# EDGAR Filing Document

**Accession Number:** 0002022674
**File Stem:** 0001145549-25-043744
**Filing Date:** 2025-6
**Character Count:** 10786
**Document Hash:** 25af28153a33d44cd079e4c8e278b243
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-043744.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001145549-25-043744

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variant Alternative Lending Fund
- **CENTRAL INDEX KEY:** 0002022674

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23965
- **FILM NUMBER:** 251085145

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2000

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Variant Alternative Lending Fund

- **b. Investment Company Act file number:** 811-23965

- **c. CIK number of Registrant:** 0002022674

- **d. LEI of Registrant:** 529900356TCHCFMIUN23

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Variant Alternative Lending Fund

- **c. LEI of Series:** 549300VKWK774XXSGI69

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-04-30

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $55374408.50

**Total Liabilities:** $316515.61

**Net Assets:** $55057892.89

**Cash Not Reported:** $440776.03

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 155.719183319248 | **1-Year:** 2879.386606013185 | **5-Year:** 1168.312646960957 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.40%                | 0.71%                | 0.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3741.46                | $-98514.09                                 |
| Month 2  | $0.00                    | $31977.83                                  |
| Month 3  | $0.00                    | $122184.56                                 |

### Schedule of Portfolio Investments

| Name                                     | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Highmore Automotive Participation   /    | Highmore Automotive Participation   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $316635.00    | 0.58%             | 2025-05-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Highmore Sauna Works Participation   /   | Highmore Sauna Works Participation   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $249882.00    | 0.45%             | 2025-05-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| JGB (Woodland Hills) FACILITY   /        | JGB (Woodland Hills) FACILITY   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1972250.00   | 3.58%             | 2026-11-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEP Loan (Island Of Misfits)   /         | MEP Loan (Island Of Misfits)   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $595000.00    | 1.08%             | 2029-12-24      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| AUD USD CURNCY FUT JUNE 25   /           | AUD USD CURNCY FUT JUNE 25   /                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |       -81 | NC      | $-76365.10    | -0.14%            |  |  |  | No            | N/A                | On Loan: No      |
| Cauris Facility    /                     | Cauris Facility    /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $900000.00    | 1.63%             | 2028-11-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Goldman Sachs Financial Square           | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |  28491096 | PA      | $28491095.94  | 51.75%            |  |  |  | No            | 1                  | On Loan: No      |
| Henry Facility    /                      | Henry Facility    /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $48705.01     | 0.09%             | 2029-02-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Note 10.25% - 2/26/2025   /       | Oceana Note 10.25% - 2/26/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $1010070.44   | 1.83%             | 2026-02-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Oceana Australian Oceana Note 10.25%   / | Oceana Australian Oceana Note 10.25%   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $4071873.89   | 7.40%             | 2026-02-19      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Okoa (Park City) Facility   /            | Okoa (Park City) Facility   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1308700.13   | 2.38%             | 2025-08-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Percent Note (Fresh Funding)   /         | Percent Note (Fresh Funding)   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $415000.00    | 0.75%             | 2025-11-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Raistone Facility II    /                | Raistone Facility II    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2549424.51   | 4.63%             | 2027-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RIVONIA ROAD STENO CREDIT FACILITY   /   | RIVONIA ROAD STENO CREDIT FACILITY   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2825218.88   | 5.13%             | 2027-04-03      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Seaport (River) Participation   /        | Seaport (River) Participation   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $551430.96    | 1.00%             | 2028-05-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Skydan Debt Facility   /                 | Skydan Debt Facility   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $130595.40    | 0.24%             | 2028-04-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Specialty Capital Facility II   /        | Specialty Capital Facility II   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6070970.00   | 11.03%            | 2027-01-12      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| TAILOR RIDGE FACILITY II   /             | TAILOR RIDGE FACILITY II   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2750550.00   | 5.00%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-05-14

**Name of Applicant:** Variant Alternative Lending Fund

**Signature:** /s/ Robert W Elsasser

**Name of Signer:** Robert W Elsasser

**Title:** President