DISCLOSURES 
The opinions expressed are not necessarily those of the firm and are subject to change based on market and other conditions. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any security. Past performance does not guarantee future results. 

Risk Disclosures: 

All investments involve the risk of loss of principal.

There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates.

Diversification does not guarantee investment returns and does not eliminate the risk of loss.

Alternative investments can be speculative and are not suitable for all investors. Investing in alternative investments is only intended for experienced and sophisticated investors who are willing and able to bear the high economic risks associated with such an investment. Investors should carefully review and consider potential risks before investing. Certain of these risks include: 

• Loss of all or a substantial portion of the investment;

• Lack of liquidity in that there may be no secondary market or interest in the strategy and none is expected to develop; 

• Volatility of returns; 

• Interest rate risk; 

• Restrictions on transferring interests in a private investment strategy; 

• Potential lack of diversification and resulting higher risk due to concentration within one of more sectors, industries, countries or regions; 

• Absence of information regarding valuations and pricing; 

• Complex tax structures and delays in tax reporting; 

• Less regulation and higher fees than mutual funds; 

• Use of leverage which magnifies the potential for gain or loss on amounts invested and is generally considered a speculative investment technique and increases the risks associated with investing in the strategy;

• Below investment-grade loans which may default and adversely affect returns.

Definitions: 

A credit rating—as used by S&P Global Ratings and Fitch Ratings—is an investment grade rating on a bond considered to have a strong capacity to meet its financial commitments but that is somewhat susceptible to adverse business, financial and economic conditions. The equivalent rating from Moody’s Investors Service is A.

AA credit rating—as used by S&P Global Ratings and Fitch Ratings—is an investment grade rating on a bond considered to have a very strong capacity to meet its financial commitments. The equivalent rating from Moody’s Investors Service is Aa.

AAA credit rating— as used by S&P Global Ratings and Fitch Ratings—is an investment grade rating on a bond considered to have an extremely strong capacity to meet its financial commitments. The equivalent rating from Moody’s Investors Service is Aaa.

Alpha is the excess return of an investment relative to a comparative market index or other broad benchmark.

Asset-backed securities (ABS) are debt securities whose payments of principal and interest are backed by the cash flow generated by pools of income-producing credit assets.

Asset-based lending (ABL) is corporate borrowing supported by specific assets of the borrower rather than its cash flows.

B credit rating— as used by S&P Global Ratings and Fitch Ratings—is a speculative-grade rating on an issue considered more vulnerable to adverse business, financial and economic conditions but currently with the capacity to meet its financial commitments. The equivalent rating from Moody’s Investors Service is B2.

BB credit rating— as used by S&P Global Ratings and Fitch Ratings—is a speculative-grade rating on a bond considered less vulnerable in the near term but that faces major ongoing uncertainties to adverse business, financial and economic conditions. The equivalent rating from Moody’s Investors Service is Ba2.

BBB credit rating— as used by S&P Global Ratings and Fitch Ratings—is an investment grade rating on a bond considered to have adequate capacity to meet its financial commitments but that is more susceptible to adverse business, financial and economic conditions. The equivalent rating from Moody’s Investors Service is Baa.

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 debt obligations (CDOs) are securitizations backed by cash flows from pools of bonds, loans or other securitizations.

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

Commercial mortgage-backed securities (CMBS) are securitizations backed by cash flows from pools of mortgages on commercial properties.

Credit-default swap indexes (CDX) are tradable baskets of single-name credit-default swaps.

Credit-default swaps (CDS) are derivative contracts that transfer the default risk of a particular fixed income security from the swap buyer to the seller in exchange for a fee.

Credit ratings are assessments provided by a nationally recognized statistical rating organization (NRSRO) of credit worthiness of an issuer with respect to debt obligations, including specific securities, money market instruments, or other bonds. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated (NR) indicates that the debtor was not rated and should not be interpreted as indicating low quality.

Credit-risk transfer (CRT) securities are synthetic securitizations that reference the credit risk of a designated group of mortgage loans guaranteed by Fannie Mae and Freddie Mac.

Fannie Mae is a government-sponsored enterprise that buys home mortgages from larger commercial banks and packages them into securities that are sold to investors. Fannie Mae guarantees the payment of principal and interest on the underlying mortgages, but the securities it issues are not backed by the full faith and credit of the federal government.

Freddie Mac is a government-sponsored enterprise that buys home mortgages from smaller commercial banks and credit unions and packages them into securities that are sold to investors. Freddie Mac guarantees the payment of principal and interest on the underlying mortgages, but the securities it issues are not backed by the full faith and credit of the federal government.

Moody’s Investors Service is a nationally recognized statistical rating organization (NRSRO) that assesses the creditworthiness of an issuer with respect to debt obligations. Ratings are measured on a scale that generally ranges from Aaa (highest) to RD (lowest); ratings are subject to change without notice.

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.

Residential mortgage-backed securities (RMBS) are securitizations backed by cash flows from pools of mortgages on residential properties.

S&P Global Ratings is a nationally recognized statistical rating organization (NRSRO) that assesses the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments, or other bonds. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.

Structured credit is a financial instrument that pools together groups of similar, income-generating assets.

A tranche is a portion of a securitized debt instrument that stratifies credit risk based on seniority.

FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy or product.

First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. Napier Park is the brand name of a subsidiary investment adviser engaged in the alternative credit business. 

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