Form 4: Variant Alternative Income Fund Adviser Sells Shares

Jerald Benjamin Hayes, an investment adviser to Variant Alternative Income Fund, reported the sale of 22,975.6 Institutional Class Shares at $26.83 per share.

Summary

• Jerald Benjamin Hayes, identified as an Investment Adviser to Variant Alternative Income Fund (NICHX), filed a Statement of Changes in Beneficial Ownership (Form 4).
• On December 16, 2025, Hayes disposed of 22,975.6 Institutional Class Shares.
• The shares were sold at a price of $26.83 per share.
• Following this transaction, Hayes directly beneficially owns 28,688.577 Institutional Class Shares.

Sentiment

Score: 5

Explanation: Neutral. A Form 4 reports a factual transaction and does not inherently carry positive or negative sentiment unless the context (e.g., large-scale selling by multiple insiders) suggests otherwise. This single transaction by an investment adviser is neutral in isolation.

Future Outlook

NA

Industry Context

This Form 4 filing reports an insider transaction, specifically a sale of shares by an investment adviser. Such transactions are routine disclosures required by the SEC and provide transparency into insider holdings and trading activity. They are typically analyzed by investors for insights into management's confidence or personal financial planning, rather than broader industry trends.

Stakeholder Impact

• Shareholders may interpret the sale by an investment adviser as a signal regarding the adviser's view on the fund's future performance or as a personal liquidity event. The impact is generally minor unless the sale is unusually large or part of a pattern.

Key Dates

Keywords

Variant Alternative Income Fund, NICHX, Form 4, Insider Transaction, Share Sale, Investment Adviser, Beneficial Ownership