PIMCO Flexible Credit Income Fund (PFLEX) Repurchases: Requests Hit 4.83% in May 2026 and NAV Fell to $6.61

What PFLEX is, in one paragraph

PIMCO Flexible Credit Income Fund is a credit fund sold to individual investors through advisers and brokers in five share classes (Institutional PFLEX, plus A-1 to A-4), all at the same NAV. It started on February 22, 2017 and invests across public and private credit; at June 30, 2026 its allocation was 28.3% loans, 19.8% non-agency mortgage-backed securities, 17.1% corporate bonds and 13.0% asset-backed securities. Net assets were $4.42 billion at June 30, 2026, up from $3.60 billion a year earlier. It is an interval fund: it “currently expects to conduct quarterly repurchase offers for 5% of their outstanding Common Shares under ordinary circumstances,” at NAV. Unlike a non-traded BDC such as BCRED, whose tender offers are decided quarter by quarter, the offer is a standing requirement of the interval fund rule; what the fund decides is whether to buy more than 5% when asked.

Twelve offers, with what holders asked

From the repurchase tables in the fund's annual reports. Unlike many interval funds, PIMCO reports the shares tendered, so the table shows demand, not just what was bought. Percentages are of all shares outstanding; all classes are one pool.

2023 was the squeeze. In August and November 2023 the fund bought 6.80% of its shares, the 5% offer plus most of the extra 2%, and still could not fill every request: holders tendered about 7.2% and 8.6% of the fund (our arithmetic from the shares and percentages reported). The year before was similar: in the fiscal 2023 offers the Institutional Class alone had 5.88%, 7.80%, 6.47% and 7.73% of its shares repurchased. The February 2024 line prints more shares repurchased (20,981,017) than tendered (19,517,119); we reproduce it as filed.

Since August 2024 every request has been paid in full, and requests fell to 2.36% by May 2025. Then they turned: 3.81% in November 2025 and 4.83% in May 2026, the highest since May 2024 and the closest to the 5% line since the fund stopped prorating. The August 5, 2026 offer will be in the semiannual report for December 31, 2026, due around March 2027; the September quarter's Form N-PORT, due by late November, will show its size in dollars.

When can you sell PFLEX: the current offer

PIMCO files one joint Form N-23C-3 for its four interval funds each quarter. The offer that is open now runs from October 2 to November 5, 2026, for up to 5% of PFLEX shares, at the NAV on the pricing date, which is expected to be the deadline itself. What the notice says matters:

• The fund will repurchase “on a pro rata basis” if holders tender more than it is entitled to buy, but it may accept in full holders “who own less than one hundred (100) Shares and who tender all of their Shares.”
• “The Funds will not charge a repurchase fee,” but an early withdrawal charge may apply to certain Class A-2 and A-4 shares repurchased within 12 months of purchase, and an intermediary may charge a transaction fee.
• Payment is expected “within three (3) business days after the Repurchase Pricing Date.” And “Any repurchase of shares by the Funds pursuant to this repurchase offer is a taxable event.”

The offer windows have run 30 to 34 days. The four 2026 deadlines were February 5, May 5, August 5 and November 5.

NAV: the number in each notice

PFLEX pays monthly (between $0.0543 and $0.0605 a share in January-June 2026, all of it sourced from net investment income according to its Section 19 table), so NAV does not swing with a quarterly payment date the way some interval funds' does. The two drops are the first quarter of 2026 (from $7.12 to $6.85) and the third (from $6.88 to $6.61). The annual report covers the first: in the year to June 30, 2026 the fund booked $36.5 million of net realized losses and $74.4 million of net unrealized depreciation. The third-quarter drop is not yet explained in any filing; the next semiannual report covers it.

Over five years the NAV went from $9.68 (June 30, 2021) to $6.61, down 31.7% (our arithmetic), while the distributions kept total return positive: the annual report gives an average annual total return of 4.72% for five years and 6.31% since 2017 for the Institutional Class. On the balance sheet that shows as $5.46 billion of paid-in capital and an accumulated loss of $1.04 billion.

Money in, money out, income and leverage

Over the full fiscal year the fund still took in more than twice what it paid out. The quarterly Form N-PORT reports show the trend inside the year:

The redemptions sit almost entirely in the month each offer is paid: $160.0 million in November 2025, $111.6 million in February 2026 and $216.2 million in May 2026. Net assets on Form N-PORT are unaudited and differ slightly from the annual report ($4.37 billion against $4.42 billion at June 30, 2026).

Income: Institutional Class net investment income was $0.74 a share in fiscal 2026 against $0.79 of distributions, after $0.86 against $0.77 in fiscal 2025. Interest expense was $89.7 million of the fund's $169.5 million of total expenses. The leverage behind that interest: total effective leverage of 35.49% of total managed assets at June 30, 2026, against 34.13% a year earlier and 39.34% in June 2024, and $2.15 billion of reverse repurchase agreements on the balance sheet. The management fee is the lesser of 1.30% of average total managed assets, which include assets financed with leverage, or 1.75% of net assets; the board's review says the 1.30% rate “has been the effective fee rate for PFLEX since the Fee Amendment became effective.”

What a holder can do with this

• If you want out: the window open now closes at the NYSE close on November 5, 2026. Ask your adviser or broker to submit the request in time; direct holders use the form attached to the notice. The price is the NAV on the pricing date, not the $6.61 in the notice.
• If you are deciding whether to wait: the fund has paid every request for eight quarters, but May's 4.83% was close to the line. If requests in August or November pass 5%, the fund may buy up to 7% or prorate; it did both in 2023. Under proration, holders sometimes tender more than they want, a habit the fund's own report warns increases “the likelihood that proration will occur.”
• What to watch: sales against redemptions on the next Form N-PORT, the shares tendered in the semiannual report, and the explanation of the July-September NAV drop.
• For comparison: Carlyle's credit interval fund paid 32% of requests in April 2026; CCLFX and CELFX reached the 7% ceiling in March. PIMCO's real estate interval fund has its own holdings and leverage page, and the private credit redemptions tracker lines up the latest offers.

FAQ

All figures are from PIMCO Flexible Credit Income Fund's SEC filings read on EDGAR on October 5, 2026: the annual reports on Form N-CSR for the years ended June 30, 2023, 2024, 2025 and 2026 (accessions 0001193125-23-229064, 0001193125-24-213125, 0001193125-25-196888 and 0001193125-26-382417), the semiannual report for December 31, 2025 (0001193125-26-094229), nine Form N-23C-3 repurchase notices (October 2024 to October 2026) and Form N-PORT reports for December 2025, March 2026 and June 2026 (0001099263-26-003116, 0001099263-26-007343 and 0001410368-26-090130). Level 3 shares are our arithmetic from the fair value level of each holding on Form N-PORT. Percentage changes and ratios are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.