Opportunistic Credit Interval Fund (SOFIX): Yieldstreet Merger, Prorated Repurchases, 5.96% Fees

Which “Opportunistic Credit” fund is this?

The search “opportunistic credit interval fund” most likely means the fund that carries exactly that name, the one with the ticker SOFIX. Its registration lists Mount Logan Management, LLC, 650 Madison Avenue, New York, as adviser, and its Class I shares are the only class. Two other SEC-registered funds share part of the name and are not the same thing: GoldenTree Opportunistic Credit Fund (CIK 2052250) and Axxes Opportunistic Credit Fund (CIK 2003867). Our list of interval funds shows all three. SOFIX began operating on July 5, 2022, started with $2.3 million, and reached $37.9 million at September 30, 2023 and $152.96 million at September 30, 2025.

It is also the fund that absorbed the Yieldstreet Alternative Income Fund. The acquired fund’s own semiannual report says the reorganization “was completed on August 24, 2026”. Each Yieldstreet share became 0.80 SOFIX shares at the NAVs of May 22, 2026 (merger proxy prospectus, accession 0001104659-26-078969). The story of that fund, its rationed exits and its higher fees is in our Yieldstreet Prism fund wind-down page; this page is about SOFIX itself.

What the fund owns

The fund’s semiannual report groups its assets by type. At March 31, 2026, as a percent of net assets: bank loans 72.28%, preferred stock 24.19%, common equity 8.65%, corporate bonds 7.31%, a joint venture 3.59%, private investment funds 2.15%, equipment financing 0.76% and asset-backed securities 0.17%. The total is 119.15% because the fund borrows. A year earlier, at September 30, 2025, loans were 70.93% and preferred stock 17.01%, so the preferred and equity sleeve grew from 22.5% to 32.8% of net assets in six months (our arithmetic, adding preferred and common equity).

The Form N-PORT for June 30, 2026 lists 109 positions. Its category codes differ from the report’s asset types, so the table below is our sum of N-PORT position percentages by the filer’s own category code.

Two things stand out. First, CLO exposure is small: two positions, a Man Capital CLO 2021-2R Class ER note (1.41%) and Mount Logan Funding 2018-1 LP (0.16%). This is not a CLO-equity fund. Second, the book is mostly hard to price: 105 of 109 positions carry fair value level 3, which together are 109.4% of net assets, and a further 7.5% carries no level at all (“N/A” in the XML); our counts from the N-PORT XML. Level 3 means the value rests on inputs the fund itself estimates.

The ten largest positions at June 30, 2026 add up to 38.3% of net assets, and the five largest to 20.6% (our sums):

At March 31, 2026 three of the top five (EBSC Holdings, Cor Leonis Limited and an EJF CRT 2024-R1 note) are not among the June top ten, so the largest positions turned over in one quarter. The fund also holds affiliated issuers: the statement of operations reports $223,189 of interest and $185,739 of dividends from affiliated issuers in the six months to March 31, 2026.

Size, NAV and what happened to the money

In the six months to March 31, 2026 investors put $9,555,689 into the fund and took out $15,262,217, which is exactly the sum of the two offers’ amounts repurchased ($7,666,880 plus $7,595,337). The fund therefore shrank by $5.6 million in net assets while paying distributions. In the year to September 30, 2025 it took in $35,985,142 and paid out $30,895,367. A fund that sells new shares to pay for repurchases depends on continuing inflows, which is the same pattern we track for Cliffwater’s fund.

The NAV drift is small: $11.60 at March 31, $11.67 at June 3 and $11.48 at September 2, 2026. The Class I NAV is a daily price at which the fund sells and buys back shares; it moved 1.6% between the June and September notices (our arithmetic). The reports do not explain the September move, and the first filing with audited figures after the merger will be the annual report for the year ending September 30, 2026.

Fees and expenses

The Class I fee table in the January 28, 2026 prospectus (based on the year to September 30, 2025) reads: management fees 1.43%, incentive fees 1.44%, other expenses 1.41%, interest expense on borrowings 0.97%, acquired fund fees and expenses 1.33%, total annual expenses 6.58%, fee waiver minus 0.62%, total after waiver 5.96%. There is no sales load. The base management fee is 1.25% of average daily gross assets, so leverage raises it as a percentage of net assets. The incentive fee has a hurdle of 1.50% a quarter (6% a year) with a catch-up.

On $250,000 invested, 5.96% a year is $14,900 and 6.58% is $16,450 (our arithmetic). The fund’s own ratio for the six months to March 31, 2026 was 5.37% gross and 4.65% net of all waivers, annualized.

The waivers are limited and conditional. The adviser has capped management fees plus ordinary operating expenses at 2.50% of average net assets. The prospectus says that cap runs “until at least February 1, 2027”, while the March 2026 semiannual report says “until at least February 1, 2028”. The adviser can recoup waived amounts for three years. The cap does not cover incentive fees, borrowing costs or acquired-fund fees, which are 3.74 points of the 6.58% in the table (our arithmetic: 1.44 + 0.97 + 1.33).

In the merger prospectus the combined fund is projected at 1.51% management, 1.69% incentive and 1.25% interest, a total of 6.25% or 6.17% after waiver for the year ending September 30, 2027. That is a projection, not a result.

Quarterly repurchase offers, every one on file

SOFIX is an interval fund. Its prospectus says “the Fund’s quarterly repurchase offers are a shareholder’s only means of liquidity with respect to his or her shares”, and a September 16, 2026 supplement says shares may be transferred only by operation of law or by the holder of record on delivery of a transfer instrument. Each notice offers to buy “up to five percent (5%)” of Class I shares at NAV, with no repurchase fee, and says that if holders tender more than 5% the fund “may, but is not required to” buy up to 2% more, and otherwise prorates. Rule 23c-3 is explained on our interval fund page.

How to read it. The first seven offers, from September 2022 to March 2024, bought back at most $1.41 million each, and three of them bought nothing. Then the amounts stepped up: $6.4 million in July 2024, $4.6 million, $7.6 million, $7.8 million and $11.0 million in July 2025. The annual report to September 30, 2025 says “three of the quarterly repurchase offers were oversubscribed such that pro-ration was required”, and the semiannual report to March 31, 2025 names only the December 2024 offer. By elimination the March and July 2025 offers are the other two (our reading; the report does not list them). For the offers closing October 10, 2025 and January 9, 2026 the semiannual report says “each of the quarterly repurchase offers were oversubscribed such that pro-ration was required.”

The reports do not say how many shares were tendered, so the size of the proration is unknown. One check is possible: 659,233 shares bought in the October 2025 offer is 5.01% of the 13,153,928 shares outstanding at September 30, 2025 (our arithmetic). That is the 5% the notice offered, with no use of the extra 2%.

Results for the offers that closed April 10, July 10 and October 9, 2026 will appear in the annual report for the year ending September 30, 2026. In the last four years the annual report was filed between December 5 and December 9.

Distributions and return of capital

Per share, the fund distributed $1.27 in the year to September 2023 (all from net investment income), $1.10 in the year to September 2024 ($0.94 from net investment income and $0.16 return of capital), $1.00 in the year to September 2025 ($0.99 and $0.01) and $0.50 in the six months to March 31, 2026 ($0.47 and $0.03). Return of capital was 14.5% of the 2024 distribution, 1.2% of the 2025 dollars ($162,272 of $13,102,842) and 5.1% in the latest six months ($323,653 of $6,329,108), all our arithmetic. For tax year 2025 the fund reported $12,940,571 as ordinary income and none as long-term capital gain.

At the $11.63 NAV of September 30, 2025, $1.00 a share is a payout of about 8.6% (our arithmetic). The fund’s net investment income ratio was 8.16% annualized in the latest period. The prospectus warns that distributions may be paid from offering proceeds or borrowings and “may constitute a return of capital”.

Leverage

The fund can borrow up to 33% of its assets (net assets plus borrowing). It has a US Bank revolving facility whose size was raised to $75 million on July 18, 2025. Borrowings were $14.46 million at September 30, 2025, $31,998,738 at March 31, 2026 (average stated rate 5.35%) and $36,956,307 at June 30, 2026 per Form N-PORT, about 21.7% and 26.3% of net assets (our arithmetic). The N-PORT filed for March 31, 2026 shows $27,998,738 of bank borrowings against $31,998,738 in the semiannual report; we use each filing’s own figure and do not know the reason for the $4.0 million difference.

What may change

On September 21, 2026 the fund and its adviser asked the SEC for an exemptive order that would let them “issue multiple classes of shares” and impose early withdrawal charges and asset-based distribution or service fees on certain classes. The fund has one class today and no repurchase fee. The application is a request, not a granted order.

What a reader can do with this

• If you hold SOFIX through an adviser or platform: repurchase requests go in during the window in each quarterly notice and can be withdrawn until 4:00 p.m. Eastern on the deadline. The last two reported offers were prorated, so a full exit may take more than one window.
• If you are weighing a purchase: the Class I minimum is $1,000,000, which the fund or adviser can waive, and the fee table above, the Level 3 share of the book and the history of prorated offers are the three numbers to put next to the 8.16% income ratio.
• If you came from Yieldstreet: your shares were exchanged at 0.80 SOFIX shares per share, the fee table is higher than the fund you left, and the page on that wind-down has the comparison.
• What to watch next: the annual report for the year ending September 30, 2026 (results of the April, July and October 2026 offers, first audited figures after the merger) and the next Form N-23C-3, which in past years was filed between December 11 and December 15.

FAQ

Sources, read and saved on November 11, 2026: Opportunistic Credit Interval Fund (CIK 1907437) Form N-23C-3 notices of September 2022 to September 2026 (17 notices, one amended); Form N-CSR for fiscal 2022 to 2025 (0001398344-22-024424, 0001398344-23-022569, 0001398344-24-022945, 0001398344-25-022053); Form N-CSRS of June 2023, 2024, 2025 and June 9, 2026 (0001398344-26-010621); prospectus Form 486BPOS of January 28, 2026 (0001398344-26-001494) and supplements 424B3 of August 27 and September 16, 2026; merger proxy statement and prospectus 424B3 of June 30, 2026 (0001104659-26-078969); Form 40-APP of September 21, 2026 (0001398344-26-017252); Form N-PORT for March 31 and June 30, 2026 (0001049169-26-001537, 0001049169-26-002356); and the Yieldstreet Alternative Income Fund Form N-CSRS of September 4, 2026 (0001104659-26-105275). This is analysis of public documents, not investment, legal or tax advice.