Calamos Aksia Alternative Credit & Income Fund (CAPIX) 2026

What CAPIX is: an interval fund, with Aksia as sub-adviser

The fund started operations on June 8, 2023. Calamos Advisors LLC is the investment adviser and Aksia LLC is the sub-adviser. The book is mostly corporate loans: they were 88.0% of net assets at March 31, 2026, with another 18.9% in private investment funds, and total investments of 113.6% of net assets because the fund borrows. Its annual letter says it had invested in 176 investments and that “CAPIX has surpassed $1.2 billion in AUM”.

The structure matters more than the brand. The prospectus supplement of July 29, 2026 describes the fund as an “unlisted closed-end fund” structured as an interval fund: you cannot sell shares on an exchange or redeem daily, only tender them in the quarterly offers described below. It is sometimes labeled a BDC; the practical difference is that a BDC tender is a board decision each quarter while an interval fund has a standing duty to make the offer. The same structure is covered across the market in the list of interval funds, and the Cliffwater interval fund page shows how another large one behaved in the same March 2026 offer window. The sister funds, Calamos Aksia Private Equity & Alternatives (CIK 2047442) and Hedged Strategies (CIK 2063706), are separate registrants and are not covered here.

The two filings of October 7, 2026: who holds 7.5% to 7.7% of the fund

Two filings arrived the same day on the same shares. They are easier to read side by side.

Both use 126,597,703.78 Class I shares outstanding on October 2, 2026 as the base (the arithmetic gives 7.53% and 7.73%). The 13D explains the chain: K-Multi CAPIX Fo1, LP is a Cayman Islands partnership; its general partner is K Multi Fo1 GP LP, whose general partner is Aksia LLC; Mr. Vos is Aksia's managing member. It also says he “has served as a vice president and director of the Issuer since January 24, 2023”, and the annual report lists Jim Vos as a trustee since inception and an interested person of the fund because of his affiliation with Aksia. So the person filing the long form sits on the board, which is probably why a separate 13D was filed in his name rather than only the 13G. The filings do not explain the choice of forms; that reading is ours.

The 13D lists every acquisition, and the five add up to the whole position:

The five lines sum to 9,527,838.791 shares, the number reported (our sum). So K-Multi held nothing before May 29, 2026, and the filing says the purchases were made “using fund assets.” That is two cash purchases of about $50.3 million and $49.3 million, roughly $99.7 million together at NAV (our arithmetic). The 13D does not say why.

What it means for a holder, in order of importance:

• It is not a takeover filing. The 13D says the filer “does not have any present plans or proposals” of the kinds listed in the form. It also keeps the standard option to “engage in discussions with management, the board of the Issuer and other securityholders” and mentions mergers or take-private deals, language that sits oddly with shares that are not listed on any exchange. Treat it as boilerplate, not as a plan.
• It is new money from the sub-adviser's side, bought at NAV. That is a signal of confidence, and it also ties Aksia to the fund in a second way. Aksia earns a 0.625% sub-advisory fee paid out of the adviser's 1.25%, and at March 31, 2026 the fund itself held $76.3 million, 7.1% of net assets (our arithmetic), in six private funds that Note 11 of the annual report says are “advised or sponsored by the Sub-Adviser.” Holders should know Aksia sits on several sides of the table.
• A holding this size can by itself fill the offer. 5% of 126.6 million shares is 6.33 million, and 7% is 8.86 million; K-Multi holds 9.53 million (our arithmetic, using today's share count as the base). If any holder of that size tendered everything in a single quarter, its request alone would exceed the 5% offer and the extra 2%, and everyone else would be prorated. Nothing in the filings says K-Multi intends to tender. It is a concentration fact, and it is why the adviser's own wealth arm, next, matters too.

A second 5% holder: the adviser's wealth arm

Calamos Wealth Management LLC, an investment adviser at the same Naperville address, has filed a Schedule 13G since mid-2024 for shares it manages for its clients. Its latest amendment (accession 0001104659-26-080629, event date June 30, 2026) shows 10,345,060 Class I shares, 9.1%. Its stated stake has moved as follows:

The filing says Calamos Wealth Management's advisory clients have the right to the dividends and sale proceeds and that none of them has an economic interest above 5%. So this is many clients, not one owner. The percentage fell while the fund grew, and the June 2026 reading is the lowest of the seventeen amendments from October 2024 to June 2026 that we compiled. Counting the two stakes together, about 19.9 million shares, roughly one share in every six on the October 2 count (our sum; the two counts are dated June 30 and October 1).

Eleven offers completed, one paid in June, one closed September 1

The percentage is of shares outstanding. Through fiscal 2025 the annual reports print Class I only; from fiscal 2026 they also print the total across all classes. Class I is about 99% of the fund's net assets ($1,060,185,686 of $1,068,471,094 at March 31, 2026, our arithmetic).

For ten of eleven completed offers the fund bought less than its 5% offer. March 2026 is the break: 7.00% across all classes against a 5% offer, which means the fund used the whole 2% extra that the rules allow. The annual report does not print the number of shares tendered, so whether holders were prorated is not public. The fiscal 2026 total was $144,015,799 repurchased across all classes; in Class I alone the cost of shares repurchased was $143,376,725 against $18,087,321 in fiscal 2025. Adding the offers through June 2026, the fund has repurchased about $222.4 million since it began (our sum of the N-CSR and N-PORT figures), against $672.5 million of Class I shares sold in fiscal 2026 alone.

The notices for the 2026 offers each offered up to 5%. The May 1, 2026 notice ran to June 1, 2026, and the July 31, 2026 notice to September 1, 2026. Each notice carries the warning that “There can be no assurance that the Fund will be able to repurchase all the shares that you tender even if you tender all the shares that you own.” Payment is due within seven calendar days of the pricing date. On the fund's pattern (a notice on October 31, 2025 for a December 1, 2025 deadline), the next notice should arrive around the end of October 2026. The September offer's result will appear first in Form N-PORT for September 30 and then in the semiannual report for the six months to September 30, 2026.

June 2026: the first offer after the 7.00% quarter

Form N-PORT reports monthly share flows for the last month of each quarter's three, and the June 30 filing (accession 0001410368-26-087871, filed August 27, 2026) is the only public record so far of the June 1 offer:

Quarterly sales and redemptions are our sums of the three monthly figures in each filing; the redemptions match the annual report within $217 for each of the four offers it covers. June's redemptions of $58.3 million were about 4.9% of June 30 net assets (our arithmetic; the fund's own percentage is not filed). Within June, sales were $103.2 million, against $41.2 million in May. K-Multi's 13D purchase of about $50.3 million is dated May 29, three days before the June 1 deadline; the filings do not say in which month it was booked or whether the two events are connected. Net flows stayed positive, and borrowings fell by $40 million in the quarter as the credit facility commitment was raised to $400 million on April 23, 2026.

N-PORT net assets of $1,075.7 million for March 31, 2026 differ from the audited $1,068.5 million in the annual report. N-PORT is unaudited; we show each figure with its source.

NAV per share: $10.73 to $10.51 in eighteen months

Each repurchase notice states the Class I NAV a few days before it is sent. NAV per share started at $10.00 on June 8, 2023.

The peak in these notices is $10.73 on January 24, 2025; the latest is $10.51, down 2.1% (our arithmetic). The 13D prices K-Multi's reinvestments at $10.49 in June and July and its October 1 purchase at $10.53, which is consistent with a NAV near $10.5 since the spring. A flat-to-lower NAV does not mean a flat return: Class I returned 8.33% at NAV in the year to March 31, 2026, 11.71% the year before, and the shareholder letter says 10.94% a year since inception. The difference is the monthly distribution. The distribution has been monthly since August 15, 2024 and quarterly before that.

Does income cover the distribution?

Net investment income per share covered 84% of the distribution in fiscal 2025 and 85% in fiscal 2026 (our arithmetic). In dollars, the fund booked $67.2 million of net investment income and distributed $78.4 million in fiscal 2026. Of that $78.4 million, $5,483,980 was return of capital (our sum of the four classes). The tax-year figures for the year ended September 30, 2025 show the same pattern: $5,325,968 of $52,152,860 was return of capital. The fund does not publish a distribution rate in the reports we read; $1.01 on a $10.53 NAV is 9.6% (our arithmetic). Return of capital is not a loss in itself, but it means part of what you received was your own money, and the fund's prospectus says that distributions funded by expense reimbursements “are not based on the Fund’s investment performance”.

Share classes, minimums and what you pay

For every class the investment management fee is 1.25% a year of average daily net assets, and Aksia's 0.625% sub-advisory fee is paid by the adviser out of it. The fee note in the annual report lists no incentive fee. On top of the 1.25%, an expense limitation agreement runs until at least July 31, 2027: the advisers reimburse other fund expenses above 0.25% of the class's average net assets, which holds the Class I expense ratio without leverage at 1.50%. Leverage costs are outside the cap. Class I all-in expenses were 2.43% after waivers and 2.60% before, with $6,368,041 of interest and fees on the credit facility in the year. Waivers and absorbed expenses were $1,405,212 in fiscal 2026, and $3,420,817 is potentially recoverable by the advisers within 36 months ($589,825 expiring between June 2026 and March 2027, $1,425,780 the next year and $1,405,212 the year after). Recovery comes out of future income. The private funds the portfolio holds charge their own fees, “a management fee of 0.5% to 1.5%” and incentive fees typically of 0% to 15% of profits according to the prospectus, none of which the cap covers.

What $1.2 billion holds

Loans first. At March 31, 2026 corporate loans were 88.0% of net assets, private investment funds 18.9%, investment companies and ETFs 2.2%, preferred stock 1.6% and short-term investments 1.9%, on a total of 113.6% of net assets. The largest sectors in the loan book were:

Software is 9.5% in loans and another 1.3% in preferred stock, which fits the letter's claim of “limited software exposure” of under 11%. The letter, written in the weeks of the evergreen-fund redemption wave, says that media headlines about software “have led to a wave of outflows from registered evergreen funds” and claims low leverage of 12% debt to equity, an average spread over 6%, an average loan-to-value of 46% and 89% first-lien exposure. Those are the fund's descriptions; the audited figures we can add are the credit facility ($150 million drawn at March 31, 2026 and $110 million at June 30; $400 million commitment since April 23, 2026; SOFR plus 2.25%; 6.40% weighted average rate in fiscal 2026) and the 300% asset coverage the 1940 Act requires. The $150 million drawn at March 31 was 14.0% of net assets (our arithmetic).

Defaults on the latest N-PORT. The June 30, 2026 filing flags six positions as in default. They are loans to three borrowers: Norvax (three loans, fair value $1,027,407, $3,519,082 and $1,055,717), Novel Mezzanine Borrower ($4,869,737) and First Brands Group (a debtor-in-possession roll-up loan at $8,818 and a DIP term loan at $463,784). The six together are $10,944,546, or 0.92% of net assets (our sum). The March 31, 2026 N-PORT flagged none, although the annual report footnotes First Brands loans as in bankruptcy at that date. This is a small slice of the book, but it is where the fund's valuations will be tested first. For a wider view of how private credit funds are marking such positions, see the private credit redemptions tracker and the comparison of evergreen funds.

Aksia-advised holdings. Note 11 lists six private funds the Sub-Adviser advises or sponsors: ICG European Direct Lending X SCSp ($18.6 million), Lyric-Pineapple Feeder LP ($17.9 million), Pimlico Partners, L.P. ($12.7 million), Secfi Matterhorn Fund I, L.P. ($11.6 million), Limerick Succession Aggregator LP ($10.5 million) and RXR Park Row Aksia JV LLC ($5.0 million), $76.3 million in total.

What a holder can do with this

• If you want out: tender during the next window, through your adviser or platform, and ask what proration did in the last two. Withdrawals are allowed until the deadline. Class C shares held under 365 days pay a 1.00% charge.
• If you hold Class I through an adviser: the number to watch is the percentage repurchased in the offer that closed September 1, 2026, due in the next filings. A quarter at or above 7% would mean the March figure was not a one-off.
• If you are considering buying: a NAV that has drifted down while the payout exceeds net investment income, and a pool in which two holders each own more than the 5% offer, are the two facts the filings add this week. Neither is a reason by itself; both are things to ask about.
• To track the fund: amendments to the 13D and 13G, and the frequent Calamos Wealth Management 13G/A, will show whether either holding changes. The next repurchase notice should land around October 31.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

All figures are from the fund's SEC filings read on EDGAR on October 8, 2026: the annual reports on Form N-CSR for the years ended March 31, 2024, 2025 and 2026 (accessions 0001104659-24-069062, 0001104659-25-056754 and 0001104659-26-070842) and the semiannual reports for the periods ended September 30, 2023, 2024 and 2025; thirteen Form N-23c-3 repurchase notices (August 2023 to July 2026); the prospectus supplement of July 29, 2026 (Form 486BPOS, accession 0001104659-26-088027); thirteen Form N-PORT reports from June 2023 to June 2026, the latest accession 0001410368-26-087871; the Schedule 13D (accession 0001104659-26-114474) and Schedule 13G (accession 0001104659-26-114475) of October 7, 2026; and the Calamos Wealth Management Schedule 13G and 13G/A filings from 2024 to 2026. The number of shares tendered in each offer is not disclosed in these filings. Sums, ratios and the 2.1%, 85% and 0.92% figures are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.