Afa Asset Based Lending Fund
Data through 2026-04-30 · latest filing 486BPOS filed 2026-08-27
Sponsored by Alternative Fund Advisors. Interval Fund structure focused on private credit.
Interval FundPrivate Credit
- Net assets
- $245.3M
source
Shareholder report (Form N-CSR) · filed 2026-07-07 · period 2026-04-30
Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)
“Statement of Assets and Liabilities April 30, 2026 Assets: Investments, at value (cost $239,403,705) $ 262,008,073 Receivables: Tax reclaim 100,735 Interest 9,586 Distributions from investment funds 867,720 Investments sold 7,227,513 Prepaid expenses 484,283 Total assets 270,697,910 Liabilities: Credit facility (see note 11 ) 24,817,206 Payables: Investment management fee (see note 5) 194,710 Professional fees 120,097 Deferred loan revenue 114,383 Accounting and administrative fees 50,250 Shareholder servicing fee (Institutional Class) (see note 5) 16,747 Interest payable 11,846 Transfer agent fees and expenses 11,497 Custody fees 2,776 Accrued other expenses 20,546 Total liabilities 25,360,058 Commitments and contingencies (Note 4) Net assets 245,337,852”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-04-30 - NAV / share
- $9.07
source
Shareholder report (Form N-CSR) · filed 2026-07-07 · period 2026-04-30
S3_transposed_label_list_class_year_rows — class Institutional Class; column Period ending April 30, 2026; net asset value, end of period
“2026 9.24 0.47 0.29 0.76 (0.50) 0.00 (0.43) (0.93) 9.07 8.62 2.54 2.40 5.15 104,654 8 ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Institutional Class · as of 2026-04-30 - Net flows, last qtr
- -2.3% qtr ended 2026-03-31
- Distribution coverage (NII)
- Not yet compiled Not yet compiled
- Leverage in use
- Not yet compiled Not yet compiled
- Total return, 12m
- +8.62% SEC-filed fiscal year return 2025-05-01 to 2026-04-30 · Institutional Class · SEC source 0001999371-26-014454
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Redemptions fell 5% from the prior quarter (6.8% of net assets to 6.5% of net assets), and up 202% over the trailing year.
Redemptions fell 5% from the prior quarter (6.8% of net assets to 6.5% of net assets), and up 202% over the trailing year.
Why it matters and what changed
Redemptions up 100% or more over the trailing year, as a share of the fund: demand to leave has doubled.
6.5% of net assets in the period, from 6.8% the period before.
Source: NPORT-P mon1Flow.redemption | https://www.sec.gov/Archives/edgar/data/1843499/000119312526287002/xslFormNPORT-P_X01/primary_doc.xml
Redemption requests exceeded the offer's stated cap for the second consecutive offer; the fund filled them in full (offer expired 2026-02-13).
Redemption requests exceeded the offer's stated cap for the second consecutive offer; the fund filled them in full (offer expired 2026-02-13).
Why it matters and what changed
Two consecutive oversubscribed repurchase offers. Persistent unmet redemption demand is the classic precursor to pro-ration and, in stressed cases, gating.
current level $129.40 (no prior-period value stored); breach persisted 2 consecutive periods (escalated per the two-stage ladder)
Source: https://www.sec.gov/Archives/edgar/data/1843499/000199937126014454/afa-ncsr_043026.htm | repurchase results note, notice_deadline shape (redemption_cap_utilization); repurchased 6.47 against an offer amount of 5, both printed on a percent of shares outstanding basis
Redemption demand reached the fund's cap: cap use at 136% of the period limit (offer expired 2025-11-06).
Redemption demand reached the fund's cap: cap use at 136% of the period limit (offer expired 2025-11-06).
Why it matters and what changed
Redemption demand reached the fund's stated cap (or the offer was prorated). Whether it repeats decides how serious it is; see the repeated and severe versions of this rule.
current level $136.00 (no prior-period value stored)
Source: https://www.sec.gov/Archives/edgar/data/1843499/000199937126014454/afa-ncsr_043026.htm | repurchase results note, notice_deadline shape (redemption_cap_utilization); repurchased 6.8 against an offer amount of 5, both printed on a percent of shares outstanding basis
A fee waiver; it expires August 31, 2027.
A fee waiver; it expires August 31, 2027.
Why it matters and what changed
A dated fee waiver is now within six months of expiry. If it is not extended, the expense increase lands on shareholders; extensions are usually disclosed via a short 8-K or prospectus supplement, so silence approaching the date is itself information.
First occurrence; no comparative values apply to this rule type.
Source: https://www.sec.gov/Archives/edgar/data/1843499/000199937126018980/afa-486bpos_083126.htm | Fund Fees and Expenses p5 fee table row Less: Fee Waiver and Expense Reimbursements, printed as (0.10) percent for both Institutional Class and Founder Class
New share sales rose 70% from the prior month (1.0% of net assets to 1.6% of net assets), and down 47% over the trailing year.
New share sales rose 70% from the prior month (1.0% of net assets to 1.6% of net assets), and down 47% over the trailing year.
Why it matters and what changed
New share sales down 30% or more over the trailing year, as a share of the fund: inflows that used to fund redemptions are thinning.
1.6% of net assets in the period, from 1.0% the period before.
Source: NPORT-P mon3Flow.sales | https://www.sec.gov/Archives/edgar/data/1843499/000119312526287002/xslFormNPORT-P_X01/primary_doc.xml
Alcova Capital Partn Alcova Capital Partn was marked down 49% between the January 31, 2026 and April 30, 2026 reports ($2,420,345 to $1,242,145) with par unchanged: a valuation mark, not a sale. (2026-04-30)
Alcova Capital Partn Alcova Capital Partn was marked down 49% between the January 31, 2026 and April 30, 2026 reports ($2,420,345 to $1,242,145) with par unchanged: a valuation mark, not a sale.
Why it matters and what changed
A portfolio position was written down materially. Marks are management's own estimate of impairment, so a large markdown is a loss being recognized -- the fund-level NAV effect depends on the position's size.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: nport-diff:2026-04-30:mark:alcova capital partn alcova capital partn /
Net outflow of 5.9% of NAV in the period ended 2026-02-28.
Net outflow of 5.9% of NAV in the period ended 2026-02-28.
Why it matters and what changed
Net outflows in a single period reached the scale of a typical quarterly repurchase cap. Demand for the exit is at or beyond what the fund's liquidity program is designed to handle.
swung from 1.9% to -5.9% vs prior period; trailing 4-period average -2.3%; same period prior year 1.6%
Source: Derived from filed disclosures: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100
TA TRAVEL LOAN PARTICIPATION was marked down 69% between the October 31, 2025 and January 31, 2026 reports ($2,341,758 to $736,078) with par unchanged: a valuation mark, not a sale. (2026-01-31)
TA TRAVEL LOAN PARTICIPATION was marked down 69% between the October 31, 2025 and January 31, 2026 reports ($2,341,758 to $736,078) with par unchanged: a valuation mark, not a sale.
Why it matters and what changed
A portfolio position was written down materially. Marks are management's own estimate of impairment, so a large markdown is a loss being recognized -- the fund-level NAV effect depends on the position's size.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: nport-diff:2026-01-31:mark:ta travel loan participation /
Net outflow of 6.1% of NAV in the period ended 2025-11-30.
Net outflow of 6.1% of NAV in the period ended 2025-11-30.
Why it matters and what changed
Net outflows in a single period reached the scale of a typical quarterly repurchase cap. Demand for the exit is at or beyond what the fund's liquidity program is designed to handle.
swung from 2.3% to -6.1% vs prior period; trailing 4-period average -0.5%; same period prior year -0.0%
Source: Derived from filed disclosures: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100
Historical findings (9)
HFD - 02/14/2027 LOAN PARTICIPATION was marked down 34% between the April 30, 2025 and July 31, 2025 reports ($2,717,230 to $1,804,789) with par unchanged: a valuation mark, not a sale. (2025-07-31)
HCM U.S. Feeder LP LP was marked down 49% between the January 31, 2024 and April 30, 2024 reports ($5,318,442 to $2,702,788) with par unchanged: a valuation mark, not a sale. (2024-04-30)
LYNX EBO OFFSHORE FUND II(B) SP was marked down 31% between the July 31, 2023 and October 31, 2023 reports ($1,137,041 to $780,225) with par unchanged: a valuation mark, not a sale. (2023-10-31)
LYNX EBO OFFSHORE FUND II(B) SP was marked down 38% between the April 30, 2023 and July 31, 2023 reports ($1,835,106 to $1,137,041) with par unchanged: a valuation mark, not a sale. (2023-07-31)
New share sales fell 61% from the prior period ($926,784 -> $362,296, period ended 2023-02-28).
BRIGADE STRUCTURED CREDIT FUND LP was marked down 49% between the October 31, 2022 and January 31, 2023 reports ($1,532,943 to $782,488) with par unchanged: a valuation mark, not a sale. (2023-01-31)
BRIGADE STRUCTURED CREDIT FUND LP was marked down 33% between the July 31, 2022 and October 31, 2022 reports ($2,291,842 to $1,532,943) with par unchanged: a valuation mark, not a sale. (2022-10-31)
BRIGADE STRUCTURED CREDIT FUND LP was marked down 30% between the April 30, 2022 and July 31, 2022 reports ($3,253,471 to $2,291,842) with par unchanged: a valuation mark, not a sale. (2022-07-31)
LYNX EBO OFFSHORE FUND II(B) SP was marked down 37% between the January 31, 2022 and April 30, 2022 reports ($3,554,967 to $2,234,470) with par unchanged: a valuation mark, not a sale. (2022-04-30)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance history
| Window | Class | Basis | Return | Source |
|---|---|---|---|---|
| 2025-05-01 to 2026-04-30 | Institutional Class | basis not stated in the filed row | +8.62% | SEC source 0001999371-26-014454 |
| 2024-05-01 to 2025-04-30 | Institutional Class | basis not stated in the filed row | +9.38% | SEC source 0001999371-26-014454 |
| 2023-05-01 to 2024-04-30 | Institutional Class | basis not stated in the filed row | +9.47% | SEC source 0001999371-26-014454 |
| 2022-05-01 to 2023-04-30 | Institutional Class | basis not stated in the filed row | +3.82% | SEC source 0001999371-26-014454 |
| 2021-07-01 to 2022-04-30 | Institutional Class | basis not stated in the filed row | +3.59% | SEC source 0001999371-26-014454 |
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
| Date | Position change |
|---|---|
| 2026-04-30 | TRISTATE BANK AFA / (3.0% of portfolio value in the 2026-01-31 report, $7,501,325) is absent from the 2026-04-30 report -- realized, sold, or restructured under a different name. |
| 2026-04-30 | AFA Evolution was marked down 26% between the January 31, 2026 and April 30, 2026 reports ($14,736,527 to $10,862,807) with par unchanged: a valuation mark, not a sale. |
| 2026-04-30 | Alcova Capital Partn Alcova Capital Partn was marked down 49% between the January 31, 2026 and April 30, 2026 reports ($2,420,345 to $1,242,145) with par unchanged: a valuation mark, not a sale. |
| 2026-04-30 | Nebari Cayman SPC OFFSHORE was marked up 47% between the January 31, 2026 and April 30, 2026 reports ($1,165,534 to $1,711,256) with par unchanged: a valuation mark, not a sale. |
| 2026-04-30 | Nebari Cayman SPC ONSHORE was marked up 47% between the January 31, 2026 and April 30, 2026 reports ($1,755,549 to $2,573,234) with par unchanged: a valuation mark, not a sale. |
| 2026-01-31 | TA TRAVEL LOAN PARTICIPATION was marked down 69% between the October 31, 2025 and January 31, 2026 reports ($2,341,758 to $736,078) with par unchanged: a valuation mark, not a sale. |
| 2025-10-31 | New position KANMON - 11/15/2026 LOAN PARTICIPATION /: 1.2% of portfolio value ($3,019,429) as of 2025-10-31; absent from the 2025-07-31 report. |
| 2025-10-31 | New position SI TIX TERM LOAN /: 1.2% of portfolio value ($3,027,562) as of 2025-10-31; absent from the 2025-07-31 report. |
| 2025-07-31 | AF FUNDING XII LLC 10/05/2025 was marked down 38% between the April 30, 2025 and July 31, 2025 reports ($1,298,733 to $799,056) with par unchanged: a valuation mark, not a sale. |
| 2025-07-31 | HFD - 02/14/2027 LOAN PARTICIPATION was marked down 34% between the April 30, 2025 and July 31, 2025 reports ($2,717,230 to $1,804,789) with par unchanged: a valuation mark, not a sale. |
| 2025-07-31 | New position NCP APN LLC 06/16/27 - SOFR+10% /: 1.6% of portfolio value ($4,059,601) as of 2025-07-31; absent from the 2025-04-30 report. |
| 2025-04-30 | New position MURAL PARK LOAN PARTICIPATION /: 2.1% of portfolio value ($5,088,636) as of 2025-04-30; absent from the 2025-01-31 report. |
Where exit demand met the cap.
Every one of the 10 disclosed periods was filled in full.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2025-08-07 | - | 100% | 31% | filled |
| 2025-05-05 | - | 100% | 25% | filled |
| 2025-02-13 | - | 100% | 55% | filled |
| 2024-11-06 | - | 100% | 22% | filled |
| 2024-08-07 | - | 100% | 11% | filled |
| 2024-05-03 | - | 100% | 15% | filled |
| 2024-02-12 | - | 100% | 6% | filled |
| 2023-11-06 | - | 100% | 12% | filled |
| 2023-08-07 | - | 100% | 3% | filled |
| 2023-05-04 | - | 100% | 19% | filled |
| 2022-05-06 | - | - | 0% | Not yet compiled |
| 2021-11-08 | - | - | 0% | Not yet compiled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Not yet compiled
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Who can invest: No investor qualification is stated in the prospectus. 486BPOS filed 2026-08-27.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Founder Class | No-load, high-minimum class; terms indicate advisory or large-account access. | 0.00% | 0 bps | $25,000,000 | - |
| Institutional Class | Servicing-fee class for brokerage or platform distribution. | 0.00% | 20 bps | $1,000,000 | - |
Management fee: 1.10% of first 500m average daily net assets then 1 05 and 1 00 tiers per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001999371-26-018980.
Filed fee conditions
The Fund pays a Management Fee at an annualized rate of 1.10% of the first $500 million of the Fund's average daily net assets; plus 1.05% of the next $500 million of the Fund's average daily net assets; plus 1.00% of the Fund's average daily net assets over $1 billion, payable monthly in arrears, accrued daily based upon the Fund's average daily net assets.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Institutional Class | 1.10% | None
*
None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001999371-26-018980 |
0.00% | 20 bps | - | - |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (6)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | The Fund pays a Management Fee at an annualized rate of 1.10% of the first $500 million of the Fund's average daily net assets; plus 1.05% of the next $500 million of the Fund's average daily net assets; plus 1.00% of the Fund's average daily net assets over $1 billion, payable monthly in arrears, accrued daily based upon the Fund's average daily net assets. | 1.1 pct annual of first 500m average daily net assets then 1 05 and 1 00 tiers | - |
| expense_limitation | The Investment Manager has entered into an amended Expense Limitation and Reimbursement Agreement ("Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Manager has agreed to reimburse expenses of the Fund ("Reimbursement") so that certain of the Fund's expenses ("Specified Expenses") will not exceed 0.29% on an annualized basis for each of the Institutional Class Shares and Founder Class Shares (the "Expense Limit"). Specified Expenses for this purpose include all Fund expenses other than the management fee, the shareholder service fee, fees and interests on borrowed funds, distribution fees (if any), acquired fund fees and expenses (as determined in accordance with SEC Form N-2), taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses. The Expense Limit will be in effect through August 31, 2027 and may not be increased nor may the Expense Limitation and Reimbursement Agreement be terminated before such time by the Fund or the Investment Manager. For a period not to exceed three years from the date on which a Reimbursement is made, the Investment Manager may recoup amounts reimbursed, provided such recoupment will not cause the Fund's expenses to exceed the lesser of the expense limit in effect at the time of the waiver or the expense limit in effect at the time of recapture. | 0.29 pct annual of specified expenses per class | - |
| fee_waiver | TRANSACTION EXPENSES: | Institutional Class Shares | Founder Class Shares Maximum sales load on purchases (1) | None | None ANNUAL EXPENSES (as a percentage of Net Assets attributable to shares) (2) Management Fee (3) | 1.10 | % | 1.10 | % Fees and Interest Payments on Borrowed Funds | 0.84 | % | 0.84 | % Shareholder Service Fee (4) | 0.20 | % | None Other Expenses | 0.39 | % | 0.39 | % Acquired Fund Fees and Expenses (5) | 1.50 | % | 1.50 | % Total Annual Expenses | 4.03 | % | 3.83 | % Less: Fee Waiver and Expense Reimbursements | ( 0.10 ) | % | ( 0.10 ) | % Net Annual Expenses (6) | 3.93 | % | 3.73 | % | 0.1 pct of net assets printed fee waiver line each class | - |
| fund_inception_date | 2021-07-01 | Text disclosure | 2021-07-01 |
| leverage_ceiling | The Fund is subject to the Investment Company Act requirement that an investment company satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the investment company incurs the indebtedness (the "Asset Coverage Requirement"). This means that at any given time the value of the Fund's total indebtedness may not exceed one-third the value of its total assets (including such indebtedness). | 33.333333333333336 of total assets | - |
| repurchase_program_terms | Once each quarter, the Fund will offer to repurchase at per-class NAV per Share no less than 5% of the outstanding Shares of the Fund, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). For each repurchase offer, the Board will set an amount between 5% and 25% of the Fund's Shares based on relevant factors, including the liquidity of the Fund's positions and the Shareholders' desire for liquidity. The offer to purchase Shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the Investment Company Act). The Fund has adopted a fundamental policy to conduct quarterly repurchase offers at NAV. The Valuation Date (as defined below) will be on or about February 6, May 6, August 6 and November 6 of each year. For each repurchase offer, the Board will set an amount between 5% and 25% of the Fund's Shares based on relevant factors, including the liquidity of the Fund's positions and the Shareholders' desire for liquidity. The Fund currently expects the quarterly repurchase offer to be set at 5% of the Fund's Shares. | 5.0 pct of outstanding shares per quarter minimum | - |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-08-27 | 486BPOS | 0001999371-26-018980 |
| 2026-07-08 | N-23C3A | 0001999371-26-014518 |
| 2026-07-07 | N-CSR | 0001999371-26-014454 |
| 2026-06-29 | NPORT-P | 0001193125-26-287002 |
| 2026-04-07 | N-23C3A | 0001999371-26-007775 |
| 2026-03-31 | NPORT-P | 0001193125-26-133654 |
| 2026-01-13 | N-23C3A | 0001999371-26-000747 |
| 2026-01-09 | N-CSRS | 0001999371-26-000576 |
| 2025-12-23 | NPORT-P | 0001193125-25-330034 |
| 2025-10-07 | N-23C3A | 0001999371-25-014820 |
| 2025-09-25 | NPORT-P | 0001193125-25-217178 |
| 2025-07-09 | N-CSR | 0001999371-25-008844 |
| 2025-07-08 | N-23C3A | 0001999371-25-008779 |
| 2025-06-27 | NPORT-P | 0001145549-25-043252 |
| 2025-04-04 | N-23C3A | 0001999371-25-003809 |