# EDGAR Filing Document

**Accession Number:** 0001754927
**File Stem:** 0001049169-25-001102
**Filing Date:** 2025-12
**Character Count:** 32098
**Document Hash:** 4581da4c03dcb3e437544a2e5d995fc8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-001102.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001049169-25-001102

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Axonic Alternative Income Fund
- **CENTRAL INDEX KEY:** 0001754927

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23385
- **FILM NUMBER:** 251606347

**BUSINESS ADDRESS:**
- **STREET 1:** C/O AXONIC CAPITAL, LLC
- **STREET 2:** 520 MADISON AVENUE, 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-259-0430

**MAIL ADDRESS:**
- **STREET 1:** C/O AXONIC CAPITAL, LLC
- **STREET 2:** 520 MADISON AVENUE, 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** AXONIC ALTERNATIVE INCOME FUND

- **b. Investment Company Act file number:** 811-23385

- **c. CIK number of Registrant:** 0001754927

- **d. LEI of Registrant:** 549300OCFNTKUUAO1D05

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

  - **Street Address 1:** 520 MADISON AVENUE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

  - **Telephone number:** 2122590430

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

- **a. Name of Series:** Axonic Alternative Income Fund

- **c. LEI of Series:** 549300OCFNTKUUAO1D05

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

- **a. Date of fiscal year-end:** 2025-10-31

- **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:** $412860576.01

**Total Liabilities:** $29140849.65

**Net Assets:** $383719726.36

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 151.57919100 | **1-Year:** 58.55278300 | **5-Year:** 1459.80798100 | **10-Year:** 950.04813400 | **30-Year:** 1699.80949500

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

- **3-Month:** 502.51316200 | **1-Year:** 1511.31520900 | **5-Year:** 113.63053800 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.86%                | 0.69%                | 0.52%                |
| Class ID N/A | 0.91%                | 0.74%                | 0.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $71471.75                | $801655.81                                 |
| Month 2  | $6121981.70              | $-1939589.09                               |
| Month 3  | $-2313502.91             | $-2588973.75                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Sapphire Aviation Finance I Limited               | Sapphire Aviation Finance II, Ltd.                               | CUSIP: 80307AAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4558187 | PA      | $4339849.76   | 1.13%             | 2027-03-15      | Fixed         | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                | Multifamily Structured Credit Risk                               | CUSIP: 35564BAA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |  14682804 | PA      | $14911855.68  | 3.89%             | 2042-07-25      | Floating      | 11.18%                | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                              | FREMF 2022-K748 Mortgage Trust                                   | CUSIP: 30326JAN2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  46880134 | PA      | $121888.35    | 0.03%             | 2029-01-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Gkn Sub Ctl Pt Trust Aub                          | GKN Subordinated CTL Pass-Through Trust/Auburn MI                | CUSIP: 36175XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5399179 | PA      | $3512165.94   | 0.92%             | 2030-03-15      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Dominion Mortgage Trust                           | Dominion Mortgage Trust 2025-RTL1                                | CUSIP: 25746DAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3065093.10   | 0.80%             | 2027-09-25      | Variable      | 10.19%                | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2020-SB76 Mortgage Trust                                   | CUSIP: 30315EAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    417219 | PA      | $420431.73    | 0.11%             | 2030-05-25      | Variable      | 3.99%                 | Yes           |                  2 | On Loan: No      |
| N/A                                               | GSF 2025-5 Portfolio Holding LLC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  29151860 | PA      | $7104308.28   | 1.85%             | 2030-08-11      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2017-SB32 Mortgage Trust                                   | CUSIP: 302952AF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1761674 | PA      | $1745819.00   | 0.45%             | 2027-04-25      | Floating      | 12.24%                | Yes           |                  2 | On Loan: No      |
| N/A                                               | CS Farmington Limited LP, G8 Farmington LLC, 264 Farmington LLC  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7500000 | PA      | $7494750.00   | 1.95%             | 2030-04-06      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Huntsville Capital Corp                           | TCG Hunstville JV LLC                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4687506 | PA      | $4684225.08   | 1.22%             | 9999-12-31      | Fixed         | 11.80%                | No            |                  2 | On Loan: No      |
| Lhome Mortgage Trust                              | LHOME Mortgage Trust 2024-RTL1                                   | CUSIP: 50205DAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $2268405.68   | 0.59%             | 2029-01-25      | Fixed         | 11.95%                | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust          | Castlelake Aircraft Structured Trust 2017-1R                     | CUSIP: 14856JAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    808793 | PA      | $784771.94    | 0.20%             | 2041-08-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust     | JPMCC Multifamily Housing Mortgage Loan Trust 2025-Q032          | CUSIP: 48129YAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13401071 | PA      | $12298163.04  | 3.20%             | 2054-11-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Center Street Lending Resi-investor Abs Trust     | Center Street Lending Resi-Investor ABS Mortgage Trust 2024-RTL1 | CUSIP: 15169CAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5264000 | PA      | $5321523.94   | 1.39%             | 2027-05-25      | Fixed         | 10.74%                | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2017-SB38 Mortgage Trust                                   | CUSIP: 30305LAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    264518 | PA      | $263671.70    | 0.07%             | 2027-08-25      | Floating      | 12.24%                | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2017-SB28 Mortgage Trust                                   | CUSIP: 30300KAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1214363 | PA      | $1202097.44   | 0.31%             | 2027-01-25      | Floating      | 12.24%                | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                              | FREMF 2022-K748 Mortgage Trust                                   | CUSIP: 30326JAS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2995082 | PA      | $2188805.93   | 0.57%             | 2029-02-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2025-SB122 Mortgage Trust                                  | CUSIP: 30341RAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13574475 | PA      | $11809793.21  | 3.08%             | 2035-05-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Project Silver                                    | Project Silver                                                   | CUSIP: 827304AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2190865 | PA      | $1974188.80   | 0.51%             | 2026-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2022-SB98 Mortgage Trust                                   | CUSIP: 30327FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5886607 | PA      | $5546361.20   | 1.45%             | 2042-04-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB Multifamily Structured Pass Through Certificates           | CUSIP: 30320MAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2687780 | PA      | $2481358.88   | 0.65%             | 2041-03-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Mastr Asset Securitization Trust                  | MASTR Asset Securitization Trust 2006-1                          | CUSIP: 57643MMM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    106601 | PA      | $18307.55     | 0.00%             | 2036-05-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2021-SB83 Mortgage Trust                                   | CUSIP: 30318NAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8133907 | PA      | $220128.73    | 0.06%             | 2041-01-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| N/A                                               | GSF 2023-1 Investor, LLC                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 426487100 | PA      | $39550025.33  | 10.31%            | 2049-12-31      | Floating      | 1.72%                 | No            |                  3 | On Loan: No      |
| Smr 2022-ind Mortgage Trust                       | SMR 2022-IND Mortgage Trust                                      | CUSIP: 78458MAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4120547 | PA      | $3755054.62   | 0.98%             | 2039-02-15      | Floating      | 11.53%                | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                              | FREMF 2018-KF44 Mortgage Trust                                   | CUSIP: 30296JAE8<br>LEI: 549300EOT0GWUWJMLC61 | Long             | ABS-MBS          | USGSE             | US        |   2925558 | PA      | $2910930.53   | 0.76%             | 2026-02-25      | Floating      | 12.92%                | Yes           |                  2 | On Loan: No      |
| Thunderbolt Aircraft Lease Limited/ Us Llc        | Thunderbolt III Aircraft Lease, Ltd.                             | CUSIP: 88607AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    494440 | PA      | $429273.02    | 0.11%             | 2026-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Home Loans                            | Countrywide Home Loans Mortgage Pass-Through Trust               | CUSIP: 12543PAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61244 | PA      | $19426.12     | 0.01%             | 2037-02-25      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management                | Dreyfus Government Cash Management                               | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  24234081 | NS      | $24234081.33  | 6.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2025-SB119 Mortgage Trust                                  | CUSIP: 35802JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13992040 | PA      | $12198260.29  | 3.18%             | 2035-01-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                               | Surfrider Montauk                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |   6685819 | PA      | $6677127.60   | 1.74%             | 2027-04-09      | Floating      | 14.03%                | No            |                  2 | On Loan: No      |
| N/A                                               | REVERSE REPO                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        | -10842000 | NS      | $-10842000.00 | -2.83%            |  |  |  | No            |                  2 | On Loan: No      |
| CSMC 2020-FACT                                    | Credit Suisse Commercial Mortgage Trust 2020-FACT E              | CUSIP: 126395AN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1678000 | PA      | $1580843.80   | 0.41%             | 2037-10-15      | Floating      | 9.63%                 | Yes           |                  2 | On Loan: No      |
| Mcr Mortgage Trust                                | MCR 2024-TWA Mortgage Trust                                      | CUSIP: 582923AG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14700000 | PA      | $14673540.00  | 3.82%             | 2027-06-12      | Fixed         | 14.74%                | Yes           |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust        | Bear Stearns Asset Backed Securities I Trust 2006-AC3            | CUSIP: 07387NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2109690 | PA      | $433440.52    | 0.11%             | 2036-05-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limited                  | Pioneer Aircraft Finance, Ltd.                                   | CUSIP: 72353PAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1896103 | PA      | $1832583.12   | 0.48%             | 2026-06-15      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2023-SB106 Mortgage Trust                                  | CUSIP: 35802AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7670413 | PA      | $6940956.72   | 1.81%             | 2033-05-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2022-SB100 Mortgage Trust                                  | CUSIP: 30327XAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8449195 | PA      | $7744532.07   | 2.02%             | 2042-05-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2023-SB109 Mortgage Trust                                  | CUSIP: 30333MAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6580745 | PA      | $5922012.73   | 1.54%             | 2043-07-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2024-SB114 Mortgage Trust                                  | CUSIP: 30337MAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12719631 | PA      | $11451483.51  | 2.98%             | 2034-05-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                               | GSF 2025-AXMF1 JV                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 179327250 | PA      | $14998952.71  | 3.91%             | 2030-08-11      | Fixed         | 1.46%                 | No            |                  3 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2020-SB74 Mortgage Trust                                   | CUSIP: 30291SAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1234363 | PA      | $1217822.83   | 0.32%             | 2030-04-25      | Variable      | 4.16%                 | Yes           |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust                  | THPT 2023-THL Mortgage Trust                                     | CUSIP: 87252LAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8630000 | PA      | $8381456.00   | 2.18%             | 2034-12-10      | Variable      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Gfg Royalty Llc                        | FAT Brands GFG Royalty I LLC                                     | CUSIP: 31189WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1317120 | PA      | $1265488.90   | 0.33%             | 2051-07-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2024-SB117 Mortgage Trust                                  | CUSIP: 35802CAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12232086 | PA      | $10725093.12  | 2.80%             | 2034-10-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                               | CRE_MTG_PARK_GARDEN_MF_202510                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  11000000 | PA      | $10862500.00  | 2.83%             | 2030-11-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Fremf Mortgage Trust                              | FREMF Mortgage Trust                                             | CUSIP: 30329HAE3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3787307 | PA      | $3717620.61   | 0.97%             | 2032-09-25      | Floating      | 10.31%                | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                        | Hudsons Bay Simon JV Trust 2015-HBS                              | CUSIP: 44422PBY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6652596 | PA      | $6626650.88   | 1.73%             | 2034-08-05      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2021-SB93 Mortgage Trust                                   | CUSIP: 30325WAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3854794 | PA      | $3622350.28   | 0.94%             | 2041-10-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                        | Hudsons Bay Simon JV Trust 2015-HBS                              | CUSIP: 44422PBN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4677207 | PA      | $4667384.87   | 1.22%             | 2034-08-05      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| N/A                                               | 4-10 West 108th Owners LLC                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |  13900000 | PA      | $13897220.00  | 3.62%             | 2027-11-09      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2021-SB90 Mortgage Trust                                   | CUSIP: 30322KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2862611 | PA      | $2649632.99   | 0.69%             | 2041-07-25      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Redwood Trust Inc                                 | Redwood Trust, Inc.                                              | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |     21780 | NS      | $115651.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | REVERSE REPO                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        | -12236250 | NS      | $-12236250.00 | -3.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2017-SB42 Mortgage Trust                                   | CUSIP: 30306BAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1983901 | PA      | $1848598.74   | 0.48%             | 2027-10-25      | Floating      | 11.92%                | Yes           |                  2 | On Loan: No      |
| Mcr Mortgage Trust                                | MCR 2024-TWA Mortgage Trust                                      | CUSIP: 582923AF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2600000 | PA      | $2626000.00   | 0.68%             | 2027-06-12      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                         | BCP Trust 2021-330N                                              | CUSIP: 05553BAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4111000 | PA      | $3269067.20   | 0.85%             | 2038-06-15      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                              | FREMF 2022-K748 Mortgage Trust                                   | CUSIP: 30326JAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  12739389 | PA      | $34396.35     | 0.01%             | 2029-02-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| N/A                                               | Rivertree Landing Apartments LLC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  16315000 | PA      | $16305211.00  | 4.25%             | 2028-09-06      | Floating      | 8.37%                 | No            |                  2 | On Loan: No      |
| First American Government Obligations Fund        | First American Government Obligations Fund                       | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  37976267 | NS      | $37976267.38  | 9.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2022-SB95 Mortgage Trust                                   | CUSIP: 35802DAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4796977 | PA      | $4470302.93   | 1.16%             | 2041-12-25      | Variable      | 7.26%                 | Yes           |                  2 | On Loan: No      |
| N/A                                               | Portofino Mezz Partners, LLC                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7000000 | PA      | $6995800.00   | 1.82%             | 2029-07-01      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| Gsf Issuer Llc                                    | GSF 2023-1 LLC                                                   | CUSIP: 362945AL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8767751 | PA      | $8145483.63   | 2.12%             | 2038-12-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Prop Limited                                      | Prop 2017-1, Ltd.                                                | CUSIP: BCC2CSQ52<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6003442 | PA      | $2371359.61   | 0.62%             | 2042-03-15      | Fixed         | 11.55%                | No            |                  2 | On Loan: No      |
| Acres Commercial Realty                           | ACRES Commercial Realty Corp.                                    | CUSIP: 00489Q300<br>LEI: 549300RUJWPCMY4JFR46 | Long             | EP               | CORP              | US        |     17823 | NS      | $393888.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2020-SB81 Mortgage Trust                                   | CUSIP: 30317QAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2351644 | PA      | $2244173.68   | 0.58%             | 2030-10-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Gfg Royalty Llc                        | FAT Brands GFG Royalty I LLC                                     | CUSIP: 31189WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800160 | PA      | $783836.74    | 0.20%             | 2026-07-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Stonepeak                                         | Stonepeak 2021-1 ABS                                             | CUSIP: 78433XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1702885 | PA      | $1605479.81   | 0.42%             | 2028-05-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Prop Limited                                      | Prop 2017-1, Ltd.                                                | CUSIP: BCC2CSQ60<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4434808 | PA      | $3481324.34   | 0.91%             | 2042-03-15      | Fixed         | 8.90%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-30

**Name of Applicant:** AXONIC ALTERNATIVE INCOME FUND

**Signature:** Lu Chang

**Name of Signer:** Lu Chang

**Title:** Treasurer & Chief Risk Officer