Valinor BDC Exposure Fund

Networks

This fund can be held on select networks or as a book-entry shares

DeFi Integrations

Tokenized shares are supported in the following DeFi protocols

About VBDC

The Valinor BDC Exposure Fund (VBDC) is designed to deliver institutional private credit return with daily redemptions through a diversified basket of publicly traded Business Development Company (BDC) equities, tokenized as an onchain fund. Shares are available as onchain VBDC tokens or book-entry shares.

Details

Service providers

The Valinor BDC Exposure Fund ("VBDC" or the "Fund") is limited to investors that meet certain eligibility criteria. This website does not constitute an offer to sell any security. Any offer or sale of Shares in the Fund will be made only when a qualified offeree receives the Fund's Confidential Private Placement Memorandum (the "PPM") and definitive subscription documents, which contain material information not included here and should be read carefully in their entirety. Shares will be offered solely to persons who are accredited investors and are also qualified purchasers or knowledgeable employees. This website is qualified in its entirety by the PPM; if anything here conflicts with the PPM, the PPM controls.

1 30-day Return. The Fund does not pay dividends; income received from its underlying holdings is reinvested and reflected in the Fund's NAV per Share. Accordingly, the Fund does not report a distribution "yield." 30-day Return reflects the change in the Fund's NAV per Share over the preceding thirty days, expressed as a percentage of the NAV per Share at the beginning of that period. Return figures, if shown, reflect total return to a shareholder — that is, the amount a shareholder would receive on redemption less the amount that shareholder originally subscribed, expressed as a percentage of the amount subscribed. Both figures are net of the Fund's fees and expenses. An individual Shareholder's actual return will depend on the timing of that Shareholder's subscription and redemption and may differ from the Fund's NAV-based return. Past performance is not a guarantee of future results.

2 Management fee. The Fund pays Valinor Digital Capital LLC (the "Investment Manager") a management fee at an annual rate of 1.25% of the Fund's average daily NAV, accrued daily and deducted monthly in arrears. The management fee is not the total cost of an investment — see "Layered fees" below.

3 Redemption / USDC. Shareholders may request redemptions as of each day that both the New York Stock Exchange and the Federal Reserve Bank of Philadelphia are open (each such day, a "Market Day"). The Fund intends to meet redemptions from a liquidity buffer and from sales of portfolio holdings. Requests received by 2:00 p.m. ET on a Market Day will generally be processed at that day's NAV; the Fund expects to settle on or about the following Market Day. Redemptions are calculated and payable in USD and are subject to a redemption gate (currently up to 7.5% of NAV per Market Day), pro-ration, deferral, limitation, or suspension as described in the PPM. Shareholders may optionally elect to receive proceeds in USDC through Circle, a third party (the "Payment Stablecoin Services"), subject to Circle's separate terms — see "Stablecoin and USDC services" below.

4 Portfolio holdings. Portfolio holdings are presented on an aggregated and anonymized basis as of the date indicated and are unaudited. Positions are identified by generic labels rather than by name and may not refer to the same holding across periods. Holdings are determined in the Investment Manager's discretion, will change, and are not indicative of future composition. Nothing shown is, or constitutes, a recommendation to buy, sell, or hold any asset.

Risk Factors
An investment in the Fund is speculative, illiquid, and involves a high degree of risk, including the possible loss of the entire investment. The following summarizes certain risks; it is not complete and is qualified by the risk factors in the PPM, which should be read in full.

• Underlying BDC risk. The Fund invests in the publicly traded equity of business development companies ("BDCs") and does not itself originate loans or have obligors. Through its BDC holdings, the Fund is indirectly exposed to the credit and default risk of underlying middle-market loans; BDC-level leverage; premium/discount-to-NAV volatility; payment-in-kind and other non-cash income; valuation risk; single-issuer and common-adviser concentration; smart-beta methodology and tracking-error risk; rebalancing and transaction costs; and BDC-level regulatory risk (1940 Act / RIC qualification). The Fund does not itself use leverage, though its net position may be leveraged when the leverage of its BDC holdings is aggregated.
• Interest-rate and market risk. BDC share prices and the Fund's NAV are sensitive to interest rates, credit spreads, and general market conditions, and may decline materially over short periods.
• Liquidity and redemption risk. Redemptions may be gated, delayed, limited, or suspended; underlying BDC liquidity can deteriorate, particularly in stressed markets.
• Tokenization risk. Smart contract, oracle, custody and key-management, blockchain-disruption, gas-fee, and cybersecurity risks; reliance on Superstate and other third-party service providers; tokenization does not remove transfer restrictions; any use of Shares as collateral on third-party protocols is optional, outside the Investment Manager's control, and at the holder's own risk.
• Transfer restrictions. Shares are restricted securities transferable only among allowlisted persons; they are not listed on any exchange, have no secondary market, and holders may be unable to sell in a timely manner or at all.
• Stablecoin and USDC services. USDC use is optional and involves risks beyond an investment in the Fund; USDC may not maintain its 1:1 peg, is dependent on Circle's processes, and is subject to an evolving regulatory regime, including the GENIUS Act.
• Newly formed; no track record; small-fund expense. The Fund is newly formed with no operating history and may bear proportionately higher expenses while small.
• Not registered under the 1940 Act. The Fund relies on Section 3(c)(7) and is not subject to the protections applicable to registered investment companies; Shareholders have limited rights.
• Inter-series liability. As a series of a Delaware statutory trust, inter-series liability limitations are statutory but untested in court and bankruptcy.
• Layered fees. Investors bear the 1.25% Fund management fee and indirectly bear the underlying BDCs' base and incentive fees, financing costs, and operating expenses; the aggregate burden is materially higher than 1.25%. In addition, idle cash and the liquidity buffer may be invested in the Invesco Short Duration US Government Securities Fund (the "USTB Fund"), an unaffiliated third-party fund charging its own 0.15% management fee, so those assets bear two layers of management fees.
• Conflicts of interest. The Investment Manager and its affiliates are subject to actual and potential conflicts described in the PPM.
• Reliance on key personnel. The Fund depends on the continued services of key personnel of the Investment Manager.
• Operational and cyber risk. The Fund and its service providers are subject to operational errors, system failures, and cyber incidents.

Securities Law
Shares in the Fund have not been and will not be registered under the Securities Act of 1933 (the "Securities Act") or the securities laws of any state or other jurisdiction, and are offered in reliance on Rule 506(c) of Regulation D solely to investors that are accredited investors and that are also qualified purchasers or knowledgeable employees (in each case, as the Fund will take reasonable steps to verify). Outside the United States, Shares are offered only in jurisdictions in which the Fund is permitted to offer them and, in certain jurisdictions, only to entities. This website is not directed to any person in any jurisdiction where such an offer would be unlawful. The Fund is not registered as an investment company in reliance on Section 3(c)(7) of the Investment Company Act of 1940. The Shares are restricted securities and are transferable only among allowlisted persons. NEITHER THE SEC NOR ANY STATE OR FOREIGN SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THE SHARES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS WEBSITE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Forward Looking Statements & 3rd Party Data
Certain statements on this website are forward-looking, including statements regarding the Fund's intentions and expectations as to liquidity, redemption processing and settlement timing, and portfolio composition. Forward-looking statements are subject to known and unknown risks and uncertainties; actual outcomes may differ materially, and the Investment Manager undertakes no obligation to update them. Certain information is derived from third-party sources believed to be reliable but not independently verified; it is provided as-is and is subject to change. Third-party names, marks, and logos are the property of their respective owners, are used for identification only, and do not imply any affiliation, sponsorship, or endorsement. All information is as of the date shown unless otherwise noted and is subject to change without notice.

Entity Roles, Service Providers & Non-Affiliation
VBDC is a separate series of the Superstate Asset Trust, a Delaware statutory trust. The Fund is managed by the Investment Manager, which provides this information. The Fund's custodian, transfer agent, administrator and NAV calculation agent, and auditor are identified elsewhere on this page. There is no placement agent or distributor for the offering; the Investment Manager conducts the Rule 506(c) offering directly. USDC is issued by Circle Internet Financial, LLC, a third party that is not affiliated with the Investment Manager or the Fund.

This website is for informational purposes only, is not tailored to any person's circumstances, and does not constitute legal, tax, accounting, or investment advice or a recommendation to buy or sell any security.