Podcast · April 14, 2026

Q1 2026 Podcast One-Pager

By Sardis Group

Q1 2026 Performance Recap

SGSIX delivered a net return of +1.32% in Q1 2026, bringing total return since inception (November 28, 2025) to +3.57%.

Q1 2026 Monthly Returns	Net Return
January	+0.80%
February	+0.62%
March	−0.10%
Q1 2026 Total	+1.32%

Q1 2026 Outperformance vs.	Excess Return (bps)
Bloomberg US Aggregate Bond Index	+137 bps
S&P U.S. High Yield Corporate Bond Index	+182 bps
S&P 500	+567 bps

Downside capture in action: Through February, broader risk markets (Agg, High Yield, S&P 500) were up 175 bps, 69 bps, and 67 bps respectively, while SGSIX was up 142 bps. In March, those same markets fell 176 bps, 118 bps, and 498 bps, while SGSIX was down only 10 bps.

Market Backdrop

Q1 was a tale of two markets. January opened constructively with the S&P higher and credit spreads near multi-decade tights. The market repriced sharply on February 27 with the onset of the Iran conflict.

S&P 500: Finished Q1 down 4.63% (6.36% off the 2026 peak)
IG / HY spreads: Widened 18 bps to 89 / 70 bps to 320, respectively
Treasury yields: Rose 30 to 44 bps across the curve
Fed expectations: Cuts priced in for 2026 collapsed from ~2.5 in late February to 0.29 by quarter-end

Portfolio Positioning

Residential (RMBS): Most constructive on fundamentals; provides stability at the top of the capital structure with selective opportunities further down.
Asset-Backed (ABS): Most compelling upside; home improvement and subprime auto credit-linked notes are particularly attractive.
Commercial (CMBS): More selective; bifurcation between property types pronounced, with highest probability of credit losses emerging.

Allocation as of Quarter-End	Weight
Asset-Backed Securities (ABS)	35%
Residential Mortgage-Backed Securities (RMBS)	24%
Cash	21%
Commercial Mortgage-Backed Securities (CMBS)	17%
Corporates	3%

Cash served as a useful ballast through Q1 volatility, leaving the Fund well-positioned for emerging buying opportunities.

On Private Credit & Interval Fund Gating

Recent headlines around private credit redemptions and interval fund gating warrant a clear distinction. SGSIX's exposure set is fundamentally different from the vehicles experiencing stress:

No private corporate credit: SGSIX does not invest in the direct lending exposures driving recent redemption pressure.
Liquid underlying markets: Built on RMBS, CMBS, and ABS, which price daily or weekly and settle T+1.
Amortizing collateral: Majority of underlying securities are backed by amortizing loans, continuously returning principal independent of secondary market activity.
Daily NAV transparency: Investors can see the value of their investment every day.

Note: While the underlying securities offer greater liquidity than private loans, SGSIX itself is an interval fund and investors are subject to the same periodic redemption limitations as other interval fund structures.

Q2 2026 Outlook

Bottom line: The Iran conflict remains the dominant risk factor and the Fed is effectively on hold, rewarding selectivity and patience. The March widening was driven by macro volatility and technical pressures rather than fundamental deterioration, creating entry points rather than warning signs. Collateral continues to perform, upgrades are outpacing downgrades, and we are positioned to take advantage.

Net Performance

Net Performance as of 3/31/2026	1-Month	QTD	YTD	Since Inception (11/28/2025)
Sardis Credit Opportunities Fund (SGSIX)	−0.10%	1.32%	1.32%	3.57%

Gross Expense Ratio 2.07% | Expense Cap¹ 2.00%

The performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so the investor's shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free 404-282-5552.

Important Risk Information

¹The Advisor has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund, to the extent that they exceed 2.00% per annum of the Fund's average daily net assets attributable to Class I shares. The Advisor has contractually agreed to waive fees and/or reimburse expenses through October 31, 2027.

This content is for informational purposes only and does not constitute an offer to sell nor a solicitation of an offer to buy shares of the SGSIX Fund. Such offering or solicitation can be made only pursuant to the Fund's prospectus. Potential investors are urged to consult a professional adviser regarding the possible economic, tax, legal, or other consequences of entering into any investments or transactions described herein. Any investor must be able to bear the risks involved and must meet the applicable suitability requirements. No assurance can be given that the investment objectives will be achieved and investments of the type described herein involve significant risk. Past results of SG, SG's principals and its affiliates are not necessarily indicative of future performance, and performance may be volatile. Investors must realize that they could lose all or a substantial amount of their investment.

The information presented speaks as of the date hereof, is subject to change at any time without prior notice and may not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof.

Any discussion about the market and economic environment represents an assessment at a specific point in time taking into account all information currently available to us and is not intended to be a forecast of future events nor a guarantee of future results. This presentation contains statistics and other data that has been obtained or compiled from information made available by third-party service providers. Although the information provided has been obtained in good faith from sources believed to be reliable, SG has not independently verified and does not guarantee the accuracy, correctness or completeness of such information, nor is such information intended to be used as a primary basis for investment decisions.

This is neither an offer to sell nor a solicitation to purchase any security. Investors should consider the investment objectives, risks, charges and expenses of the Sardis Credit Opportunities Fund ("Fund") carefully before investing. This and other information are contained in the Fund's prospectus, which may be obtained by contacting your financial professional, calling 404-282-5552, or visiting www.sardisgroup.com. Please read the prospectus carefully before you invest.

Interval funds are generally suitable only for investors who can bear the risks associated with the limited liquidity of the fund and should be viewed as a long-term investment. The Fund intends to provide limited liquidity through quarterly offers to repurchase a limited amount of the Fund's shares (at least 5% of shares outstanding); however, there is no guarantee that an investor will be able to sell all the shares that the investor desires to sell in the repurchase offer.

The Fund will ordinarily declare and pay distributions from its net investment income, if any, once a quarter, and net realized capital gains annually; however, the amount of distributions that the Fund may pay, if any, is uncertain.

The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as borrowings. Such distributions may constitute a return of capital and reduce a shareholder's adjusted tax basis in Fund shares, thereby increasing the shareholder's potential taxable gain or reducing the potential taxable loss on the sale of Fund shares. To the extent such distributions are a return of capital, the distributions should not be considered the dividend yield or total return of an investment in Fund shares.

The Fund does not intend to list Fund shares on any securities exchange, and the Fund does not expect a secondary market for Fund shares to develop. You should not expect to be able to sell your shares regardless of how the Fund performs. You should consider that you may not have access to the money you invest in Fund shares for an extended period. If a shareholder is able to sell its Common Shares, the shareholder may receive less than its purchase price and the then current NAV per Common Share.

An investment in the Fund is speculative with a substantial risk of loss, and neither the Fund nor the Adviser guarantee any level of return or risk on investments. The Fund is a closed-end investment company with no history of operations. There can be no assurance that the Fund's investment objective will be achieved.

The Sardis Credit Opportunities Fund is distributed by Ultimus Fund Distributors, LLC. Member FINRA/SIPC.

Sardis Group · sardisfunds.com · 404-282-5552

For informational purposes only. Reflects views as of the date of this document and is subject to change. Not an offer to sell or solicitation to buy SGSIX. Investing involves risk, including possible loss of principal. SGSIX is an interval fund with limited liquidity. Past performance is not indicative of future results.

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Important Disclosures

This is neither an offer to sell nor a solicitation to purchase any security. Investors should consider the investment objectives, risks, charges and expenses of the Sardis Credit Opportunities Fund (“Fund”) carefully before investing. This and other information are contained in the Fund’s prospectus, which may be obtained by contacting your financial professional, calling 404-282-5552, or visiting www.sardisgroup.com.

Information speaks as of the date hereof and is subject to change at any time without prior notice. Any discussion about the market and economic environment, including our opinions and expectations related thereto, represents an assessment at a specific point in time taking into account all information currently available to us and is not intended to be a forecast of future events nor a guarantee of future results.

This material includes information which has been obtained from unaffiliated third parties and does not necessarily reflect the views and opinions of Sardis Group. Although obtained from sources believed to be reliable, Sardis Group has not independently verified and does not guarantee the accuracy, correctness or completeness of such information, nor is such information intended to be used as a primary basis for investment decisions.

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