# EDGAR Filing Document

**Accession Number:** 0002022674
**File Stem:** 0001193125-25-328257
**Filing Date:** 2025-12
**Character Count:** 17151
**Document Hash:** f3276cc0f7069ed0df766d11f1792b0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-328257.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001193125-25-328257

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**PERIOD START**: 20260430

**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:** 251591198

**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:** 2026-04-30

- **b. Date as of which information is reported:** 2025-10-31

**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:** $84639025.15

**Total Liabilities:** $167465.95

**Net Assets:** $84471559.20

**Cash Not Reported:** $586584.84

**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:** 282.333170667647 | **1-Year:** 6291.502400611507 | **5-Year:** 3699.555329790169 | **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 | 0.51%                | 0.94%                | 0.91%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-245239.25                                |
| Month 2  | $-8868.98                | $77221.49                                  |
| Month 3  | $215588.77               | $-288394.03                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Beatfund II LLC    /                          | Beatfund II LLC    /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $140438.25    | 0.17%             | 2027-07-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BEB SPV I LLC    /                            | BEB SPV I LLC    /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6109135.56   | 7.23%             | 2028-05-21      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Copperpot Finance LLC   /                     | Copperpot Finance LLC   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2900000.00   | 3.43%             | 2028-11-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| A & T Investments SARL   /                    | A & T Investments SARL   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | XX        |         1 | PA      | $2881512.22   | 3.41%             | 2027-04-12      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EUR/USD FUTURE Dec 2025   /                   | EUR/USD FUTURE Dec 2025   /                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |       -20 | NC      | $96700.60     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs Financial Square                | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |  10246181 | PA      | $10246181.13  | 12.13%            |  |  |  | No            | 1                  | On Loan: No      |
| MFP Infrastructure L    /                     | MFP Infrastructure L    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1863089.55   | 2.21%             | 2026-01-18      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marquis United LLC    /                       | Marquis United LLC    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2986428.31   | 3.54%             | 2029-02-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Highmore (Jardine) Participation   /          | Highmore (Jardine) Participation   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4266043.01   | 5.05%             | 2025-11-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Highmore Group Advisor LLC   /                | Highmore Group Advisor LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $181271.80    | 0.21%             | 2025-11-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| HomeLight Real Estate IV, LLC   /             | HomeLight Real Estate IV, LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2401944.15   | 2.84%             | 2028-02-08      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| TruNorth Star RTL Co-Invest LLC   /           | TruNorth Star RTL Co-Invest LLC   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2850000.00   | 3.37%             | 2026-02-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| JGB Management Inc.    /                      | JGB Management Inc.    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1972250.00   | 2.33%             | 2026-11-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Preferred Point LLC    /                      | Preferred Point LLC    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4356077.15   | 5.16%             | 2029-06-05      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Legalist DIP Fund I LP   /                    | Legalist DIP Fund I LP   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $792860.97    | 0.94%             |  |  |  | No            | N/A                | On Loan: No      |
| Legalist DIP Fund II LP   /                   | Legalist DIP Fund II LP   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1401194.25   | 1.66%             |  |  |  | No            | N/A                | On Loan: No      |
| Legalist DIP Offshore Fund II LP   /          | Legalist DIP Offshore Fund II LP   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $527681.80    | 0.62%             |  |  |  | No            | N/A                | On Loan: No      |
| Legalist DIP Offshore Fund I LP   /           | Legalist DIP Offshore Fund I LP   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $168325.95    | 0.20%             |  |  |  | No            | N/A                | On Loan: No      |
| Legalist DIP SPV II    /                      | Legalist DIP SPV II    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $286097.22    | 0.34%             |  |  |  | No            | N/A                | On Loan: No      |
| BlackRock Monticello Debt REIT   /            | BlackRock Monticello Debt REIT   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $913229.20    | 1.08%             |  |  |  | No            | N/A                | On Loan: No      |
| Mesirow Financial Services Inc.   /           | Mesirow Financial Services Inc.   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2292307.70   | 2.71%             | 2028-03-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Okoa Capital LLC Facility   /                 | Okoa Capital LLC Facility   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4844112.23   | 5.73%             | 2025-12-24      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Okoa Capital LLC Facility   /                 | Okoa Capital LLC Facility   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1491755.85   | 1.77%             | 2025-11-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Cadence Group Platform LLC   /                | Cadence Group Platform LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $461073.40    | 0.55%             | 2025-11-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Pier Active Transact ions LLC (Series 36)   / | Pier Active Transact ions LLC (Series 36)   /  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1300000.00   | 1.54%             | 2027-08-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kili Purchasing LLC    /                      | Kili Purchasing LLC    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3952443.25   | 4.68%             | 2027-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Rivonia Road Fund LP    /                     | Rivonia Road Fund LP    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5744532.99   | 6.80%             | 2027-04-03      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Unifund CCR LLC Lending   /                   | Unifund CCR LLC Lending   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4546912.35   | 5.38%             | 2025-12-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MonticelloAM Funding LLC Series SH-85   /     | MonticelloAM Funding LLC Series SH-85   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1073837.25   | 1.27%             |  |  |  | No            | N/A                | On Loan: No      |
| VPES Fund 1 LLC Debt Facility   /             | VPES Fund 1 LLC Debt Facility   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1301228.82   | 1.54%             | 2028-04-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Station Road Capital Management II LLC   /    | Station Road Capital Management II LLC   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6995084.90   | 8.28%             | 2027-01-12      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Lendable (Leasy) Facility II   /              | Lendable (Leasy) Facility II   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $100000.00    | 0.12%             | 2028-02-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Lendable Asset Management LLC   /             | Lendable Asset Management LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $400000.00    | 0.47%             | 2028-02-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Terra Payment Services Ltd   /                | Terra Payment Services Ltd   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $350000.00    | 0.41%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEP Capital LLC (Island Of Misfits)   /       | MEP Capital LLC (Island Of Misfits)   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $580000.00    | 0.69%             | 2029-12-24      | None          | 0.00%                 | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-11-11

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

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

**Name of Signer:** Robert W Elsasser

**Title:** President