAPES <br>ACQUISITION, INC.), Delayed Draw Term <br>Loan — First Lien | 07/17/25 - 09/02/25 | 1911389 | 1911389 |  | 98.50 |
| Tricor, LLC, Amendment No. 4 Delayed <br>Draw Term Loan — First Lien | 01/02/25 - 04/04/25 | 5313522 | 5313522 | 100.00 | 100.00 |
| Tricor, LLC, Amendment No.3 Incremental <br>Term Loan — First Lien | 07/05/24 | 1788369 | 1788369 | 100.00 | 100.00 |
| Tricor, LLC, Delayed Draw Term <br>Loan — First Lien | 02/13/24 | 706669 | 706669 | 100.00 | 100.00 |
| Tricor, LLC, Term Loan — First Lien | 10/22/21 | 1875812 | 1875812 | 100.00 | 100.00 |
| Triple Crown Consulting, LLC, Term A <br>Loan — First Lien | 06/02/23 | 1076294 | 1076294 |  | 99.75 |
| TriStrux, LLC, Delayed Draw Term <br>Loan — First Lien | 02/13/24 | 326720 | 326720 |  | 50.00 |
| TriStrux, LLC, Initial Term <br>Loan — First Lien | 12/23/21 | 913260 | 913260 |  | 50.00 |
| TriStrux, LLC, Revolving Loan — First Lien | 12/23/21 - 09/30/25 | 359197 | 359197 |  | 49.98 |
| Unified Patents, LLC, Term A <br>Loan — First Lien | 12/23/24 | 8227469 | 8227469 |  | 99.50 |
| Violet Utility Buyer, LLC (Vannguard), <br>Initial Term Loan — First Lien | 07/24/25 | 3935496 | 3935496 |  | 98.88 |
| Visante Acquisition, LLC, Initial Term <br>Loan — First Lien | 01/31/24 | 4836434 | 4836434 | 100.00 | 100.00 |
| Waste Resource Management, Inc., <br>Delayed Draw Term Loan — First Lien | 12/28/23 - 05/19/25 | 1532595 | 1532595 | 100.00 | 100.00 |
| Waste Resource Management, Inc., Term <br>Loan — First Lien | 12/28/23 | 4102075 | 4102075 | 100.00 | 100.00 |
| Xcel Brands, Inc. | 03/25/25 |  | 0 |  | 0.14 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund \| Consolidated Schedule of Investments \| December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** |  | **Acqusition Date** | **Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** | &nbsp;&nbsp;&nbsp;&nbsp;**Carrying Value<br>Per<br>Share/Principal** |
| Xcel Brands, Inc., Initial Term Loan A — <br>First Lien | 12/17/24 - 01/28/25 | 12/17/24 - 01/28/25 | $1065258 | $100.00 | 100.00 |
| XPT Partners, LLC, 2024 Delayed Draw <br>Term Loan — First Lien |  | 12/10/24 | 210413 |  | 99.25 |
| XPT Partners, LLC, 2024 Revolving <br>Loan — First Lien | 12/10/24 - 08/15/25 | 12/10/24 - 08/15/25 | 111812 |  | 99.25 |
| XPT Partners, LLC, Term Loan — First Lien | XPT Partners, LLC, Term Loan — First Lien | 12/10/24 | 4195610 |  | 99.25 |
|  |  |  | $**488367705** |  |  |

---

(c)Security fair valued as of December 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at December 31, 2025 amounted to $464,937,472, which represents approximately 61.18% of net assets of the Fund.

(d)The Ally Credit Facility is secured by a lien on all or a portion of the security. See Note 10 for additional details.

(e)The JPM Credit Facility is secured by a lien on all or a portion of the security. See Note 10 for additional details.

(f)All or a portion of this position has not yet settled as of December 31, 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)Represents less than 0.05% of net assets.

(h)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 December 31, 2025 amounted to $1,717,073, which represents approximately 0.23% of net assets of the Fund.

(i)Represents 7-day effective yield as of December 31, 2025.

As of December 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $4132411 |
| Aggregate gross unrealized depreciation | (21052298) |
| Net unrealized depreciation | $(16919887) |
| Federal income tax cost | $813710416 |

---

**<u>Abbreviations</u>**

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 Financial Statements.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

December 31, 2025

Consolidated Statement of Assets and Liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**First Eagle Credit<br>Opportunities<br>Fund\***<br>

**Assets**<br>

---

| | |
|:---|:---|
| Investments (Cost $813,558,826) (Note 2 and Note 3) | $796790529 |
| Cash | 33009517 |
| Receivable for investments sold | 27458102 |
| Foreign tax reclaims receivable | 64715 |
| Receivable for Fund shares sold | 1629114 |
| Accrued interest and dividends receivable | 4301115 |
| Due from adviser (Note 6) | 1386389 |
| Other assets | 4766 |
| **Total Assets** | **864644247** |

---

**Liabilities**<br>

---

| | |
|:---|:---|
| Investment advisory fees payable (Note 6) | 899672 |
| Payable for investment purchased | 3158479 |
| Distribution fees payable (Note 7) | 31886 |
| Administrative fees payable (Note 6) | 100447 |
| Service fees payable (Note 7) | 10786 |
| Credit facility (Net of unamortized deferred financing costs of $3,052,734) (Note 10) | 93597266 |
| Payable for dividends to shareholders | 4459357 |
| Unrealized depreciation on unfunded/delayed draw loan commitments (Note 9) | 6144 |
| Interest expense and fees payable | 1110360 |
| Unused commitment fee | 296420 |
| Accrued expenses and other liabilities | 1046923 |
| **Total Liabilities** | **104717740** |
| **Commitments and contingent liabilities**<sup>^</sup> | **—** |
| **Net Assets** | **$759926507** |

---

**Net Assets Consist of**<br>

---

| | |
|:---|:---|
| Paid in capital | $839570881 |
| Total distributable earnings (losses) | (79644374) |
| **Net Assets** | **$759926507** |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

December 31, 2025

Consolidated Statement of Assets and Liabilities (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**First Eagle Credit<br>Opportunities<br>Fund\***<br>

**Class A**<br>

---

| | |
|:---|:---|
| Net Assets | $48649848 |
| Shares Outstanding | 2164982 |
| Net asset value per share and redemption proceeds per share | $22.47 |
| Offering price per share (NAV per share plus maximum sales charge) | $23.05<br><sup>(1)</sup> |

---

**Class A-2**<br>

---

| | |
|:---|:---|
| Net Assets | $51266144 |
| Shares Outstanding | 2284747 |
| Net asset value per share and redemption proceeds per share | $22.44 |
| Offering price per share (NAV per share plus maximum sales charge) | $23.02<br><sup>(1)</sup> |

---

**Class I**<br>

---

| | |
|:---|:---|
| Net Assets | $660010515 |
| Shares Outstanding | 29536279 |
| Net asset value per share and redemption proceeds per share | $22.35 |

---

\*Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC and First Eagle Credit Opportunities Fund BSL SPV I, LLC.

<sup>^</sup>See Note 6 and Note 9 in the Notes to the Consolidated Financial Statements.

<sup>(1)</sup> The maximum sales charge is 2.50% for Class A and Class A-2 shares. Class I shares have no front-end sales charges.

See Notes to Consolidated Financial Statements.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Year ended December 31, 2025

Consolidated Statement of Operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**First Eagle Credit <br>Opportunities <br>Fund\***<br>

**Investment Income**<br>

---

| | |
|:---|:---|
| Interest | $91362076 |
| Dividends | 2389205 |
| **Total Income** | **93751281** |

---

**Expenses**<br>

---

| | |
|:---|:---|
| Investment advisory fees (Note 6) | 11577739 |
| Distribution fees (Note 7) | Distribution fees (Note 7) |
| Class A | 125095 |
| Class A-2 | 232350 |
| Shareholder servicing agent fees | 1366530 |
| Service fees (Note 7) | Service fees (Note 7) |
| Class A-2 | 116175 |
| Administrative fees (Note 6) | 1013221 |
| Professional fees | 1238578 |
| Custodian and accounting fees | 787918 |
| Shareholder reporting fees | 310024 |
| Trustees' fees (Note 6) | 28474 |
| Interest expense and fees on borrowings (Note 10) | 11489938 |
| Expense waiver recoupment | 611456 |
| Registration and filing fees | 110403 |
| Other expenses | 155193 |
| **Total Expenses** | **29163094** |
| Expense waiver (Note 6) | (4659107) |
| Expense reductions due to earnings credits (Note 2) | (400383) |
| **Net Expenses** | **24103604** |
| **Net Investment Income (Note 2)** | **69647677** |

---

---

| |
|:---|
| **Realized and Unrealized Gains (Losses) on Investments and Unfunded <br>Delayed Draw Loan Commitments (Note 2 and Note 9)** |
| **Net realized gains (losses) from:** |

---

---

| | |
|:---|:---|
| Transactions in investments | (23514571) |
| **(23514571** | **(23514571)** |

---

**Changes in unrealized appreciation (depreciation) of:**<br>

---

| | |
|:---|:---|
| Investments | (1302366) |
| Unfunded delayed draw loan commitments | 440415 |
| **(861951** | **(861951** |
| Net realized and unrealized (losses) on investments and unfunded <br>delayed draw loan commitments | (24376522) |
| **Net Increase in Net Assets Resulting from Operations** | **$45271155** |

---

\*Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC and First Eagle Credit Opportunities Fund BSL SPV I, LLC.

See Notes to Consolidated Financial Statements.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Consolidated Statements of Changes in Net Assets

---

| | |
|:---|:---|
|  | **First Eagle Credit <br>Opportunities Fund\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**For the year<br>ended <br>December 31,<br>2025** | &nbsp;&nbsp;&nbsp;&nbsp;**For the year<br>ended<br>December 31,<br>2024** |

---

**Operations**<br>

---

| | | |
|:---|:---|:---|
| Net investment income | $69647677 | $78817301 |
| Net realized (loss) from investments | (23514571) | (25476240) |
| Change in unrealized appreciation (depreciation) of investments | (861951) | 5419975 |
| **Net increase in net assets resulting from operations** | **45271155** | **58761036** |

---

---

| |
|:---|
| **Distributions to Shareholders** |
| **Distributable earnings:** |

---

---

| | | |
|:---|:---|:---|
| Class A | (4168584) | (3904826) |
| Class A-2 | (3719336) | (2443853) |
| Class I | (59999848) | (75740332) |
| **Decrease in net assets resulting from distributions** | **(67887768)** | **(82089011)** |

---

---

| |
|:---|
| **Fund Share Transactions** |
| **Class A** |

---

---

| | | | |
|:---|:---|:---|:---|
| Net proceeds from shares sold | 6454558 | 6454558 | 36978716 |
| Net asset value of shares issued for reinvested dividends and distributions | Net asset value of shares issued for reinvested dividends and distributions | 917443 | 958129 |
| Cost of shares redeemed\*\* | (8679207 | (8679207) | (9687904) |
| **Increase (decrease) in net assets from Class A share transactions** | **(1307206** | **(1307206)** | **28248941** |

---

**Class A-2**<br>

---

| | | |
|:---|:---|:---|
| Net proceeds from shares sold | 11997792 | 26495280 |
| Net asset value of shares issued for reinvested dividends and distributions | 2415586 | 1799032 |
| Cost of shares redeemed\*\* | (1950390) | (537281) |
| **Increase in net assets from Class A-2 share transactions** | **12462988** | **27757031** |

---

**Class I**<br>

---

| | | |
|:---|:---|:---|
| Net proceeds from shares sold | 109066155 | 306526186 |
| Net asset value of shares issued for reinvested dividends and distributions | 12249019 | 14993072 |
| Cost of shares redeemed | (205651853) | (182512593) |
| **Increase (decrease) in net assets from Class I share transactions** | **(84336679)** | **139006665** |
| **Increase (decrease) in net assets from Fund share transactions** | **(73180897)** | **195012637** |
| **Net increase (decrease) in net assets** | **(95797510)** | **171684662** |

---

**Net Assets (Note 2)**<br>

---

| | | |
|:---|:---|:---|
| Beginning of period | 855724017 | 684039355 |
| **End of period** | **$759926507** | **$855724017** |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Consolidated Statements of Changes in Net Assets (continued)

---

| | |
|:---|:---|
|  | **First Eagle Credit <br>Opportunities Fund\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**For the year<br>ended <br>December 31,<br>2025** | &nbsp;&nbsp;&nbsp;&nbsp;**For the year<br>ended<br>December 31,<br>2024** |

---

---

| |
|:---|
| **Changes in Shares Outstanding** |
| **Class A** |

---

---

| | | |
|:---|:---|:---|
| Shares outstanding, beginning of period | 2223369 | 1020016 |
| Shares sold | 285447 | 1571786 |
| Shares issued on reinvestment of distributions | 40574 | 41022 |
| Shares redeemed\*\* | (384408) | (409455) |
| **Shares outstanding, end of period** | **2164982** | **2223369** |

---

**Class A-2**<br>

---

| | | |
|:---|:---|:---|
| Shares outstanding, beginning of period | 1734778 | 546036 |
| Shares sold | 529369 | 1134621 |
| Shares issued on reinvestment of distributions | 107016 | 77263 |
| Shares redeemed\*\* | (86416) | (23142) |
| **Shares outstanding, end of period** | **2284747** | **1734778** |

---

**Class I**<br>

---

| | | |
|:---|:---|:---|
| Shares outstanding, beginning of period | 33297558 | 27342670 |
| Shares sold | 4826998 | 13137662 |
| Shares issued on reinvestment of distributions | 545054 | 644397 |
| Shares redeemed | (9133331) | (7827171) |
| **Shares outstanding, end of period** | **29536279** | **33297558** |

---

\*Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC and First Eagle Credit Opportunities Fund BSL SPV I, LLC.

\*\*Including class exchanges.

See Notes to Consolidated Financial Statements.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Year ended December 31, 2025

Consolidated Statement of Cash Flows

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**First Eagle Credit<br>Opportunities Fund\***<br>

**Cash Flows Provided by (Used in) Operating Activities:**<br>

---

| | |
|:---|:---|
| Net increase in net assets resulting from operations | $45271155 |
| Adjustments to reconcile net increase (decrease) in net assets resulting<br>from operations to net cash provided by (used in) operating activities: | Adjustments to reconcile net increase (decrease) in net assets resulting<br>from operations to net cash provided by (used in) operating activities: |
| Payments to purchase investments | (796406983 |
| Proceeds from sale and paydowns of investments | 911108572 |
| Net increase in short-term investments | (58276524 |
| Realized (gain) loss on investments | 23514571 |
| Change in unrealized (appreciation) depreciation on investments | 1302366 |
| Amortization (accretion) of bond and bank loan premium (discount) | (3101651 |
| Change in unrealized (appreciation) depreciation on unfunded delayed <br>draw loan commitments | (440415) |
| (Increases) decreases in operating assets: | (Increases) decreases in operating assets: |
| Foreign tax reclaims receivable | (64715 |
| Accrued interest and dividends receivable | 2320425 |
| Due from adviser | (1358505 |
| Other assets | 873622 |
| Increases (decreases) in operating liabilities: | Increases (decreases) in operating liabilities: |
| Investment advisory fees payable | 5808 |
| Administrative fees payable | (279056 |
| Distribution fees payable | 4432 |
| Service fees payable | 2458 |
| Trustee fees payable | (642 |
| Interest expense and fees payable | 1110360 |
| Unused commitment fee | 296420 |
| Accrued expenses and other liabilities | (321247 |
| **Net cash provided by (used in) operating activities** | **$125560451**  |

---

**Cash Flows Provided by (Used in) Financing Activities:**<br>

---

| | |
|:---|:---|
| Proceeds from shares sold | 129614673 |
| Payments on shares redeemed | (216218161) |
| Cash distributions paid | (53173907) |
| Borrowing under Credit Facility | 369436438 |
| Repayment under Credit Facility | (335586438) |
| Deferred financing cost | (486845) |
| **Net cash provided by (used in) financing activities** | **$(106414240)** |
| **Net change in cash** | **19146211** |
| **Cash, beginning of period** | **13863306** |

---

---

| | |
|:---|:---|
| **Cash, end of period** | **$33009517** |

---

Supplemental disclosure of cash flow information:

Cash paid during the period for interest in the amount of $9,527,091 for stated interest expense and unused commitment fees.

Non-cash financing activities consist of reinvestment of distributions in the amount $15,582,048 and share exchanges in the amount of $63,289.

\*Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC and First Eagle Credit Opportunities Fund BSL SPV I, LLC.

See Notes to Consolidated Financial Statements.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| **Class A** | **For the Year<br>Ended<br>December 31, <br>2025\*\*** | **For the Year<br>Ended<br>December 31, <br>2025\*\*** | **For the Year<br>Ended<br>December 31,<br>2024\*\*** | **For the Year<br>Ended<br>December 31,<br>2023\*\*\*** | **For the Year<br>Ended<br>December 31,<br>2022\*\*\*** | **For the Year<br>Ended<br>December 31,<br>2021\*\*\*** |
| **Investment Operations** | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Investment Operations** |
| **Net asset value, beginning <br>of year** |  | **$23.09** | **$23.79** | **$23.47** | **$26.22** | **$25.48** |
| Net investment income |  | 1.93 | 2.24 | 2.49 | 2.10 | 2.10 |
| Net realized and unrealized <br>gains (losses) on <br>investments and unfunded <br>delayed draw loan <br>commitments<sup>†</sup> |  | (0.66) | (0.54) | 0.20 | (2.93) | 0.53 |
| **Total investment operations** | **Total investment operations** | **1.27** | **1.70** | **2.69** | **(0.83)** | **2.63** |
| **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** |
| From net investment income | From net investment income | (1.89) | (2.40) | (2.37) | (1.91) | (1.81 |
| From capital gains |  |  |  |  | (0.01) | (0.08 |
| **Total distributions** |  | **(1.89)** | **(2.40)** | **(2.37)** | **(1.92)** | **(1.89** |
| **Net asset value, end of <br>period** |  | **$22.47** | **$23.09** | **$23.79** | **$23.47** | **$26.22** |
| Total return<sup>(a)</sup> |  | 5.76 | 7.49 | 12.03% | (3.23 | 10.60 |
| Net assets, end of period <br>(thousands) |  | $48650 | $51348 | $24269 | $12844 | $7592 |
| **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
| Operating expenses <br>excluding earnings credits <br>and/or fee waivers |  | 3.85 | 3.66 | 3.87% | 3.76 | 4.83% |
| Operating expenses <br>including earnings credits <br>and/or fee waivers |  | 3.23 | 3.51 | 3.65 | 2.62 | 2.28 |
| Net investment income <br>excluding earnings credits <br>and/or fee waivers |  | 7.92 | 9.43 | 10.32% | 7.36 | 5.47% |
| Net investment income <br>including earnings credits <br>and/or fee waivers |  | 8.54 | 9.58 | 10.55% | 8.50 | 8.02% |
| **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
| Portfolio turnover rate |  | 71.53 | 112.01 | 68.91% | 49.93 | 73.15 |

---

\*Per share amounts have been calculated using the average shares method.

\*\*Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC and First Eagle Credit Opportunities Fund BSL SPV I, LLC.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund

**Financial Highlights**

\*\*\*Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC.

<sup>†</sup>The amount shown for shares outstanding throughout the period does not accord with the aggregate gain/loss on that period because of the timing of sales and purchase of the Fund's shares in relation to fluctuating market value of the investments in the Funds.

<sup>(a)</sup>Does not take into account the sales charge of 2.50% for Class A shares. Prior to April 30, 2022, the sales charge for Class A was 3.50%, which was also not taken into account.

<sup>(b)</sup>Interest expense and fees relate to the credit facility transactions (See Note 2(e)) representing 1.45%, 1.26%, 1.40%, 0.85% and 1.15% for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively. Without the interest expense and fees, the operating expenses including earnings credits and/or fee waivers would have been 1.78%, 2.25%, 2.25%, 1.77% and 1.13% for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively.

See Notes to Consolidated Financial Statements

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| **Class A-2** | &nbsp;&nbsp;**For the Year<br>Ended<br>December 31,<br>2025\*\*** | &nbsp;&nbsp;**For the Year<br>Ended<br>December 31,<br>2025\*\*** | **For the Year<br>Ended<br>December 31,<br>2024\*\*** | **For the Year<br>Ended<br>December 31,<br>2024\*\*** | **For the Year<br>Ended<br>December 31,<br>2023\*\*\*** | **For the Year<br>Ended<br>December 31,<br>2023\*\*\*** | **For the Period<br>5/31/22**<sup>^</sup>**- 12/31/22\*\*\*** |
| **Investment Operations** | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Investment Operations** |
| **Net asset value, beginning of <br>period** |  | **$23.06** |  | **$23.70** |  | **$23.42** | **$24.94** |
| Net investment income |  | 1.85 |  | 2.16 |  | 2.42 | 1.18 |
| Net realized and unrealized gains <br>(losses) on investments and <br>unfunded delayed draw loan <br>commitments<sup>†</sup> |  | (0.66 |  | (0.52) |  | 0.16 | (1.51) |
| **Total investment operations** |  | **1.19** |  | **1.64** |  | **2.58** | **(0.33** |
| **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** |
| From net investment income |  | (1.81 |  | (2.28) |  | (2.30) | (1.18 |
| From capital gains |  |  |  |  |  |  | (0.01 |
| **Total distributions** |  | **(1.81** |  | **(2.28)** |  | **(2.30)** | **(1.19** |
| **Net asset value, end of period** |  | **$22.44** |  | **$23.06** |  | **$23.70** | **$23.42** |
| Total return<sup>(a)</sup> |  | 5.39 |  | 7.26 | % | 11.52% | (1.34 |
| Net assets, end of period <br>(thousands) |  | $51266 |  | $39999 |  | $12940 | $99 |
| **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
| Operating expenses excluding <br>earnings credits and/or fee waivers | Operating expenses excluding <br>earnings credits and/or fee waivers | 4.18 |  | 3.90 | % | 4.35% | 4.39 |
| Operating expenses including <br>earnings credits and/or fee waivers | Operating expenses including <br>earnings credits and/or fee waivers | 3.53 | %<sup>(d)</sup> | 3.78 | %<sup>(d)</sup> | 4.14 | 3.57 |
| Net investment income excluding <br>earnings credits and/or fee waivers | Net investment income excluding <br>earnings credits and/or fee waivers | 7.56 |  | 9.14 | % | 10.05% | 7.50 |
| Net investment income including <br>earnings credits and/or fee waivers | Net investment income including <br>earnings credits and/or fee waivers | 8.20 |  | 9.26 | % | 10.26% | 8.32 |
| **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
| Portfolio turnover rate |  | 71.53 |  | 112.01 | % | 68.91% | 49.93 |

---

<sup>^</sup>Inception date.

\*Per share amounts have been calculated using the average shares method.

\*\*Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC and First Eagle Credit Opportunities Fund BSL SPV I, LLC.

\*\*\*Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund

**Financial Highlights**

<sup>†</sup>The amount shown for shares outstanding throughout the period does not accord with the aggregate gain/loss on that period because of the timing of sales and purchase of the Fund's shares in relation to fluctuating market value of the investments in the Funds.

<sup>(a)</sup>Does not take into account the sales charge of 2.50% for Class A-2 shares.

<sup>(b)</sup>Not annualized.

<sup>(c)</sup>Annualized.

<sup>(d)</sup>Interest expense and fees relate to the credit facility transactions (See Note 2(e)) representing 1.45%,1.26%,1.39% and 0.82% for the years ended December 31, 2025, December 31, 2024, December 31, 2023 and the period May 31, 2022 to December 31, 2022, respectively. Without the interest expense and fees, the operating expenses including earnings credits and/or fee waivers would have been 2.08%, 2.52%, 2.75% and 2.75% for the years ended December 31, 2025, December 31, 2024, December 31, 2023 and the period May 31, 2022 to December 31, 2022, respectively.

See Notes to Consolidated Financial Statements

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| **Class I** | **For the Year<br>Ended<br>December 31, <br>2025\*\*** | **For the Year<br>Ended<br>December 31, <br>2025\*\*** | **For the Year<br>Ended<br>December 31,<br>2024\*\*** | **For the Year<br>Ended<br>December 31,<br>2023\*\*\*** | **For the Year<br>Ended<br>December 31,<br>2022\*\*\*** | **For the Year<br>Ended<br>December 31,<br>2021\*\*\*** |
| **Investment Operations** | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Investment Operations** |
| **Net asset value, beginning <br>of year** |  | **$22.96** | **$23.66** | **$23.38** | **$26.19** | **$25.47** |
| Net investment income |  | 1.98 | 2.37 | 2.55 | 2.17 | 2.27 |
| Net realized and unrealized <br>gains (losses) on <br>investments and unfunded <br>delayed draw loan <br>commitments<sup>†</sup> | Net realized and unrealized <br>gains (losses) on <br>investments and unfunded <br>delayed draw loan <br>commitments<sup>†</sup> | (0.65) | (0.60) | 0.21 | (2.94) | 0.57 |
| **Total investment operations** | **Total investment operations** | **1.33** | **1.77** | **2.76** | **(0.77)** | **2.84** |
| **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** | **Less Dividends and Distributions** |
| From net investment income | From net investment income | (1.94) | (2.47) | (2.48) | (2.03) | (2.04 |
| From capital gains |  |  |  |  | (0.01) | (0.08 |
| **Total distributions** |  | **(1.94)** | **(2.47)** | **(2.48)** | **(2.04)** | **(2.12** |
| **Net asset value, end of <br>period** |  | **$22.35** | **$22.96** | **$23.66** | **$23.38** | **$26.19** |
| Total return |  | 6.07 | 7.87 | 12.41% | (3.02 | 11.45 |
| Net assets, end of <br>period (thousands) |  | $660011 | $764377 | $646830 | $439296 | $181346 |
| **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
| Operating expenses <br>excluding earnings credits <br>and/or fee waivers |  | 3.63 | 3.41 | 3.62% | 3.48 | 4.18% |
| Operating expenses <br>including earnings credits <br>and/or fee waivers |  | 2.99 | 3.26 | 3.39 | 2.41 | 1.70 |
| Net investment income <br>excluding earnings credits <br>and/or fee waivers |  | 8.18 | 10.02 | 10.60% | 7.71 | 6.15% |
| Net investment income <br>including earnings credits <br>and/or fee waivers |  | 8.82 | 10.17 | 10.83% | 8.79 | 8.63% |
| **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
| Portfolio turnover rate |  | 71.53 | 112.01 | 68.91% | 49.93 | 73.15 |

---

\*Per share amounts have been calculated using the average shares method.

\*\*Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC and First Eagle Credit Opportunities Fund BSL SPV I, LLC.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund

**Financial Highlights**

\*\*\*Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC.

<sup>†</sup>The amount shown for shares outstanding throughout the period does not accord with the aggregate gain/loss on that period because of the timing of sales and purchase of the Fund's shares in relation to fluctuating market value of the investments in the Funds.

<sup>(a)</sup>Interest expense and fees relate to the credit facility transactions (See Note 2(e)) representing 1.45%, 1.26%, 1.39%, 0.85% and 1.15% for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively. Without the interest expense and fees, the operating expenses including earnings credits and/or fee waivers would have been 1.54%, 2.00%, 2.00%, 1.56% and 0.55% for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively.

See Notes to Consolidated Financial Statements

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund

**Financial Highlights**

Information about the Fund's senior securities, which are the amount of Floating Rate Obligations, is shown as of the dates indicated in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31,<br>2025\*\* | December 31,<br>2025\*\* | December 31,<br>2025\*\* | December 31,<br>2024\*\* | December 31,<br>2023\*\*\* | December 31,<br>2023\*\*\* | December 31,<br>2022\*\*\* | December 31,<br>2022\*\*\* | December 31,<br>2021\*\*\* |
| Asset coverage <br>ratio for credit <br>agreement<sup>(2)</sup> | 886 | % | 1463% | 675% | 511 | % | % | 530 | %<br> N/A<sup>(1)</sup> |
| Asset coverage <br>per $1,000 <br>for credit <br>agreement<sup>(2)</sup> | $8863 |  | $14626 | $6748 | $5111 |  |  | $5304 | N/A<sup>(1)</sup> |
| Amount of loan <br>outstanding | $96650000 |  | $62800000 | $119000000 | $110000000 |  |  | $43902654 | N/A<sup>(1)</sup> |

---

<sup>(1)</sup> No leveraged amount as of December 31, 2020.

<sup>(2)</sup> The asset coverage ratio is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. The asset coverage ratio is multiplied by $1,000 to determine the "Asset coverage per $1,000 for credit agreement."

\*\*Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC and First Eagle Credit Opportunities Fund BSL SPV I, LLC.

\*\*\*Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC.

See Notes to Consolidated Financial Statements

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

This page was intentionally left blank.

Notes to Consolidated Financial Statements

**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 objectives 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 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 (sometimes referred to as "junk" bonds). As of September 4, 2025, 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) including U.S. and non-U.S. CLOs, such as European 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.

Repositioning of the portfolio to reflect these changes is anticipated to be implemented over time, with complete repositioning expected in the latter half of 2026.

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 Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

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"), as part of the alternative credit group of the Adviser, serves as the Fund's investment subadviser. The Subadviser has broad alternative credit capabilities and operates in conjunction with First Eagle's Napier Park alternative credit franchise. The Subadviser and Napier Park Global Capital (US) LP ("Napier Park") are both wholly-owned registered investment subsidiaries of the Adviser, with shared personnel and investment and operational capabilities. 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 December 31, 2025, the SPV has $356,808,030 in net assets, representing 46.94% of the Fund's net assets and the BSL SPV has $59,182,771 in net assets, representing 7.79% 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

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

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

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

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).

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

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

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

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 December 31, 2025:

**First Eagle Credit Opportunities Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |

---

**Assets**<br>

---

| | | | |
|:---|:---|:---|:---|
| Common Stocks† | $— | $8124201 | $8124201 |
| Corporate Bonds† | 427073 | 1290000 | 1717073 |
| Senior Loans | Senior Loans | Senior Loans | Senior Loans |
| Advertising | 4992982 | 2459989 | 7452971 |
| Aerospace & Defense | 4911433 | 1433561 | 6344994 |
| Agricultural & Farm Machinery |  | 933791 | 933791 |
| Air Freight & Logistics | 2484782 | 3395001 | 5879783 |
| Apparel Retail |  | 1083333 | 1083333 |
| Apparel, Accessories & Luxury Goods | 1610169 | 10526516 | 12136685 |
| Application Software | 17186046 | 11380405 | 28566451 |
| Asset Management & Custody Banks |  | 7648050 | 7648050 |
| Auto Parts & Equipment | 2152383 | 5751010 | 7903393 |
| Biotechnology | 3171682 |  | 3171682 |
| Broadcasting | 1361040 | 1277322 | 2638362 |
| Building Products | 2009963 |  | 2009963 |
| Casinos & Gaming | 9146880 |  | 9146880 |
| Commodity Chemicals | 1162832 | 80715 | 1243547 |
| Construction & Engineering |  | 9708187 | 9708187 |
| Construction Materials | 1784877 |  | 1784877 |
| Data Processing & Outsourced Services |  | 3630626 | 3630626 |
| Distributors |  | 1495225 | 1495225 |
| Diversified Support Services |  | 4979975 | 4979975 |
| Drug Retail |  | 7830750 | 7830750 |
| Electric Utilities |  | 2861876 | 2861876 |
| Electrical Components & Equipment |  | 3503359 | 3503359 |
| Electronic Equipment & Instruments | 2679981 |  | 2679981 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| Electronic Manufacturing Services | $— | $— | $1913070 | $1913070 |
| Environmental & Facilities Services |  | 1862256 | 19832204 | 21694460 |
| Financial Exchanges & Data |  | 5770869 |  | 5770869 |
| Food Distributors |  |  | 5652000 | 5652000 |
| Footwear |  |  | 536157 | 536157 |
| General Merchandise Stores |  |  | 6906977 | 6906977 |
| Health Care Distributors |  |  | 5203958 | 5203958 |
| Health Care Facilities |  |  | 8549829 | 8549829 |
| Health Care Services |  | 17164864 | 88283526 | 105448390 |
| Health Care Technology |  |  | 19048524 | 19048524 |
| Heavy Electrical Equipment |  | 5128925 | 7089345 | 12218270 |
| Highways & Railtracks |  | 1004950 |  | 1004950 |
| Home Furnishings |  | 1995907 | 2239559 | 4235466 |
| Home Improvement Retail |  |  | 8054402 | 8054402 |
| Homebuilding |  |  | 1220615 | 1220615 |
| Hotels, Resorts & Cruise Lines |  | 3403794 |  | 3403794 |
| Household Products |  |  | 1929305 | 1929305 |
| Human Resource & Employment Services |  |  | 13000732 | 13000732 |
| Industrial Machinery |  | 7298763 | 1252537 | 8551300 |
| Insurance Brokers |  | 5268949 | 27901182 | 33170131 |
| Integrated Telecommunication Services |  | 3463647 |  | 3463647 |
| Interactive Media & Services |  |  | 5298929 | 5298929 |
| Internet & Direct Marketing Retail |  |  | 11188192 | 11188192 |
| Internet Services & Infrastructure |  | 3107546 | 2246266 | 5353812 |
| IT Consulting & Other Services |  | 6220908 | 34769276 | 40990184 |
| Leisure Facilities |  |  | 6022068 | 6022068 |
| Managed Health Care |  | 227368 | 1948627 | 2175995 |
| Metal & Glass Containers |  | 6914045 |  | 6914045 |
| Multi-Sector Holdings |  | 2785650 |  | 2785650 |
| Oil & Gas Storage & Transportation |  |  | 1009436 | 1009436 |
| Other Diversified Financial Services |  |  | 3716787 | 3716787 |
| Packaged Foods & Meats |  | 3904140 |  | 3904140 |
| Paper Packaging |  |  | 10287113 | 10287113 |
| Paper Products |  |  | 7653539 | 7653539 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| Pharmaceuticals | $— | $— | $16113832 | $16113832 |
| Railroads |  |  | 3954082 | 3954082 |
| Real Estate Development |  |  | 9837837 | 9837837 |
| Real Estate Services |  | 7487014 | 2625992 | 10113006 |
| Research & Consulting Services |  | 4010453 | 46965612 | 50976065 |
| Restaurants |  | 2434619 | 31578 | 2466197 |
| Security & Alarm Services |  | 2645545 | 10522573 | 13168118 |
| Specialized Consumer Services |  |  | 19979757 | 19979757 |
| Specialized Finance |  | 10242853 | 2937720 | 13180573 |
| Specialty Chemicals |  | 6061323 | 1637558 | 7698881 |
| Specialty Stores |  | 1499329 |  | 1499329 |
| Systems Software |  | 4265143 |  | 4265143 |
| Technology Distributors |  | 2474456 |  | 2474456 |
| Technology Hardware, Storage & <br>Peripherals | <sup>—</sup> | <sup>3,773,437</sup> | <sup>—</sup> | <sup>3,773,437</sup> |
| Textiles |  |  | 4113461 | 4113461 |
| Trading Companies & Distributors |  | 1999800 |  | 1999800 |
| Trucking |  | 6991533 | 6379906 | 13371439 |
| Water Utilities |  |  | 5685338 | 5685338 |
| Total Senior Loans |  | 184063136 | 513519092 | 697582228 |
| Warrants† |  |  | 77945 | 77945 |
| Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Investment Companies | 89289082 |  |  | 89289082 |
| **Total** | **$89289082** | **$184490209** | **$523011238** | **$796790529** |

---

**Liabilities**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Unfunded Commitments\* |  | 6937 | (13081 | (6144 |
| **Total** | **$89289082** | **$184497146** | **$522998157** | **$796784385** |

---

‡Value determined using significant unobservable inputs.

†See Consolidated Schedule of Investments for additional detailed categorizations.

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

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Common<br>Stocks** | **Common<br>Stocks** | **Corporate<br>Bonds** | **Warrants** | **Senior<br>Loans** | **Unfunded<br>Commitments\*** | **Total** |
| Beginning Balance — <br>market value | <sup>$10,205,059</sup> | <sup>$—</sup> | <sup>$31,770</sup> | <sup>$491,606,932</sup> | <sup>$(450,685</sup><br><sup>)</sup> | <sup>$501,393,076</sup> |
| Purchases<sup>(1)</sup> |  |  | (48414) | 312129460 |  | 312081046 |
| Sales<sup>(2)</sup> | (2343122) |  |  | (297990109) |  | (300333231 |
| Transfer In — Level 3 |  | 1290672 |  | 24085658 |  | 25376330 |
| Transfer Out — Level 3 |  |  |  | (12719304) |  | (12719304 |
| Accrued discounts/<br>(premiums) | <sup>—</sup> | <sup>10,080</sup> | <sup>—</sup> | <sup>1,320,038</sup> | <sup>—</sup> | <sup>1,330,118</sup> |
| Realized Gains (Losses) | 1619814 |  |  | (4518825) |  | (2899011 |
| Change in Unrealized <br>Appreciation <br>(Depreciation) | <sup>(1,357,550</sup><br><sup>)</sup> | <sup>(10,752</sup><br><sup>)</sup> | <sup>94,589</sup> | <sup>(394,758</sup><br><sup>)</sup> | <sup>437,604</sup> | <sup>(1,230,867</sup><br><sup>)</sup> |
| Ending Balance — <br>market value | <sup>$8,124,201</sup> | <sup>$1,290,000</sup> | <sup>$77,945</sup> | <sup>$513,519,092</sup> | <sup>$(13,081</sup><br><sup>)</sup> | <sup>$522,998,157</sup> |
| Change in unrealized <br>gains or (losses) <br>relating to assets still <br>held at reporting date | <sup>$(346,722</sup><br><sup>)</sup> | <sup>$(10,752</sup><br><sup>)</sup> | <sup>$94,589</sup> | <sup>$(6,427,226</sup><br><sup>)</sup> | <sup>$438,431</sup> | <sup>$(6,251,680</sup><br><sup>)</sup> |

---

(1)Purchases include all purchases of securities, securities received in corporate, 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 December 31, 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 December 31, 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.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

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 December 31, 2025:

**Disclosure on the Unobservable Inputs for First Eagle Credit Opportunities Fund as of December 31, 2025.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value as of<br>December 31,<br>2025** | **Valuation<br>Technique(s)** | **Unobservable<br>Inputs** | **Range<br>(Weighted<br>Average)** | **Direction<br>Change in Fair<br>Value Resulting<br>from Increase<br>in Unobservable<br>Inputs**<sup>(a)</sup> |
| Corporate Bond | $1290000 | Broker Quotes | N/A | N/A | N/A |
| **Corporate Bond <br>total** | **1290000** |  |  |  |  |
| Common Stock | 346409 | Broker Quotes | N/A | N/A | N/A |
| 7777778 | 7777778 | Discounted<br>Cash Flow<br>(Income<br>Approach) | Comparable<br>Yield | 14.97%-14.97%<br>(14.97%) | Decrease |
| 14 | 14 | Market<br>Comparable<br>Companies | EBITDA<br>Multiple | 0.30x-8.37x<br> (8.14x) | Increase |
| **Common Stock <br>total** | **8124201** |  |  |  |  |
| Warrant<br>| 76871<br>| Market <br>Comparable <br>Companies | EBITDA<br>Multiple | 8.10x-8.10x<br>(8.10x) | Increase |
| 1074 | 1074 | Option Pricing<br>Model | Volatility/<br>Time Horizon | 40%/5yr<br>(40%/5yr) | Increase |
| **Warrant total** | **77945** |  |  |  |  |
| Senior Loan | 56437357 | Broker Quotes | N/A | N/A | N/A |
| 393737642 | 393737642 | Discounted<br>Cash Flow<br>(Income<br>Approach) | Comparable<br>Yield | 7.41%-26.74%<br> (10.12%) | Decrease |
| 61895225 | 61895225 | Liquidation | Collateral<br>Value | 19.4-12,657.7<br>(2,172.6 | Increase |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value as of<br>December 31,<br>2025** | **Fair Value as of<br>December 31,<br>2025** | **Valuation<br>Technique(s)** | **Unobservable<br>Inputs** | **Range<br>(Weighted<br>Average)** | **Direction<br>Change in Fair<br>Value Resulting<br>from Increase<br>in Unobservable<br>Inputs**<sup>(a)</sup> |
| $1448868 | $1448868 | $1448868 | Market<br>Comparable<br>Companies | EBITDA<br>Multiple | 0.30x-8.51x<br> (2.40x) | Increase |
| **Senior Loan <br>total** |  | **513519092** |  |  |  |  |
| **Total Investments** | **Total Investments** | **523011238** |  |  |  |  |
| Unfunded<br>Commitment |  | $15584 | Broker Quotes | N/A | N/A | N/A |
| (23854 | (23854 | (23854) | Discounted<br>Cash Flow<br>(Income <br>Approach) | Comparable<br>Yield | 7.41%-19.51% <br>(9.37%) | Decrease |
| $(2758 | $(2758 | $(2758) | Liquidation | Collateral<br>Value | 19.4-56.8<br> (26.7 | Increase |
| (2053 | (2053 | (2053) | Market<br>Comparable<br>Companies | EBITDA<br>Multiple | 8.51x-8.51x<br> (8.51x) | Increase |
| **Unfunded <br>Commitment total** |  | **$13081** |  |  |  |  |

---

***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.

c)**Cash** — For the purposes of the Consolidated Statement of Cash Flows, the Fund defines cash as cash, including foreign currency and restricted cash. The Fund's cash is maintained with a major United States financial institution, which is a member of the Federal Deposit Insurance Corporation. The Fund's cash balance may exceed insurance limits at times.

d)**Investment Transactions and Income** — Investment transactions are accounted for on a trade date basis. Interest income, adjusted for the accretion of discount and amortization of premiums, is recorded daily on an accrual basis.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

The specific identification method is used in determining realized gains and losses from investment transactions. In computing investment income, the Fund accretes discounts and amortizes premiums on debt obligations using the effective yield method. Paydown gains and losses are netted and recorded as interest income on the Consolidated Statement of Operations.

The difference between cost and fair value on open investments is reflected as unrealized appreciation (depreciation) on investments, and any change in that amount from prior period is reflected as change in unrealized gains (losses) of investment securities in the Consolidated Statement of Operations.

e)**Deferred Financing Costs** — Deferred financing costs consist of fees and expenses paid in connection with the closing and amendments of the Ally Credit Facility and JPM Credit Facility (as defined below), including upfront fees and legal fees. Deferred financing costs are amortized using the straight line method over the term of the respective credit facilities and included on the Consolidated Statement of Operations under "Interest expense and fees on borrowing". The unamortized deferred financing costs are reflected on the Consolidated Statement of Assets and Liabilities as a reduction to the Credit Facilities (as defined below) liability. As of December 31, 2025, there was $1,724,136 unamortized deferred financing cost for Ally Credit Facility, and $1,328,598 unamortized deferred financing cost for JP Morgan Credit Facility.

f)**United States Income Taxes** — The Fund intends to continue to qualify as a regulated investment company by complying with the requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its earnings to its shareholders.

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Fund, timing differences and differing characterization of distributions made by the Fund as a whole.

Management has determined that the Fund has not taken any uncertain tax positions that require adjustment to the financial statements.

At December 31, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Undistributed<br>Net Realized** | **Capital Loss<br>Carryforward** |
| **Income** | **Gains**<br>**(Depreciation)** | **Long-Term** |
| First Eagle Credit <br>Opportunities Fund<br><sup>$123,420</sup> | <sup>$—</sup><br><sup>$(16,926,031</sup><br><sup>)</sup><br><sup>$25,299,605</sup> | <sup>$37,324,433</sup> |

---

The components of distributable earnings' differences between book basis and tax basis are primarily due to wash sale deferrals.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), net capital losses recognized by the Fund after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long-term losses. For the current year, the Fund did not utilize any capital loss carryforward.

Late year ordinary losses incurred after December 31st and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the year ended December 31, 2025, there were no late year ordinary loss deferrals.

Net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the year ended December 31, 2025, the Fund had post-October capital loss deferrals of $205,784 in short-term and $0 in long-term.

g)**Reclassification of Capital Accounts** — As a result of certain differences in the computation of net investment income and net realized capital gains under federal income tax rules and regulations versus GAAP, the following amounts were reclassified within the capital accounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed Net <br>Investment Income <br>(Loss)** | **Undistributed Net <br>Investment Income <br>(Loss)** | **Undistributed Net <br>Investment Income <br>(Loss)** | **Undistributed Net<br>Realized Gains<br>(Losses)** | **Capital Surplus** |
|  | First Eagle Credit Opportunities Fund | $— | $— | $— |

---

The Fund did not have any reclassifications during the current period.

h)**Distributions to Shareholders** — The Fund intends to distribute substantially all of its net investment income to shareholders in the form of dividends. The Fund intends to declare income dividends daily and distribute them monthly to shareholders of record. Distributions are intended to be at levels more stable than would result from paying out solely amounts based on current net investment income. In addition, the Fund intends to distribute any net capital gains earned from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently.

Distributions to shareholders during the fiscal year ended December 31, 2025, which were determined in accordance with income tax regulations, were recorded on ex-dividend date.

The tax character of distributions paid by the Fund during the fiscal years ended December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ordinary Income** | **Ordinary Income** |  | **Long Term<br>Capital Gains** | **Long Term<br>Capital Gains** |
| **2025** | **2025** | **2024** | **2025** | **2025** | **2024** |
| First Eagle Credit Opportunities Fund | $67887768 | $82089011 | $82089011 |  | $— |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

i)**Expenses** — Expenses directly related to the Fund are charged to the Fund. Other operating expenses shared by several funds, also managed by the Adviser, are prorated among those funds on the basis of relative net assets or other appropriate methods. Earnings credits may reduce shareholder servicing agent fees by the amount of interest earned on balances with such service provider.

j)**Use of Estimates** — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

k)**Class Accounting** — Investment income, common expenses and realized/unrealized gain or loss on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that class.

l)**Indemnification** — In the normal course of business, the Fund enters into contracts which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

m)**New Accounting Pronouncements** — In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management has determined the adoption of the amendments did not have a material impact on its financial statements.

n)**Segment Reporting** — In accordance with ASC 280, the Fund has determined that it has a single operating segment which derives its revenues from investments made in accordance with the Fund's defined investment objectives. The Fund's chief operating decision maker ("CODM") is represented by the Adviser, through various committees. The Fund's net investment income, total returns, expense ratios, and net increase (decrease) in net assets resulting from operations which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the Fund's consolidated financial statements.

**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

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

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. The Subadviser also intends to originate and selectively purchase additional types of asset-based loans, 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") (including U.S. and non-U.S. CLOs, such as European CLOs) and collateralized debt obligations ("CDOs"). 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, sometimes 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,

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

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 objectives, 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 — Principal Risks**

**Market Risk** — The Fund is subject to market risks including unexpected directional price movements, deviations from historical pricing relationships, changes in the regulatory environment, changes in market volatility, panicked or forced selling of assets and contraction of available credit or other financing sources. The success of the Fund's activities may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws and national and international political circumstances. Geopolitical and other risks, including environmental and public health, may also add to instability in world economies and markets generally.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

Market turmoil may negatively affect the Fund's performance. Credit markets may become illiquid, credit spreads may widen and the equity markets may lose substantial value. Such market conditions may cause the Fund to suffer substantial losses and/or implement measures that adversely affect the Fund.

**Interest Rate Risk** — An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. A debt instrument's "duration" is a way of measuring a debt instrument's sensitivity to a potential change in interest rates. Longer duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Generally, debt instruments with long maturities and low coupons have the longest durations. A significant increase in market interest rates could harm the Fund's ability to attract new portfolio companies and originate new loans and investments. In periods of rising interest rates, the Fund's cost of funds would increase, resulting in a decrease in the Fund's net investment income. In addition, a decrease in interest rates may reduce net income, because new investments may be made at lower rates despite the increased demand for the Fund's capital that the decrease in interest rates may produce. As of the date hereof, there have been significant recent rate increases in the United States to combat inflation in the U.S. economy, and additional rate increases are possible.

**Credit Risk** — The value of the Fund's portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. Investment in private and middle market companies is highly speculative and involves a high degree of risk of credit loss. Additionally, issuers of syndicated loans and other types of credit instruments in which the Fund may invest may default on their obligations to pay principal or interest when due. This would decrease the Fund's income and lower the value of the syndicated loans and credit instruments experiencing default. With respect to the Fund's investments in syndicated loans and debt securities that are secured, there can be no assurance that the collateral would satisfy the issuer's obligation in the event of non-payment or that such collateral could be readily liquidated. In the event of an issuer's bankruptcy, the Fund could be delayed or limited in its ability to realize the benefits of any collateral securing such syndicated loans or credit instruments. To the extent the Fund invests in high-yield securities and other types of credit instruments, it will be exposed to a greater amount of credit risk than if it invested solely in investment grade debt securities and other types of credit instruments.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

**Second Lien Risk** — The Fund may invest in second lien and the "last-out" tranche of unitranche loans (also known as first lien second out loans). The borrower usually has, or may be permitted to incur, other debt that ranks equally with, or senior to, such debt securities. Such subordinated investments are subject to greater risk of default than senior obligations as a result of adverse changes in the financial condition of the obligor or in general economic conditions. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which the Fund is entitled to receive payments in respect of the debt securities in which the Fund invests. These debt instruments would usually prohibit the borrower from paying interest on or repaying Fund investments in the event and during the continuance of a default under the debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a borrower, holders of debt instruments ranking senior to the Fund's investment would typically be entitled to receive payment in full before the Fund receives any distribution in respect of its investment. After repaying such senior creditors, such borrower may not have any remaining assets to use for repaying its obligation to the Fund. In the case of debt ranking equally with debt securities in which the Fund invests, the Fund would have to share any distributions on an equal and ratable basis with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant borrower.

**Covenant-Lite Obligations Risk** — Covenant-lite risk is the risk that credit agreements contain fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Covenant-lite loans may carry more risk than traditional loans as they allow individuals and corporations to engage in activities that would otherwise be difficult or impossible under a covenant-heavy loan agreement. In the event of default, covenant-lite loans may exhibit diminished recovery values as the lender may not have the opportunity to negotiate with the borrower prior to default.

**Below Investment Grade Rating Risk** — Most of the Fund's investments will be in below investment grade securities or comparable unrated securities (commonly referred to as "high-yield securities" or "junk bonds"). This includes the Fund's investments in syndicated bank loans, middle market "club" loans, direct lending, asset-based loans, and high-yield bonds. While generally having higher potential returns, high-yield securities may be subject to significant price fluctuations and have a higher risk of default. Because unrated securities may not have an active trading market or may be difficult to value, the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund's ability to achieve its investment objectives will be more dependent on the Subadviser's credit analysis than would be the case when the Fund invests in rated securities. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. In any reorganization or liquidation proceeding

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

relating to an investment, the Fund may lose its entire investment or may be required to accept cash or securities with a value substantially less than its original investment.

**Bank Loan Risk** — Investments in bank loans may expose the Fund to the credit risk of the underlying borrower, and in certain cases, of the financial institution. A loan is often administered by a bank or other financial institution (the "Agent") that acts as agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Fund's ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. Even investments in secured loans present risk, as there is no assurance that the collateral securing the loan will be sufficient to satisfy the loan obligation. The market for bank loans may be illiquid and the Fund may have difficulty selling them. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. In some instances, other accounts managed by the Adviser, the Subadviser or an affiliate may hold other securities issued by borrowers whose loans may be held in the Fund's portfolio. If the credit quality of the issuer deteriorates, the Adviser or the Subadviser may owe conflicting fiduciary duties to the Fund and other client accounts. At times, the Fund may decline to receive non-public information relating to loans, which could disadvantage the Fund relative to other investors.

**Loans and Assignments Risk** — The Fund may acquire loans through assignments of interests in such loans. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to such debt obligation. However, the purchaser's rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under an assigned debt obligation and with regard to any associated collateral.

**Direct Lending and Middle Market "Club" Loan Risk** — Generally, little public information exists about private and middle market companies, and the Fund must rely on the ability of the Subadviser's investment professionals to obtain adequate information about these companies. If the Subadviser cannot uncover all material information to make a fully-informed investment decision, the Fund may lose money on its investments. Private and middle market portfolio companies may have limited financial resources and be unable to fulfill their debt service obligations to the Fund, which may accompany a deterioration in the value of any collateral and a reduced likelihood of the Fund realizing any guarantees it may have obtained in connection with its investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and general market conditions. Additionally, middle market companies are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, incapacity or departure of such persons could have a material adverse impact on the Fund's portfolio company and, in turn, on the Fund. Middle market companies also generally have less predictable operating results and may

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

require substantial additional capital to finance their operations or expansion. In addition, the Fund's executive officers, directors and the Adviser and/or Subadviser may, in the ordinary course of business, be named as defendants in litigation arising from the Fund's investments in its portfolio companies.

**Large Shareholder Risk** — To the extent that certain shareholders, including affiliates of the Adviser and the Subadviser, hold a substantial amount of Common Shares, there is a risk that these shareholders will seek to sell Common Shares in large amounts rapidly in connection with repurchase offers. These transactions could adversely affect the Fund's ability to conduct its investment program.

Additionally, if a repurchase offer is oversubscribed by shareholders, the Fund will repurchase only a pro rata portion of Common Shares tendered by each shareholder. In such situations, shareholders unaffiliated with the Adviser and the Subadviser will not be given priority over affiliated shareholders, whose holdings in the Fund may be significant and may have the effect of diluting third-party shareholders with respect to any repurchase offer.

**Liquidity Risk** — The Fund intends to invest in illiquid investments, which are securities or other investments that cannot be disposed of within seven days or less in current market conditions without significantly changing their market value.

Illiquid investments often can only be resold in privately negotiated transactions with a limited number of purchasers or in a public offering registered under the 1933 Act. There could be considerable delay in either event and, unless otherwise contractually provided, the Fund's proceeds upon sale may be reduced by the costs of registration or underwriting discounts. The difficulties and delays associated with such transactions could preclude the Fund from realizing a favorable price upon disposition of illiquid investments, and at times might make disposition of such securities impossible.

**Valuation Risk** — When market quotations are not readily available or are deemed unreliable, the Fund's investments are valued at fair value as determined in good faith pursuant to policies and procedures approved by the Board. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon disposition.

**Leverage Risk** — The Fund utilizes the Credit Facilities to increase its assets available for investment. When the Fund leverages its assets, common shareholders bear the fees associated with the Credit Facilities and have the potential to benefit from or be disadvantaged by the use of leverage. The investment advisory fee is also increased in dollar terms from the use of leverage. Consequently, the Fund and the Adviser may have differing interests in determining whether to leverage the Fund's assets. Leverage creates risks that may adversely affect the return for the holders of Common Shares, including the likelihood of

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

greater volatility of net asset value; fluctuations in the interest rate paid for the use of the Credit Facilities; increased operating costs, which may reduce the Fund's total return; the potential for decline in the value of an investment acquired through leverage, while the Fund's obligations under such leverage remains fixed; and the Fund is more likely to have to sell investments in a volatile market in order to meet asset coverage or other debt compliance requirements.

To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund's return will be greater than if leverage had not been used; conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived.

**Repurchase Offers Risk** — In order to provide liquidity to shareholders, the Fund, subject to applicable law, conducts quarterly repurchase offers of the Fund's outstanding Common Shares at NAV, subject to approval of the Board. In all cases such repurchases will be for at least 5% and not more than 25% of its outstanding Common Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act. The Fund currently expects to conduct quarterly repurchase offers for 5% of its outstanding Common Shares under ordinary circumstances. The Fund believes that these repurchase offers are generally beneficial to the Fund's shareholders, and repurchases generally will be funded from available cash or sales of portfolio securities.

However, repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objectives. The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund's investments. The Fund believes that payments received in connection with the Fund's investments will generate sufficient cash to meet the maximum potential amount of the Fund's repurchase obligations. If at any time cash and other liquid assets held by the Fund are not sufficient to meet the Fund's repurchase obligations, the Fund intends, if necessary, to sell investments, which may accelerate the realization of taxable income and cause the Fund to make taxable distributions to Common Shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming Common Shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. If, as expected, the

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

Fund employs investment leverage, repurchases of Common Shares would compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Common Shareholders who do not tender their Common Shares by increasing the Fund's expenses and reducing any net investment income.

If a repurchase offer is oversubscribed, the Fund may determine to increase the amount repurchased by up to 2% of the Fund's outstanding shares as of the date of the Repurchase Request Deadline. In the event that the Fund determines not to repurchase more than the repurchase offer amount, or if shareholders tender more than the repurchase offer amount plus 2% of the Fund's outstanding shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Common Shares tendered on a pro rata basis, and shareholders will have to wait until the next repurchase offer to make another repurchase request. As a result, shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer. Some shareholders, in anticipation of proration, may tender more Common Shares than they wish to have repurchased in a particular quarter, thereby increasing the likelihood that proration will occur. The NAV of the Fund's Common Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV for tendered Common Shares is determined. In addition, the repurchase of Common Shares by the Fund will be a taxable event to Common Shareholders, potentially even to those Common Shareholders that do not participate in the repurchase.

**Note 5 — Purchases and Sales of Securities**

For the period ended December 31, 2025, purchases and sales of investments, excluding short-term investments, were $624,599,088 and $801,816,564, respectively.

**Note 6 — Investment Advisory Agreement and Other Transactions with Related Persons**

Pursuant to a management agreement with the Fund (the "Management Agreement"), the Adviser is responsible for the management of the Fund's portfolio. In return for its investment advisory services, the Fund pays the Adviser a monthly fee at the annual rate of 1.25% of the average daily value of the Fund's Managed Assets which includes assets purchased with borrowed money. The Adviser has entered into a subadvisory agreement with the Subadviser relating to the Fund (the "Subadvisory Agreement"). The Subadvisory Agreement provides that the Subadviser will furnish investment advisory services in connection with the management of the Fund. For its services under the Subadvisory Agreement, the Adviser pays the Subadviser a monthly fee at the annual rate of 0.625% of the average daily value of the Fund's Managed Assets (including assets attributable to such leverage) managed by the Subadviser. No advisory fee will be paid by the Fund directly to the Subadviser.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of the Class A, Class A-2 and Class I shareholders are limited to 2.25%, 2.75% and 2.00%, respectively, of average net assets (the "Expense Limitations"). This undertaking lasts until April 30, 2026 and may not be terminated during its term without the consent of the Board. The Fund has agreed that each of Class A, Class A-2 and Class I will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 2.25%, 2.75% and 2.00% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Fund incurred the fee and/or expense.

During the period ended December 31, 2025, the Adviser waived $372,020 in expenses, which are included under "expense waiver" on its Consolidated Statement of Operations. As of December 31, 2025, the Fund has $44,211 payable to the Adviser for recoupment of expenses, which is included under "due from adviser" on its Consolidated Statement of Assets and Liabilities. During the period ended December 31, 2025, the Fund recouped $611,456.

For the period ended December 31, 2025, the amounts available for potential future repayment to the Adviser and the expiration schedule are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Eligible for<br>Recoupment** | **Total Eligible for<br>Recoupment** | **2026** | **2027** | **2028** |
| Class A | $7649 | $— | $— | $7649 |
| Class A-2 |  |  |  |  |
| Class I | 1065989 | 488877 | 217445 | 359667 |
| **Total** | **$1073638** | **$488877** | **$217445** | **$367316** |

---

From September 5, 2025 through December 31, 2026, the Adviser has agreed to waive the Fund's management fees in full with the result that no management fees will be paid by the Fund during that period. This waiver will not be repaid to the Adviser by the Fund. As of December 31, 2025, the Fund has $899,897 receivable from the Adviser for investment advisory fee waiver, which is included under "due from adviser" on its Consolidated Statement of Assets and Liabilities. During the period ended December 31, 2025, the Adviser waived $3,674,027 in investment advisory fees, which are included under expense waiver on the Consolidated Statement of Operations.

The Adviser also performs certain non-investment advisory, administrative, accounting, operations, legal, compliance and other services on behalf of the Fund,

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

and in accordance with the Management Agreement, the Fund reimburses the Adviser for costs and expenses (including overhead and personnel costs) associated with such services. These reimbursements may not exceed an annual rate of 0.05% of Fund's average daily net assets. For the period ended December 31, 2025, the adviser waived $613,060 for administrative fees, which are included under "expense waiver" on the Consolidated Statement of Operations. As of December 31, 2025, the Fund has a receivable from the Adviser of $530,703 for reimbursement of expenses, which is included under due from adviser on its Consolidated Statement of Assets and Liabilities.

J.P. Morgan Chase Bank, N.A. ("JPM"), the Fund's administrator, accounting agent and primary custodian, holds the Fund's portfolio securities and other assets and is responsible for calculating the Fund's net asset value and maintaining the accounting records of the Fund. JPM, as the Fund's administrator, receives annual fees separate from and in addition to the fees it receives for its services as the Fund's custodian. U.S. Bank National Association serves as the custodian of the Subsidiaries' assets.

Independent Trustees are compensated by the Fund for their services. As of December 31, 2025, such amounts are included under Trustees' fees on the Consolidated Statement of Operations.

**Note 7 — Plans of Distribution**

FEF Distributors, LLC (the "Distributor"), an affiliate of the Adviser, serves as the principal underwriter and distributor of the Fund's Common Shares pursuant to a distribution contract with the Fund.

Common Shares of the Fund are continuously offered through the Distributor and/or certain financial intermediaries that have agreements with the Distributor. Class A Shares, Class A-2 Shares and Class I Shares are sold on a continuous basis at the Fund's NAV per share, plus for Class A Shares and Class A-2 Shares only, a maximum front-end sales commission of 2.50%. Investors that purchase $250,000 or more of the Fund's Class A Shares or Class A-2 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A Shares or Class A-2 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first 12 months after their purchase.

The Fund has adopted a Distribution and Servicing Plan (the "Plan") for the Class A Shares and Class A-2 Shares of the Fund. Although the Fund is not an open-end investment company, it intends to comply with the terms of Rule 12b-1 as a condition of the Exemptive Relief which permits the Fund to have, among other things, a multi-class structure and distribution and shareholder servicing fees. The Plan permits the Fund to compensate the Distributor for providing or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to the Class A Shares and Class A-2 Shares,

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

as applicable. The maximum annual rates at which the distribution and/or service fees may be paid under the Distribution and Servicing Plan is 0.25% for Class A Shares and 0.75% for Class A-2 Shares (calculated as a percentage of the Fund's average daily net assets attributable to the Class A Shares and Class A-2 Shares, respectively). Class I Shares do not pay distribution or servicing fees.

For the period ended December 31, 2025, the distribution and servicing fees incurred by the Fund are disclosed in the Consolidated Statement of Operations.

**Note 8 — Periodic Repurchase Offers**

The Fund is a closed-end interval fund, a type of fund that, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at net asset value. Subject to applicable law and approval of the Board, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund's outstanding Common Shares at net asset value, which is the minimum amount permitted, though at times there have been and may be repurchase offers for higher amounts.

The following table summarizes the share repurchases completed during the period ended December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase <br>Date** | **Repurchase <br>Date** | **Size of<br>Repurchase<br>Offer**  | **% of <br>Outstanding<br>Shares<br>Offered<br>to be<br>Repurchased** | **Number of<br>Shares<br>Tendered<br>for<br>Repurchase** | **Shares<br>Repurchased** | **Aggregate<br>Consideration<br>for<br>Repurchased<br>Shares** | **% of <br>Outstanding<br>Shares<br>Repurchased** | **Proration%<br>Repurchased**<sup>(1)</sup> |
| 12/30/24 | 1/8/25 | 1891783 | 5% | 3334681 | 2648494 | $60524926 | 7.00% | 79.42% |
| 3/31/25 | 4/28/25 | 1895086 | 5% | 5228899 | 2655177 | $59378916 | 7.01% | 50.66% |
| 6/30/25 | 7/9/25 | 1823294 | 5% | 5132309 | 2553151 | $57165067 | 7.00% | 49.11% |
| 9/30/25 | 10/15/25 | 1743942 | 5% | 7848647 | 1744519 | $39149228 | 5.00% | 21.65% |

---

(1)If the repurchase offer was oversubscribed, then Fund repurchased shares on a pro-rata basis.

The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%, which the Fund would retain to help offset non-de minimis estimated costs related to the repurchase incurred by the Fund, directly or indirectly, as a result of repurchasing Common Shares, thus allocating estimated transaction costs to the shareholder whose Common Shares are being repurchased. The Fund may introduce, or modify the amount of, a repurchase fee at any time. The Fund may also waive or reduce a repurchase fee if the Adviser or Subadviser determines that the repurchase is offset by a corresponding purchase or if for other reasons the Fund will not incur transaction costs or will incur reduced transaction costs.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

**Note 9 — Unfunded Commitment/Delayed Draw Loan Commitment**

As of December 31, 2025, the Fund had the following unfunded loan commitments outstanding, which could be extended at the option of the borrower:

---

| | | | |
|:---|:---|:---|:---|
| **Loan** | **Principal <br>Amount** | **Value** | **Net Unrealized <br>Appreciation<br>(Depreciation)** |
| 360 Partners, LLC, Delayed Draw Term Loan — First <br>Lien | <sup>$898,286</sup> | <sup>$888,180</sup> | <sup>$(6,737</sup><br><sup>)</sup> |
| 360 Partners, LLC, Revolving Loan — First Lien | 507158 | 501453 |  |
| 841 Prudential MOB LLC, Delayed Draw Term Loan <br>Sold Out 10/31/2024 — First Lien | <sup>513,514</sup> | <sup>513,514</sup> | <sup>2,568</sup> |
| Advanced Web Technologies (AWT), Fourth <br>Amendment Delayed Term Loan — First Lien | <sup>1,859,108</sup> | <sup>1,859,108</sup> | <sup>32,404</sup> |
| Advanced Web Technologies (AWT), Revolving Credit <br>Loan — First Lien | <sup>437,001</sup> | <sup>437,001</sup> | <sup>3,203</sup> |
| Advantmed Buyer Inc., Revolving Loan — First Lien | 1545373 | 1545373 | 20283 |
| Air Buyer Inc. (Condata Global), Revolving Credit <br>Loan — First Lien | <sup>109,272</sup> | <sup>105,993</sup> | <sup>(1,836</sup><br><sup>)</sup> |
| Air Conditioning Specialist, Inc., Revolving <br>Loan — First Lien | <sup>287,790</sup> | <sup>286,351</sup> | <sup>2,877</sup> |
| Alpine SG, LLC (ASG), Revolving Credit Loan — First Lien | 105232 | 105232 | 1144 |
| AlpineX OpCo, LLC, Revolving Loan — First Lien | 39570 | 39570 | 634 |
| AlpineX OpCo, LLC, Second Amendment Incremental <br>Revolving Loan — First Lien | <sup>18,571</sup> | <sup>18,570</sup> | <sup>352</sup> |
| Apella Capital, LLC, Revolving Loan — First Lien | 273059 | 273059 |  |
| Apex Analytix, Inc. (Montana Buyer, Inc.), Revolving <br>Credit Loan — First Lien | <sup>304,348</sup> | <sup>302,065</sup> | <sup>1,177</sup> |
| APS Acquisition Holdings, LLC, Delayed Draw Term <br>Loan — First Lien | <sup>1,741,258</sup> | <sup>1,741,258</sup> | <sup>8,706</sup> |
| APS Acquisition Holdings, LLC, Revolving <br>Loan — First Lien | <sup>1,339,430</sup> | <sup>1,339,430</sup> | <sup>15,069</sup> |
| Argano, LLC, Revolving Credit Loan — First Lien | 231884 | 231884 | 4638 |
| Bandon Fitness Texas, Inc., Delayed Draw Term <br>Loan — First Lien | <sup>47,777</sup> | <sup>44,672</sup> | <sup>(2,872</sup><br><sup>)</sup> |
| BCDI BHI Intermediate 2, LP (Basic Home Infusion), <br>Revolving Credit Loan — First Lien | <sup>488,595</sup> | <sup>488,595</sup> | <sup>3,575</sup> |
| Beacon Mobility Corp., Delayed Draw Term <br>Loan — First Lien | <sup>193,683</sup> | <sup>194,955</sup> | <sup>2,331</sup> |
| Boston Clinical Trials LLC (Alcanza Clinical Research), <br>Revolving Credit Loan — First Lien | <sup>93,750</sup> | <sup>93,749</sup> | <sup>(1)</sup> |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| **Loan** | **Principal <br>Amount** | **Value** | **Net Unrealized <br>Appreciation<br>(Depreciation)** |
| Case Works, LLC, Revolving Loan — First Lien | $138793 | $135323 | $(3300 |
| CC Amulet Management, LLC (Children's Choice), <br>Revolving Loan — First Lien | <sup>283</sup> | <sup>283</sup> | <sup>3</sup> |
| CC Amulet Management, LLC (Children's Choice), <br>Second Amendment Delayed Draw Term <br>Loan — First Lien | <sup>1,898,076</sup> | <sup>1,898,076</sup> | <sup>9,490</sup> |
| CI (MG) Group, LLC (Mariani Landscape), Delayed <br>Draw Term Loan — First Lien | <sup>1,539,066</sup> | <sup>1,535,219</sup> | <sup>7,696</sup> |
| CI (MG) Group, LLC (Mariani Landscape), Revolving <br>Loan — First Lien | <sup>309,582</sup> | <sup>308,808</sup> | <sup>3,738</sup> |
| Cohnreznick Advisory LLC (Currahee Borrower Sub), <br>Delayed Draw Term Loan — First Lien | <sup>725,194</sup> | <sup>730,184</sup> | <sup>5,024</sup> |
| Community Based Care Acquisition, Inc. (Amivie <br>Acquisition, Inc.), Revolving Credit Loan — First Lien | <sup>365,854</sup> | <sup>365,854</sup> | <sup>3,932</sup> |
| ConvenientMD (CMD Intermediate Holdings, Inc.), <br>2024 Extended Revolving Credit Loan — First Lien | <sup>30,000</sup> | <sup>27,300</sup> | <sup>(2,261</sup><br><sup>)</sup> |
| Cooper's Hawk Intermediate Holding, LLC, Delayed <br>Draw Term Loan — First Lien | <sup>347,368</sup> | <sup>347,803</sup> | <sup>3,040</sup> |
| Cooper's Hawk Intermediate Holding, LLC, Revolving <br>Loan — First Lien | <sup>189,474</sup> | <sup>189,474</sup> | <sup>136</sup> |
| Danforth Health, Inc., Revolving Credit <br>Loan — First Lien | <sup>208,333</sup> | <sup>208,333</sup> | <sup>667</sup> |
| Data Driven Intermediate, LLC, Revolving <br>Loan — First Lien | <sup>907,300</sup> | <sup>902,764</sup> | <sup>1,465</sup> |
| EiKO Global, LLC, Revolving Credit Loan — First Lien | 2130287 | 2082355 | (5326 |
| Elevate HD Parent, Inc., Delayed Draw Term <br>Loan B — First Lien | <sup>835,250</sup> | <sup>835,250</sup> | <sup>4,481</sup> |
| Elevate HD Parent, Inc., Revolving Loan — First Lien | 650000 | 650000 | 8138 |
| Endo1 Partners, LLC, Revolving Loan — First Lien | 234273 | 233101 | 3514 |
| Enthusiast Auto Holdings, LLC (EAH-Intermediate <br>Holdco LLC), Revolving Loan — First Lien | <sup>602,228</sup> | <sup>602,228</sup> | <sup>—</sup> |
| Gen4 Dental Partners Opco, LLC, Closing Date <br>Delayed Draw Term Loan — First Lien | <sup>1,466,667</sup> | <sup>1,452,000</sup> | <sup>(376)</sup> |
| Gen4 Dental Partners Opco, LLC, Revolving <br>Loan — First Lien | <sup>366,667</sup> | <sup>363,000</sup> | <sup>3,469</sup> |
| Harbour Benefit Holdings, Inc. (Zenith Merger Sub), <br>Revolving Loan — First Lien | <sup>668,067</sup> | <sup>661,387</sup> | <sup>1,858</sup> |
| HFW Cos., LLC (fka HFW Holdings, LLC), Delayed <br>Draw Term Loan — First Lien | <sup>3,680,000</sup> | <sup>3,643,200</sup> | <sup>(23,000</sup><br><sup>)</sup> |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| **Loan** | **Principal <br>Amount** | **Value** | **Net Unrealized <br>Appreciation<br>(Depreciation)** |
| HFW Cos., LLC (fka HFW Holdings, LLC), Revolving <br>Loan — First Lien | <sup>$666,667</sup> | <sup>$660,000</sup> | <sup>$833</sup> |
| Houseworks Holdings, Fourth Amendment Delayed <br>Draw Term Loan — First Lien | <sup>1,001,435</sup> | <sup>986,414</sup> | <sup>(5,229</sup><br><sup>)</sup> |
| Houseworks Holdings, Revolving Loan — First Lien | 171799 | 169222 | 1536 |
| iLending LLC, Revolving Loan — First Lien | 17518 | 15372 | (2053 |
| In Vitro Sciences, LLC (New IVS Holdings, LLC), <br>Revolving Loan — First Lien | <sup>210,267</sup> | <sup>193,446</sup> | <sup>(13,791</sup><br><sup>)</sup> |
| Inflexionpoint LLC (fka Automated Control Concepts), <br>Revolving Credit Loan — First Lien | <sup>520,833</sup> | <sup>520,833</sup> | <sup>3,651</sup> |
| Irving Parent, Corp. (Quisitive), Revolving Credit <br>Loan — First Lien | <sup>1,474,537</sup> | <sup>1,452,419</sup> | <sup>—</sup> |
| June Purchaser LLC (Janney Montgomery Scott), <br>Delayed Draw Term Loan — First Lien | <sup>285,714</sup> | <sup>288,036</sup> | <sup>3,478</sup> |
| Life Northwestern Pennsylvania, LLC (FFL Pace <br>Buyer, Inc.), Revolving Loan — First Lien | <sup>216,529</sup> | <sup>216,529</sup> | <sup>517</sup> |
| LMSI Buyer, LLC, Revolving Credit Loan — First Lien | 55788 | 51325 | (3977 |
| Mammoth Holdings, LLC, Initial Revolving Credit <br>Loan — First Lien | <sup>343,182</sup> | <sup>331,170</sup> | <sup>(8,565</sup><br><sup>)</sup> |
| McHale & McHale Landscape Design, LLC, Delayed <br>Draw Term Loan — First Lien | <sup>974,790</sup> | <sup>963,824</sup> | <sup>(7,310</sup><br><sup>)</sup> |
| McHale & McHale Landscape Design, LLC, Revolving <br>Loan — First Lien | <sup>420,168</sup> | <sup>415,441</sup> | <sup>—</sup> |
| Medrina, LLC, Revolving Loan — First Lien | 828571 | 828571 | 13704 |
| Mission Critical Group, LLC, Delayed Draw Term <br>Loan — First Lien | <sup>543,883</sup> | <sup>543,883</sup> | <sup>2,719</sup> |
| Mission Critical Group, LLC, Revolving Loan — First Lien | 474239 | 474239 | 4742 |
| Monarch Behavioral Therapy, LLC, Delayed Draw <br>Term Loan — First Lien | <sup>280,357</sup> | <sup>278,955</sup> | <sup>(25)</sup> |
| Monarch Behavioral Therapy, LLC, Revolving <br>Loan — First Lien | <sup>175,977</sup> | <sup>175,097</sup> | <sup>547</sup> |
| Newcleus, LLC, Revolving Loan — First Lien | 34803 | 33411 | (1069 |
| Oak Point Partners, LLC, Revolving Loan — First Lien | 292659 | 292659 | 2507 |
| Owl Vans, LLC, Revolving Loan — First Lien | 672000 | 655200 | (7930 |
| Peninsula Pacific Entertainment Development, LLC, <br>Delayed Draw Term Loan — First Lien | <sup>451,851</sup> | <sup>454,675</sup> | <sup>7,343</sup> |
| Prescott's Inc. (AKA Greenjacket), Delayed Draw <br>Term Loan — First Lien | <sup>1,672,881</sup> | <sup>1,668,699</sup> | <sup>2,091</sup> |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| **Loan** | **Principal <br>Amount** | **Value** | **Net Unrealized <br>Appreciation<br>(Depreciation)** |
| Prescott's Inc. (AKA Greenjacket), Revolving Credit <br>Loan — First Lien | <sup>$716,949</sup> | <sup>$715,157</sup> | <sup>$6,274</sup> |
| PRGX Global, Inc., Delayed Draw Term Loan — First Lien | 421053 | 413684 | (5263 |
| R.L. James, Inc. (HH Restore Acquisition), Revolving <br>Loan — First Lien | <sup>382,853</sup> | <sup>382,853</sup> | <sup>5,740</sup> |
| RMBUS Holdco Inc. (Eclat Health Solutions Inc.), <br>Delayed Draw Term Loan — First Lien | <sup>1,035,197</sup> | <sup>1,035,197</sup> | <sup>7,913</sup> |
| RMBUS Holdco Inc. (Eclat Health Solutions Inc.), <br>Revolving Credit Loan — First Lien | <sup>517,598</sup> | <sup>517,598</sup> | <sup>7,872</sup> |
| R-Pac International Corp. (Project Radio), Initial <br>Revolving Loan — First Lien | <sup>136,816</sup> | <sup>136,815</sup> | <sup>545</sup> |
| Sagebrush Buyer, LLC (Province), Revolving Credit <br>Facility — First Lien | <sup>1,262,614</sup> | <sup>1,262,614</sup> | <sup>13,601</sup> |
| Sapio Sciences, LLC (Jarvis Bidco), Revolving Credit <br>Loan — First Lien | <sup>312,500</sup> | <sup>312,500</sup> | <sup>3,443</sup> |
| Schola Group Acquisition, Inc. (Lathan McKee), <br>Delayed Draw Term Loan — First Lien | <sup>2,221,477</sup> | <sup>2,199,262</sup> | <sup>(13,884</sup><br><sup>)</sup> |
| Schola Group Acquisition, Inc. (Lathan McKee), <br>Revolving Loan — First Lien | <sup>671,141</sup> | <sup>664,430</sup> | <sup>839</sup> |
| SR Landscaping, LLC, Amendment No. 1 Delayed <br>Draw Term Loan — First Lien | <sup>466,049</sup> | <sup>433,425</sup> | <sup>(30,294</sup><br><sup>)</sup> |
| Strategy Corps., LLC, Delayed Draw Term <br>Loan — First Lien | <sup>3,421,788</sup> | <sup>3,361,906</sup> | <sup>(48,997</sup><br><sup>)</sup> |
| Strategy Corps., LLC, Revolving Credit Loan — First Lien | 1497032 | 1470834 | (6575 |
| Streetmasters Intermediate, Inc., Revolving <br>Loan — First Lien | <sup>700,000</sup> | <sup>682,500</sup> | <sup>(10,150</sup><br><sup>)</sup> |
| SuperHero Fire Protection, LLC, Revolving <br>Loan — First Lien | <sup>322,583</sup> | <sup>322,583</sup> | <sup>173</sup> |
| Syner-G Intermediate Holdings, LLC, Revolving <br>Loan — First Lien | <sup>958,084</sup> | <sup>881,437</sup> | <sup>(65,868</sup><br><sup>)</sup> |
| Technology Partners, LLC (Imagine Software), <br>Revolving Credit Loan — First Lien | <sup>373,405</sup> | <sup>373,405</sup> | <sup>3,991</sup> |
| The Mutual Group, LLC, Revolving Loan — First Lien | 345424 | 345424 | 4798 |
| Thornton Carpet, LLC, Revolving Loan — First Lien | 1138211 | 1125407 | (1472 |
| Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), <br>Delayed Draw Term Loan — First Lien | <sup>426,667</sup> | <sup>420,267</sup> | <sup>—</sup> |
| Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), <br>Revolving Loan — First Lien | <sup>1,185,185</sup> | <sup>1,167,407</sup> | <sup>—</sup> |
| Tricor, LLC, Revolving Loan — First Lien | 173077 | 173077 | 48 |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| **Loan** | **Principal <br>Amount** | **Value** | **Net Unrealized <br>Appreciation<br>(Depreciation)** |
| Trio BidCo, LLC, Delayed Draw Term B Loan — First Lien | $111644 | $112063 | $419 |
| Triple Crown Consulting, LLC, Revolving <br>Loan — First Lien | <sup>217,391</sup> | <sup>216,848</sup> | <sup>2,671</sup> |
| Unified Patents, LLC, Revolving Loan — First Lien | 1016949 | 1011864 | 2542 |
| Violet Utility Buyer, LLC (Vannguard), Revolving Credit <br>Loan — First Lien | <sup>867,133</sup> | <sup>857,378</sup> | <sup>—</sup> |
| Visante Acquisition, LLC, Revolving Credit <br>Loan — First Lien | <sup>574,273</sup> | <sup>574,273</sup> | <sup>7,954</sup> |
| VRS Buyer, Inc. (Liquid Tech Solutions), Delayed Draw <br>Term Loan — First Lien | <sup>102,863</sup> | <sup>103,355</sup> | <sup>750</sup> |
| Waste Resource Management, Inc., Revolving Credit <br>Loan — First Lien | <sup>620,723</sup> | <sup>620,723</sup> | <sup>2,324</sup> |
| XPT Partners, LLC, 2024 Delayed Draw Term <br>Loan — First Lien | <sup>791,660</sup> | <sup>785,723</sup> | <sup>—</sup> |
| XPT Partners, LLC, 2024 Revolving Loan — First Lien | 113094 | 112246 | 840 |
| **$63215302** | **$63215302** | **$62643629** | **$(6144)** |

---

Delayed draw and revolving loan commitments are marked to market on the relevant day of the valuation in accordance with the Fund's valuation policy. Any related unrealized appreciation (depreciation) on unfunded delayed draw and revolving loan commitments is recorded on the Consolidated Statement of Assets and Liabilities and the change in the related unrealized appreciation (depreciation) is recorded on the Consolidated Statement of Operations.

**Note 10 — Credit Facilities**

**Ally Credit Facility:** On February 5, 2021, the SPV entered into a secured credit facility (the "Ally Credit Facility") with Ally Bank and such other lenders that may become party to the Ally Credit Facility, which allowed the SPV, of which the Fund is the sole member and designated manager, to borrow up to up to $75 million, subject to leverage and borrowing base restrictions. The Ally Credit Facility had an initial five-year term, with a three-year revolving period. The Ally Credit Facility, commonly referred to as an asset-backed facility, is secured by a lien on all of the SPV's assets. On May 18, 2022, the Ally Credit Facility was amended to, among other things, 1) increase the commitment amount from $75 million to $150 million, subject to change by mutual agreement of the SPV and the lenders; and 2) replace the benchmark rate. On January 3, 2024, the Ally Credit Facility was amended to, among other things, 1) extend the maturity date to January 3, 2029, with a revolving period ending January 3, 2027; 2) increase the commitment amount from $150 million to $250 million; and 3) update the per annum rate of interest. Please see Note 11 — Subsequent Events for further information on the Ally Credit Facility.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

The per annum rate of interest is generally based on SOFR (subject to a 25 basis point floor) plus a spread of 3.00%. Commitment fees on the unused portion of the Ally Credit Facility accrue at a rate between 0.50% and 1.00% depending on the utilization levels.

As of December 31, 2025, the SPV had no outstanding debt under the Ally Credit Facility.

The components of interest expense, average interest rates (i.e., base interest rate in effect plus the spread) and average outstanding balances for the Ally Credit Facility for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| Stated interest expense | $4217411 |
| Unused commitment fees | 1762788 |
| Amortization of deferred financing costs | 572622 |
| Total interest expense | $6552821 |
| Weighted average interest rate\* | 7.26% |
| Average borrowings\* | $72694899 |

---

\*Average excludes days where there were no borrowings outstanding on the facility.

**JP Morgan Credit Facility:** On December 13, 2024, the BSL SPV entered into a secured credit facility (the "JPM Credit Facility and together with the Ally Credit Facility, the "Credit Facilities") with JPMorgan Chase Bank and such other lenders that may become party to the JPM Credit Facility, which allows the BSL SPV, of which the Fund is the sole member and designated manager, to borrow up to $75 million, subject to leverage and borrowing base restrictions. The JPM Credit Facility has an initial five-year term, with a three-year revolving period. The JPM Credit Facility, commonly referred to as an asset-backed facility, is secured by a lien on all of the BSL SPV's assets.

On June 3, 2025, the JPM Credit Facility was amended to, among other things, 1) increase the commitment amount from $75 million to $175 million; 2) update the per annum rate of interest with a spread of 1.50%; and 3) update minimum utilization rates to 30% through September 3, 2025, 50% from September 4, 2025 to December 3, 2025, and 75% thereafter.

The per annum rate of interest is generally based on SOFR plus a spread of 1.55% through June 2, 2025 and 1.50% from June 3 through December 31, 2025. Commitment fees on the unused portion of the JPM Credit Facility accrue at a rate of 0.50% with a minimum 75% utilization.

As of December 31, 2025 the BSL SPV had outstanding debt of $96,650,000 under the JPM Credit Facility.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

The components of interest expense, average interest rates (i.e., base interest rate in effect plus the spread) and average outstanding balances for the JPM Credit Facility for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| Stated interest expense | $4344323 |
| Unused commitment fees | 291978 |
| Amortization of deferred financing costs | 300816 |
| Total interest expense | $4937117 |
| Weighted average interest rate\* | 5.72% |
| Average borrowings\* | $85302167 |

---

\*Average excludes days where there no borrowings outstanding on the facility.

The Fund's total borrowings under the Ally Credit Facility and JPM Credit Facility will not exceed 33<sup>1</sup>/3% of the Fund's Managed Assets at the time of borrowing. As of December 31, 2025, the Fund's effective leverage (the percentage of leverage based on total consolidated assets minus the sum of consolidated liabilities, other than borrowing utilized for investment purposes) is 11.28%.

Under the Credit Facilities, the Fund has agreed to certain covenants and additional investment limitations while the leverage is outstanding. As of December 31, 2025 the Fund is in compliance with these covenants.

Information about the Fund's senior securities, which are the amount of borrowing under the Credit Agreements, is shown as of the dates indicated in the below table.

---

| | | |
|:---|:---|:---|
| **Year Ended 12/31** | **Aggregate<br>Amount<br>Outstanding** | **Asset Coverage<br>per $1,000 of<br>Indebtedness**<sup>(1)(2)</sup> |
| 2025 | $96650000 | $8863 |
| 2024 | 62800000 | 14626 |
| 2023 | 119000000 | 6748 |
| 2022 | 110000000 | 5111 |
| 2021 | 43902654 | 5304 |
| 2020 | N/A<br><sup>(1)</sup> | N/A<br><sup>(1)</sup> |

---

(1)No leveraged amount as of December 31, 2020

(2)The asset coverage ratio is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. The asset coverage ratio is multiplied by $1,000 to determine the "Asset coverage per $1,000 for credit agreement."

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Notes to Consolidated Financial Statements

**Note 11 — Subsequent Events**

On February 3, 2026, the Ally Credit Facility was amended to, among other things, 1) decrease the commitment amount from $250 million to $100 million; 2) update the per annum rate of interest with a spread of 2.10%; and 3) extend the revolving period and final maturity of the facility by one year.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of First Eagle Credit Opportunities Fund

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of First Eagle Credit Opportunities Fund and its subsidiaries (the "Fund") as of December 31, 2025, the related consolidated statements of operations and cash flows for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, agent banks and

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Report of Independent Registered Public Accounting Firm

brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP<br>New York, New York<br>February 27, 2026

We have served as the auditor of one or more investment companies advised by First Eagle Investment Management, LLC since 2006.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Fund Expenses (unaudited)

**Example**

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including advisory fees; distribution fees (12b-1) and/or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

This example is based on an investment of $1,000 invested on July 1, 2025 and held for the six-months ended December 31, 2025.

**Actual Expenses**

The table below titled "Based on Actual Total Return" provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During the Period".

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Fund Expenses (unaudited)

**Based on Actual Total Return**<sup>(1)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Actual Total <br>Return without <br>Sales Charges**<sup>(2)</sup> | **Beginning<br>Account<br>Date<br>Value** | **Ending<br>Account<br>Value<br>12/31/25** | **Annualized<br>Expense** | **Expenses<br>Paid for<br>the Period**<sup>(3)</sup> |
| **First Eagle Credit Opportunities Fund** | **First Eagle Credit Opportunities Fund** | **First Eagle Credit Opportunities Fund** | **First Eagle Credit Opportunities Fund** | **First Eagle Credit Opportunities Fund** | **First Eagle Credit Opportunities Fund** |
| Class A | 4.14% | $1000 | $1041.40 | 3.02% | $15.54 |
| Class A-2 | 3.90 | 1000 | 1039.00 | 3.39 | 17.42 |
| Class I | 4.35 | 1000 | 1043.50 | 2.74 | 14.11 |

---

(1)For the six-months ended December 31, 2025.

(2)Past performance does not guarantee future results. Assumes reinvestment of all dividends and capital gain distributions, if any, at net asset value. Total return is not annualized, as it may not be representative of the total return for the year.

(3)Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Fund Expenses (unaudited)

**Hypothetical Example for Comparison Purposes**

The table that follows titled "Based on Hypothetical Total Return" provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example relating to the Fund with the 5% hypothetical examples that appear in the shareholder reports of other funds.

This example is based on an investment of $1,000 invested on July 1, 2025 and held for the six-months ended December 31, 2025.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or back-end sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Fund Expenses (unaudited)

**Based on Hypothetical Total Return**<sup>(1)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Hypothetical <br>Annualized <br>Total <br>Return** | **Beginning<br>Account<br>Date<br>Value** | **Ending<br>Account<br>Value** | **Annualized<br>Expense** | **Expenses<br>Paid for<br>the Period**<sup>(2)</sup> |
| **First Eagle Credit Opportunities Fund** | **First Eagle Credit Opportunities Fund** | **First Eagle Credit Opportunities Fund** | **First Eagle Credit Opportunities Fund** | **First Eagle Credit Opportunities Fund** | **First Eagle Credit Opportunities Fund** |
| Class A | 5.00% | $1000 | $1009.98 | 3.02% | $15.30 |
| Class A-2 | 5.00 | 1000 | 1008.12 | 3.39 | 17.16 |
| Class I | 5.00 | 1000 | 1011.39 | 2.74 | 13.89 |

---

(1)For the six-months ended December 31, 2025.

(2)Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

General Information

**Form N-PORT portfolio schedule**

The First Eagle Credit Opportunities Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT is available on the SEC's Web site at www.sec.gov. Additionally, you may obtain copies of Form N-PORT from the Fund upon request by calling 1.800.334.2143.

**Proxy voting policies, procedures and record**

You may obtain (1) a description of the Fund's proxy voting policies, (2) a description of the Fund's proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent twelve-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1.800.334.2143 or on the EDGAR Database on the SEC's Web site at www.sec.gov.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Dividend Reinvestment Plan

Pursuant to the Fund's dividend reinvestment plan (the "Plan"), all Common Shareholders will have all dividends, including any capital gain dividends, reinvested automatically in additional Common Shares by SS&C GIDS, Inc., as agent for the Common Shareholders (the "Plan Agent"), unless the shareholder elects to receive cash. An election to receive cash may be revoked or reinstated at the option of the shareholder. In the case of record shareholders such as banks, brokers or other nominees that hold Common Shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder as representing the total amount registered in such shareholder's name and held for the account of beneficial owners who are to participate in the Plan. Shareholders whose shares are held in the name of a bank, broker or nominee should contact the bank, broker or nominee for details.

Common Shares received under the Plan will be issued to you at their NAV on the ex-dividend date; there is no sales or other charge for reinvestment. You are free to withdraw from the Plan and elect to receive cash at any time by giving written notice to the Plan Agent or by contacting your broker or dealer, who will inform the Fund. Your request must be received by the Fund at least ten days prior to the payment date of the distribution to be effective for that dividend or capital gain distribution.

The Plan Agent provides written confirmation of all transactions in the shareholder accounts in the Plan, including information you may need for tax records. Any proxy you receive will include all Common Shares you have received under the Plan.

Automatically reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions. See "Tax Matters" in the Fund's Prospectus for additional information.

The Fund and the Plan Agent reserve the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. If the Plan is amended to include such service charges, the Plan Agent will include a notification to registered holders of Common Shares with the Plan Agent.

Additional information about the Plan may be obtained from the Plan Agent.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Tax Information

---

| | | | |
|:---|:---|:---|:---|
| **% of Qualifying <br>Dividend <br>Income** | **% of Qualifying <br>Dividend <br>Income** | **% of Dividends<br>Eligible for<br>the Dividends<br>Received<br>Deduction** | **Long-Term<br>Capital Gains** |
| First Eagle Credit Opportunities Fund | 0.00% | 0.00% | $— |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Privacy Notice

The Trust is providing you with this privacy notice to inform you of how we process your personal information. If the Trust changes its information practices, we will provide you with notice of any material changes. This privacy notice supersedes any of our previous notices relating to the information you disclose to us.

---

| | |
|:---|:---|
| **FACTS** | **WHAT DOES THE TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;&nbsp;&nbsp;**What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br> ◼Social Security number, income, and assets<br> ◼account balances, payment history, and account activity<br> ◼credit history and credit scores<br> ◼name, address, telephone number, occupation<br> ◼online information, such as your IP address and data gathered from your browsing activity and location<br> ◼information we encounter in public records in the ordinary course of business |
| &nbsp;&nbsp;&nbsp;&nbsp;**How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Trust chooses to share; and whether you can limit this sharing. |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Privacy Notice

---

| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does the Trust share?** | **Can you limit this sharing?** |
| **For our everyday business purposes—**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes—**<br> to offer our products and services to you | Yes | Yes |
| **For joint marketing with other financial companies** | No | N/A |
| **For our affiliates' everyday business <br>purposes—**<br> information about your transactions and experiences | Yes | No |
| **For our affiliates' everyday business <br>purposes—**<br> information about your creditworthiness | Yes | Yes |
| **For our affiliates to market to you** | Yes | Yes |
| **For nonaffiliates to market to you** | No | N/A |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**To limit** | ◼Call 800.334.2143 and indicate your desire to limit our sharing<br> ◼Visit us online: www.firsteagle.com/individuals-home or<br> ◼Mail the form below<br> **Please note:**<br> If you are a *new* customer, we can begin sharing your information 30 days from the date we sent this notice. When you are *no longer* our customer, we continue to share your information as described in this notice.<br> However, you can contact us at any time to limit our sharing. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Questions?** | Call 800.334.2143 or go to www.firsteagle.com/individuals-home |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Privacy Notice

✁

---

| | | |
|:---|:---|:---|
| **Mail-in Form** | **Mail-in Form** | **Mail-in Form** |
| If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br> ❑Apply my choices only to me | Mark any/all you want to limit:<br> ❑Do not share information about my creditworthiness with your affiliates for their everyday business purposes.<br> ❑Do not allow your affiliates to use my personal information to market to me.<br> ❑Do not share my personal information with nonaffiliates to market their products and services to me. | Mark any/all you want to limit:<br> ❑Do not share information about my creditworthiness with your affiliates for their everyday business purposes.<br> ❑Do not allow your affiliates to use my personal information to market to me.<br> ❑Do not share my personal information with nonaffiliates to market their products and services to me. |
| If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br> ❑Apply my choices only to me | **Name** | **Mail to:**<br>First Eagle Funds<br>P.O. Box 219324<br>Kansas City, MO<br>64121-9324 |
| If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br> ❑Apply my choices only to me | **Address** | **Mail to:**<br>First Eagle Funds<br>P.O. Box 219324<br>Kansas City, MO<br>64121-9324 |
| If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br> ❑Apply my choices only to me |  | **Mail to:**<br>First Eagle Funds<br>P.O. Box 219324<br>Kansas City, MO<br>64121-9324 |
| If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br> ❑Apply my choices only to me | **City, State, Zip** | **Mail to:**<br>First Eagle Funds<br>P.O. Box 219324<br>Kansas City, MO<br>64121-9324 |
| If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br> ❑Apply my choices only to me | **Account #**  | **Mail to:**<br>First Eagle Funds<br>P.O. Box 219324<br>Kansas City, MO<br>64121-9324 |

---

✁

---

| | |
|:---|:---|
| **What we do** | **What we do** |
| **How does the Trust protect my personal information?** | &nbsp;&nbsp;We maintain physical, electronic and procedural safeguards that comply with federal standards to guard consumer information. We permit only authorized individuals, who are trained in the proper handling of individual shareholder information and need to access this information to do their job, to have access to this information. |
| **How does the Trust collect my personal information?** | &nbsp;&nbsp;We collect your personal information, for example, when you<br> ◼open an account, make transactions using your account, or deposit money<br> ◼subscribe to receive information, submit an application, or otherwise submit a form containing personal information<br> ◼use our services online<br> We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Privacy Notice

---

| | |
|:---|:---|
| **Why can't I limit all sharing?** | &nbsp;&nbsp; Federal law gives you the right to limit only<br> ◼sharing for affiliates' everyday business purposes—information about your creditworthiness<br> ◼affiliates from using your information to market to you<br> ◼sharing for nonaffiliates to market to you<br> State laws and individual companies may give you additional rights to limit sharing. |
| **What happens when I limit sharing for an account I hold jointly with someone else?** | &nbsp;&nbsp; Your choices will apply to everyone on your account. |

---

---

| | |
|:---|:---|
| **Definitions** | **Definitions** |
| **Affiliates** | &nbsp;&nbsp; Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> ◼Affiliated companies include First Eagle Investments; First Eagle Holdings, Inc.; First Eagle Investment Management, LLC; FEF Distributors, LLC; First Eagle Separate Account Management, LLC; First Eagle Alternative Credit, LLC; Napier Park Global Capital Ltd; Napier Park Global Capital GmbH, Napier Park Global Capital (US) LP; First Eagle Investment Management Ltd; First Eagle Investment Management GmbH; First Eagle Investments Sarl; First Eagle Funds (Ireland) ICAV; First Eagle Amundi Sub-Funds (Luxembourg) SICAV; First Eagle Overseas Variable Fund, a portfolio of First Eagle Variable Funds, an open-end investment management company; First Eagle Real Estate Debt Fund, a closed-end interval fund; First Eagle Tactical Municipal Opportunities Fund, a closed-end interval fund; First Eagle High Yield Municipal Completion Fund, a portfolio of First Eagle Completion Fund Trust, an open-end investment management company; First Eagle Private Credit Fund, a business development company; First Eagle Global Equity ETF (FEGE) and First Eagle Overseas Equity ETF (FEOE), exchange traded funds; and First Eagle Funds and any sub-funds, as applicable. |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Privacy Notice

---

| | |
|:---|:---|
| **Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br> ◼Nonaffiliated third parties may include service providers such as the Trust's distributors, registrar and transfer agent for shareholder transactions, other parties providing individual shareholder servicing, accounting and recordkeeping services, attorneys, accountants, and auditors. |

---

**Data Subject Rights**

Individuals in some jurisdictions may have certain data subject rights. These rights vary, but they may include the right for individuals to: (i) request access to and rectification or erasure of their personal data; (ii) restrict or object to the processing of their personal data; and (iii) obtain a copy of their personal data in a portable format. Individuals may also have the right to lodge a complaint about the processing of personal data with a data protection authority. If you have any questions about exercising these rights call 800.334.2143 or go to www.firsteagle.com/individuals-home.

**Special Notice for Residents of California**

First Eagle does not sell non-public personal information or share non-public personal information for cross-context behavioral advertising. We will not share information we collect about you with nonaffiliates, except as required or permitted by California or other applicable law, including as described above. While the law provides California residents with data rights in some circumstances, the state protections do not apply to personal information collected about current or former investors whose information is protected by federal financial privacy law under the Gramm Leach Bliley Act and the SEC's Reg S-P.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Privacy Notice

---

| |
|:---|
| **Other important information** |
| &nbsp;&nbsp;<u>Sharing of Personal Information with Nonaffiliated Third Parties</u><br> We will only share your personal information collected, as described above, with nonaffiliated third parties:<br> •At your request;<br> •When you authorize us to process or service a transaction or product (nonaffiliated third parties in this instance may include service providers such as the Trust's distributors, registrar and transfer agent for shareholder transactions, and other parties providing individual shareholder servicing, accounting and recordkeeping services);<br> •With companies that perform sales and marketing services on our behalf with whom we have agreements to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them;<br> •With third parties as part of a corporate business transaction such as a merger, joint venture, financing, reorganizing, or sale of company assets;<br> •As necessary to establish, defend, or otherwise manage a legal claim; or<br> •When required by law to disclose such information to appropriate authorities.<br> We do not otherwise provide information about you to outside firms, organizations or individuals except as permitted by law.<br> <u>What We do with Personal Information about Our Former Customers</u><br> If you decide to discontinue doing business with us, the Trust will continue to adhere to this privacy policy with respect to the information we have in our possession about you and your account following the termination of our shareholder relationship. |

---

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Additional Information (unaudited)

**Management of the Fund**

The business of the Fund is managed by its Board of Trustees, which elects officers responsible for the day to day operations of the Fund and for the execution of the policies formulated by the Board of Trustees.

Pertinent information regarding the members of the Board of Trustees and principal officers of the Fund is set forth below. Some of the Trustees and officers are employees of the Adviser or Subadviser and their affiliates. At least a majority of the Fund's Board of Trustees are not "interested persons" as that term is defined in the 1940 Act.

**Independent Trustees**<sup>(1)</sup>

**Lisa Anderson \| Trustee \| August 2022 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born October 1950)

**Principal Occupation(s) During Past 5 Years:** Special Lecturer and James T. Shotwell Professor of International Relations Emerita at the Columbia University School of International and Public Affairs; prior to January 2016, President of the American University in Cairo

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 19

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (12 portfolios), First Eagle Variable Funds (1 portfolio), First Eagle Completion Fund Trust (1 portfolio), First Eagle Tactical Municipal Opportunities Fund (1 portfolio), First Eagle Real Estate Debt Fund (1 portfolio) and First Eagle ETF Trust (2 portfolios); Member Emerita, Human Rights Watch; Member, Advisory Board, School of Global Affairs and Public Policy, American University in Cairo; Member, Advisory Board, Kluge Center, Library of Congress, Washington, DC; Trustee, Hertie School of Governance (Berlin); Trustee, Tufts University; Trustee, Aga Khan University

**Candace K. Beinecke**<sup>(2)</sup> **\| Trustee (Chair) \| September 2020 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born November 1946)

**Principal Occupation(s) During Past 5 Years:** Senior Counsel, Hughes Hubbard & Reed LLP; prior to April 2017, Chair, Hughes Hubbard & Reed LLP

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1)Trustees who are not "interested persons" of the Trust as defined in the 1940 Act. The term of office of the Independent Trustees is indefinite.

(2)Ms. Beinecke serves as senior counsel at Hughes Hubbard & Reed LLP, which has provided legal services to an entity in which one of the Adviser's parent companies indirectly holds a minority equity interest. Ms. Beinecke has no role or economic interest in this matter and, since she is not a partner of the firm, she does not share in Hughes Hubbard & Reed LLP's profits. To date, Hughes Hubbard & Reed LLP has not received revenue from this matter, and any anticipated revenue will represent only a deminimus percentage of firm revenue. The Board believes that this matter does not impact Ms. Beinecke's status as an Independent Trustee.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Additional Information (unaudited)

**Independent Trustees**<sup>(1)</sup>**—(continued)**

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (Chair) (12 portfolios), First Eagle Variable Funds (Chair) (1 portfolio), First Eagle Completion Fund Trust (1 portfolio), First Eagle Tactical Municipal Opportunities Fund (1 portfolio), First Eagle Real Estate Debt Fund (1 portfolio) and First Eagle ETF Trust (2 portfolios); Lead Trustee, Vornado Realty Trust; Trustee, Co-Chair, Metropolitan Museum of Art; Director, Partnership for New York City

**Peter W. Davidson \| Trustee \| August 2022 to present** <br>1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born May 1959)

**Principal Occupation(s) During Past 5 Years:** CEO, Aligned Climate Capital LLC; prior to January 2019, CEO, Aligned Intermediary, Inc.; prior to June 2015, Executive Director, Loan Program Office, U.S. Department of Energy

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 19

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (12 portfolios), First Eagle Variable Funds (1 portfolio), First Eagle Completion Fund Trust (1 portfolio), First Eagle Tactical Municipal Opportunities Fund (1 portfolio), First Eagle Real Estate Debt Fund (1 portfolio) and First Eagle ETF Trust (2 portfolios); Chairman, Summit Ridge Energy; Director, Beam Global; Chairman, JM Kaplan Fund; Chairman, Green-Wood Cemetery; Board member, Nyle Water Systems; Board member, SWTCH

**Jean D. Hamilton \| Trustee \| September 2020 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born January 1947)

**Principal Occupation(s) During Past 5 Years:** Private Investor/Independent Consultant/Member, Brock Capital Group LLC

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 19

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (12 portfolios), First Eagle Variable Funds (1 portfolio), First Eagle Completion Fund Trust (1 portfolio), First Eagle Tactical Municipal Opportunities Fund (1 portfolio), First Eagle Real Estate Debt Fund (1 portfolio) and First Eagle ETF Trust (2 portfolios); Chairman, Investment Committee, Thomas Cole National Historic Site; Member, Investment Advisory Committee, Liz Claiborne and Art Ortenberg Foundation; prior to June 2012, Director, Four Nations; prior to May 2022, Director, RenaissanceRe Holdings Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Trustees who are not "interested persons" of the Trust as defined in the 1940 Act. The term of office of the Independent Trustees is indefinite.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Additional Information (unaudited)

**Independent Trustees**<sup>(1)</sup>**—(continued)**

**William M. Kelly \| Trustee \| August 2022 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born February 1944)

**Principal Occupation(s) During Past 5 Years:** Private Investor

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 19

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (12 portfolios), First Eagle Variable Funds (1 portfolio), First Eagle Completion Fund Trust (1 portfolio), First Eagle Tactical Municipal Opportunities Fund (1 portfolio), First Eagle Real Estate Debt Fund (1 portfolio) and First Eagle ETF Trust (2 portfolios); Trustee Emeritus, St. Anselm College

**Paul J. Lawler \| Trustee \| August 2022 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born May 1948)

**Principal Occupation(s) During Past 5 Years:** Private Investor

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 19

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (12 portfolios), First Eagle Variable Funds (1 portfolio), First Eagle Completion Fund Trust (1 portfolio), First Eagle Tactical Municipal Opportunities Fund (1 portfolio), First Eagle Real Estate Debt Fund (1 portfolio) and First Eagle ETF Trust (2 portfolios); Trustee and Audit Chair, The American University in Cairo; Trustee, registered investment company advised by affiliates of Blackstone Inc. (1 portfolio); Director, Historic Eastfield Foundation

**Mandakini Puri \| Trustee \| April 2023 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born February 1960)

**Principal Occupation(s) During Past 5 Years:** Independent Consultant and Private Investor; prior to May 2013, Managing Director and Co-Head of BlackRock Private Equity

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 19

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (12 portfolios), First Eagle Variable Funds (1 portfolio), First Eagle Completion Fund Trust (1 portfolio), First Eagle Tactical Municipal Opportunities Fund (1 portfolio), First Eagle Real Estate Debt Fund (1 portfolio) and First Eagle ETF Trust (2 portfolios); Trustee, Vornado Realty Trust; Director, Alexander's Inc.; prior to June, 2018, Director, Validus Holdings; Trustee, V&A Americas Foundation; prior to June 2021, Member, Wharton School Graduate Executive Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Trustees who are not "interested persons" of the Trust as defined in the 1940 Act. The term of office of the Independent Trustees is indefinite.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Additional Information (unaudited)

**Independent Trustees**<sup>(1)</sup>**—(continued)**

**Scott Sleyster \| Trustee \| September 2025 to present**

1345 Avenue of the Americas \| New York, New York \| 10105<br>(born January 1960)

**Principal Occupation(s) During Past 5 Years:** Executive Vice President and Head of Market Competitiveness at Prudential Financial

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 19

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (12 portfolios), First Eagle Variable Funds (1 portfolio), First Eagle Completion Fund Trust (1 portfolio), First Eagle Tactical Municipal Opportunities Fund (1 portfolio), First Eagle Real Estate Debt Fund (1 portfolio) and First Eagle ETF Trust (2 portfolios); Board of directors, North Star Academy; Trustee, Princeton Theological Seminary; Member of Columbia University's Climate Board of Advisors

**Interested Trustees**<sup>(3)(4)</sup>

**John P. Arnhold \| Trustee \| March 2022 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born December 1953)

**Principal Occupation(s) During Past 5 Years:** Director, First Eagle Holdings, Inc.; Managing Member, Arnhold LLC; prior to July 2017, Director, First Eagle Investment Management LLC; President, First Eagle Funds; President, First Eagle Variable Funds; Director, FEF Distributors, LLC; prior to March 2016, Co-President and Co-CEO First Eagle Holdings, Inc.; CIO and Chairman, First Eagle Investment Management, LLC; CEO and Chairman, FEF Distributors, LLC

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 19

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (12 portfolios), First Eagle Variable Funds (1 portfolio), First Eagle Completion Fund Trust (1 portfolio), First Eagle Tactical Municipal Opportunities Fund (1 portfolio), First Eagle Real Estate Debt Fund (1 portfolio) and First Eagle ETF Trust (2 portfolios); Chairman and Director, Arnhold Ceramics; Director, The Arnhold Foundation; Director, The Mulago Foundation; Director, WNET.org; Trustee Emeritus, Trinity Episcopal Schools Corp.; Trustee, Jazz at Lincoln Center; Life Trustee, International Tennis Hall of Fame; Advisor, Investment Committee of the USTA; Managing Member, New Eagle Holdings Management Company, LLC; Director, Conservation International; Trustee, UC Santa Barbara Foundation; prior to January 2018, Director, First Eagle Amundi; prior to June 2016, Trustee, Vassar College

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1)Trustees who are not "interested persons" of the Trust as defined in the 1940 Act. The term of office of the Independent Trustees is indefinite.

(3)Each of Messrs. Arnhold and Mahmud is treated as an Interested Trustee because of the professional roles each holds or has held with the Adviser.

(4)The term of office of each Interested Trustee is indefinite.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Additional Information (unaudited)

**Interested Trustees**<sup>(3)(4)</sup>**—(continued)**

**Mehdi Mahmud \| Trustee \| September 2020 to present** <br>1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born September 1972)

**Principal Occupation(s) During Past 5 Years:** President and Chief Executive Officer, First Eagle Investment Management, LLC; President, First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Completion Fund Trust, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunites Fund; Chief Executive Officer, First Eagle Alternative Credit, LLC; prior to March 2016, Chairman and Chief Executive Officer, Jennison Associates LLC

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 19

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Funds (12 portfolios), First Eagle Variable Funds (1 portfolio), First Eagle Completion Fund Trust (1 portfolio), First Eagle Tactical Municipal Opportunities Fund (1 portfolio), First Eagle Real Estate Debt Fund (1 portfolio) and First Eagle ETF Trust (2 portfolios); Director, First Eagle Amundi; Director, Third Point Reinsurance Ltd.

**Officers**<sup>(5)</sup>

**Mehdi Mahmud \| President \| September 2020 to present** <br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born September 1972)

**Principal Occupation(s) During Past Five (5) Years:** President and Chief Executive Officer, First Eagle Investment Management, LLC; President, First Eagle Funds, First Eagle Variable Funds, First Eagle Completion Fund Trust, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund; Director, First Eagle Amundi; Chief Executive Officer, First Eagle Alternative Credit, LLC

**Frank Riccio \| Senior Vice President \| Effective April 3, 2025**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born March 1978)

**Principal Occupation(s) During Past Five (5) Years:** Executive Managing Director, First Eagle Investment Management, LLC; President, FEF Distributors, LLC; Senior Vice President, First Eagle Funds, First Eagle Variable Funds, First Eagle Completion Fund Trust, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(3)Each of Messrs. Arnhold and Mahmud is treated as an Interested Trustee because of the professional roles each holds or has held with the Adviser.

(4)The term of office of each Interested Trustee is indefinite.

(5)The term of office of each officer is indefinite. Length of time served represents time served as an officer of the Fund, although various positions may have been held during the period.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Additional Information (unaudited)

**Officers**<sup>(5)</sup>**—(continued)**

**Brandon Webster \| Chief Financial Officer and Principal Financial Officer \| July 2024 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born September 1987)

**Principal Occupation(s) During Past Five (5) Years:** Managing Director, Head of Fund Administration, First Eagle Investment Management, LLC; Chief Financial Officer, First Eagle Funds, First Eagle Variable Funds, First Eagle Completion Fund Trust, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund; prior to July 2024, Director and Deputy Head of Fund Administration, Lord Abbett

**Seth Gelman \| Chief Compliance Officer \| April 2023 to present** <br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born August 1975)

**Principal Occupation(s) During Past Five (5) Years:** Chief Compliance Officer and Managing Director, First Eagle Investment Management, LLC; Chief Compliance Officer, First Eagle Funds, First Eagle Variable Funds, First Eagle Completion Fund Trust, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund; prior to February 2023, Chief Compliance Officer of Insight Investment North America

**David O'Connor \| General Counsel \| September 2020 to present** <br>1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born February 1966)

**Principal Occupation(s) During Past Five (5) Years:** General Counsel and Executive Managing Director, First Eagle Investment Management, LLC; General Counsel and Officer of First Eagle Funds, First Eagle Variable Funds, First Eagle Completion Fund Trust, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund; General Counsel, First Eagle Holdings, Inc.; Secretary and General Counsel, FEF Distributors, LLC; Director, First Eagle Amundi; Director, First Eagle Investment Management, Ltd; Head of Legal and Compliance, Senior Managing Director and Chief Legal Officer, First Eagle Alternative Credit, LLC; CEO, First Eagle Private Credit Fund; prior to May 2024, Head of Legal & Compliance, First Eagle Private Credit Fund

**Sheelyn Michael \| Secretary and Deputy General Counsel \| September 2020 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born September 1971)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The term of office of each officer is indefinite. Length of time served represents time served as an officer of the Fund, although various positions may have been held during the period.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

Additional Information (unaudited)

**Officers**<sup>(5)</sup>**—(continued)**

**Principal Occupation(s) During Past Five (5) Years:** Deputy General Counsel and Managing Director, First Eagle Investment Management, LLC; Secretary and Deputy General Counsel, First Eagle Funds, First Eagle Variable Funds, First Eagle Completion Fund Trust, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund; Director, First Eagle Investment Management, Ltd; Deputy General counsel, First Eagle Private Credit Fund

**Jennifer Wilson \| Chief Accounting Officer \| September 2020 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born October 1972)

**Principal Occupation(s) During Past Five (5) Years:** Chief Accounting Officer, First Eagle Investment Management, LLC; Chief Financial Officer, First Eagle Private Credit Fund; prior to 2026, Chief Accounting Officer, First Eagle Alternative Credit LLC

**Michael Luzzatto \| Vice President \| September 2020 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born April 1977)

**Principal Occupation(s) During Past Five (5) Years:** Managing Director, First Eagle Investment Management, LLC; Vice President, FEF Distributors, LLC; Vice President, First Eagle Funds, First Eagle Variable Funds, First Eagle Completion Fund Trust, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund; Vice President, First Eagle Private Credit Fund

**William Karim \| Deputy General Counsel \| September 2020 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born August 1980)

**Principal Occupation(s) During Past Five (5) Years:** Deputy General Counsel, First Eagle Alternative Credit LLC

**Shuang Wu \| Treasurer \| April 2024 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105 <br>(born May 1990)

**Principal Occupation(s) During Past Five (5) Years:** Director, First Eagle Investment Management, LLC; Treasurer, First Eagle Funds, First Eagle Variable Funds, First Eagle Completion Fund Trust, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund; prior to December 2022, Vice President and Assistant Treasurer, Credit Suisse; prior to December 2020, Manager, PricewaterhouseCoopers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The term of office of each officer is indefinite. Length of time served represents time served as an officer of the Fund, although various positions may have been held during the period.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

First Eagle Credit Opportunities Fund

**Trustees**

Lisa Anderson

John P. Arnhold

Candace K. Beinecke (Chair)

Peter W. Davidson

Jean D. Hamilton

William M. Kelly

Paul J. Lawler

Mehdi Mahmud

Mandakini Puri

Scott Sleyster

**Officers**

Mehdi Mahmud

**President**

Frank Riccio

**Senior Vice President**

Brandon Webster

**Chief Financial Officer**

Seth Gelman

**Chief Compliance Officer**

David O'Connor

**General Counsel**

Sheelyn Michael

**Secretary & Deputy General Counsel**

Jennifer Wilson

**Chief Accounting Officer**

Michael Luzzatto

**Vice President**

William Karim

**Associate General Counsel**

Shuang Wu

**Treasurer**

**Investment Adviser**

First Eagle Investment Management, LLC

**1345 Avenue of the Americas <br>New York, NY 10105**

**Subadviser**

First Eagle Alternative Credit, LLC

**1345 Avenue of the Americas <br>New York, NY 10105**

**Legal Counsel**

Sidley Austin LLP

**787 Seventh Avenue <br>New York, NY 10019**

**Custodian**

JPMorgan Chase Bank, N.A.

**4 Chase Metrotech Center, Floor 16,<br>Brooklyn, NY 11245**

U.S. Bank National Association

**190 S. LaSalle Street, 8th Floor, Chicago,<br>Illinois 60603**

**Shareholder Servicing Agent**

SS&C GIDS, Inc.

**801 Pennsylvania Avenue,<br>Suite 219324<br>Kansas City, MO 64105 <br>800.334.2143**

**Underwriter**

FEF Distributors, LLC

**1345 Avenue of the Americas <br>New York, NY 10105**

**Independent Registered Public <br>Accounting Firm**

PricewaterhouseCoopers LLP

**300 Madison Avenue <br>New York, NY 10017**

Additional information about the Trustees and Officers is included in the Fund's Statement of Additional Information.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of First Eagle Credit Opportunities Fund.

First Eagle Credit Opportunities Fund \| Annual Report \| December 31, 2025

**First Eagle Credit Opportunities Fund is offered by <br>FEF Distributors, LLC**

1345 Avenue of the Americas, New York, NY 10105.

**First Eagle Investment Management, LLC**

1345 Avenue of the Americas, New York, NY 10105-0048 800.334.2143 www.firsteagle.com

![](j2623092_za001.jpg)

**Item 2. Code of Ethics.**

The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. Copies of the code of ethics may be requested free of charge by calling 1-800-334-2143 (toll free).

**Item 3. Audit Committee Financial Expert.**

The Board of Trustees of the registrant has designated Mandakini Puri, Paul J. Lawler, William M. Kelly, Jean Hamilton and Peter Davidson as Audit Committee Financial Experts. Ms. Puri, Mr. Lawler, Mr. Kelly, Ms. Hamilton and Mr. Davidson are considered by the Board to be independent trustees.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>:

For the years ended December 31, 2025 and December 31, 2024, the aggregate PricewaterhouseCoopers LLP (PwC) audit fees for professional services rendered to the registrant were approximately $356,308 and $414,368, respectively. Fees included in the audit fees category are those associated with the annual audits of the financial statements and services that are normally provided in connection with statutory and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit Related Fees</u>:

For the years ended December 31, 2025 and December 31, 2024, the aggregate PwC fees for assurance and related services rendered to the registrant were approximately $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>:

For the years ended December 31, 2025 and December 31, 2024, the aggregate tax fees billed by PwC for professional services rendered to the registrant were approximately $33,700 and $33,100, respectively.

Fees included in the tax fees category comprise all services performed by professional staff in the independent accountant's tax division except those services related to audits. This category comprises fees for tax compliance and preparation of tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees:</u> 

In each of the years ended December 31, 2025 and December 31, 2024, there were no fees billed by PwC for products and services, other than 4(a)-(c) above, rendered to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;(e) (1)The registrant's audit committee
 has adopted a policy whereby audit and non-audit services performed by the registrant's
 principal accountant for the registrant, its investment adviser, and any entity controlling,
 controlled by, or under common control with the investment adviser that provides ongoing
 services to the registrant require pre-approval by the committee or a designated member thereof.
 If such a service is required between regularly scheduled audit committee meetings, pre-approval
 may be authorized by one audit committee member with ratification at the next scheduled audit
 committee meeting. Waiver of pre-approval for audit and non-audit services requiring fees
 of a de minimis amount is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;(e) (2) No services included in (b) –
 (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
 Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;(f) According to PwC, for the year ended
 December 31, 2025, the percentage of hours spent on the audit of the registrant's
 financial statements for the most recent year that were attributable to work performed by
 persons who are not full-time, permanent employees of PwC was 0%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Other than as described in the table
 above, the aggregate fees billed for the most recent year by the registrant's principal
 accountant for non-audit services rendered to the registrant ("covered"), its
 investment adviser, and any entity controlling, controlled by, or under common control with
 the investment adviser ("non-covered") that provides ongoing services to the
 registrant was $0 in 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants**

Not applicable at this time.

**Item 6. Investments.**

Please see the consolidated schedule of investments contained under Item 1 of this Form N-CSR.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Refer to the N-CSRS filed with the SEC as of and for the period ended June 30, 2025.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

The Board of Trustees has delegated to First Eagle Investment Management, LLC ("FEIM" or the "Adviser") the authority to vote proxies received by First Eagle Credit Opportunities Fund (the "Fund") from the companies in which they invest. The Adviser in turn has delegated this authority to First Eagle Alternative Credit, LLC ("FEAC" or the "Subadviser") which has adopted policies and procedures (collectively, the "Proxy Voting Policy") regarding the voting of such proxies, which policies have been reviewed and approved by the Board of Trustees as appropriate to their management of the Fund's assets. It is the policy of the Subadviser to vote proxies in a manner that serves the best interest of the client.

The Proxy Voting Policy provides procedures to address conflicts of interest between the Subadviser and a client with respect to voting proxies. Such conflicts could arise, for example, when the Subadviser or its affiliate has a client or other business relationship with the issuer of the security being voted or with a third-party that has an interest in the vote. A conflict of interest also could arise when the Fund, the Adviser or principal underwriter or any of their affiliates has an interest in the vote.

If the Subadviser becomes aware of a potential conflict of interest with respect to a proxy to be voted for a client, the Proxy Voting Policy requires notification to the Chief Compliance Officer of the Subadviser (the "Subadviser CCO"). The Subadviser CCO then determines whether a material conflict of interest exists and, if so, the appropriate method of resolving the conflict. Such methods may include voting in accordance with the recommendation of a third-party, voting pursuant to pre-determined voting guidelines or, in certain circumstances, consultation with the Board of Trustees. The Subadviser may abstain from voting from time to time when it determines that the costs associated with voting a proxy outweigh the benefits derived from exercising the right to vote or in other situations where voting may not be practical or desirable. These conflicts procedures are intended to reduce, but they will not necessarily eliminate, any influence on the proxy voting by conflicts of interest.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

**(a)(1) Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members**

Jon Dorfman, Rajesh Agarwal, Mohammed El Khazzar, Michelle Handy, Brian Murphy, Robert O'Brien, Serhan Secmen, and Noelle Sisco, portfolio managers with the Subadviser, manage the Fund. Their professional backgrounds are below.

Jonathan Dorfman is Chief Investment Officer of the Subadviser and also serves as Managing Principal and Chief Investment Officer of Napier Park. Both the Subadviser and Napier Park are wholly owned subsidiaries of the Adviser. Jon was previously co-CEO and CIO of Citi Capital Advisors, which he joined in 2007 when Citigroup acquired Carlton Hill Global Capital, the specialized asset management firm he co-founded in 2005. Previously, Jon spent 20 years in Morgan Stanley's fixed income division in the US, Tokyo and London, holding numerous senior management positions including co-head of the global investment grade credit group and head of global credit derivative and asset swap trading group. Jon served as an International Swaps and Derivatives Association committee member responsible for the first standardized credit default swap contract. Jon earned a BSE, magna cum laude, from the Wharton School of Business at the University of Pennsylvania.

Rajesh Agarwal is a Senior Managing Director and Head of US Real Estate and Consumer Debt Strategies at the Subadviser and also servesin the same capacities at Napier Park. He joined Citi Capital Advisors in 2008. Prior to joining Citi Capital Advisors, Rajesh was a Managing Partner and Portfolio Manager in HSPI, LP formerly affiliated with Halcyon from 2006-2008. Prior to joining Halcyon from 2004-2006, Rajesh was a Senior Analyst at Merrill Lynch Investment Managers ("MLIM"), where he served as lead analyst for asset selection across residential housing sectors (Prime/Alt-A/Sub-Prime) and CDOs for three high-grade CDO deals launched and managed by MLIM. Prior to joining ABS/MBS research, he worked in the Global Markets and Investment Banking group at Merrill Lynch from 1998-2004. From 1996-1998, Rajesh was a Senior Engineer at Simulation Sciences, Inc., where he developed simulation algorithms used by the chemical industry. Rajesh received a Ph.D. in Chemical Engineering and an MS in Chemical Engineering, both from the University of Texas at Austin.

Mohammed El Khazzar is a Senior Managing Director and Portfolio Manager for European Credit Strategies at the Subadviser and also serves in the same capacities at Napier Park. He joined from AXA Investment Managers in Paris, where he worked as a credit analyst in the structured finance division, focusing on leveraged loans. His responsibilities included generating trading ideas and monitoring portfolios in both primary and secondary markets. Prior to AXA IM, Mohammed spent two years as an auditor at Deloitte in Casablanca, serving clients across various industries. He holds a Master's degree in Finance and Strategy from Sciences Po Paris (2008).

Michelle Handy is a Senior Managing Director and Chief Investment Officer for the Subadviser's Direct Lending platform. She also serves on the firm's Management Committee. As a member of the Boston investment team, her role includes overseeing the underwriting and management of portfolio investments. Ms. Handy became part of First Eagle in 2020 upon the firm's acquisition of THL Credit. Prior to joining THL Credit in 2016, Ms. Handy worked at GE Capital where she held several roles in underwriting, portfolio management and workouts. Most recently, she was the COO of GE Capital Americas' workout function. Ms. Handy earned her M.S. in Finance from the University of Wisconsin-Madison and her B.S. in Finance and Spanish from Boston College.

Brian Murphy is a Senior Managing Director and Head of Capital Markets and Co-Head of Origination at the Subadviser. He also serves on the Investment Committee of the firm's Tradable Credit platform. Mr. Murphy became part of First Eagle in 2020 upon the firm's acquisition of THL Credit. Mr. Murphy has more than twenty-four years of investment industry experience, principally in the area of leveraged finance. Prior to joining THL Credit in June 2012, Mr. Murphy was a Senior Credit Analyst/Senior Portfolio Manager in the Alternative Credit Strategies Group of McDonnell Investment Management, LLC. From 1998 to May 2004, Mr. Murphy was employed by Columbia Advisors in the Bank Loan Asset Management Group as a Senior Credit Analyst covering telecommunications, media/broadcasting, and the cable industries. Prior to joining Columbia Advisors, Mr. Murphy was employed by Van Kampen Investments from October 1991 through March 1998, most recently serving as an Assistant Portfolio Manager for the Van Kampen Prime Rate Income Trust, where he gained credit training and significant experience in all aspects of the bank loan asset class, including cash management, trade settlement, credit monitoring, portfolio surveillance, and analysis.

Robert O'Brien is a Managing Director and Portfolio Manager for the US Leveraged Loan platform at the Subadviser and also serves in the same capacities at Napier Park. He also serves as the senior leveraged loan trader. Robert joined the Leveraged Loan Investments team at Citi Capital Advisors in 2003, prior to its spinout as Napier Park. Earlier in his career, he worked as a Research Associate in Bear Stearns' High Grade Research department within the Financial Institutions group. He holds a BS in Business Administration from Boston University.

Serhan Secmen is a Senior Managing Director and Head of US CLO Investments and the Global CLO Management Platform at the Subadviser and also serves in the same capacities at Napier Park. He joined First Eagle in 2022 following its acquisition of Napier Park Global Capital. Serhan originally joined Citi Capital Advisors in 2008, prior to its spinout as Napier Park. Earlier in his career, he was a CLO trader at Lehman Brothers and a project manager in Texas focused on special project financing. At Napier Park, Serhan has played a key role in developing proprietary analytics systems and shaping strategies for analyzing CLOs and other structured products. Serhan holds an MBA from the Wharton School, an MS from Texas A&M University, and a BS from Bogazici University in Turkey.

Noelle Sisco is a Managing Director and the Portfolio Strategist at the Subadviser and also serves in the same capacities at Napier Park, where she drives investment allocation decisions across the multi-strategy credit platform. Previously, Noelle served as Vice President in Product Management, where she contributed to strategic planning and product development. She began her career at a quantitative hedge fund, gaining experience in data-driven investment approaches and market behavior. Noelle holds a Bachelor's degree in Economics from Rutgers University and earned the CAIA designation in 2014 and the CFA charter in 2017. Noelle is also a member of the AIMA Research Committee.

**(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest**

**Other Accounts Managed by Portfolio Manager(s) or Management Team Member\***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total No.<br> of Other<br> Accounts<br> Managed** | &nbsp;&nbsp;**Total Other<br> Assets<sup>1</sup>** | &nbsp;&nbsp;**No. of Other<br> Accounts<br> where<br> Advisory Fee<br> is Based on<br> Performance** | &nbsp;&nbsp;**Total Assets in <br> Other Accounts<br> where Advisory<br> Fee is Based on<br> Performance<sup>1</sup>** |
| &nbsp;&nbsp;Jonathan Dorfman | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;- | &nbsp;&nbsp;$- | &nbsp;&nbsp;- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Jonathan Dorfman | &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;3 | &nbsp;&nbsp;$1721623897 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$1721623897 |
| &nbsp;&nbsp;Jonathan Dorfman | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;6 | &nbsp;&nbsp;$2285841931 | &nbsp;&nbsp;6 | &nbsp;&nbsp;$2285841931 |
| &nbsp;&nbsp;Rajesh Agarwal | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;1 | &nbsp;&nbsp;$50266246 | &nbsp;&nbsp;- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Rajesh Agarwal | &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;2 | &nbsp;&nbsp;$1494438227 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$1494438227 |
| &nbsp;&nbsp;Rajesh Agarwal | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;4 | &nbsp;&nbsp;$1941664533 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$1941664533 |
| &nbsp;&nbsp;Mohammed El Khazzar | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;- | &nbsp;&nbsp;$- | &nbsp;&nbsp;- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Mohammed El Khazzar | &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;32 | &nbsp;&nbsp;$10747688973 | &nbsp;&nbsp;32 | &nbsp;&nbsp;$10747688973 |
| &nbsp;&nbsp;Mohammed El Khazzar | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;7 | &nbsp;&nbsp;$2637668747 | &nbsp;&nbsp;7 | &nbsp;&nbsp;$2637668747 |
| &nbsp;&nbsp;Michelle Handy | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;1 | &nbsp;&nbsp;$301437231 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$301437231 |
| &nbsp;&nbsp;Michelle Handy | &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;16 | &nbsp;&nbsp;$3463831365 | &nbsp;&nbsp;14 | &nbsp;&nbsp;$3405870890 |
| &nbsp;&nbsp;Michelle Handy | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;2 | &nbsp;&nbsp;$825906136 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$411880674 |
| &nbsp;&nbsp;Brian Murphy | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;1 | &nbsp;&nbsp;$301437231 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$301437231 |
| &nbsp;&nbsp;Brian Murphy | &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;26 | &nbsp;&nbsp;$8503573510 | &nbsp;&nbsp;25 | &nbsp;&nbsp;$8465055410 |
| &nbsp;&nbsp;Brian Murphy | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;- | &nbsp;&nbsp;$- | &nbsp;&nbsp;- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Robert O'Brien | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;- | &nbsp;&nbsp;$- | &nbsp;&nbsp;- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Robert O'Brien | &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;35 | &nbsp;&nbsp;$12597837181 | &nbsp;&nbsp;35 | &nbsp;&nbsp;$12597837181 |
| &nbsp;&nbsp;Robert O'Brien | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;1 | &nbsp;&nbsp;$313798231 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$313798231 |
| &nbsp;&nbsp;Serhan Secmen | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;- | &nbsp;&nbsp;$- | &nbsp;&nbsp;- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Serhan Secmen | &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;37 | &nbsp;&nbsp;$14092275407 | &nbsp;&nbsp;37 | &nbsp;&nbsp;$14092275407 |
| &nbsp;&nbsp;Serhan Secmen | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;6 | &nbsp;&nbsp;$2285841931 | &nbsp;&nbsp;6 | &nbsp;&nbsp;$2285841931 |
| &nbsp;&nbsp;Noelle Sisco | &nbsp;&nbsp;Other Registered Investment Companies | &nbsp;&nbsp;- | &nbsp;&nbsp;$- | &nbsp;&nbsp;- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Noelle Sisco | &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;3 | &nbsp;&nbsp;$1721623897 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$1721623897 |
| &nbsp;&nbsp;Noelle Sisco | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;6 | &nbsp;&nbsp;$2285841931 | &nbsp;&nbsp;6 | &nbsp;&nbsp;$2285841931 |

---

**\* Information as of December 31, 2025 except as noted, and is unaudited.**

**(1) As of 12/31/2025. Represents total fund AUM which consists of NAV plus unfunded commitments.** 

**Potential Conflicts of Interests**

The Adviser and Subadviser will experience conflicts of interest in connection with the management of the Fund, including the following situations. The following briefly summarizes the material potential and actual conflicts of interest which may arise from the overall investment activity of the Adviser and/or Subadviser, its clients and its affiliates.

The Adviser, the Subadviser and their affiliates may sponsor or manage investment funds, accounts or other investment vehicles with similar or overlapping investment strategies. For example, the Adviser or the Subadviser may serve as investment adviser to one or more private funds, registered closed-end funds, separate managed accounts, and collateralized loan obligations ("CLOs"). In addition, the Fund's officers may serve in similar capacities for one or more private funds, registered closed-end funds, separate managed accounts and CLOs. To the extent the Adviser, Subadviser and/or their affiliates determine that an investment is appropriate for the Fund and for one or more other funds, the Adviser and the Subadviser and/or their affiliates, as applicable, allocate investment opportunities across the entities for which such opportunities are appropriate, consistent with (a) certain restrictions under the 1940 Act and rules thereunder regarding co-investments with affiliates, (b) the requirements of the Investment Advisers Act of 1940, as amended (the "Advisers Act") and (c) the Adviser and Subadviser's internal conflict of interest and allocation policies. The Fund and the Adviser rely on exemptive relief from the SEC that permits the Fund to, among other things, co-invest with certain other persons, including certain affiliates of the Adviser and certain public or private funds managed by the Adviser and its affiliates, subject to certain terms and conditions.

The Adviser has established policies to ensure that the Fund will generally share equitably with other funds managed by the Adviser, Subadviser and/or their affiliates in investment opportunities that are suitable for the Fund and such other investment funds.

The Subadviser has established allocation policies to ensure that the Fund will generally share equitably with other credit investment funds managed by the Subadviser or its affiliates within the alternative credit platform in credit investment opportunities that are suitable for the Fund and such other investment funds.

The 1940 Act imposes significant limits on co-investment with affiliates of the Fund, and without an exemptive order the Fund generally would not be permitted to co-invest alongside its affiliates in privately negotiated transactions unless the transaction is otherwise permitted under existing regulatory guidance, such as transactions where price is the only negotiated term, and will not participate in transactions where other terms are negotiable. In situations where co-investment with other entities sponsored or managed by the Adviser, the Subadviser or their affiliates is not permitted or appropriate, such as when there is an opportunity to invest in different securities of the same issuer, the Subadviser will need to decide whether the Fund or such other entity or entities will proceed with the investment. The Subadviser will make these determinations based on its policies and procedures, which will generally require that such opportunities be offered to eligible accounts on a basis that is fair and equitable over time. This reduces the amount of transactions in which the Fund can participate and makes it more difficult for the Fund to implement its investment objective.

The Advisers' affiliation with Genstar Capital and Napier Park Global Capital (US) LP ("Napier Park"), a wholly owned subsidiary of the Adviser, requires the Advisers to manage conflicts of interest associated with dealings the Fund may have with those businesses or funds, clients or the companies in which the Fund invests. For example, should the Advisers wish to cause the Fund to execute portfolio transactions through broker dealers associated with Genstar Capital, the commercial reasonableness of the brokerage compensation associated with those trades would have to be assessed. Other dealings may be more completely restricted. For example, the Fund may not be able to buy or sell property directly to or from Napier Park, Genstar Capital or their associated accounts. There also may be limits on participation in underwritings or other securities offerings by Napier Park, Genstar Capital or their associated funds, accounts or portfolio companies. The breadth of these affiliations at times may require the Fund to abstain from or restructure an otherwise attractive investment opportunity.

Investments in portfolio companies associated with Genstar Capital may be restricted by the 1940 Act. To the extent such investments are permitted and the Fund invests in such a portfolio company (a portfolio company generally referring to a company owned by private equity funds managed by Genstar Capital), conflicts of interest may arise from the presence of Genstar Capital representatives on the company board or the payment of compensation by the company to Genstar Capital or an affiliate. Moreover, the Advisers could have an incentive to allocate the Fund's assets to such a portfolio company since affiliates of the Advisers have a direct or indirect financial interest in its success. There also may be instances where Genstar Capital could be involved in bankruptcy proceedings of current investments or of issuers in which the Fund would otherwise invest, with potentially divergent interests as between the Fund and Genstar Capital. The Fund may be forced to sell or hold existing investments (possibly at disadvantageous times or under disadvantageous conditions) as a result of various relationships that Genstar Capital may have or transactions or investments Genstar Capital and their affiliates may make or have made. The inability to transact in any security, derivative or loan held by the Fund could result in significant losses or lost opportunity costs to the Fund.

**(a)(3) Compensation Structure of Portfolio Manager(s) or Management Team Members**

The Portfolio Managers are employed by the Sub-Adviser, a wholly owned subsidiary of the Adviser. The investment professionals are offered the opportunity to receive a performance bonus, in addition to their annual salary, which is based in part on the performance of firm overall, rather than specific accounts.

The Portfolio Managers are evaluated based on a set of objective and subjective performance criteria. Annual investment performance is a significant component of this evaluation along with individual, team and firm performance. Generally, the Portfolio Managers are offered compensation levels that are viewed as competitive within the investment industry and benchmarked to industry data. The intent of this compensation plan is the long-term alignment of interests between the investment team and our clients over a multi-year period. Relative outperformance and client satisfaction over time will often lead to improved fund flows and thus a more robust bonus pool.

In addition to the Portfolio Manager's salary and annual bonus, the Adviser offers employees significant benefits. Benefits include 401k company matching, health, dental, disability and life insurance coverage as well as paid vacation time.

(**a)(4) Disclosure of Securities Ownership**

For the most recently completed fiscal year please provide beneficial ownership of shares of the registrant by each Portfolio Manager or Management Team Member. Please note that this information

will only be provided in a dollar range of each individual's holdings in each investment portfolio (none; $1-$10,000; $10,001-$50,000; $50,001-$100,000; $100,001 to $500,000; $500,001 to $1,000,000; or over $1,000,000).

"Beneficial ownership" should be determined in accordance with rule 16a-1(a)(2) under the Exchange Act (17 CFR 240.16a-1(a)(2)).

---

| | |
|:---|:---|
| &nbsp;&nbsp;Information as of December 31, 2025 |  |
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Dollar Range** |
| &nbsp;&nbsp;Jonthan Dorfman |  |
| &nbsp;&nbsp;Rajesh Agarwal |  |
| &nbsp;&nbsp;Mohammed El Khazzar |  |
| &nbsp;&nbsp;Michelle Handy |  |
| &nbsp;&nbsp;Brian Murphy |  |
| &nbsp;&nbsp;Robert O'Brien |  |
| &nbsp;&nbsp;Serhan Secmen |  |
| &nbsp;&nbsp;Noelle Sisco |  |

---

(b) Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

No material change to report at this time.

**Item 16. Controls and Procedures.**

(a) In the opinion of the principal executive officer and principal financial officer, based on their evaluation, the registrant's disclosure controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared; and (ii) that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR.](tm262309d1_ex99-codeeth.htm)

(a)(2) Not applicable

[(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)): Attached hereto.](tm262309d1_ex99-cert.htm)

[(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)): Attached hereto.](tm262309d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | First Eagle Credit Opportunities Fund |
| By (Signature and Title)\* | /s/ Mehdi Mahmud |
|  | Mehdi Mahmud, President |

---

Date March 6, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Mehdi Mahmud |
|  | Mehdi Mahmud, President |
| Date March 6, 2026 | Date March 6, 2026 |
| By (Signature and Title)\* | /s/ Brandon Webster |
|  | Brandon Webster, Principal Financial Officer |
| Date March 6, 2026 | Date March 6, 2026 |

---

\*Print the name and title of each signing officer under his or her signature.

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**first eagle Funds, first eagle variable Funds, FIRST EAGLE CREDIT OPPORTUNITIES FUND, FIRST EAGLE REAL ESTATE DEBT<br> FUND, FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND, FIRST EAGLE <br> COMPLETION FUND TRUST, FIRST EAGLE ETF TRUST**

**AND**

**FIRST EAGLE gLOBAL oPPORTUNITIES fUND**

**(each, a "Fund" and together the "Funds")**

**Policy and procedures**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

**I.** **Covered Officers, Purpose of the Code.** 

This Code of Ethics (the "Code") for the investment companies within the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Completion Fund Trust, First Eagle ETF Trust, and First Eagle Global Opportunities Fund identified in Exhibit A (collectively, "Funds" and each, a "Fund") applies to each Fund's Principal Executive Officer and Principal Financial Officer or persons performing similar functions ("Covered Officers," each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest between personal and professional relationships:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable
disclosure in reports and documents filed with, or submitted to, the Securities and Exchange Commission ("SEC") and in other
public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental
rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· prompt internal reporting of violations of the
Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

Any question about the application of the Code should be referred to counsel ("Independent Counsel") to the members of the Boards of Trustees of the Fund (the "Board") who are not "interested persons" of the Fund ("Independent Trustees") whose contact information can be found on Appendix A.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

***Overview***. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds. Other conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"), the Funds' and investment adviser's Codes of Ethics, policies and procedures adopted by the Funds' investment adviser dealing with conflicts of interest and other applicable law. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds. The Funds, the investment adviser and other service providers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines any violations of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between a Fund and its investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and the investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the advisers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships improperly to influence
investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the
Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Funds to take action, or fail to take action, for the individual
personal benefit of the Covered Officer rather than the benefit the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions made or contemplated
for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Some examples of conflicts of interest follow (this is not an all-inclusive list):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any gifts and/or entertainment not in accordance with the
investment adviser's gift and entertainment policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· being in the position of supervising, reviewing or having any influence on
the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund, service provider or is otherwise associated
with the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· having an other than *de minimis* ownership interest in, or having any
consulting or employment relationship with, any Fund service provider other than First Eagle Investment Management, LLC or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any company without having received
Board approval of such service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· having a direct or indirect financial interest in commissions, transaction
charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising
from the Covered Officer's employment, such as compensation or equity ownership.

Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer's duties to the Funds and his personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the Chief Compliance Officer.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself
or herself with the disclosure requirements generally applicable to the Funds <sup>1</sup> ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent,
or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees,
auditors, counsel, counsel to the Independent Trustees and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate
within his area of responsibility, consult with other officers and employees of the Funds and the investment adviser with the goal of
promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the
SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should use reasonable efforts
to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

<sup>1</sup> Conflicts of interest may arise as a result of family relationships. Accordingly, each Covered Officer should consider such potential conflicts and, if appropriate, familiarize his immediate family members with the Covered Officer's relevant obligations under this Code.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (thereafter as applicable,
upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer that such Covered Officer has received, read and understands
the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm in writing to the
Board that he has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provide full and fair responses to all questions
asked in any Trustee and Officer Questionnaire provided by the relevant Fund (or Funds) as well as respect to any supplemental request
for information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Chief Compliance Officer promptly if he knows of any violation
of this Code or report it anonymously by following the "whistleblower" policies adopted by the Funds' investment adviser
in from time to time. No one will be subject to retaliation because of a good faith report of a suspected violation. Failure to report
is itself a violation of this Code; and.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any employee of the Funds
or their affiliated persons for reports of potential violations that are made in good faith.

The Chief Compliance Officer of the Fund is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Chief Compliance Officer of the Fund is authorized to consult, as appropriate, with counsel to the Fund and Independent Counsel and is encouraged to do so. However, any explicit or implicit waivers<sup>2</sup> sought by a Covered Officer must be considered by the Funds' Audit Committee as described below.

<sup>2</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure form a provision of the code of ethics" and "implicit waiver" as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Chief Compliance Officer will take appropriate
action to investigate any potential violations reported to him or her, which may include the use of internal or external counsel, accountants
or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the Chief Compliance Officer believes that
no violation has occurred, the Chief Compliance Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the Chief Compliance Officer
believes is a violation will be reported to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Audit Committee concurs that a violation has occurred, they will consider
appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to
appropriate personnel of the investment adviser or its board (or such other relevant service provider to the Funds); or a recommendation
to dismiss the Covered Officer as an officer of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Audit Committee will be responsible for granting
waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will,
to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code, unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' investment adviser's and principal underwriter's codes of ethics under 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Appendix A must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees. Any amendments to or waivers under this Code relating to a Covered Officer will, to the extent required by the SEC rules, be disclosed on the Funds' website or in the Form N-CSR.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Independent Trustees and their counsel, the Funds and their counsel and the investment adviser and its counsel.

**VIII.** **Recordkeeping** 

The Funds will maintain and preserve for a period of not less than six years from the date an action is taken, the first two years in an easily accessible place, a copy of the information or materials supplied to the Independent Trustees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) that provided the basis for any amendment or waiver to this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) relating to any violation of this Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIV.** **Internal Use**

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the Code.

Signature:  

Name:

Date:

Revision History

First Eagle Funds and First Eagle Variable Funds

Amended Dates: April 3, 2025; August 14, 2024, June 6, 2024, April 20, 2023; April 3, 2020; December 14, 2016; December 17, 2015; December 12, 2014; December 2008;

Adopted Date: October 5, 2004.

Updated Principal Executive Officer under Appendix A June 30, 2017

First Eagle Credit Opportunities Fund

Amended Date: April 3, 2025; August 14, 2024, June 6, 2024, April 20, 2023;

Adopted Date: September 11, 2020

First Eagle Real Estate Debt Fund

Amended Date: April 3, 2025; August 14, 2024

Adopted Date: June 6, 2024

First Eagle Tactical Municipals Opportunities Fund

Adopted Date: April 3, 2025

First Eagle Global Opportunities Fund

Amended Date: TBD

Adopted Date: September 27, 2022

First Eagle Completion Fund Trust

Adopted Date: June 5, 2025

First Eagle ETF Trust

Adopted Date: December 11, 2025

**Appendix A**

**<u>COVERED OFFICERS</u>**

Principal Executive Officer – Mehdi Mahmud

Principal Financial Officer – Brandon Webster

**<u>CHIEF COMPLIANCE OFFICER</u>**

Seth Gelman

**<u>INDEPENDENT COUNSEL</u>**

Aviva Grossman, Perkins Coie LLP

1155 Avenue of the Americas

New York, N.Y. 10036

Telephone: 212-262-6900

Email: cfrischling@perkinscoie.com

agrossman@perkinscoie.com

**<u>INDEPENDENT COUNSEL to the BOARD VALUATION, ALLOCATION AND LIQUIDITY COMMITTEE of the FIRST EAGLE CREDIT OPPORTUNITIES FUND with respect to its allocation-related activities only</u>**

Nathan Greene, Sidley Austin, LLP

787 7<sup>th</sup> Avenue New York, N.Y. 10019

Telephone: 212-839-8673

Email: ngreene@sidley.com

**<u>FUND COUNSEL</u>**

Nathan Greene, Sidley Austin, LLP

787 7<sup>th</sup> Avenue New York, N.Y. 10019

Telephone: 212-839-8673

Email: ngreene@sidley.com

**<u>FUNDS</u>**

First Eagle Funds

First Eagle Global Fund

First Eagle Overseas Fund

First Eagle U.S. Value Fund

First Eagle Gold Fund

First Eagle Global Income Builder Fund

First Eagle High Yield Municipal Fund

First Eagle Short Duration High Yield Municipal Fund

First Eagle Rising Dividend Fund

First Eagle Small Cap Opportunity Fund

First Eagle Global Real Assets Fund

First Eagle Smid Fund

First Eagle Variable Funds

First Eagle Overseas Variable Fund

First Eagle Core Plus Municipal Fund

First Eagle Credit Opportunities Fund

First Eagle Real Estate Debt Fund

First Eagle Tactical Municipal Opportunities Fund

First Eagle Completion Fund Trust

First Eagle High Yield Municipal Completion Fund

First Eagle ETF Trust

First Eagle US Equity ETF

First Eagle Mid Cap Equity ETF

First Eagle Global Opportunities Fund

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, MEHDI MAHMUD, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Eagle Credit Opportunities Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Mehdi Mahmud |
|  | MEHDI MAHMUD |
|  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, BRANDON WEBSTER, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Eagle Credit Opportunities Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Brandon Webster |
|  | BRANDON WEBSTER |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002**

Name of Issuer: First Eagle Credit Opportunities Fund

In connection with the Report on Form N-CSR for the above named issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Issuer.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Mehdi Mahmud |
|  | MEHDI MAHMUD |
|  | Principal Executive Officer |
| Date: March 6, 2026 | /s/ Brandon Webster |
|  | BRANDON WEBSTER |
|  | Principal Financial Officer |

---