Emery Partners Income Credit Strategies Fund Tender Offer 2026

What this fund is, and who can own it

EPICX is a Delaware statutory trust registered under the Investment Company Act of 1940 as a non-diversified, closed-end fund. It began as a Delaware limited partnership organized on October 20, 2020, converted to a trust on March 14, 2023 and was formerly named SKK Access Income Fund; Emery Partners LLC has managed it since August 1, 2025 (Form N-CSR). It holds interests in private credit and specialty finance funds plus some direct loans, which the annual report groups as specialty finance without a real estate breakdown, and its shares are not traded. Until February 5, 2026 it offered shares only to accredited investors; since then its shares are registered and publicly offered to non-accredited investors too.

This is a tender-offer fund, not an interval fund. An interval fund must make a repurchase offer on a fixed schedule; here the Board decides each time whether to offer at all, and the prospectus says it will consider the adviser’s recommendation of “generally” every six months. For the difference see what an interval fund is and our census of tender-offer funds.

The offer of October 20, 2026

The tender offer of October 20, 2026 expires and prices on December 15, 2026, and cash can arrive up to 65 days later. The terms below are from the Schedule TO-I and its Offer to Purchase.

The dollar figure and the percentage do not match exactly. Five percent of the $80,631,665 of June 30 net assets is $4,031,583, while $4,250,000 is 5.27% of it (our arithmetic). At $10.10 a share, $4,250,000 is 420,792 shares, against 420,940 shares bought in the previous offer (our arithmetic from the final amendment of September 15, 2026). The Offer to Purchase quotes no NAV later than June 30; the only per-share figure in the offer is $10.10 at that date, and a holder can ask the fund for the current NAV at (866) 509-1893.

Rule 13e-4(f)(1) says that accepting “an additional amount of securities not to exceed two percent of the class of securities that is the subject of the tender offer” is not treated as an increase, and the Schedule TO-I cites Rule 13e-4(f)(3) for the same room. Two percent of the 7,979,863 shares is about 159,597 shares, or $1.6 million at $10.10 (our arithmetic). That is room, not a promise: the fund says it decides “in its sole discretion.”

Seven offers, and what changed in the last two

The table is built from each Schedule TO-I and its final amendment. “Days” are our arithmetic from the dates printed in those filings and the EDGAR filing list.

The seven completed offers add to $33,811,892 tendered (our arithmetic), plus $15,362,452 of earlier redemption requests the fund paid in 2023 from the time it was a limited partnership. Four things stand out.

• Everything tendered was taken. The offers for $4,000,000 or $7,500,000 drew up to $364,572 and $342,081 more than offered. The final amendments say the validly tendered shares “were accepted for purchase.” The overage was at most 0.47% of net assets, inside the two percent that paragraph (f)(1) of Rule 13e-4 allows. No pro rata cut appears in the seven final amendments.
• The tender deadline used to be about three months before the price. For the four offers from March 2024 to September 2025 it was 87 to 91 days. A holder who tendered by October 1, 2025 waited until December 31, 2025 for the price. The May 2026 offer and this one price on the deadline itself, so there is no gap between the last day to tender and the price, though the price is still unknown when you decide because NAV is set that day.
• Cash dates are not steady. From the price date to cash the fund took 35 to 63 days in 2023 to 2025, then 7 and 1 days. The new offer’s 65-day allowance is the same wording as in every earlier offer, so the fast payments were a choice, not a rule. See our Dynamic Alternatives Fund page for another small fund whose payment days are in its filings.
• Results arrive late on EDGAR. The final amendment came 77 to 172 days after the deadline (our arithmetic), though the rule calls for “reporting promptly the results of the issuer tender offer.” For the December 15 offer, expect to learn how much was tendered months after the money moves, probably after the 60-day window this page covers.

The prospectus says the deadline “will generally be approximately 90 days prior to the date that the Shares to be repurchased are valued.” That describes the first six offers and not the last two. We cannot say why the calendar changed; the documents do not explain it.

Where the cash would come from

The offer names four sources. The June 30 balance sheet shows how much of each was visible then; four months of subscriptions, distributions and purchases have happened since.

Money market funds and cash, less the June tender still owed, came to $897,650 (our arithmetic), before the $4,445,838 receivable. The December amount is about the same size as the June one, and the offer names four possible sources without saying which it will use. The annual report shows $8,066,510 of shares sold in the year against $8,513,645 repurchased, 95% of the outflow before $1,898,445 of reinvested distributions (our arithmetic). The fund has been selling shares publicly only since February 5, 2026.

The N-CSR lists a redemption frequency and lockup for each private fund. We grouped the 17 lines by the frequency the filing prints.

“None” means the table prints no redemption right for that line, which for some of them is a term-limited fund. It does not mean the money cannot come back through distributions or a sale on the secondary market. The prospectus warns that the fund’s private fund interests carry “lengthy lock-up periods” and that the fund “may need to suspend or postpone repurchase offers” if it cannot sell interests in time. The five largest single lines are SP Credit Fund ($12,444,423), Piratella HM-RPA, LLC ($13,098,773), Treville Credit Fund ($6,237,839), BasePoint Income Solutions Evergreen Fund ($5,750,378) and VICOF II Feeder ($4,031,138); together they are 51.5% of net assets (our arithmetic).

Where the 13.42% came from

The annual report says the fund returned 13.42% in the year to June 30, 2026 against 3.79% for the Bloomberg US Aggregate Bond Index, and 8.21% a year over three years against 4.16%. The shareholder letter credits “current income, loan originations, warrant appreciation, and secondary loan participation purchases at discounts to fair value.” The statements show how the year was built.

Unrealized appreciation was 90% of the year’s increase from operations (our arithmetic), and distributions were 3.7 times net investment income, with 42% of them classed as return of capital. That does not mean anything is wrong: income from the private funds is recognized when they distribute, and the fund reports a $12,760,696 cash inflow from return of capital distributions received. It does mean a holder’s NAV rests on valuations.

Those valuations are of two kinds. The $61,353,394 in private funds is valued at the funds’ own reported NAV, “as of or prior to the relevant Determination Date,” adjusted for later information. The $22,619,456 of loans is Level 3, valued with inputs the fund describes as unobservable: $11,717,096 at a 100% estimated collection probability and $10,902,360 by an income approach with an estimated collection probability of 62-67% and discount rates of 28-48% (N-CSR). Level 3 loans produced $6,216,564 of the year’s unrealized gain, 68% of the $9,078,953 on investments (our arithmetic). Three Brevet loan participations are carried at 2.1 to 2.6 times their listed principal amount: $1,852,158 against $705,115, $6,377,511 against $3,024,622 and $2,672,691 against $1,165,724 (our arithmetic). The filing does not explain the gap, and we do not suggest it is wrong; it is a line to ask the fund about.

What it costs, and who sets the value

The prospectus example puts the cost of $1,000 at $34 in one year and $364 over ten, assuming a 5% return. It says the underlying funds generally charge 0.00% to 2.00% in management fees and about 0% to 20% of net profits. The fund reserves the right to charge a 2.00% early repurchase fee on shares held under one year but says it will give notice first, so none applies today.

Who decides the value matters at tender time. Under Rule 2a-5 the Board named the investment adviser as valuation designee, and the prospectus says the adviser “may face a conflict of interest in valuing investments that lack a readily accessible market value as the value of the assets held by the Fund will affect the compensation of the Adviser.” The 2025 proxy statement says the new adviser is majority-owned by the fund’s chairman and president. Shareholders voted on the transfer on July 25, 2025, and the annual report says the fee rose from 0.65% to 0.85% effective August 1, 2025, with 0.25% waived until January 31, 2026. The board has three trustees, one of them interested. On September 24, 2026 the fund, the adviser and EP Alternatives LP, a private fund the adviser advises, applied to the SEC (File No. 812-16042) to co-invest in deals that the 1940 Act would otherwise restrict. None of the trustees held shares at June 30, 2026.

What a holder can do with this

• If you want out in this window: the form must arrive by 11:59 p.m. Eastern on December 15, 2026, by mail to UMB Fund Services in Milwaukee, by email to ipp.fundfax.fax@umb.com or by fax. The fund says to contact your financial intermediary before submitting. You can withdraw until the deadline, so asking for the current NAV first costs nothing.
• If you tender everything: at an unchanged NAV, a $250,000 position returns at least $237,500 first and up to $12,500 later, with the first payment due within 65 days, by February 18, 2027 (our arithmetic). Plan for the money to arrive as late as February 18, 2027, not on December 16.
• If the offer is oversubscribed: if holders tendered $8,500,000 and the fund held to $4,250,000, each would be paid 50% by value, so a $250,000 request would return about $125,000 (our arithmetic). The fund could instead take about $1.6 million more or extend and enlarge the offer. The filings do not say whether unfilled requests carry over; you would have to tender again in the next offer.
• If you tender part: you must keep at least $25,000. On a $60,000 position the most you can tender is $35,000.
• If you plan to stay: the dates to watch are the December 15 price, any amendment to the offer, the semi-annual report for December 31, 2026 and the next offer, which at the usual spacing of five to eight months would be filed around March to June 2027. That is our reading of the pattern, not an announcement.
• If you are weighing a purchase: you would pay the NAV on the day you buy, face the 3.35% expense table and a $50,000 minimum, and own an interest the fund is not required to buy back.
• Taxes: the offer says a holder who tenders all shares is “treated as having sold” them and generally has a capital gain or loss, while a partial tender “may be treated as having received a taxable dividend.” Our pages on the wash sale rule for tender sales and Form 8949 and Schedule D explain the reporting. Ask a CPA about your own basis.

For the dates of other tender offers closing in the same weeks, see our fourth-quarter 2026 deadline calendar.

FAQ

All figures are from SEC EDGAR filings of CIK 1830926 read on October 30, 2026: the Schedule TO-I of October 20, 2026 (0001398344-26-018440) with its Offer to Purchase, cover letter, Letter of Transmittal, acceptance letter and filing fee exhibit; the Schedules TO-I of April 25 and October 5, 2023, March 4 and September 3, 2024, March 3 and September 4, 2025 and May 1, 2026 (0001387131-23-005144, 0001398344-23-019007, 0001398344-24-005175, 0001398344-24-017142, 0001398344-25-004581, 0001398344-25-017572, 0001398344-26-008073) and their final amendments (0001398344-23-019016, 0001398344-24-006054, 0001398344-24-017686, 0001398344-25-005323, 0001398344-25-018311, 0001398344-26-005458, 0001398344-26-017015); the Form N-CSR for the year ended June 30, 2026 (0001398344-26-016714); the prospectus on Form 486BPOS of October 27, 2026 (0001398344-26-018919); the proxy statement of June 27, 2025 (0001398344-25-012340); the co-investment application of September 24, 2026 (0001398344-26-017389); the EDGAR filing list for the CIK; and 17 CFR 240.13e-4. The last filing on this CIK was a notice of application dated October 30, 2026. Sums, ratios, day counts and the payment and proration examples are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.