Tranche Update on First Eagle Alternative Capital BDC, Inc.'s Equity Buyback Plan announced on May 4, 2021.

First Eagle Alternative Capital BDC, Inc. is a non-diversified closed-end management investment company. The Company's investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. The Company invests primarily in debt securities of sponsored issuers based in the middle market, mainly in the United States. Its debt investments consist of directly originated first lien senior secured loans, including unitranche investments. It also makes second lien secured loans and subordinated, or mezzanine, debt investments, which include an associated equity component, such as warrants, preferred stock or similar securities, and direct equity investments. The Company also provides advisory services to managed funds. The Company's investment activities are managed by its investment adviser, First Eagle Alternative Credit, LLC.