First Trust Private Credit Fund (FTPCX) · NASDAQ:FTPCX
First Trust Private Credit Fund (FTPCX) — First Trust Private Credit Fund — Investor Presentation (October 2026)
26 slides from First Trust Private Credit Fund (FTPCX)'s investor presentation, October 2026
Slide 1: FTPCX First Trust Private Credit Fund
FTPCX First Trust Private Credit Fund CLASS I SHARES 3RD QUARTER 2026 FOR INSTITUTIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
Slide 2: Our Flagship Private Credit Fund (FTPCX)
OUR FLAGSHIP PRIVATE CREDIT FUND (FTPCX) Any Client Accreditation Spectrum Qualifications Liquid Alternatives Registered Alternatives Private Asset Platform First Trust Merger Arbitrage Fund: First Trust Private Credit Fund: Private Equity VARBX Liquidity Spectrum FTPCX First Trust Multi-Strategy Fu
Slide 3: FTPCX Fund Highlights
FTPCX FUND HIGHLIGHTS 1.72% Historical Volatility Low volatility profile Annual 8.50% distribution policy1, paid monthly (effective May 1, 2026) ordinary investment income (net of fees & expenses) Floating rate2 lack of interest rate duration (effective duration of ~0.5 years) Attractive income pote
Slide 4: FTPCX Fund Terms
FTPCX FUND TERMS Offered through an Interval Fund with a simplified subscription process: Purchase Click To Buy Tender Offer1 Quarterly Minimum Investment $1,000 Paperwork None Accreditation Requirements None Capital Calls None Tax Treatment 1099 Assets Under Management2 $451 Million While FTCM has
Slide 5: FTPCX Portfolio Construction
FTPCX PORTFOLIO CONSTRUCTION Investing beyond middle-market direct lending… We employ a balanced, multi-sector approach to private credit (utilizing 4 sectors): Portfolio Composition Weighting Sector Allocations Weighting Spread (bps)* ■ Direct Lending 34% +650 18% 34% 6% ■ Structured Credit 42% +92
Slide 6: 4 Core Sectors of Private Credit
4 CORE SECTORS OF PRIVATE CREDIT FTPCX Sectors Sponsor Partners Our Differentiated Approach • Self-originated, directly-negotiated loans – bespoke structuring and less competition. Direct Lending Fortress • Avoid the broadly-syndicated, PE-sponsored deals – competitive market won/lost on pricing. (3
Slide 7: Sector 1: Direct Lending
SECTOR 1: DIRECT LENDING What is Direct Lending? Direct lending involves extending financing to companies across industries and borrower profiles that are unable to access traditional sources of lending (from banks). Our approach within the space focuses on privately-negotiated direct loans as oppos
Slide 8: Case Study: Direct Lending (DL)
CASE STUDY: DIRECT LENDING (DL) Business Overview - BYOMA, founded in 2022, is a masstige skincare brand know for its clinically supported formulas and simplified five-step routine designed to strengthen the skin barrier. - BYOMA offers affordable skincare products with quality and design in mind an
Slide 9: Sector 2: Structured Credit
SECTOR 2: STRUCTURED CREDIT What is Structured Credit? FTPCX allocates to both mezzanine and junior CLO tranches in the structured credit exposure. Collateralized Loan Obligations (CLOs) enable us, as investors, to incorporate mid/large company lending through securitized credit, with superior risk-
Slide 10: Case Study: Structured Credit (CLOs)
CASE STUDY: STRUCTURED CREDIT (CLOs) Sponsor Overview* - FTCM partnered with a high-quality credit fund & CLO manager, which has managed CLOs for over 20 years. The team manages over $15 billion in total capital across its various CLOs. - The sponsor has extensive in-house restructuring expertise th
Slide 11: Sector 3: Asset-Based Lending
SECTOR 3: ASSET-BASED LENDING What is Asset-Based Lending? Asset-based lending involves originating loans to corporations that require highly flexible financing during periods of company stress, with an acute focus on collateral underwriting and principal protection. Weighting Our Approach to Asset-
Slide 12: Case Study: Asset-Backed Lending (ABL)
CASE STUDY: ASSET-BACKED LENDING (ABL) Business Overview - Star Entertainment Group (Star) is an Australian hospitality & leisure operator with locations in Sydney, the Gold Coast, and Brisbane. - Historically, Star has generated meaningful cash flow due to its large market position but ran into ope
Slide 13: Sector 4: Opportunistic Credit
SECTOR 4: OPPORTUNISTIC CREDIT What is Opportunistic Credit? Opportunities that arise due to market dislocations or special situations. FTPCX allocates a mix of relative value and opportunistic credits, an example is Bank Regulatory Capital Relief Trades (“Reg Cap”). What is Bank Regulatory Capital
Slide 14: Case Study: Opportunistic Credit (Reg Cap Trade)
CASE STUDY: OPPORTUNISTIC CREDIT (REG CAP TRADE) SRT/Reg Cap Trade Overview - Large multi-national banks have lending relationships with companies across a range of sectors and industries. - Since a bank carries risk for the loans on its balance sheet, it must hold a capital reserve which may restra
Slide 15: FTPCX Performance Summary
FTPCX PERFORMANCE SUMMARY Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Strategy Performance Summary (5/6/22 – 9/30/26) 2026 0.50% -0.27% -0.28% 1.04% 0.74% 0.10% 1.02% 1.02% 0.71% 4.68% Annualized Return 8.28% 2025 0.78% 0.64% 0.55% -0.64% 1.24% 1.34% 1.14% 0.74% 0.54% 0.84% 0.44% 0.18% 8.07%
Slide 16: FTPCX Performance (%) as of 9/30/2026
FTPCX PERFORMANCE (%) AS OF 9/30/2026 Since Fund Total Expense Net Expense Net Asset Value (NAV)* 3 Month YTD 1 Year 2 Year 3 Year 5 Year Inception Ratio Ratio1 FTPCX – Class I Shares 2.78 4.68 6.22 7.44 8.64 - 8.28 2.99 2.64 Index Performance** iBoxx Liquid High Yield Index USD -1.88 -0.07 1.40 4.3
Slide 17: Private Credit: Market Opportunity & Strategy Characteristics
Private Credit Market Opportunity & Strategy Characteristics FOR INSTITUTIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
Slide 18: Historical Returns vs. Traditional Fixed Income Indices
HISTORICAL RETURNS VS. TRADITIONAL FIXED INCOME INDICES Private credit may offer more attractive annualized total returns, while also having the highest return/risk profile when compared to other fixed income benchmarks. Years Private Credit (%) 1 Month Treasury (%) 3 Year Treasury (%) Global High-Y
Slide 19: Private Credit During Rising Interest Rate Periods
PRIVATE CREDIT DURING RISING INTEREST RATE PERIODS Average Annualized Returns During Rising Interest Rate Environments1 Private credit has historically outperformed traditional fixed income assets Private Credit 8.47% during the rising interest rate periods shown below. Leveraged Loans 3.93% Global
Slide 20: Private Credit Positioned to Meet Financing Demand
PRIVATE CREDIT POSITIONED TO MEET FINANCING DEMAND As traditional financing channels have become less willing to issue debt, demand for private debt in the U.S. has consistently been on the rise. Private credit investors are now able to access a higher quality of borrower, while also utilizing the i
Slide 21: Private Equity Sponsors Meet Private Lenders
PRIVATE EQUITY SPONSORS MEET PRIVATE LENDERS Well-capitalized private equity sponsors are looking for lenders to work with to deploy their capital. 350 300 250 Billions ($) 200 Private Equity (PE) Fundraising PE fundraising has grown since 2010, leading to increased demand 150 from PE sponsors for f
Slide 22: Looking Forward: Private Credit
LOOKING FORWARD: PRIVATE CREDIT Current secular trends have created a scalable, idiosyncratic opportunity set within private credit. Demand for Capital Scalability Idiosyncratic Lack of Competition With traditional lenders having Although the private credit market Private credit opportunities
Slide 23: Potential Beneficial Factors of Private Credit
POTENTIAL BENEFICIAL FACTORS OF PRIVATE CREDIT Together, we believe the below factors have contributed to lower loss rates in private credit relative to public corporate credit. Private Credit Senior Loans High-Yield Bonds • Floating-rate private loans have duration risk that’s effectively zero wher
Slide 24: Where FTPCX Might Reside in a Portfolio
WHERE FTPCX MIGHT RESIDE IN A PORTFOLIO We believe investors may benefit from exposure to the Fund within a diversified portfolio. Low risk > High risk Highly liquid Cash Fixed Income Global The Fund’s income focus, risk profile and differentiated portfolio holdings could potentially Core Equity be
Slide 25: Risk Considerations
RISK CONSIDERATIONS You should consider a fund’s investment objectives, risks, and charges and expenses carefully before investing. Contact First Trust Capital Management at 1-800-988-5196 or visit www.firsttrustcapital.com to obtain a prospectus, which contains this and other information about a fu
Slide 26: Contact Us
Contact Us 1-800-988-5196 | www.firsttrustcapital.com FOR INSTITUTIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
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