NPORT-P false 0002022674 XXXXXXXX Variant Alternative Lending Fund 811-23965 0002022674 529900356TCHCFMIUN23 235 WEST GALENA STREET MILWAUKEE 532123948 4142992000 Variant Alternative Lending Fund 549300VKWK774XXSGI69 2026-04-30 2026-04-30 N 72792159.810000000000 241675.180000000000 72550484.630000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 EUR USD N Okoa Capital LLC Facility / N/A 999999999 1 PA USD 5160594.43 7.1131081430 Long DBT CORP US N N/A 2026-06-30 None 0 N N N N N N Okoa Capital LLC Facility / N/A 999999999 1 PA USD 1491755.85 2.0561624882 Long DBT CORP US N N/A 2026-06-30 None 0 N N N N N N Pier Active Transact ions LLC (Series 36) / N/A 999999999 1 PA USD 837028.88 1.1537192126 Long DBT CORP US N N/A 2027-08-30 None 0 N N N N N N Kili Purchasing LLC / N/A 999999999 1 PA USD 792493.02 1.0923331857 Long DBT 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Long STIV RF US N 1 N N N Beatfund II LLC / N/A 999999999 1 PA USD 444186.37 0.6122445250 Long DBT CORP US N N/A 2027-07-29 None 0 N N N N N N BEB SPV I LLC / N/A 999999999 1 PA USD 6058849.28 8.3512182047 Long DBT CORP US N N/A 2028-05-21 None 0 N N N N N N Spouting Rock(BYZFun der) Facility / N/A BYZ456729 1 PA USD 1000000.01 1.3783505584 Long DBT CORP US N N/A 2028-01-28 None 0 N N N N N N Copperpot Finance LLC / N/A 999999999 1 PA USD 2900000 3.9972165793 Long DBT CORP US N N/A 2028-11-26 None 0 N N N N N N MFP Infrastructure L / N/A 999999999 1 PA USD 1950795.94 2.6888806463 Long DBT CORP US N N/A 2026-05-30 None 0 N N N N N N Marquis United LLC / N/A 999999999 1 PA USD 2986404.44 4.1163121862 Long DBT CORP US N N/A 2029-02-13 None 0 N N N N N N Highmore (Jardine) Participation / N/A 999999999 1 PA USD 2790762.85 3.8466494941 Long DBT CORP US N N/A 2026-06-30 None 0 N N N N N N HomeLight Real Estate IV, LLC / N/A 999999999 1 PA USD 929166.38 1.2807169859 Long DBT CORP US N N/A 2028-02-08 None 0 N N N N N N TruNorth Star RTL Co-Invest LLC / N/A 999999999 1 PA USD 2043543.69 2.8167195580 Long DBT CORP US N N/A 2026-06-30 None 0 N N N N N N JGB Management Inc. / N/A 999999999 1 PA USD 2029113.81 2.7968301250 Long DBT CORP US N N/A 2026-11-27 None 0 N N N N N N Preferred Point LLC / N/A 999999999 1 PA USD 4356077.15 6.0042013120 Long DBT CORP US N N/A 2029-06-05 None 0 N N N N N N Legalist DIP Fund I LP / N/A 999999999 1 NS USD 648197.33 0.8934431428 Long EC CORP US N N/A N N N Legalist DIP Fund II LP / N/A 999999999 1 NS USD 1577689.79 2.1746095812 Long EC CORP US N N/A N N N Legalist DIP Offshore Fund II LP / N/A 999999999 1 NS USD 544742.15 0.7508456391 Long EC CORP US N N/A N N N Legalist DIP Offshore Fund I LP / N/A 999999999 1 NS USD 136286.12 0.1878500477 Long EC CORP US N N/A N N N Legalist DIP SPV II / N/A 999999999 1 NS USD 267640.52 0.3689024565 Long EC CORP US N N/A N N N Lendable (Leasy) Facility II / N/A 999999999 1 PA USD 100000 0.1378350545 Long DBT CORP US N N/A 2028-02-17 None 0 N N N N N N Lendable Asset Management LLC / N/A 999999999 1 PA USD 400000 0.5513402178 Long DBT CORP US N N/A 2028-02-17 None 0 N N N N N N MEP Capital LLC (Island Of Misfits) / N/A 999999999 1 PA USD 565000 0.7787680577 Long DBT CORP US N N/A 2029-12-24 None 0 N N N N N N MEP (Island of Misfi ts) Warrants / N/A 999999999 1 NC USD 37492.91 0.0516783729 N/A DE CORP US N N/A Manual N/A Call Purchased ACCIAL RAINFOREST CREDIT FACILITY ACCIAL RAINFOREST CREDIT FACILITY 1 1.000000000000 USD 2099-12-30 XXXX 37492.91 N N N Mesa Bridge Facility Services Inc. / N/A 999999999 1 PA USD 750000 1.0337629084 Long DBT CORP US N N/A 2028-12-19 None 0 N N N N N N BlackRock Monticello Debt REIT / N/A 999999999 1 NS USD 916662.47 1.2634822147 Long EC CORP US N N/A N N N MAKE WHOLE RECEIVABLE / N/A 999999999 1 PA USD 0 0.0000000000 Long DBT CORP US N N/A 2026-06-30 None 0 N N N N N N Rivonia Road Fund LP / N/A 999999999 1 PA USD 6190476.20 8.5326462415 Long DBT CORP US N N/A 2027-04-03 None 0 N N N N N N Unifund CCR LLC Lending / N/A 999999999 1 PA USD 3904383.53 5.3816091649 Long DBT CORP US N N/A 2027-08-11 None 0 N N N N N N 2026-05-13 Variant Alternative Lending Fund /s/ Robert W Elsasser Robert W Elsasser President