# EDGAR Filing Document

**Accession Number:** 0001736510
**File Stem:** 0001193125-25-219597
**Filing Date:** 2025-9
**Character Count:** 157909
**Document Hash:** f1dced7d17799b96f2a3d3ab0cf076fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-219597.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001193125-25-219597

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variant Alternative Income Fund
- **CENTRAL INDEX KEY:** 0001736510

**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:** 811-23336
- **FILM NUMBER:** 251346822

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 4142992200

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

## Nport-Ex

**Variant Alternative Income Fund**

**Consolidated Schedule of Investments**

**July 31, 2025 - (Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Interest Rate | Reference Rate | Spread | Shares/<br> Units | First<br> Acquisition<br> Date | Maturity<br> Date | Cost/Principal | Fair Value | Percent<br> of Net<br> Assets |
| **Investments in private investment companies - 19.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Litigation Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EAJF ESQ Fund, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 5/26/2022 |  | $35000000 | $48193312 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equal Access Justice Fund, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 3/30/2021 |  |  | 3459845 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4 - Virage Capital Partners, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 9/1/2018 |  | 804190 | 1615133 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 6 - Virage Capital Partners, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 10/31/2019 |  | 9108377 | 19790769 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virage Recovery Fund (Cayman), L.P.⁽ʰ⁾ |  |  |  | 6103 | 8/6/2019 |  | 15286170 | 1688962 | 0.1 |
|  |  |  |  |  |  |  | 60198737 | 74748021 | 2.8 |
| &nbsp;&nbsp;&nbsp;**Portfolio Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cl Levi Co-Invest, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 6/27/2022 |  | 15268994 | 20910618 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crestline Portfolio Financing Fund II (US), L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 8/26/2021 |  | 2670096 | 3553066 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crestline Portfolio Financing Fund Offshore B, L.P. and Subsidiary⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 4/25/2018 |  |  | 143396 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Horse Holdings II, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  | - | 1/6/2023 |  | 3600000 | 4294766 | 0.2 |
|  |  |  |  |  |  |  | 21539090 | 28901846 | 1.1 |
| &nbsp;&nbsp;&nbsp;**Real Estate Debt** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Monticello Debt REIT⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 6/30/2025 |  | 45900000 | 46160746 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Harbor Capital NPL VII, LLC⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 3/1/2019 |  | 5619157 | 7134273 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Setpoint Residential Fintech Fund L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 2/4/2022 |  | 11067521 | 10803673 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Setpoint Residential Fintech Fund II L.P.⁽ᵍ⁾⁽ʰ⁾⁽ᵏ⁾ |  |  |  | - | 8/17/2023 |  | 20000000 | 20751662 | 0.8 |
|  |  |  |  |  |  |  | 82586678 | 84850354 | 3.1 |
| &nbsp;&nbsp;&nbsp;**Real Estate Equity** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montreux Healthcare Fund PLC<sup>(b)</sup> |  |  |  | 48220 | 2/1/2018 |  | 61167397 | 459184 | 0.0 |
| &nbsp;&nbsp;&nbsp;**Royalties** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEP Capital II, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 11/27/2020 |  | 6351082 | 7601695 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEP Capital III, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 11/1/2021 |  | 15767229 | 16873907 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEP Capital Fund IV, L.P.⁽ᵍ⁾⁽ʰ⁾⁽ᵏ⁾ |  |  |  | - | 11/30/2023 |  | 16442594 | 16485002 | 0.6 |
|  |  |  |  |  |  |  | 38560905 | 40960604 | 1.5 |
| &nbsp;&nbsp;&nbsp;**Secondaries** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Forest Structured Lending Fund⁽ʰ⁾ |  |  |  | 569 | 12/30/2022 |  | 3685091 | 95891 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell Opportunity Timber Fund-A, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 11/1/2021 |  |  | 593534 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Special Opportunities Fund, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 10/19/2023 |  | 2386043 | 4084833 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legalist DIP Offshore Fund I, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 6/30/2025 |  | 702119 | 772253 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legalist DIP Offshore Fund II, L.P.⁽ᵍ⁾⁽ʰ⁾⁽ᵏ⁾ |  |  |  |  | 6/30/2025 |  | 1357459 | 1599439 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legalist DIP Fund I, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 6/30/2025 |  | 3267653 | 3557183 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legalist DIP Fund II, L.P.⁽ᵍ⁾⁽ʰ⁾⁽ᵏ⁾ |  |  |  |  | 6/30/2025 |  | 3688860 | 4254282 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legalist DIP SPV II⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 6/30/2025 |  | 1501038 | 1699290 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Offshore Infrastructure Partners A, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 7/18/2019 |  | 1055004 | 1042063 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiga Special Opportunities, L.P. (Class L 2021)⁽ʰ⁾ |  |  |  | 15265661 | 4/22/2022 |  | 9565134 | 13662221 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiga Special Opportunities, L.P. (Class L 2023)⁽ʰ⁾ |  |  |  | 7789711 | 12/29/2023 |  | 6374076 | 8520896 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thor Urban Property Fund II, inc.⁽ʰ⁾ |  |  |  | 35695 | 12/30/2019 |  | 4161214 | 233720 | 0.0 |
|  |  |  |  |  |  |  | 37743691 | 40115605 | 1.5 |
| &nbsp;&nbsp;&nbsp;**Specialty Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atalaya Equipment Leasing Feeder Evergreen, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 5/23/2022 |  | 5419486 | 5498139 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSRF Tax-Exempt, LLC⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 5/17/2022 |  | 20000000 | 23207808 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coromandel Credit Income Evergreen Fund, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 7/1/2024 |  | 15000000 | 15247092 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoVenture - AMZN Credit Opportunities Fund, L.P.⁽ᵍ⁾⁽ʰ⁾⁽ᵏ⁾ |  |  |  |  | 3/11/2021 |  | 27880516 | 17361829 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoVenture - No1 Credit Opportunities Fund, LLC⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 12/12/2019 |  | 1000000 | 878607 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoVenture - No1 Credit Opportunities Fund, LLC (A-2 Series)⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 2/5/2021 |  | 3000000 | 2607973 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoVenture - No1 Credit Opportunities Fund, LLC (A-3 Series)⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 7/12/2021 |  | 7500000 | 6547623 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delgatto Diamond Finance Fund, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 10/3/2019 |  | 12750000 | 25144397 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHP II, L.P. Class B⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 3/7/2019 |  |  | 416279 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHPC, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 5/27/2021 |  | 3469222 | 3318446 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rivonia Road Fund, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 7/29/2022 |  | 10000000 | 13174607 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silverview Special Situations Lending Onshore Fund II, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 10/19/2021 |  | 8950287 | 9453621 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treville Credit Fund, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 2/28/2020 |  | 20000000 | 19103082 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turning Rock Fund I, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 11/29/2019 |  | 1999775 | 3307828 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turning Rock Fund II, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 11/29/2021 |  | 15090644 | 16923919 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upper90 Fund III, L.P.⁽ᵍ⁾⁽ʰ⁾⁽ᵏ⁾ |  |  |  | - | 7/28/2022 |  | 7256511 | 7186065 | 0.3 |
|  |  |  |  |  |  |  | 159316441 | 169377315 | 6.3 |
| &nbsp;&nbsp;&nbsp;**Transportation Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aero Capital Solutions Fund, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 1/17/2019 |  | 954672 | 347 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aero Capital Solutions Fund II, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 9/16/2019 |  |  | 14148906 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aero Capital Solutions Feeder Fund III, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 9/13/2021 |  | 33515698 | 60823256 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aero Capital Solutions Feeder Fund IV, L.P.⁽ᵍ⁾⁽ʰ⁾⁽ᵏ⁾ |  |  |  |  | 8/28/2023 |  | 12375947 | 16048474 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Transport Real Asset Fund, L.P.⁽ᵍ⁾⁽ʰ⁾ |  |  |  | - | 8/31/2018 |  | 673050 | 987429 | 0.1 |
|  |  |  |  |  |  |  | 47519367 | 92008412 | 3.4 |
| &nbsp;&nbsp;&nbsp;**Total investments in private investment companies** |  |  |  |  |  |  | 508632306 | 531421341 | 19.7 |

---

**Variant Alternative Income Fund**

**Consolidated Schedule of Investments**

**July 31, 2025 - (Unaudited) (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Interest Rate | Reference Rate | Spread | Shares/<br> Units | First<br> Acquisition<br> Date | Maturity<br> Date | Cost/Principal | Fair Value | Percent<br> of Net<br> Assets |
| **Investments in credit facilities - 61.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Litigation Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 Fund I, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ᵈ⁾⁽ᵒ⁾ | &nbsp;&nbsp;19.00% |  |  |  | 4/18/2022 | 12/15/2025 | 77238826 | 77238826 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BEB SPV I, LLC⁽ᵇ⁾ | &nbsp;&nbsp;16.25% |  |  |  | 5/22/2025 | 5/21/2028 | 58857087 | 58857087 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cage Health, LLC⁽ᵇ⁾⁽ᵈ⁾⁽ⁱ⁾⁽ᵏ⁾ | &nbsp;&nbsp;16.50% PIK |  |  |  | 8/28/2023 | 8/25/2028 | 7865194 | 7865194 | 0 .3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerberos Capital Management SPV I, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ⁿ⁾⁽ᵒ⁾ | &nbsp;&nbsp;17.00% |  |  |  | 10/7/2019 | 9/11/2025 | 58256835 | 58256835 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerberos Capital Management SPV I, LLC (Luckett)⁽ᵃ⁾⁽ᵇ⁾⁽ⁿ⁾⁽ᵒ⁾ | &nbsp;&nbsp;19.00% |  |  |  | 1/29/2020 | 9/11/2025 | 8282200 | 8282200 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerberos Capital Management SPV I, LLC (Nations)⁽ᵃ⁾⁽ᵇ⁾⁽ᵒ⁾ | &nbsp;&nbsp;19.00% |  |  |  | 12/14/2024 | 9/11/2025 | 14414783 | 14414783 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerberos Capital Management SPV I, LLC (Pulvers)⁽ᵃ⁾⁽ᵇ⁾⁽ⁿ⁾⁽ᵒ⁾ | &nbsp;&nbsp;12.00% |  |  |  | 10/7/2019 | 9/11/2025 | 11974267 | 11974267 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerberos Capital Management SPV V, LLC⁽ᵇ⁾⁽ⁱ⁾ | &nbsp;&nbsp;15.00% PIK |  |  |  | 5/17/2022 | 5/17/2026 | 31252891 | 31252891 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Capital Products, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ᶜ⁾ | &nbsp;&nbsp;13.32% | 30-Day Avg. SOFR | 9.00% |  | 10/7/2021 | 10/7/2026 | 36924561 | 36924561 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nighthawk Borrower SPV, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ᶜ⁾⁽ᵏ⁾ | &nbsp;&nbsp;13.57% | 30-Day Avg. SOFR | 9.25% |  | 8/30/2023 | 8/30/2026 | 17558368 | 17558368 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RL SPV, LLC⁽ᵇ⁾⁽ᶜ⁾⁽ᵏ⁾⁽ᵃᶠ⁾ | &nbsp;&nbsp;14.82% | 30-Day Avg. SOFR | 10.50% |  | 7/13/2023 | 7/13/2028 | 7845324 | 7845324 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCPFL I, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ᵈ⁾⁽ᵒ⁾ | &nbsp;&nbsp;13.99% |  |  |  | 4/21/2023 | 12/16/2026 | 139675953 | 139675953 | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steno Agency Funding I, LLC⁽ᵇ⁾⁽ᶜ⁾⁽ʲ⁾⁽ᵏ⁾ | &nbsp;&nbsp;13.82% | 1-Month CME Term <br> SOFR | 9.50% |  | 11/12/2021 | 5/8/2028 | 12117609 | 12117609 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Syndicated Credit, LLC⁽ᵇ⁾⁽ʲ⁾⁽ᵃᵈ⁾ | &nbsp;&nbsp;Blended |  |  |  | 8/15/2022 | 6/15/2026 | 6378909 | 6378909 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stratford Cresson MT2, LLC⁽ᵇ⁾⁽ᶜ⁾⁽ᵏ⁾⁽ᵒ⁾ | &nbsp;&nbsp;16.32% | 30-Day Avg. SOFR | 12.00% |  | 5/12/2023 | 1/5/2028 | 15575430 | 15575430 | 0.6 |
|  |  |  |  |  |  |  | 504218237 | 504218237 | 18.7 |
| &nbsp;&nbsp;&nbsp;**Portfolio Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BA Tech Master, L.P.⁽ᵇ⁾⁽ᶠ⁾⁽ⁱ⁾⁽ⁿ⁾ | &nbsp;&nbsp;22.50% PIK |  |  |  | 10/2/2018 |  | 2444037 | 2444037 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrix Finance, LLC⁽ᵇ⁾⁽ⁱ⁾ | &nbsp;&nbsp;15.00% PIK |  |  |  | 11/4/2021 | 12/31/2025 | 5750200 | 5750200 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delgatto Capital Group, LLC, Delgatto Diamond Finance Fund, L.P., and Delgatto Diamond Finance Fund QP, L.P.⁽ᵇ⁾⁽ᶜ⁾ | &nbsp;&nbsp;12.50% | 1-Month CME Term <br> SOFR | 9.50% |  | 5/28/2021 | 9/30/2025 | 75940000 | 75940000 | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairway America Fund (VII and VIIQP), L.P.⁽ᵃ⁾⁽ᵇ⁾⁽ᶜ⁾ | &nbsp;&nbsp;10.00% | 30-Day Avg. SOFR | 6.00% |  | 8/7/2020 | 12/27/2025 | 4750000 | 4750000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marquis United, LLC⁽ᵇ⁾⁽ⁱ⁾⁽ᵃᵉ⁾ | &nbsp;&nbsp;Blended |  |  |  | 4/11/2025 | 2/13/2029 | 2895954 | 2895954 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stage Point Capital, LLC, Stage Point Fund, LLC , and SPF Holdings, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ᶜ⁾ | &nbsp;&nbsp;10.00% | 30-Day Avg. SOFR | 6.00% |  | 9/5/2019 | 12/31/2025 | 10610000 | 10610000 | 0.4 |
|  |  |  |  |  |  |  | 102390191 | 102390191 | 3.8 |
| &nbsp;&nbsp;&nbsp;**Real Estate Debt** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769 Capital, LLC⁽ᵇ⁾⁽ⁱ⁾⁽ᵏ⁾ | &nbsp;&nbsp;12.00% PIK |  |  |  | 5/31/2024 | 5/17/2029 | 27138580 | 27138580 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beehive Hospitality, Integrity RS, Beehive Hospitality Ascent PC, Lonestar Hospitality WX, Bayou Hospitality SH, and Armanda Prime⁽ᵇ⁾⁽ʲ⁾⁽ᵏ⁾ | &nbsp;&nbsp;15.00% |  |  |  | 12/19/2024 | 8/15/2025 | 5967024 | 5967024 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDMX II Fund, LLC⁽ᵇ⁾⁽ᵏ⁾ | &nbsp;&nbsp;13.00% |  |  |  | 12/1/2022 | 11/30/2027 | 35081847 | 35081847 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drummond Ross Limited⁽ᵇ⁾⁽ᶠ⁾⁽ⁱ⁾⁽ⁿ⁾ | &nbsp;&nbsp;10.00% PIK |  |  |  | 1/7/2022 |  | 6192649 | 4681392 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midway Farms 715 LLLP, Midway Farms 2795 LLLP, Sundance Farms 3060 LLLP, Sundance Farms 3070 LLLP, Sundance Farms 3093 LLLP, Skywalker Farms, LLC, Skywalker Farms 2, LLC, Skywalker Farms 3, LLC, 1520 Sunset Farms LLP, Beach Farms, LLC, Stephanie Mae Thurston, and Wright Thurston⁽ᵇ⁾⁽ʲ⁾⁽ᵏ⁾ | &nbsp;&nbsp;14.00% |  |  |  | 6/26/2025 | 12/24/2025 | 33133653 | 33133653 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHFX, Smith Trust, Stone Canyon Trust, & City Centre⁽ᵃ⁾⁽ᵇ⁾⁽ᶜ⁾⁽ⁱ⁾⁽ʲ⁾⁽ᵃᵃ⁾ | &nbsp;&nbsp;14.34%, 3.41% PIK | 1-Month CME Term<br> SOFR | 10.93% |  | 10/11/2023 | 10/11/2025 | 26312308 | 26312308 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tailor Ridge REIT, LLC⁽ᵇ⁾⁽ᵏ⁾ | &nbsp;&nbsp;10.30% |  |  |  | 4/10/2025 | 12/31/2026 | 7736300 | 7736300 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruNorth Star RTL Co-Invest, LLC⁽ᵇ⁾⁽ᵈ⁾⁽ᵉ⁾⁽ᵒ⁾ | &nbsp;&nbsp;16.00% |  |  |  | 2/27/2023 | 2/27/2026 | 31121646 | 31121646 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHCC, LLC, Dyer 18 WHCC, LLC, and RW WHCC, LLC⁽ᵇ⁾⁽ʲ⁾⁽ᵐ⁾ | &nbsp;&nbsp;16.00% | - | - |  | 3/24/2025 | 11/27/2026 | 7555500 | 7555500 | 0.3 |
|  |  |  |  |  |  |  | 180239507 | 178728250 | 6.7 |
| &nbsp;&nbsp;&nbsp;**Real Estate Equity** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VPES Fund 1, LLC⁽ᵇ⁾⁽ⁱ⁾⁽ᵏ⁾ | &nbsp;&nbsp;13.00% PIK | - | - |  | 4/23/2025 | 4/17/2028 | 1912579 | 1912579 | 0.1 |
| &nbsp;&nbsp;&nbsp;**Royalties** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC, L.P.W I, LLC⁽ᵇ⁾⁽ⁿ⁾ | &nbsp;&nbsp;13.00% |  |  |  | 9/26/2019 | 11/30/2025 | 13698250 | 3331353 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beatfund II, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ᶜ⁾⁽ᵏ⁾ | &nbsp;&nbsp;14.32% | 30-Day Avg. SOFR | 8.00% |  | 11/25/2022 | 7/29/2027 | 44071115 | 44071115 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade Energy Group, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ᶜ⁾ | &nbsp;&nbsp;13.82% | 30-Day Avg. SOFR | 9.50% |  | 7/20/2022 | 5/31/2027 | 5711334 | 5711334 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marine Street, L.P.⁽ᵃ⁾⁽ᵇ⁾⁽ᵈ⁾⁽ᵒ⁾⁽<sup>q</sup>⁾ | &nbsp;&nbsp;Blended | - | - |  | 3/22/2022 | 1/31/2026 | 85031401 | 85031403 | 3.1 |
|  |  |  |  |  |  |  | 148512100 | 138145205 | 5 |
| &nbsp;&nbsp;&nbsp;**Specialty Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Core Capital, LLC⁽ᵇ⁾⁽ᶜ⁾ | &nbsp;&nbsp;14.10% | 30-Day Avg. SOFR | 10.75% |  | 10/28/2020 | 4/25/2026 | 485150 | 485150 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A & T Investments SARL⁽ᵇ⁾⁽ᶠ⁾⁽ʷ⁾⁽ˣ⁾ | &nbsp;&nbsp;9.50% |  |  |  | 4/12/2024 |  | 5770198 | 6162273 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACMV Factor Finance SPV, LLC⁽ᵇ⁾⁽ᶠ⁾⁽ⁿ⁾ | &nbsp;&nbsp;12.00% |  |  |  | 11/24/2021 |  | 6289445 | 1240038 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aion Acquisition, LLC⁽ᵇ⁾⁽ᶠ⁾⁽ⁿ⁾ | &nbsp;&nbsp;- |  |  |  | 3/31/2021 |  | 528216 | 228416 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;App Academy Financial, LLC⁽ᵇ⁾⁽ᶠ⁾⁽ⁿ⁾ | &nbsp;&nbsp;17.00% |  |  |  | 3/23/2021 |  | 10182430 | 8804821 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Lending, inc. (Dart Milano S.R.L)⁽ᵇ⁾⁽ᶠ⁾⁽ʲ⁾⁽ⁿ⁾ | &nbsp;&nbsp;9.50% |  |  |  | 4/14/2021 |  | 13957600 | 13957600 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Lending, inc. (Dart Milano S.R.L 2)⁽ᵇ⁾⁽ᶠ⁾⁽ʲ⁾⁽ⁿ⁾ | &nbsp;&nbsp;8.68% |  |  |  | 12/17/2021 |  | 15888770 | 15888770 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Lending, inc. (Procacini S.L. - 1)⁽ᵇ⁾⁽ᶠ⁾⁽ʲ⁾⁽ⁿ⁾ | &nbsp;&nbsp;10.00% |  |  |  | 8/26/2020 |  | 1967917 | 1967917 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Lending, inc. (Procacini S.L. - 2)⁽ᵇ⁾⁽ᶠ⁾⁽ʲ⁾⁽ⁿ⁾ | &nbsp;&nbsp;9.50% |  |  |  | 4/14/2021 |  | 4047827 | 4047827 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Art Money International, Co.⁽ᵇ⁾⁽ᶜ⁾⁽ᶠ⁾⁽ⁿ⁾ | &nbsp;&nbsp;16.32% | 30-Day Avg. SOFR | 12.00% |  | 6/12/2018 |  | 2803612 | 936956 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Actinver, S.A., Institución de Banca Múltiple, Grupo Financiero Actinver ⁽ᵇ⁾⁽ᶜ⁾⁽ᵏ⁾⁽ᵐ⁾ | &nbsp;&nbsp;14.06% | 30-Day Avg. SOFR | 8.00% |  | 11/5/2020 | 11/5/2029 | 39003000 | 39003000 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bandon VAIF, LLC⁽ᵇ⁾⁽ⁿ⁾ | &nbsp;&nbsp;12.00% |  |  |  | 2/10/2020 | 2/7/2026 | 2968663 | 566216 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bandon VAIF, LLC⁽ᵇ⁾⁽ⁿ⁾ | &nbsp;&nbsp;15.00% |  |  |  | 2/15/2022 | 2/7/2026 | 82000 | 82000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bundled Up, LLC⁽ᵇ⁾⁽ᶜ⁾ | &nbsp;&nbsp;14.82% | 30-Day Avg. SOFR | 10.50% |  | 11/18/2022 | 10/1/2025 | 34662463 | 34662463 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDXFI Specialty Finance, LLC⁽ᵇ⁾⁽ᵐ⁾⁽ⁿ⁾ | &nbsp;&nbsp;13.25% |  |  |  | 9/18/2023 | 8/25/2026 | 2173952 | 2173952 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Holdings II, LLC⁽ᵇ⁾⁽ᶜ⁾⁽ʲ⁾⁽ᵏ⁾ | &nbsp;&nbsp;14.28% | 3-Month CME Term <br> SOFR | 10.00% |  | 12/28/2021 | 3/31/2026 | 1890854 | 1890854 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cibanco, S.A. Institución⁽ᵇ⁾⁽ⁱ⁾ | &nbsp;&nbsp;14.55%, 3.00% PIK |  |  |  | 4/5/2023 | 3/27/2027 | 796131 | 796131 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copperpot Finance, LLC⁽ᵇ⁾⁽ᶜ⁾ | &nbsp;&nbsp;15.31% | 30-Day Avg. SOFR | 11.00% |  | 11/29/2024 | 11/26/2028 | 2400000 | 2400000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crusoe Energy Systems, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ᵉ⁾ | &nbsp;&nbsp;17.00% |  |  |  | 9/28/2023 | 11/30/2027 | 10491904 | 10491904 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envest (Canada) Holdings Corp.⁽ᵇ⁾⁽ⁱ⁾ | &nbsp;&nbsp;18.00%, 10.00% PIK |  |  |  | 11/30/2022 | 11/30/2026 | 21321920 | 21321920 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Link, S.A.P.I. DE C.V., Sofom E.N.R. ⁽ᵇ⁾ | &nbsp;&nbsp;10.30% |  |  |  | 4/29/2021 | 10/18/2026 | 6000000 | 6000000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Class Securities Pty Ltd as Trustee for The Oceana Australian Fixed Income Trust⁽ᵃ⁾⁽ᵇ⁾ | &nbsp;&nbsp;11.25% |  |  |  | 11/9/2023 | 11/9/2025 | 9944076 | 10057908 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Class Securities Pty Ltd as Trustee for The Oceana Australian Fixed Income Trust⁽ᵃ⁾⁽ᵇ⁾ | &nbsp;&nbsp;11.50% |  |  |  | 11/9/2023 | 2/10/2026 | 9944076 | 10096780 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Class Securities Pty Ltd as Trustee for The Oceana Australian Fixed Income Trust⁽ᵃ⁾⁽ᵇ⁾ | &nbsp;&nbsp;11.00% |  |  |  | 9/8/2023 | 9/8/2025 | 13540492 | 13426352 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Class Securities Pty Ltd as Trustee for The Oceana Australian Fixed Income Trust⁽ᵃ⁾⁽ᵇ⁾ | &nbsp;&nbsp;10.25% |  |  |  | 2/20/2025 | 2/20/2026 | 9998730 | 10122421 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Olinx, S.A.P.I. de C.V., SOFOM, E.N.R.⁽ᵇ⁾ | &nbsp;&nbsp;13.00% |  |  |  | 8/12/2021 | 8/12/2027 | 6324940 | 6324940 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IOM Media Ventures NS Inc.⁽ᵇ⁾⁽ʲ⁾⁽ᵐ⁾ | &nbsp;&nbsp;14.00% |  |  |  | 12/24/2024 | 12/17/2028 | 2350000 | 2350000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kili Purchasing, LLC⁽ᵇ⁾ | &nbsp;&nbsp;13.40% |  |  |  | 12/20/2024 | 12/18/2027 | 12928632 | 12928632 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSPV 2, LLC⁽ᵇ⁾⁽ᶜ⁾⁽ʲ⁾⁽ᵏ⁾ | &nbsp;&nbsp;15.00% | 3-Month CME Term <br> SOFR | 12.50% |  | 12/28/2021 | 6/3/2027 | 4000000 | 4000000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexgen Funding 1B SPE, LLC⁽ᵇ⁾⁽ᶜ⁾⁽ʲ⁾ | &nbsp;&nbsp;15.29% | 3-Month CME Term <br> SOFR | 12.25% |  | 5/22/2025 | 3/28/2028 | 3140769 | 3140769 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nimbus Asset Finance, A Sub-Fund of Latinum Assets 1 VCC⁽ᵇ⁾⁽ᵐ⁾ | &nbsp;&nbsp;10.50% |  |  |  | 9/20/2024 | 4/29/2026 | 9000000 | 9000000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osprey AV I, LLC⁽ᵇ⁾⁽ᵏ⁾⁽ᵐ⁾ | &nbsp;&nbsp;13.25% |  |  |  | 6/14/2023 | 6/3/2028 | 20332058 | 20332058 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osprey AV II, LLC⁽ᵇ⁾⁽ᶜ⁾⁽ᵏ⁾⁽ᵐ⁾ | &nbsp;&nbsp;11.32% | 30-Day Avg. SOFR | 7.00% |  | 10/5/2023 | 4/9/2028 | 9180000 | 9180000 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PATRIMONIO EN FIDEICOMISO, D. Leg. 861, no inscrito en la SMV, dirigido a Inversionistas Institucionales – Arrendamientos Leasy II,⁽ᵇ⁾⁽ʲ⁾ | &nbsp;&nbsp;15.75% |  |  |  | 7/1/2025 | 2/17/2028 | 1500000 | 1500000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percent US ABS I, LLC⁽ᵇ⁾ | &nbsp;&nbsp;13.00% |  |  |  | 9/14/2023 | 9/14/2026 | 3541740 | 3541740 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pier Active Transactions, LLC (Series 40)⁽ᵇ⁾⁽ᶜ⁾⁽ʲ⁾ | &nbsp;&nbsp;19.00% | 1-Month CME Term<br> SOFR | 14.50% |  | 6/27/2025 | 5/27/2026 | 4000000 | 4000000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Point, LLC⁽ᵇ⁾ | &nbsp;&nbsp;12.50% |  |  |  | 7/8/2025 | 6/5/2029 | 2159381 | 2159381 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Awan Tunai Indonesia ⁽ᵇ⁾⁽ᵐ⁾ | &nbsp;&nbsp;10.50% |  |  |  | 9/10/2020 | 4/29/2026 | 17500200 | 17500200 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Heights Capital, LLC⁽ᵇ⁾⁽ᶜ⁾⁽ʲ⁾⁽ᵏ⁾ | &nbsp;&nbsp;14.32% | 30-Day Avg. SOFR | 10.00% |  | 4/21/2025 | 5/15/2028 | 557826 | 557826 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RKB Bridge Solutions, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ᶜ⁾⁽ᵏ⁾ | &nbsp;&nbsp;9.75% | 30-Day Avg. SOFR | 6.75% |  | 4/21/2022 | 9/30/2025 | 4995738 | 4995738 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaryo Capital II, LLC⁽ᵇ⁾ | &nbsp;&nbsp;12.00% |  |  |  | 1/30/2020 | 12/31/2025 | 9000000 | 6072968 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaryo, Inc.⁽ᵇ⁾ | &nbsp;&nbsp;6.00% |  |  |  | 12/11/2023 | 12/8/2025 | 1050000 | 1050000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEIA Purchasing, LLC⁽ᵇ⁾⁽ᵈ⁾⁽ᶠ⁾ | &nbsp;&nbsp;13.00% |  |  |  | 10/12/2022 |  | 3162327 | 3162327 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPC VAR, LLC⁽ᵇ⁾⁽ᶜ⁾⁽ᵏ⁾ | &nbsp;&nbsp;16.32% | 1-Month CME Term <br> SOFR | 12.00% |  | 10/17/2023 | 10/17/2028 | 9600500 | 9600500 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Square Kilometer Capital SPV, LLC⁽ᵇ⁾⁽ᶜ⁾⁽ᵈ⁾⁽ᶠ⁾ | &nbsp;&nbsp;27.32% | 30-Day Avg. SOFR | 11.00% |  | 11/9/2022 |  | 1743670 | 1743670 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSC SPV No.1, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ᵈ⁾⁽ᶠ⁾⁽ᵃᵇ⁾ | &nbsp;&nbsp;Blended |  |  |  | 8/9/2019 |  | 87024449 | 86012244 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSL DB West, LLC⁽ᵇ⁾⁽ᶜ⁾⁽ᵈ⁾ | &nbsp;&nbsp;14.32% | 30-Day Avg. SOFR | 10.00% |  | 4/14/2023 | 3/25/2027 | 50701447 | 50701447 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stat Capital SPV, LLC⁽ᵇ⁾⁽ᶜ⁾ | &nbsp;&nbsp;14.10% | 30-Day Avg. SOFR | 10.75% |  | 4/29/2022 | 4/25/2026 | 1242300 | 1242300 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Station Road Capital Management II, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ᵏ⁾ | &nbsp;&nbsp;13.00% |  |  |  | 11/25/2024 | 1/12/2027 | 36904915 | 36904915 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel River Systems, LLC⁽ᵇ⁾⁽ⁿ⁾⁽ʳ⁾ | &nbsp;&nbsp;- |  |  |  | 12/22/2022 | 12/31/2027 | 2795331 | 2795331 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stowe HM-PB, LLC (Automotive Alliance, LLC)⁽ᵇ⁾⁽ᶜ⁾⁽ᵉ⁾⁽ʲ⁾ | &nbsp;&nbsp;12.82% | 1-Month CME Term <br> SOFR | 8.50% |  | 3/24/2025 | 8/15/2025 | 826677 | 826677 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride Alternative Education Fund 1⁽ᵇ⁾ | &nbsp;&nbsp;17.00% |  |  |  | 6/13/2022 | 6/10/2029 | 6818000 | 1087758 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCM Produce, LLC⁽ᵇ⁾⁽ʲ⁾ | &nbsp;&nbsp;14.00% |  |  |  | 5/19/2021 | 8/7/2025 | 3785903 | 3785903 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terra Payment Services Ltd.⁽ᵇ⁾⁽ʲ⁾ | &nbsp;&nbsp;11.50% |  |  |  | 6/25/2025 | 12/31/2025 | 3600000 | 3600000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unifund CCR, LLC⁽ᵇ⁾⁽ᶜ⁾⁽ʲ⁾ | &nbsp;&nbsp;16.32% | 30-Day Avg. SOFR | 12.00% |  | 5/23/2025 | 12/11/2025 | 5030883 | 5030883 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vantage Borrower SPV I, LLC⁽ᵇ⁾⁽ⁿ⁾⁽ᶻ⁾⁽ᵃᶜ⁾ | &nbsp;&nbsp;Blended |  |  |  | 9/11/2020 |  | 3000000 | 1494000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wallace Management Co., LLC⁽ᵇ⁾⁽ᶜ⁾⁽ᶠ⁾ | &nbsp;&nbsp;14.00% | 30-Day Avg. SOFR | 8.00% |  | 9/8/2022 |  | 11855724 | 11855724 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watu Holdings Ltd.⁽ᵇ⁾⁽ʲ⁾ | &nbsp;&nbsp;13.00% |  |  |  | 4/11/2022 | 5/7/2026 | 5000000 | 5000000 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zanifu Limited⁽ᵇ⁾⁽ᶜ⁾ | &nbsp;&nbsp;17.32% | 30-Day Avg. SOFR | 13.00% |  | 4/18/2023 | 4/17/2026 | 1387727 | 1387727 | 0.1 |
|  |  |  |  |  |  |  | 573180563 | 551677327 | 20.4 |
| &nbsp;&nbsp;&nbsp;**Trade Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtrade Capital, LLC⁽ᵇ⁾⁽ᵉ⁾⁽ᵒ⁾⁽ʸ⁾ | &nbsp;&nbsp;Blended |  |  |  | 4/30/2022 | 4/27/2027 | 156049962 | 126094953 | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtrade Capital, LLC⁽ᵇ⁾⁽ⁱ⁾ | &nbsp;&nbsp;17.50% PIK |  |  |  | 5/2/2025 | 4/27/2027 | 12000000 | 12000000 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stowe HM-PB, LLC (Sauna Works, inc.)⁽ᵇ⁾⁽ᵉ⁾⁽ʲ⁾ | &nbsp;&nbsp;10.75% | - | - |  | 2/11/2025 | 8/20/2025 | 1457147 | 1457147 | 0.1 |
|  |  |  |  |  |  |  | 169507109 | 139552100 | 5.2 |
| &nbsp;&nbsp;&nbsp;**Transportation Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inclusion South Africa Proprietary Limited⁽ᵃ⁾⁽ᵇ⁾⁽ᶜ⁾⁽ʲ⁾ | &nbsp;&nbsp;10.00% | 1-Month CME Term <br> SOFR | 12.50% |  | 9/27/2022 | 9/23/2025 | 12585716 | 9718802 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ranger Hill Run, LLC⁽ᵇ⁾ | &nbsp;&nbsp;14.00% | - | - |  | 12/15/2023 | 12/15/2026 | 21072333 | 21072333 | 0.8 |
|  |  |  |  |  |  |  | 33658049 | 30791135 | 1.1 |
| &nbsp;&nbsp;&nbsp;**Warehouse Facilities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;edly WH Investors 2019-1, LLC⁽ᵇ⁾ | &nbsp;&nbsp;12.13% |  |  |  | 10/9/2019 | 3/31/2027 | 25365970 | 19997290 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homelight Homes Real Estate, LLC⁽ᵇ⁾⁽ᵉ⁾ | &nbsp;&nbsp;13.50% | - | - |  | 10/8/2020 | 10/15/2025 | 3301840 | 3301840 | 0.1 |
|  |  |  |  |  |  |  | 28667810 | 23299130 | 0.8 |
| &nbsp;&nbsp;&nbsp;**Total investments in credit facilities** |  |  |  |  |  |  | 1742286145 | 1670714154 | 61.8 |

---

**Variant Alternative Income Fund**

**Consolidated Schedule of Investments**

**July 31, 2025 - (Unaudited) (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Interest Rate | Reference Rate | Spread | Shares/<br> Units | First<br> Acquisition<br> Date | Maturity<br> Date | Cost/Principal | Fair Value | Percent<br> of Net<br> Assets |
| **Investments in special purpose vehicles - 6.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Litigation Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BR AB, LLC⁽ᵇ⁾⁽ᵍ⁾⁽ᵒ⁾ |  |  |  | 2220 | 8/24/2023 |  | 2220000 | 2220000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YS Law Firm Financing VII⁽ᵍ⁾⁽ʰ⁾ |  |  |  | - | 4/5/2018 |  | 233133 | 344462 | 0.0 |
|  |  |  |  |  |  |  | 2453133 | 2564462 | 0.1 |
| &nbsp;&nbsp;&nbsp;**Real Estate Debt** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDMX Debt Fund, LLC⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 4/25/2022 |  | 18268045 | 20784447 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MonticelloAM Funding, LLC Series SH-89-B⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 6/24/2025 |  | 2000000 | 2021632 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MonticelloAM Funding, LLC Series SH-86⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 6/17/2025 |  | 5152902 | 5220209 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monticello Funding, LLC Series SH-75-B⁽ᵍ⁾⁽ʰ⁾⁽ᵏ⁾ |  |  |  |  | 6/5/2025 |  | 498101 | 503722 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MonticelloAM Funding, LLC Series SH-88⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 5/29/2025 |  | 825046 | 833687 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MonticelloAM Funding, LLC Series SH-85⁽ᵍ⁾⁽ʰ⁾⁽ᵏ⁾ |  |  |  | - | 5/6/2025 |  | 1876598 | 1896719 | 0.1 |
|  |  |  |  |  |  |  | 28620692 | 31260416 | 1.2 |
| &nbsp;&nbsp;&nbsp;**Real Estate Equity** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CX Lively Indigo Run Depositor, LLC⁽ᵇ⁾⁽ᵍ⁾ |  |  |  |  | 5/9/2022 |  | 6725250 | 4512662 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CX Midwest Industrial Logistics Depositor, LLC⁽ᵇ⁾⁽ᵍ⁾ |  |  |  |  | 6/24/2022 |  | 8540000 | 7627614 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CX Mode at Hyattsville Depositor, LLC⁽ᵇ⁾⁽ᵍ⁾ |  |  |  |  | 10/18/2022 |  | 5662341 | 5592297 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CX Owings Mills Multifamily Depositor, LLC⁽ᵇ⁾⁽ᵍ⁾ |  |  |  |  | 7/12/2022 |  | 9860000 | 6119815 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CX Residences at Congressional Village Depositor, LLC⁽ᵇ⁾⁽ᵍ⁾ |  |  |  |  | 6/27/2022 |  | 8865000 | 13319837 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CX Station at Clift Farm Depositor, LLC⁽ᵇ⁾⁽ᵍ⁾ |  |  |  |  | 12/27/2021 |  | 7947300 | 3499813 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHX Industrial Portfolio AMP SPV, LLC⁽ᵍ⁾⁽ʰ⁾ |  |  |  | - | 12/20/2021 |  | 2515257 | 4190921 | 0.2 |
|  |  |  |  |  |  |  | 50115148 | 44862959 | 1.7 |
| &nbsp;&nbsp;&nbsp;**Royalties** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEP Capital II, L.P. - Co-Investment Sound Royalties⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 8/3/2021 |  | 1917138 | 3195354 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEP Capital III, L.P. - Co-Investment Cultureworks⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 11/3/2021 |  |  | 13048 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEP Capital III, L.P. - Co-Investment NGL⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 3/24/2022 |  | 7765028 | 8763423 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Round Hill Music Carlin Coinvest, L.P.⁽ᵍ⁾⁽ʰ⁾⁽ᵖ⁾ |  |  |  | - | 10/1/2017 |  | 929104 | 1387664 | 0.0 |
|  |  |  |  |  |  |  | 10611270 | 13359489 | 0.4 |
| &nbsp;&nbsp;&nbsp;**Specialty Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrix Investments, LLC⁽ᵍ⁾⁽ʰ⁾ |  |  |  |  | 1/27/2022 |  | 5000000 | 5689517 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendable SPC (behalf of Segregated Investment Vehicle 1)⁽ᵍ⁾⁽ʰ⁾ |  |  |  | - | 7/31/2020 |  | 82394886 | 74468872 | 2.8 |
|  |  |  |  |  |  |  | 87394886 | 80158389 | 3.0 |
| &nbsp;&nbsp;&nbsp;**Transportation Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessel Deconstruction I⁽ᵇ⁾⁽ᵍ⁾ |  |  |  | - | 6/26/2018 |  | 467262 | 167262 | 0.0 |
| &nbsp;&nbsp;&nbsp;**Total investments in special purpose vehicles** |  |  |  |  |  |  | 179662391 | 172372977 | 6.4 |

---

**Variant Alternative Income Fund**

**Consolidated Schedule of Investments**

**July 31, 2025 - (Unaudited) (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Interest Rate | Reference Rate | Spread | Shares/<br> Units | First<br> Acquisition<br> Date | Maturity<br> Date | Cost/Principal | Fair Value | Percent of Net<br> Assets |
| **Investments in direct equities - 0.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Specialty Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coromandel Capital, LLC⁽ᵇ⁾⁽ˡ⁾ |  |  |  |  | 7/3/2024 |  |  | 966243 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internex Capital, LLC, Series A Preferred⁽ᵇ⁾ |  |  |  | 359701 | 4/1/2022 |  | 1250000 | 1250000 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preteur, Inc.⁽ᵇ⁾⁽ˡ⁾ | - | - | - | 400000 | 3/28/2023 | - | - | 2043243 | 0.1 |
|  |  |  |  |  |  |  | 1250000 | 4259486 | 0.2 |
| &nbsp;&nbsp;&nbsp;**Total investments in direct equities** |  |  |  |  |  |  | 1250000 | 4259486 | 0.2 |
| **Investments in warrants - 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Litigation Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerberos Capital Management SPV V, LLC⁽ᵇ⁾⁽ˡ⁾⁽ˢ⁾ | - | - | - | - | 5/17/2022 | - | - | 2769907 | 0.1 |
| &nbsp;&nbsp;&nbsp;**Royalties** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beatfund II, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ˡ⁾⁽ᵛ⁾ | - | - | - | 194924 | 6/26/2024 | - | - | 475968 | 0.0 |
| &nbsp;&nbsp;&nbsp;**Specialty Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coromandel Capital, LLC⁽ᵃ⁾⁽ᵇ⁾⁽ˡ⁾⁽ᵘ⁾ |  |  |  |  | 9/8/2021 |  |  | 614704 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rainforest Life PTE. LTD. - Warrants⁽ᵇ⁾⁽ˡ⁾⁽ᵗ⁾ | - | - | - | - | 8/20/2021 | - | - | 648860 | 0.0 |
|  |  |  |  |  |  |  | - | 1263564 | 0.0 |
| **Total investments in warrants** |  |  |  |  |  |  | - | 4509439 | 0.1 |
| **Investments in money market instruments - 11.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, Institutional Shares⁽ᵃ⁾⁽ᵃᵍ⁾ | 4.20% | - | - | 312279320 | - | - | 312279320 | 312279320 | 11.6 |
| **Total investments in money market instruments** |  |  |  |  |  |  | 312279320 | 312279320 | 11.6 |
| **Total Investments (cost $2,744,110,162)** |  |  |  |  |  |  |  | **2695556717** | 99.8 |
| Other assets less liabilities |  |  |  |  |  |  |  | 6569266 | 0.2 |
| **Net Assets** |  |  |  |  |  |  |  | **2702125983** | 100.0 |

---

**Variant Alternative Income Fund**

**Consolidated Schedule of Investments**

**July 31, 2025 (Unaudited)**

**FUTURES CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**Expiration<br> Date** | **Number of**<br>**Contracts<br> Long (Short)** |<br>**Notional<br> Value** | **Value at**<br>**July 31,<br> 2025** | **Unrealized**<br>**Appreciation<br> (Depreciation)** |
| **Foreign Exchange Futures** |  |  |  |  |  |
| CME Australian Dollar | June 2025 | (727) | $(47486264) | $(46793355) | $692909 |
| CME British Pound | June 2025 | (113) | (9577315) | (9339450) | 237865 |
| CME Euro Dollar | June 2025 | (77) | (11127066) | (11030731) | 96335 |
| CME Mexican Peso | June 2025 | (714) | (18716612) | (18871020) | (154408) |
| **TOTAL FUTURES CONTRACTS** |  | (1631) | $**(86907256)** | $**(86034556)** | $**872700** |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Role

CME - Chicago Mercantile Exchange

EURIBOR - Euro Interbank Offered Rate

**Footnotes:**

⁽ᵃ⁾ This security serves as collateral for the Fund's revolving credit facilities, when in use during the year.

⁽ᵇ⁾ Value was determined using significant unobservable inputs. See Note 3.

⁽ᶜ⁾ Variable rate security. Rate shown is the rate in effect as of July 31, 2025.

⁽ᵈ⁾ This investment is structured with a profit sharing component. The rate disclosed as of July 31, 2025 is the effective rate.

⁽ᵉ⁾ This investment has variable maturity dates maturing through the date listed.

⁽ᶠ⁾ This security is in wind-down with no specific maturity date.

⁽ᵍ⁾ Private investment company or special purpose vehicle that does not issue shares or units.

⁽ʰ⁾ Investment valued using net asset value per share (or its equivalent) as a practical expedient.

⁽ⁱ⁾ This security includes a component of paid-in-kind (PIK) interest. This means that a portion or all of the interest accrued during a specific period is capitalized to the principal balance of the security.

⁽ʲ⁾ This investment was made through a participation. See Note 2.

⁽ᵏ⁾ This investment has been committed to but has not been fully funded by the Fund as of July 31, 2025.

⁽ˡ⁾ This investment was acquired at zero cost through the structuring of another security.

⁽ᵐ⁾ The Fund receives additional fees (e.g., agent, management, monitoring, etc.) from this security.

⁽ⁿ⁾ Either part or all of this security's accrual rate is set to zero as it is non-income producing. The rate disclosed as of July 31, 2025 is the base rate.

---

| | |
|:---|:---|
| ⁽ᵒ⁾ | This security includes an element of interest that is contingent upon a specific event. This means that a portion or the entirety of the interest accrued is received when a particular event takes place with the underlying collateral, resulting in the generation of cash. Typically, these cash receipts are allocated first to interest and then to principal. |

---

---

| | |
|:---|:---|
| ⁽ᵖ⁾ | 100% of this special purpose vehicle is invested in one music catalog. |

---

---

| | |
|:---|:---|
| ⁽<sup>q</sup>⁾ | Security has a blended interest rate of 8.00%, 8.50% and 9.00% based on underlying collateral and is structured with a profit sharing component. Interest is collected periodically with no specific terms. |

---

⁽ʳ⁾ This security is structured as profit sharing agreement subject to a preferred return.

---

| | |
|:---|:---|
| ⁽ˢ⁾ | This warrant's expiration date is on the tenth anniversary of its date of issue (May 17, 2022). The exercise price is $0.01. |

---

---

| | |
|:---|:---|
| ⁽ᵗ⁾ | This warrant's expiration date is on the tenth anniversary of its effective date (July 13, 2021). The exercise price is $0.01. |

---

---

| | |
|:---|:---|
| ⁽ᵘ⁾ | This warrant's expiration date is on the tenth anniversary of its effective date (January 7, 2020). The exercise price is $1.00. |

---

---

| | |
|:---|:---|
| ⁽ᵛ⁾ | This warrant's expiration date is on the twenty-fifth anniversary of its initial funding date (November 25, 2022). The exercise price is $0.0001. |

---

---

| | |
|:---|:---|
| ⁽ʷ⁾ | This investment has a six-month lock-up with a maturity date defined as the earlier of i) the third anniversary of the origination date (April 12, 2027), ii) three to nine months after rendering a partial or full redemption notice subject to the six-month lock-up, iii) a mandatory early redemption event as declared by the issuer, or iv) the date falling immediately after a wind-down period (thirty months following issuance date) expires. |

---

---

| | |
|:---|:---|
| ⁽ˣ⁾ | This investment has a variable interest rate calculated with a base interest of 8%, adjusted by a commitment fee based on the outstanding par value, plus 1.8%, and less the delta between the 6-Month EURIBOR rate and 6-Month CME Term SOFR rate. |

---

---

| | |
|:---|:---|
| ⁽ʸ⁾ | This security has a profit share structure on $131,953,999 and 12% stated rate on $26,095,963. |

---

---

| | |
|:---|:---|
| ⁽ᶻ⁾ | This security has a cash interest rate of 12% and an additional PIK interest rate of 4-10%, depending on the underlying credit facility tranche and debt ratio of each preceding monthly period. |

---

---

| | |
|:---|:---|
| ⁽ᵃᵃ⁾ | The full legal names of the borrowers are as follows: OHFX 4031U, LLC ("OHFX"); Dana Ellen Smith, As Trustee Of The Dana Ellen Smith Exempt Trust Under The Minzer Family Revocable Trust (the "Smith Trust"), Dated October 15, 1985; Dana Ellen Smith, As Trustee Of The Stone Canyon Trust (the "Stone Canyon Trust"), Dated May 9 2014; and City Centre West, LLC. |

---

---

| | |
|:---|:---|
| ⁽ᵃᵇ⁾ | This security has a blended interest rate of 16.00% on $38,300,000, 9.00% on $47,287,444 and 14.00% on $424,800. |

---

⁽ᵃᶜ⁾ This security is in restructuring with no specific maturity date.

---

| | |
|:---|:---|
| ⁽ᵃᵈ⁾ | This security has a blended interest rate of 21.00% for draws before March 30, 2025 and 26.00% for draws on or after March 31, 2025. |
| ⁽ᵃᵉ⁾ | This security has a blended interest rate of 15.00% on $1,515,804, and 13.00% on $1,425,375. |

---

⁽ᵃᶠ⁾ As determined at the end of each waterfall period, a portion of this security's outstanding interest may, from time to time, be capitalized into its principal balance.

⁽ᵃᵍ⁾ Rate listed is the 7-day effective yield at July 31, 2025.

*See accompanying Notes to Consolidated Schedule of Investments.*

**Variant Alternative Income Fund**

**Consolidated Portfolio Allocation**

**July 31, 2025 - (Unaudited)** 

**Investment Type as a percentage of Total Net Assets As Follows:**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of<br> Total Net<br> Assets |
| Credit Facilities | 61.8% |
| Private Investment Companies | 19.7% |
| Short-Term Investments | 11.6% |
| Special Purpose Vehicles | 6.4% |
| Direct Equities | 0.2% |
| Warrants | 0.1% |
| **Total Investments** | **99.8%** |
| Other assets less liabilities | 0.2% |
| **Total Net Assets** | **100.0%** |

---

See accompanying Notes to Consolidated Schedule of Investments.

**Variant Alternative Income Fund**

**Notes to Consolidated Schedule of Investments**

**July 31, 2025 (Unaudited)** 

**1. Organization**

The Variant Alternative Income Fund (the "Fund") is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and organized as a Delaware statutory trust on April 6, 2018. Variant Investments, LLC serves as the investment adviser (the "Investment Manager") of the Fund. The Fund operates as an interval fund pursuant to Rule 23c-3 under the Investment Company Act, and has adopted a fundamental policy to conduct quarterly repurchase offers at net asset value ("NAV"). The Fund commenced operations on October 1, 2018 with Institutional Class Shares. Investor Class Shares were offered at a later date and commenced operations on October 31, 2018. The Board of Trustees (the "Board" and the members thereof, "Trustees") of the Fund approved the closure of the Fund's Investor Class Shares effective August 27, 2021. On September 17, 2021, all of the Fund's Investor Class Shares were converted into Institutional Class Shares and Investor Class Shares as a class of Shares of the Fund were terminated. The Fund's primary investment objective is to seek to provide a high level of current income by investing, directly or indirectly, a majority of its net assets (plus any borrowings for investment purposes) in alternative income generating investments. Capital appreciation is a secondary objective of the Fund. The Fund may allocate its assets through direct investments, and investments in a wide range of investment vehicles.

The Fund and its wholly owned subsidiaries is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Investment Manager to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to a Fund based on performance measurements. The Investment Manager is deemed to be the Chief Operating Decision Maker with respect to the Funds' investment decisions.

**Consolidation of Subsidiary**

Each subsidiary below was formed as a limited a limited liability company and is a wholly-owned subsidiary of the Fund. All subsidiaries were formed to allow the Fund to pledge specific assets to its revolving credit facilities. All inter-company accounts and transactions have been eliminated in the consolidation of the Fund. A list of the subsidiaries are as follows as of July 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Subsidiary** | **Date of Formation** | **Net Assets of Subsidiary** | **Percentage of**<br> **Funds Total Net Assets** |
| VAIF I FB SPV, LLC | September 18, 2023 | $128112613 | 4.74% |
| VAIF II SPV, LLC | June 21, 2024 | 525904482 | 19.46% |
| **Total** |  | $**654017095** | **24.20%** |

---

**2. Accounting Policies**

**Basis of Preparation and Use of Estimates**

The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

**Variant Alternative Income Fund**

**Notes to Consolidated Schedule of Investments** 

**July 31, 2025 (Unaudited) (continued)**

**Investment Transactions and Related Investment Income**

Investment transactions are accounted for on a trade-date basis. Realized gains and losses on investment transactions are determined using cost calculated on a specific identification basis. Some or all of the interest payments of a loan or preferred equity may be structured in the form of PIK or Event-Based. Event-Based structured loans or preferred equities imply that interest payments are not scheduled at regular intervals, such as monthly or quarterly. Instead, payments of interest or principal are triggered by a specific cash-generating event associated with the underlying collateral backing the investment.

Investments structured in the form of PIK accrue to cost and principal on a current basis but is generally not paid in cash until maturity or some other determined payment date. Investments structured in the form of Event-Based accrue to outstanding interest on a current basis and is paid as the investment's underlying assets and collateral generate cash to pay down interest and principal. As of July 31, 2025, the Fund separated PIK and Event-Based interest income and accrued interest, whereas in prior fiscal years, these were combined into PIK in fiscal years prior to April 30, 2025.

Interest payments structured in the form of PIK and Event-Based are subject to the risk that a borrower could default when actual cash interest or principal payments are due. Dividends are recorded on the ex-dividend date and interest is recognized on an accrual basis. Distributions from private investments that represent returns of capital in excess of cumulative profits and losses are credited to investment cost rather than investment income.

**Distributions to Shareholders**

Distributions are paid at least quarterly on the Shares in amounts representing substantially all of the Fund's net investment income, if any, earned each year. The Fund determines annually whether to distribute any net realized long-term capital gains in excess of net realized short-term capital losses (including capital loss carryover); however, it may distribute any excess annually to its shareholders. Distributions to shareholders are recorded on the ex-dividend date.

The exact amount of distributable income for each fiscal year can only be determined at the end of the Fund's tax year. Under Section 19 of the Investment Company Act, the Fund is required to indicate the sources of certain distributions to shareholders. The estimated distribution composition may vary from quarter to quarter because it may be materially impacted by future income, expenses and realized gains and losses on securities and fluctuations in the value of the currencies in which Fund assets are denominated.

**Cash and Cash Equivalents**

Cash and cash equivalents consist of cash and short-term investment which are readily convertible into cash and have an original maturity of three months or less. UMB Bank, n.a. serves as the Fund's custodian. Cash and cash equivalents are subject to credit risk to the extent those balances exceed applicable Securities Investor Protection Corporations or Federal Deposit Insurance Corporation limitations.

Cash and Investments, can include deposits in money market funds, which are classified as Level 1 assets. As of July 31, 2025, the Fund held cash of $800,097 and $312,279,320 in a short-term money market fund. The VAIF II SPV, LLC subsidiary held balances of $1,788,083 and $0 for cash and short-term money market fund, respectively. The VAIF I SPV, LLC subsidiary did not hold any cash or short-term money market fund as of July 31, 2025.

**Valuation of Investments**

The Fund calculates its NAV as of the close of business on each business day and at such other times as the Board may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board.

**Variant Alternative Income Fund**

**Notes to Consolidated Schedule of Investments** 

**July 31, 2025 (Unaudited) (continued)**

The Board has designated the Investment Manager as its valuation designee (in such capacity, the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act to perform fair value determinations for investments that do not have readily available market quotations. Under the valuation policy and procedures for the Fund (the "Valuation Procedures") adopted by the Fund, the Board has delegated day-to-day responsibility for fair value determinations and pricing to the Valuation Designee subject to the oversight of the Board.

Short-term securities, including bonds, notes, debentures and other debt securities, such as certificates of deposit, commercial paper, bankers' acceptances and obligations of domestic and foreign banks, with maturities of 60 days or less, for which reliable market quotations are readily available shall each be valued at current market quotations as provided by an independent pricing service or principal market maker. Money market funds will be valued at NAV.

For equity, equity related securities, and options that are freely tradable and listed on a securities exchange or over-the-counter market, the Fund fair values those securities at their last sale price on that exchange or over-the-counter market on the valuation date. If the security is listed on more than one exchange, the Fund will use the price from the exchange that it considers to be the principal exchange on which the security is traded. Securities listed on the NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there has been no sale on such exchange or over-the-counter market on such day, the security will be valued at the mean between the last bid price and last ask price on such day.

Fixed income securities (i.e. credit facilities, other than the short-term securities as described above) shall be valued by (a) using readily available market quotations based upon the last updated sale price or (b) by a market value from an approved pricing service generated by a pricing matrix based upon yield data for securities with similar characteristics or (c) by obtaining a direct written broker- dealer quotation from a dealer who has made a market in the security. If no price is obtained for a security in accordance with the foregoing, because either an external price is not readily available or such external price is believed by the Investment Manager not to reflect the market value, the Valuation Designee will make a determination in good faith of the fair value of the security in accordance with the Valuation Procedures. In general, fair value represents a good faith approximation of the current value of an asset and will be used when there is no public market or possibly no market at all for the asset. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

The Fund may acquire interests in loans either directly (by way of original issuance, sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution participating in the interest, not with the borrower. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation.

Prior to investing in any private investment companies or special purpose vehicles (collectively, "Underlying Funds"), the Investment Manager will conduct an initial due diligence review of the valuation methodologies utilized by the Underlying Fund, which generally shall be based upon readily observable market values when available, and otherwise utilize principles of fair value that are reasonably consistent with those used by the Fund for valuing its own investments. Subsequent to investment in an Underlying Fund, the Investment Manager will monitor the valuation methodologies used by each Underlying Fund. The Fund values its interests in Underlying Funds using the NAV provided by the managers of the Underlying Funds and/or their agents. These valuations involve significant judgment by the managers of the Underlying Funds and may differ from their actual realizable value. Under certain circumstances, the Valuation Designee may modify the managers' valuations based on updated information received since the last valuation date. The Valuation Designee may also modify valuations if the valuations are deemed to not fully reflect the fair value of the investment. Valuations will be provided to the Fund based on interim unaudited financial records of the Underlying Funds, and, therefore, will be estimates and may fluctuate as a result. The Board, the Investment Manager and the Valuation Designee may have limited ability to assess the accuracy of these valuations.

**Variant Alternative Income Fund**

**Notes to Consolidated Schedule of Investments** 

**July 31, 2025 (Unaudited) (continued)**

In circumstances in which market quotations are not readily available or are deemed unreliable, or in the case of the valuation of private, direct investments, such investments may be valued as determined in good faith using Valuation Procedures approved by the Board. In these circumstances, the Fund determines fair value in a manner that seeks to reflect the market value of the security on the valuation date based on consideration by the Valuation Designee of any information or factors deemed appropriate. The Valuation Designee may engage third party valuation consultants on an as-needed basis to assist in determining fair value.

Fair valuation involves subjective judgments, and there is no single methodology for determining the fair value of an investment. The fair value determined for an investment may differ materially from the value that could be realized upon the sale of the investment. Fair values used to determine the Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investment. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund. Information that becomes known to the Fund or its agents after the NAV has been calculated on a particular day will not be used to retroactively adjust the price of a security or the NAV determined earlier. Prospective investors should be aware that situations involving uncertainties as to the value of investments could have an adverse effect on the Fund's NAV if the judgments of the Valuation Designee regarding appropriate valuations should prove incorrect.

**Written Options**

The Fund may write call and put options. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Schedule of Investments. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such in the Consolidated Schedule of Investments. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, security or currency transaction to determine the realized gain or loss. The Fund, as a writer of an option, has no control over whether the underlying future, security or currency may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security underlying the written option. The risk exists that the Fund may not be able to enter into a closing transaction because of an illiquid market. As of July 31, 2025 the Fund did not hold any options.

**Foreign Currency Exchange Future Contracts**

The Fund may utilize foreign currency future contracts ("futures") under which they are obligated to exchange currencies on specified future dates at specified rates, and are subject to the translations of foreign exchange rates fluctuations. All futures are "marked-to-market" daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on foreign currency translations. The Fund records realized gains or losses at the time the futures contract is settled. Counter-parties to these contracts are major U.S. financial institutions. Futures contracts are carried at fair value using the primary exchange's closing (settlement) price and are generally categorized in Level 1. As of July 31, 2025, all futures were entered in exchanges located in U.S. domestic markets.

Engaging in these transactions involves risk of loss, which could adversely affect the value of the Fund's net assets. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. Many exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting the Fund to substantial losses.

**Variant Alternative Income Fund**

**Notes to Consolidated Schedule of Investments** 

**July 31, 2025 (Unaudited) (continued)**

**Foreign Currency Translation**

The Fund's records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using quoted exchange rates prior to when the Fund's NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Fund does not isolate that portion of its net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

**Participations and Assignments**

The Fund may acquire interests in loans either directly (by way of original issuance, sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution participating in the interest, not with the borrower. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the risk of both the borrower and the institution selling the participation.

**3. Fair Value of Investments**

***(a) Fair value - Definition***

The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 1 – Valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

· Level 2 – Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly.

· Level 3 – Valuations based on inputs that are both significant and unobservable to the overall fair value measurement.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainly of valuation, estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Investment Manager in determining fair value is greatest for investments categorized in Level 3.

**Variant Alternative Income Fund**

**Notes to Consolidated Schedule of Investments** 

**July 31, 2025 (Unaudited) (continued)**

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

***(b) Fair Value – Valuation Techniques and Inputs***

 ****

When determining fair value, the Fund uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.

**Investments in Private Investment Companies**

The Fund values private investment companies using the NAV's provided by the underlying private investment companies as a practical expedient. The Fund applies the practical expedient to private investment companies on an investment-by-investment basis, and consistently with the Fund's entire position in a particular investment unless it is probable that the Fund will sell a portion of an investment at an amount different from the NAV of the investment. Each of these investments has certain restrictions with respect to rights of withdrawal by the Fund as specified in the respective agreements. Generally, the Fund is required to provide notice of its intent to withdraw after the investment has been maintained for a certain period of time. The management agreements of the private investment companies provide compensation to the managers in the form of fees ranging from 0% to 2.00% annually of net assets and performance incentive allocations or fees ranging from 0% to 20% on net profits earned.

At July 31, 2025, the Fund had private investment companies of $459,184 that did not qualify for the practical expedient because it is probable that the Fund could sell these investments for amounts that differ from the NAVs provided by the underlying private investment companies. Private investment companies not qualifying for practical expedient were valued by the Fund through application of adjustments to the stated NAVs reported by the underlying private investment companies. These adjustments are based on other relevant information available that the Fund feels has not been reflected in the most recent fair value. As a result, a discount of 99.25% has been applied to the stated NAVs. Investments in private investment companies that do not qualify for the practical expedient are categorized in Level 3 of the fair value hierarchy.

Investments in private investment companies measured based upon NAV as a practical expedient to determine fair value are not required to be categorized in the fair value hierarchy.

**Investments in Special Purpose Vehicles**

Special purpose vehicles ("SPV") consist of an investment by the Fund in an entity that invests directly or indirectly in a note secured by the expected value of contingency fees received from future case settlements, real estate, specialty finance investments, and royalties. The debt offerings are short-term in nature and carry a fixed interest rate. During the year ended July 31, 2025, the Investment Manager determined there were minimal credit impairments. Investments in SPV are generally measured based on NAV as a practical expedient. For investments that cannot be measured based on NAV as a practical expedient as of July 31, 2025, the Fund determined its value through a market approach method. The market approach method utilizes relevant market capitalization rates and the assets' current operating income. These investments are categorized as Level 3 in the fair value hierarchy.

**Investments in Credit Facilities**

The Fund has invested in credit facilities that are either secured by the borrower's assets or are unsecured in nature. The credit facilities have been made directly or through participation with private investment or operating companies. The cost of investments in credit facilities generally represents the fair value of the investment. These investments are monitored and adjusted accordingly for certain changes, such as (i) a material change in interest rates for similar notes or (ii) if the Investment Manager becomes aware of a fundamental change that has not been reflected in the cost.

**Variant Alternative Income Fund**

**Notes to Consolidated Schedule of Investments** 

**July 31, 2025 (Unaudited) (continued)**

For credit facilities where cost does not reflect fair value, the Fund determined its fair value through a discounted cash flow or market approach method as of July 31, 2025. The methodology applied is based on the structure of the credit facility, the type of collateral pledged to the facility, and the information available on the pledged assets. The discounted cash flow method is based on the future cash flows generated by the underlying collateral, which are discounted to present value using an appropriate rate of return. Adjustments may be made based on expected performance and other market-based inputs. The market approach method is based on the relevant market value of the underlying asset and is generally adjusted for factors such as lack of marketability, lack of control, or recoverability percentage. When appropriate, the adjusted value may be present valued using a relevant rate of return. Investments in credit facilities are categorized in Level 3 of the fair value hierarchy.

**Investments in Direct Equities**

As a part of some of the credit facilities, the Fund receives direct equity in the private investments or operating companies of the borrower via common stock shares, warrants, or profit-sharing instruments. The Fund has determined to value its investments in direct equities through a market approach method as of July 31, 2025. Investments in direct equities are categorized in Level 3 of the fair value hierarchy.

**Investments in Warrants**

As a part of the credit facilities, the Fund receives exercisable warrants in the private investments or operating companies of the borrower. The Fund has determined to value its investments in warrants through a discounted cash flow or market approach as of July 31, 2025. The discounted cash flow method is based on the future cash flows generated by the private investments or operating companies of the borrower, which are discounted to present value using an appropriate rate of return. Adjustments may be made based on expected performance and other market-based inputs. The market approach method is based on the relevant market valuation of the private investments or operating companies of the borrower and is generally adjusted based on the Fund's ownership percentage. Investments in warrants are categorized in Level 3 of the fair value hierarchy.

***(c) Fair Value – Hierarchy***

The Fund's assets recorded at fair value have been categorized based on a fair value hierarchy as described in the Fund's significant accounting policies. The following table presents information about the Fund's assets and liabilities measured at fair value as of July 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Valued at Net <br> Asset Value** | **Total** |
| Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private Investment Companies | $— | $— | $459184 | $530962157 | $531421341 |
| &nbsp;&nbsp;&nbsp;Credit Facilities |  |  | 1670714154 |  | 1670714154 |
| &nbsp;&nbsp;&nbsp;Special Purpose Vehicles |  |  | 43059300 | 129313677 | 172372977 |
| &nbsp;&nbsp;&nbsp;Direct Equities |  |  | 4259486 |  | 4259486 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 4509439 |  | 4509439 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 312279320 |  |  |  | 312279320 |
| **Total Investments** | $**312279320** | $**—** | $**1723001563** | $**660275834** | $**2695556717** |
| **Other Financial Instruments¹** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future Contracts | 872700 |  |  |  | 872700 |
| **Total Assets** | $**313152020** | $**—** | $**1723001563** | $**660275834** | $**2696429417** |

---

1 Other financial instruments are derivative instruments such as futures contracts, forward contracts and swap contracts. Futures contracts, forward contracts and swap contracts are presented at the unrealized appreciation (depreciation) on the instrument.

**Variant Alternative Income Fund**

**Notes to Consolidated Schedule of Investments** 

**July 31, 2025 (Unaudited) (continued)**

***(d) Fair Value – Changes in Level 3 Measurements***

 ****

The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy as of period ended July 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Private<br> Investment<br> Companies** | **Credit<br> Facilities** | **Special <br> Purpose <br> Vehicles** | **Direct<br> Equities** | **Warrants** | **Total** |
| **April 30, 2025** | $459184 | $1602264813 | $43162038 | $4306748 | $4509439 | $1654702222 |
| Realized gains (losses) |  |  |  |  |  |  |
| Unrealized gains (losses) |  | (11299854) | 20000 | (47262) |  | (11327116) |
| Transfers Into Level 3 |  |  |  |  |  |  |
| Transfers Out of Level 3 |  |  |  |  |  |  |
| Recategorized |  |  |  |  |  |  |
| Purchases |  | 157815170 |  |  |  | 157815170 |
| Sales |  | (78065975) | (122738) |  |  | (78188713) |
| **July 31, 2025** | $**459184** | $**1670714154** | $**43059300** | $**4259486** | $**4509439** | $**1723001563** |
| **Net change in unrealized appreciation/ (depreciation) attributable to Level 3 investments held at July 31, 2025** | $— | $(11299854) | $20000 | $(47262) | $— | $(11327116) |

---

**Variant Alternative Income Fund**

**Notes to Consolidated Schedule of Investments** 

**July 31, 2025 (Unaudited) (continued)**

***(e) Fair Value – Significant Unobservable Inputs***

 ****

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of July 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br> Category** | **Fair Value** | **Valuation <br> Approach** | **Unobservable <br> Inputs** | **Range <br> of Inputs** | **Weighted <br> Average<sup>(1)</sup>** | **Impact on <br> Valuation from <br> an increase in <br> input** |
| Private Investment Companies | $459184 | Market Approach | Ownership % | 14.40% | 14.40% | Increase |
| Credit Facilities | $56866861 | Income Approach | Discount Rate | 10.00% – 40.00% | 12.05% | Decrease |
|  | $1613847293 | Market Approach | Discount Rate | 8.77% – 35.00% | 19.19% | Decrease |
|  |  |  | Market Multiple | 9.80x | 10.70x | Increase |
|  |  |  | Ownership % | 8.77% – 50.00% | 50.00% | Increase |
|  |  |  | Price Per Box | $0.65 | $0.65 | Increase |
|  |  |  | Recent Transaction Price | $100.00 | $100.00 | Increase |
|  |  |  | Recovery % | 18.92% – 100.00% | 91.96% | Increase |
| Special Purpose Vehicles | $43059300 | Market Approach | Capitalization <br> Rate | 4.75% – 5.06% | 4.88% | Decrease |
|  |  |  | Recent transaction Price | $40.00 – $100.00 | $95.04 | Increase |
| Direct Equities | $4259486 | Market Approach | Discount Rate<br> Growth Rate<br> Market Multiple<br> Ownership %<br> Price Per Share<br> Revenue Share | 35.00%<br> 5.00%<br> 10.00x – 30.00x<br> 30.00%<br> $0.35<br> 12.00% | 35.00%<br> 5.00%<br> 20.00x<br> 30.00%<br> $0.35<br> 12.00% | Decrease<br> Increase<br> Decrease<br> Increase<br> Increase<br> Increase |
| Warrants | $3384611 | Income Approach | Discount Rate<br> Growth Rate<br> Ownership % | 9.74% – 45.00%<br> 1.30% – 8.10%<br> 10.00% – 15.00% | 16.14%<br> 3.51%<br> 14.09% | Decrease<br> Increase<br> Increase |
|  | $1124828 | Market Approach | Market Valuation | $18,203,825.00 – $56,460,491.00 | $37369849.07 | Increase |
|  |  |  | Ownership % | 0.60% – 0.87% | 0.71% | Increase |
|  |  |  | Price Per Share | $2.36-$2.44 | $2.39 | Increase |
|  |  |  | Risk Free Rate | 4.85% | 4.85% | Increase |
|  |  |  | Volatility | 43.35 | 43.35% | Increase |

---

<sup>(1)</sup> Unobservable inputs were weighted by the fair value of the instruments as of period ended July 31, 2025.

## 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 INCOME FUND

- **b. Investment Company Act file number:** 811-23336

- **c. CIK number of Registrant:** 0001736510

- **d. LEI of Registrant:** 549300VKWK774XXSGI69

- **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 Income 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:** 2025-07-31

**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:** $2834923427.80

**Total Liabilities:** $132948320.05

**Net Assets:** $2701975107.75

**Cash Not Reported:** $10978160.30

**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:** 21538.047291848386 | **1-Year:** 123122.058746655051 | **5-Year:** 40158.139891891947 | **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 | 0.26%                | 0.67%                | 0.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-234551.07              | $-18025470.13                              |
| Month 2  | $-1866.07                | $3873407.84                                |
| Month 3  | $3852.29                 | $-15406854.96                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Banco Actinver S.A. Institucion de   /       | Banco Actinver S.A. Institucion de   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $39003000.00  | 1.44%             | 2026-05-10      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Blue Owl Asset Leasing Feeder   /            | Blue Owl Asset Leasing Feeder   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5498139.18   | 0.20%             |  |  |  | No            | N/A                | On Loan: No      |
| AUSTRALIAN DOLLAR  /                         | AUSTRALIAN DOLLAR  /                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | AU        |      -932 | OU      | $-599.25      | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Mesirow Financial Services Inc.   /          | Mesirow Financial Services Inc.   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4000000.00   | 0.15%             | 2027-06-03      | None          | 0.00%                 | 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      | $1890854.41   | 0.07%             | 2026-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BA Tech Master LP    /                       | BA Tech Master LP    /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2444037.49   | 0.09%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Beatfund II LLC    /                         | Beatfund II LLC    /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $44071115.40  | 1.63%             | 2025-11-23      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Beatfund II LLC    /                         | Beatfund II LLC    /                           | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $475968.29    | 0.02%             |  |  |  | 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      | $58857087.18  | 2.18%             | 2028-05-21      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RL SPV LLC    /                              | RL SPV LLC    /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7845323.99   | 0.29%             | 2028-07-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Black Forest Structured Lending   /          | Black Forest Structured Lending   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $110088.00    | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Upper90 Fund III LP    /                     | Upper90 Fund III LP    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7025806.05   | 0.26%             |  |  |  | No            | N/A                | On Loan: No      |
| Series 4 - Virage Capital Partners LP   /    | Series 4 - Virage Capital Partners LP   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1661718.40   | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture - Vantage Credit Opportunities   / | CoVenture - Vantage Credit Opportunities   /   | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $0.01         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Wallace Management Co. LLC   /               | Wallace Management Co. LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11855723.83  | 0.44%             | 2025-10-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Bundled Up LLC Consumer Lending   /          | Bundled Up LLC Consumer Lending   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $34662462.67  | 1.28%             | 2025-10-01      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Vessel Deconstruction I   /                  | Vessel Deconstruction I   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $167261.51    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| YS Law Firm Financing VII   /                | YS Law Firm Financing VII   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $73615.93     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Zanifu Limited    /                          | Zanifu Limited    /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1387727.10   | 0.05%             | 2026-04-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Seaport Specialty Lending   /                | Seaport Specialty Lending   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $557826.02    | 0.02%             | 2028-05-15      | 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      | $5030882.57   | 0.19%             | 2025-12-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Series 6 - Virage Capital Partners LP   /    | Series 6 - Virage Capital Partners LP   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $19858279.35  | 0.73%             |  |  |  | No            | N/A                | On Loan: No      |
| Setpoint Residential Fintech Fund II L.P   / | Setpoint Residential Fintech Fund II L.P   /   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $20721739.34  | 0.77%             |  |  |  | No            | N/A                | On Loan: No      |
| Setpoint Residential Fintech Fund L.P.   /   | Setpoint Residential Fintech Fund L.P.   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10672499.56  | 0.39%             |  |  |  | No            | N/A                | On Loan: No      |
| Monticello Funding LLC Series SH75-B   /     | Monticello Funding LLC Series SH75-B   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $503722.23    | 0.02%             |  |  |  | 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      | $1896718.71   | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| MonticelloAM Funding LLC Series SH-86   /    | MonticelloAM Funding LLC Series SH-86   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5220209.07   | 0.19%             |  |  |  | No            | N/A                | On Loan: No      |
| MonticelloAM Funding LLC Series SH-88   /    | MonticelloAM Funding LLC Series SH-88   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $833975.93    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| MonticelloAM Funding LLC Series SH-89-B   /  | MonticelloAM Funding LLC Series SH-89-B   /    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2021631.88   | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| Silverview Special Situations Lending   /    | Silverview Special Situations Lending   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10236308.40  | 0.38%             |  |  |  | No            | N/A                | On Loan: No      |
| SPC VAR LLC    /                             | SPC VAR LLC    /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $9600500.00   | 0.36%             | 2028-10-17      | None          | 0.00%                 | 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      | $1912579.21   | 0.07%             | 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      | $36904915.10  | 1.37%             | 2027-01-12      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SP Technology Payments II LLC   /            | SP Technology Payments II LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Square Kilometer Capital SPV LLC   /         | Square Kilometer Capital SPV LLC   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1743670.13   | 0.06%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SSC SPV No.1 LLC SSC SPV No. 1 LLC   /       | SSC SPV No.1 LLC SSC SPV No. 1 LLC   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $86012244.43  | 3.18%             | 2025-09-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Stage Point Capital LLC Stage Point   /      | Stage Point Capital LLC Stage Point   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10610000.00  | 0.39%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Internex Capital LLC Series A   /            | Internex Capital LLC Series A   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1250000.00   | 0.05%             |  |  |  | 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        | 311210641 | PA      | $311210640.85 | 11.52%            |  |  |  | No            | N/A                | On Loan: No      |
| BR AB LLC    /                               | BR AB LLC    /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2636792.77   | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| First Class Securities Pty Ltd   /           | First Class Securities Pty Ltd   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $10057907.82  | 0.37%             | 2025-11-09      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| First Class Securities Pty Ltd   /           | First Class Securities Pty Ltd   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $10096780.43  | 0.37%             | 2026-02-09      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| First Class Securities Pty Ltd   /           | First Class Securities Pty Ltd   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $10122420.51  | 0.37%             | 2026-02-19      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| OHPC LP    /                                 | OHPC LP    /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3312601.92   | 0.12%             |  |  |  | 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      | $33133653.41  | 1.23%             | 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      | $5967023.79   | 0.22%             | 2026-02-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| OHP II LP Class B    /                       | OHP II LP Class B    /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $416276.02    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Percent U.S. ABS I LLC   /                   | Percent U.S. ABS I LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3541739.83   | 0.13%             | 2026-09-14      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEXICAN PESO FUT SEPT 2025   /               | MEXICAN PESO FUT SEPT 2025   /                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -714 | NC      | $-154408.38   | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Prime Storage Fund II (Cayman) LP   /        | Prime Storage Fund II (Cayman) LP   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Cascade Energy Group LLC   /                 | Cascade Energy Group LLC   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5711334.47   | 0.21%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Thiele Capital Management   /                | Thiele Capital Management   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3785903.00   | 0.14%             | 2025-08-31      | 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      | $12928631.78  | 0.48%             | 2027-06-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Stride Alternative Education Fund 1   /      | Stride Alternative Education Fund 1   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1087757.73   | 0.04%             | 2029-06-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Taiga Special Opportunities LP   /           | Taiga Special Opportunities LP   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $13611543.33  | 0.50%             |  |  |  | No            | N/A                | On Loan: No      |
| Taiga Special Opportunities LP   /           | Taiga Special Opportunities LP   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $8486309.22   | 0.31%             |  |  |  | No            | N/A                | On Loan: No      |
| Thor Urban Property Fund II Inc   /          | Thor Urban Property Fund II Inc   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $233720.00    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Cibanco S.A. Institucion   /                 | Cibanco S.A. Institucion   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $796130.76    | 0.03%             | 2027-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| River Horse Holdings II LP   /               | River Horse Holdings II LP   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4305036.76   | 0.16%             |  |  |  | No            | N/A                | On Loan: No      |
| Cage Health LLC Allia Medical Facil   /      | Cage Health LLC Allia Medical Facil   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7865194.29   | 0.29%             | 2027-05-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Round Hill Music Carlin Coinvest LP   /      | Round Hill Music Carlin Coinvest LP   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1400407.03   | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Copperpot Finance LLC   /                    | Copperpot Finance LLC   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2400000.00   | 0.09%             | 2028-11-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| 888 Fund I LLC    /                          | 888 Fund I LLC    /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $77238825.56  | 2.86%             | 2026-10-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Campbell Opportunity Timber Fund-A L.P.   /  | Campbell Opportunity Timber Fund-A L.P.   /    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $593230.02    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Salaryo Inc.    /                            | Salaryo Inc.    /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1050000.00   | 0.04%             | 2025-12-08      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Coromandel Credit Income Evergreen   /       | Coromandel Credit Income Evergreen   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $15663789.56  | 0.58%             |  |  |  | No            | N/A                | On Loan: No      |
| Coromandel Capital LLC   /                   | Coromandel Capital LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $614704.00    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Coromandel Capital LLC   /                   | Coromandel Capital LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $966243.15    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture - Amzn Credit   /                  | CoVenture - Amzn Credit   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $17361829.00  | 0.64%             |  |  |  | No            | N/A                | On Loan: No      |
| Treville Credit Fund LP   /                  | Treville Credit Fund LP   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $19102814.22  | 0.71%             |  |  |  | No            | N/A                | On Loan: No      |
| Vantage Borrower SPV I LLC   /               | Vantage Borrower SPV I LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1494000.00   | 0.06%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CDXFI Specialty Finance LLC   /              | CDXFI Specialty Finance LLC   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2173951.99   | 0.08%             | 2026-08-25      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Viscogliosi Brothers LLC   /                 | Viscogliosi Brothers LLC   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $0.00         | 0.00%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CL Levi Co-Invest L.P.   /                   | CL Levi Co-Invest L.P.   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $20597291.23  | 0.76%             |  |  |  | No            | N/A                | On Loan: No      |
| Crestline Portfolio Financing Fund II   /    | Crestline Portfolio Financing Fund II   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3557727.29   | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| Crestline Portfolio Financing Fund   /       | Crestline Portfolio Financing Fund   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $145778.27    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| CX Residences at Congressional   /           | CX Residences at Congressional   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $13319837.13  | 0.49%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| PHX Industrial Portfolio AMP SPV   /         | PHX Industrial Portfolio AMP SPV   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4056620.42   | 0.15%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Art Lending Inc.    /                        | Art Lending Inc.    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1967916.95   | 0.07%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Art Lending Inc.    /                        | Art Lending Inc.    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4047826.89   | 0.15%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Art Lending Inc.    /                        | Art Lending Inc.    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $13957599.95  | 0.52%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Art Lending Inc.    /                        | Art Lending Inc.    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $15888770.29  | 0.59%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Art Money International Co.   /              | Art Money International Co.   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $936955.78    | 0.03%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Ranger Hill Run LLC    /                     | Ranger Hill Run LLC    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $21072333.09  | 0.78%             | 2026-12-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Steel River Systems LLC   /                  | Steel River Systems LLC   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2795330.94   | 0.10%             | 2027-12-22      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Envest (Canada) Holdings Corp.   /           | Envest (Canada) Holdings Corp.   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $21321920.49  | 0.79%             | 2026-03-15      | 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      | $2895954.43   | 0.11%             | 2029-02-13      | 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      | $826677.00    | 0.03%             | 2025-08-31      | 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      | $1457147.00   | 0.05%             | 2025-08-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Homelight Homes Real Estate LLC   /          | Homelight Homes Real Estate LLC   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3301840.39   | 0.12%             | 2025-10-15      | 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      | $31121645.93  | 1.15%             | 2026-02-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Hudson Transport Real Asset Fund LP   /      | Hudson Transport Real Asset Fund LP   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $917657.60    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Drummond Ross Limited   /                    | Drummond Ross Limited   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | IE        |         1 | PA      | $4681392.30   | 0.17%             | 2025-12-31      | 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      | $7555500.00   | 0.28%             | 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      | $2159380.69   | 0.08%             | 2029-06-05      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kerberos Capital Management SPV I LLC   /    | Kerberos Capital Management SPV I LLC   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $58256835.06  | 2.16%             | 2025-09-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Nimbus Asset Finance A Sub-Fund of   /       | Nimbus Asset Finance A Sub-Fund of   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $9000000.00   | 0.33%             | 2026-04-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Equity Link S.A.P.I . DE C.V. Sofom   /      | Equity Link S.A.P.I . DE C.V. Sofom   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6000000.00   | 0.22%             | 2026-10-18      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Grupo Olinx S.A.P.I . de C.V. SOFOM   /      | Grupo Olinx S.A.P.I . de C.V. SOFOM   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6324940.08   | 0.23%             | 2027-08-12      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Rainforest Life PTE. LTD. - Warrants   /     | Rainforest Life PTE. LTD. - Warrants   /       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $648859.96    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Aero Capital Solutions Fund LP   /           | Aero Capital Solutions Fund LP   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2225.38      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Aero Capital Solutions Fund II   /           | Aero Capital Solutions Fund II   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $14601837.11  | 0.54%             |  |  |  | No            | N/A                | On Loan: No      |
| Aero Capital Solutions Feeder   /            | Aero Capital Solutions Feeder   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $62128966.95  | 2.30%             |  |  |  | No            | N/A                | On Loan: No      |
| Aero Capital Solutions Feeder   /            | Aero Capital Solutions Feeder   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $16069870.47  | 0.59%             |  |  |  | No            | N/A                | On Loan: No      |
| ACMV Factor Finance SPV LLC   /              | ACMV Factor Finance SPV LLC   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1240038.18   | 0.05%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| App Academy Financial LLC   /                | App Academy Financial LLC   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $8804820.96   | 0.33%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Cirrix Finance LLC    /                      | Cirrix Finance LLC    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5750200.46   | 0.21%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Cirrix Investments LLC   /                   | Cirrix Investments LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5689517.02   | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| ARC LPW I LLC    /                           | ARC LPW I LLC    /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3331352.96   | 0.12%             | 2025-10-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                      | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2101418.07   | 0.08%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                      | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10992219.86  | 0.41%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                      | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3749236.03   | 0.14%             | 2026-06-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                      | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $289256.70    | 0.01%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P. Charlie   /               | Marine Street L.P. Charlie   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4543535.76   | 0.17%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                      | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $103674.71    | 0.00%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                      | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3484032.82   | 0.13%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                      | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $0.00         | 0.00%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                      | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $25167268.52  | 0.93%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P. Olive House   /           | Marine Street L.P. Olive House   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1458539.80   | 0.05%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                      | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1639741.62   | 0.06%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P. Rock Bridge   /           | Marine Street L.P. Rock Bridge   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $13133788.88  | 0.49%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                      | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2159273.56   | 0.08%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P. Silent Hill   /           | Marine Street L.P. Silent Hill   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12437937.34  | 0.46%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                      | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $2023746.01   | 0.07%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                      | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $509774.34    | 0.02%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P.    /                      | Marine Street L.P.    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $527778.78    | 0.02%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Marine Street L.P. Young Weather   /         | Marine Street L.P. Young Weather   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $710180.11    | 0.03%             | 2026-01-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| BP CURRENCY FUTURE SEPT 2025   /             | BP CURRENCY FUTURE SEPT 2025   /               | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -113 | NC      | $237864.65    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Bandon VAIF LLC    /                         | Bandon VAIF LLC    /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $566215.77    | 0.02%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Bandon VAIF LLC    /                         | Bandon VAIF LLC    /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $82000.00     | 0.00%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Broadway Capital Corp                        | Broadway Capital Corp                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $23207808.34  | 0.86%             |  |  |  | No            | N/A                | On Loan: No      |
| CX Station at Clift Farm Depositor LLC   /   | CX Station at Clift Farm Depositor LLC   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3499812.53   | 0.13%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| DelGatto Diamond Finance Fund LP   /         | DelGatto Diamond Finance Fund LP   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $75940000.00  | 2.81%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| DelGatto Diamond Finance Fund LP   /         | DelGatto Diamond Finance Fund LP   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $25142964.98  | 0.93%             |  |  |  | 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      | $6162273.19   | 0.23%             | 2027-04-15      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Drawbridge Special Opportunities Fund   /    | Drawbridge Special Opportunities Fund   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4034403.81   | 0.15%             |  |  |  | No            | N/A                | On Loan: No      |
| Legal Capital Products LLC   /               | Legal Capital Products LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $36924561.19  | 1.37%             | 2028-10-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| EUR/USD FUTURE SEP 2025   /                  | EUR/USD FUTURE SEP 2025   /                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |       -77 | NC      | $96334.80     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| edly WH Investors 2019-1 LLC   /             | edly WH Investors 2019-1 LLC   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $19997289.75  | 0.74%             | 2027-03-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Equal Access Justice Fund LP   /             | Equal Access Justice Fund LP   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3483400.33   | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| EAJF ESQ FUND LP Fund LP   /                 | EAJF ESQ FUND LP Fund LP   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $48195662.04  | 1.78%             |  |  |  | No            | N/A                | On Loan: No      |
| Fairway America Fund (VII and VIIQP)   /     | Fairway America Fund (VII and VIIQP)   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4750000.00   | 0.18%             | 2025-12-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kerberos Capital Management SPV V LLC   /    | Kerberos Capital Management SPV V LLC   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2769907.00   | 0.10%             |  |  |  | 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      | $4159605.10   | 0.15%             |  |  |  | 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      | $4522224.72   | 0.17%             |  |  |  | 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      | $1666991.03   | 0.06%             |  |  |  | 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      | $893699.14    | 0.03%             |  |  |  | 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      | $1865073.77   | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| Lendable Asset Management LLC   /            | Lendable Asset Management LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $74796185.86  | 2.77%             | 2026-05-31      | 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      | $1500000.00   | 0.06%             | 2025-02-17      | 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      | $3600000.00   | 0.13%             | 2025-12-31      | 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      | $5000000.00   | 0.19%             | 2026-05-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| 5 Core Capital LLC    /                      | 5 Core Capital LLC    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $485150.00    | 0.02%             | 2026-04-25      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Pier Active Transactions LLC   /             | Pier Active Transactions LLC   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4000000.00   | 0.15%             | 2026-05-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Medtrade Capital LLC    /                    | Medtrade Capital LLC    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $26095963.18  | 0.97%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Medtrade Capital LLC Octagon (Gloves)   /    | Medtrade Capital LLC Octagon (Gloves)   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $12000000.00  | 0.44%             | 2027-04-27      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Medtrade Capital LLC    /                    | Medtrade Capital LLC    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $99998989.34  | 3.70%             | 2026-07-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEP Capital III L.P .  - Co-investment   /   | MEP Capital III L.P .  - Co-investment   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $13048.00     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP Capital II L.P.    /                     | MEP Capital II L.P.    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7768327.17   | 0.29%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP Capital III L.P .   /                    | MEP Capital III L.P .   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $17118618.41  | 0.63%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP Capital Fund IV L.P.   /                 | MEP Capital Fund IV L.P.   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $16334485.34  | 0.60%             |  |  |  | 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      | $2350000.00   | 0.09%             | 2029-12-24      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| MEP Capital III L.P .  - Co-Investment   /   | MEP Capital III L.P .  - Co-Investment   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $8795021.34   | 0.33%             |  |  |  | No            | N/A                | On Loan: No      |
| MEP Capital II L.P. - Co-investment   /      | MEP Capital II L.P. - Co-investment   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3224009.40   | 0.12%             |  |  |  | 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      | $46160745.57  | 1.71%             |  |  |  | No            | N/A                | On Loan: No      |
| Montreux Healthcare Fund PLC   /             | Montreux Healthcare Fund PLC   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $459184.41    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Network Homes 2016 Ltd                       | Network Homes 2016 Ltd                         | CUSIP: 999999999<br>LEI: 2138006CCOMYKJXKJT11 | Long             | EC               | CORP              | GB        |         1 | NS      | $876613.21    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture - No1 Credit   /                   | CoVenture - No1 Credit   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2601351.86   | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| CoVenture - No1 Credit   /                   | CoVenture - No1 Credit   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $6530041.14   | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| CDMX Debt Fund LLC    /                      | CDMX Debt Fund LLC    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |         1 | PA      | $18925357.57  | 0.70%             | 2027-04-23      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CDMX II Fund LLC    /                        | CDMX II Fund LLC    /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $35081846.50  | 1.30%             | 2027-12-27      | None          | 0.00%                 | 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      | $3140769.23   | 0.12%             | 2028-03-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Northlight Capital Partners   /              | Northlight Capital Partners   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $26312308.35  | 0.97%             | 2026-08-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| North Haven Offshore Infrastructure   /      | North Haven Offshore Infrastructure   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1042063.00   | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| Oak Harbor Capital NPL VII LLC   /           | Oak Harbor Capital NPL VII LLC   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $6188823.10   | 0.23%             |  |  |  | No            | N/A                | On Loan: No      |
| First Class Securities Pty Ltd   /           | First Class Securities Pty Ltd   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | AU        |         1 | PA      | $13426352.02  | 0.50%             | 2025-09-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SEIA Purchasing LLC    /                     | SEIA Purchasing LLC    /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $3162327.36   | 0.12%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Nighthawk Borrower SPV LLC   /               | Nighthawk Borrower SPV LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $17558367.99  | 0.65%             | 2026-08-30      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Recovery Index                               | Recovery Index                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |         1 | NS      | $1685458.97   | 0.06%             |  |  |  | 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      | $12117609.11  | 0.45%             | 2027-04-03      | 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      | $9718802.45   | 0.36%             | 2025-09-23      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| RKB Bridge Solutions LLC   /                 | RKB Bridge Solutions LLC   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4995738.40   | 0.18%             | 2025-10-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Rivonia Road Fund LP    /                    | Rivonia Road Fund LP    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $13172498.98  | 0.49%             |  |  |  | No            | N/A                | On Loan: No      |
| Preteur Inc.    /                            | Preteur Inc.    /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2043243.00   | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| Salaryo Capital II LLC   /                   | Salaryo Capital II LLC   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6072968.00   | 0.22%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SSL DB West LLC Debt Collection   /          | SSL DB West LLC Debt Collection   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $50701447.15  | 1.88%             | 2026-04-07      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Stat Capital SPV LLC    /                    | Stat Capital SPV LLC    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $1242300.00   | 0.05%             | 2026-04-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Stifel Syndicated Credit LLC   /             | Stifel Syndicated Credit LLC   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6378908.66   | 0.24%             | 2026-06-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SCPFL I LLC    /                             | SCPFL I LLC    /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $139675952.64 | 5.17%             | 2026-12-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Stratford Cresson MT2 LLC   /                | Stratford Cresson MT2 LLC   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $15575430.08  | 0.58%             | 2026-12-16      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Tailor Ridge REIT LLC   /                    | Tailor Ridge REIT LLC   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7736300.00   | 0.29%             | 2026-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Turning Rock Fund I LP   /                   | Turning Rock Fund I LP   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3409379.06   | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| Turning Rock Fund II LP   /                  | Turning Rock Fund II LP   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $16856602.29  | 0.62%             |  |  |  | No            | N/A                | On Loan: No      |
| Crusoe Energy Systems LLC   /                | Crusoe Energy Systems LLC   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $10491903.92  | 0.39%             | 2027-02-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CX Lively Indigo Run Depositor LLC   /       | CX Lively Indigo Run Depositor LLC   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $4512661.81   | 0.17%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CX Midwest Industrial   /                    | CX Midwest Industrial   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $7627614.14   | 0.28%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CX Mode at Hyattsville   /                   | CX Mode at Hyattsville   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $5592296.90   | 0.21%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| CX Owings Mills Multifamily   /              | CX Owings Mills Multifamily   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $6119814.63   | 0.23%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| AUD USD CURNCY FUT SEPT 25   /               | AUD USD CURNCY FUT SEPT 25   /                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | US        |      -727 | NC      | $692909.25    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Aion Acquisition LLC    /                    | Aion Acquisition LLC    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $228416.06    | 0.01%             | 2025-12-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Osprey AV II LLC Debt 90 Day Facility   /    | Osprey AV II LLC Debt 90 Day Facility   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $9180000.00   | 0.34%             | 2026-08-21      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Osprey AV I LLC Debt Facility   /            | Osprey AV I LLC Debt Facility   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $20332058.14  | 0.75%             | 2026-05-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| 1769 Capital LLC 1543 Capital Financi   /    | 1769 Capital LLC 1543 Capital Financi   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $27138580.41  | 1.00%             | 2029-05-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| PT Awan Tunai Indonesia   /                  | PT Awan Tunai Indonesia   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $17500200.00  | 0.65%             | 2026-04-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kerberos Capital Management SPV V LLC   /    | Kerberos Capital Management SPV V LLC   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $31252891.07  | 1.16%             | 2026-05-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kerberos Capital Management SPV I   /        | Kerberos Capital Management SPV I   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $14414783.15  | 0.53%             | 2028-02-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kerberos Capital Management SPV I   /        | Kerberos Capital Management SPV I   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $8282200.00   | 0.31%             | 2025-09-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Kerberos Capital Management SPV I   /        | Kerberos Capital Management SPV I   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | PA      | $11974267.26  | 0.44%             | 2025-09-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-09-02

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

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

**Name of Signer:** Robert W Elsasser

**Title:** President