YieldStreet Prism Fund NPORTP (Sep 2021 report)

YieldStreet Prism Fund Inc.

Schedule of Investments

September 30, 2021 (Unaudited)

	Rate	Reference Rate & Spread^(a)	Maturity Date	Par Amount/Shares		Value
*CORPORATE BONDS - 10.45%^(b)*
Preferred - 10.45%
Bank of America Corp., Series MM	4.30%	1D SOFR + 2.93%	01/28/2025	$	2,000,000	$	2,037,500
BNY Mellon Preferred, Series G	4.70%	N/A	09/20/2025		940,000		1,034,000
Charles Schwab Preferred, Series H	4.00%	N/A	12/01/2030		1,900,000		1,962,225
Discover Financial Services Preferred, Series C	5.50%	N/A	10/30/2027		1,850,000		2,012,338
JPMorgan Preferred, Series HH	4.60%	N/A	02/01/2025		940,000		962,325
State Street Preferred, Series H	5.63%	N/A	12/15/2023		940,000		995,038
Total Preferred							9,003,426

Total Corporate Bonds (Cost $8,741,300)							9,003,426

EQUITY - 4.58%
Internet - 4.01%
51job, Inc.^(c)	N/A	N/A	N/A		49,776	$	3,460,925
Total Internet							3,460,925

SPAC Equity - 0.57%
Haymaker Acquisition Corp. III^(c)	N/A	N/A	N/A		50,000		487,000
Total SPAC Equity							487,000

Total Equity (Cost $4,048,886)							3,947,925


*FIRST-LIEN SENIOR SECURED TERM LOANS - 47.00%^(d)*
*Art - 5.30%^(e)*
Ostillo Delaware, LLC	8.25%	3M US L + 6.50% , (1.75% Floor)	03/17/2023		4,570,000		4,570,000
Total Art							4,570,000

Auto - 5.69%
Non-Prime - 5.69%
Exotic Car Leasing, LLC^(f)	9.75%	9.75%	07/31/2023		4,905,000		4,905,000
Total Auto							4,905,000

Commercial - 6.39%
Equipment - 3.48%
Align Business Finance (Naumes, Inc.)^(g)(h)	10.00%	10.00%	06/01/2022		2,997,945		2,997,945
Equipment Lease - 1.02%
Align Business Finance (Redden Transport, LLC & Redden Leasing, LLC)^(g)(h)	10.00%	10.00%	07/15/2023		879,072		879,072
Supply Chain Finance - 1.89%
Raistone Purchasing LLC^(g)(h)	N/A	N/A	07/29/2021		765,522		759,170
Raistone Purchasing LLC^(g)(h)	N/A	N/A	08/06/2021		402,253		398,699
Raistone Purchasing LLC^(g)(h)	N/A	N/A	09/07/2021		186,650		184,591
Raistone Purchasing LLC^(g)(h)	N/A	N/A	09/13/2021		112,461		111,153
Raistone Purchasing LLC^(g)(h)	N/A	N/A	07/29/2021		82,240		81,662
Raistone Purchasing LLC^(g)(h)	N/A	N/A	09/06/2021		54,156		53,563
Raistone Purchasing LLC^(g)(h)	N/A	N/A	09/20/2021		40,062		39,568
Total Commercial							5,505,423

Commercial Real Estate - 16.27%
Hotel - 8.12%
BIH Owner, LLC⁽ⁱ⁾	7.00% Cash + 3.50% PIK	7.00% Cash + 3.50% PIK	07/31/2022		4,000,000		4,000,000

Rate

Reference Rate

& Spread^(a)

Maturity Date

Par

Amount/Shares

Value

Rupal Corporation⁽ⁱ⁾

7.99% Cash + 1.00% PIK

06/01/2024

3,000,000

Industrial - 4.67%

MTP - 101 Reliance Road, LLC⁽ⁱ⁾

7% Cash + 1.75% PIK

7.00% Cash + 1.75% PIK

05/01/2022

4,024,362

Land - 3.48%

iBorrow REIT, LP^(g)(j)

8.49%

06/07/2022

3,000,000

Total Commercial Real Estate

14,024,362

Marine - 4.64%

Vessel - 4.64%

MF V LLC, TL

9.25%

08/31/2022

4,000,000

Total Marine

4,000,000

Residential Real Estate - 8.70%

Land - 8.70%

1st National Moda Loan Partners, LLC^(k)

10.86%

05/01/2024

4,500,000

USC FL Investors LLC^(j)

11.41%

08/01/2024

3,000,000

Total Residential Real Estate

7,500,000

Total First-Lien Senior Secured Term Loans (Cost $40,504,785)

40,504,785

PREFERRED EQUITY - 10.07%^(d)

Commercial Real Estate - 4.64%

Multi-family - 4.64%^(j)

YS PE REQ I, LLC^(c)(l)

N/A

2,000,000

YS PP REQ II, LLC^(c)(m)

N/A

2,000,000

Total Commercial Real Estate

4,000,000

Legal - 5.43%

Insurance - 5.43%^(g)(n)

9RPJ1 Partners, LP^(c)(f)(j)

N/A

1,205,492

1,259,498

BWA20C^(c)(g)(j)

N/A

3,300,000

3,422,430

Total Legal

4,681,928

Total Preferred Equity (Cost $8,181,171)

8,681,928

SECOND-LIEN SENIOR SECURED TERM LOANS - 10.51%^(d)

Commercial - 0.53%

Small Business - 0.53%^(o)

CRA Funding II, LLC^(j)

13.50%

07/01/2023

457,883

Total Commercial

457,883

Consumer - 9.98%

Cash-Collateralized - 5.80%^(j)(o)(p)

NCP SPV Unitranche, LLC

13.00%

11/30/2022

5,000,000

Purchase Finance - 4.18%^(f)

Luther Appliance & Furniture Sales Acquisition, LLC

12.00%

10/30/2023

3,600,000

Total Consumer

8,600,000

Total Second-Lien Senior Secured Term Loans (Cost $9,057,883)

9,057,883

STRUCTURED NOTES - 9.57%^(d)

Structured Notes - 9.57%

BofA Finance LLC, EOG Resources, Inc.

N/A

09/25/2023

500,000

Credit Suisse, Las Vegas Sands Corp.

N/A

07/31/2023

500,000

431,200

Credit Suisse, LyondellBasell Industries N.V.

N/A

07/31/2023

500,000

487,250

Credit Suisse, Workday, Inc.

N/A

07/31/2023

500,000

500,950

Goldman Sachs, Citigroup

N/A

05/04/2023

500,000

489,850

Goldman Sachs, Facebook, Inc.

N/A

09/25/2023

500,000

Goldman Sachs, FedEx Corporation

N/A

05/04/2023

500,000

422,400

	Rate	Reference Rate & Spread^(a)	Maturity Date	Par Amount/Shares		Value
Goldman Sachs, Micron	N/A	N/A	05/04/2023		500,000	$	471,950
Goldman Sachs, The Walt Disney Company	N/A	N/A	05/04/2023		500,000		486,150
Royal Bank of Canada, General Motors	N/A	N/A	06/02/2023		500,000		483,300
Royal Bank of Canada, United Rentals, Inc.	N/A	N/A	06/19/2023		650,000		650,000
The Toronto- Dominion Bank, CrowdStrike Holdings, Inc.	N/A	N/A	09/25/2023		500,000		500,000
The Toronto- Dominion Bank, D.R. Horton, Inc.	N/A	N/A	06/19/2023		650,000		636,935
The Toronto- Dominion Bank, Horizon Therapeutics Public Limited	N/A	N/A	06/19/2023		650,000		647,660
The Toronto- Dominion Bank, Western Digital Corporation	N/A	N/A	06/19/2023		650,000		540,280
UBS AG, Dow, Inc.	N/A	N/A	09/25/2023		500,000		500,000
Total Structured Notes							8,247,925

Total Structured Notes (Cost $8,600,000)							8,247,925

WARRANTS - 0.01%
Haymaker Acquisition Corp. III, Expiration 12/31/2025, Strike Price $11.50					12,500	$	10,313
Total Warrants (Cost $10,209)							10,313
			7-Day Yield		Shares
*MONEY MARKET MUTUAL FUNDS - 8.28%^(q)*
SDIT Government Fund, Class F			0.04%		7,138,190	$	7,138,190
Total Money Market Mutual Funds (Cost $7,138,190)							7,138,190

Total Investments - 100.47% (Cost $86,282,425)						$	86,592,375
Liabilities in Excess of Other Assets - (0.47)%							(407,437	)
Net Assets - 100.00%						$	86,184,938

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

Reference Rates:

3M US L - 3 Month LIBOR as of September 30, 2021 was 0.13%

1D US SOFR - 1 Day SOFR as of September 30, 2021 was 0.05%

^(a)

Floating or variable rate investment. The rate in effect as of September 30, 2021 is based on the reference rate, as described above, plus the displayed spread as of the securities last reset date. The interest rate shown is the rate in effect as of period end and changes periodically.

^(b)

Corporate bonds are perpetual investments. The maturity dates presented for these securities reflect the next call date.

^(c)

Non-income producing security.

^(d)

As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets. See Note 1.

^(e)

The Fund made a $4.570 million first-lien term loan to a dedicated art holding company that was funded in three separate draws over an eight month period. The loan was originated by Athena Art Finance Corp. (“Athena”), an affiliate of Advisor, and is secured by a diversified pool of fifteen blue-chip artworks valued at an estimated $9.6 million (as determined by an independent, third-party appraisal firm on a marketable cash value basis).

^(f)

These investments have an unfunded commitment as of September 30, 2021.

^(g)

These positions are held through a participation with an unrelated loan servicer or underwriter that exposes the Fund to additional credit risk.

^(h)

Reich Bros Business Solutions, LLC, doing business as Align Business Finance (“ABF”).

⁽ⁱ⁾

Paid in kind security which may pay interest in additional par.

^(j)

Restricted Security; these securities may only be sold in transactions exempt from registration under the Securities Act of 1933.

^(k)

This security is comprised of the following borrowers: BMB Associates FN LLC, Antioch FN LLC, DeerCrest Clublands FN LLC, Elign FN LLC, Gildberts DevelopmentN LLC, Delaware Bond FN LLC, and Briotsol Bay Yorkville FN LLC.

^(l)

This investment has a return of 18.2%.

^(m)

This investment has a return of 18.5%.

⁽ⁿ⁾

This investment has a return of 14%, with an expected termination date of October 15, 2025.

^(o)

The Fund’s investment in the securities were purchased from the originator, a non-bank direct lender that provides credit facilities to specialty finance companies, and are held through a participation with an unrelated loan servicer or underwriter that exposes the Fund to additional credit risk.

^(p)

A portion of the exposure of this investment is collateralized by cash deposits controlled by the lender.

^(q)

To obtain a copy of the Fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov.

YieldStreet Prism Fund Inc.

Notes to Quarterly Schedule of Investments

September 30, 2021 (Unaudited)

1. Fair Value Measurement – The Fund follows guidance in ASC 820, Fair Value Measurement, where fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. Fair value should be determined based on assumptions that market participants would use in pricing the asset or liability, not assumptions specific to the entity.

Fair value measurements are determined within a framework that establishes a three-tier hierarchy which classifies fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value, as follows:

Level 1 –	Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 –	Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and

Level 3 –	Unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including, for example, the 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 investment. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of estimating fair value, those estimated values may be materially higher or lower than if the fair value was determined using observable inputs. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The valuation techniques used by the Fund to measure fair value during the nine months ended September 30, 2021 maximized the use of observable inputs and minimized the use of unobservable inputs. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities.

Investment Valuation: Under procedures established by the Fund’s Board of Directors, the fair value process is monitored by the Fund’s Audit Committee either directly or through the oversight of other committees, including the Adviser’s Internal Valuation Committee. The purpose of the Internal Valuation Committee is to oversee the pricing policy and procedures by ensuring objective and reliable valuation practices and pricing of financial instruments, as well as addressing fair valuation issues and approving changes to valuation methodologies and pricing sources. Meetings are held at least quarterly to discuss and analyze the significant assumptions utilized in the Adviser’s internally developed models and to review the valuations provided by third-party pricing services and an independent valuation firm for reasonableness. Money market fund investments are valued at the reported net asset value per share. The Fund utilizes a third-party pricing service to value its corporate bonds and SPAC equity investments. The corporate bonds and SPAC equity investments are valued utilizing the closing bid prices obtained from an independent pricing vendor. If and when market quotations are unavailable or are deemed not to represent fair value, the Adviser will develop models to determine the fair value. An independent valuation firm reviews the valuation quarterly from the Adviser and develops their own appraisals to assist the Audit Committee and Board of Directors in determining fair value. The Board of Directors is fully responsible for approving the fair values based on the input of our Adviser, the applicable independent valuation firm, and the Audit Committee of the Board of Directors.

With respect to investments for which market quotations are not readily available, or when such market quotations are deemed not to represent fair value, the Board of Directors has approved a multi-step valuation process each quarter, as described below:

The quarterly valuation process begins with each investment being initially valued by the investment team of the Adviser who is responsible for the investment.

The most senior professional for each investment is responsible for reviewing and approving the valuation before it is submitted to the Internal Valuation Committee for review.

An independent valuation firm is engaged by the Board of Directors to conduct independent appraisals by reviewing the Adviser’s internal valuations and then providing an assessment of the Advisor’s internal values.

The Audit Committee of the Board of Directors reviews the valuations of the Adviser and the valuations prepared by the independent valuation firm and responds, if warranted, to the valuations recommendation of the independent valuation firm.

The Board of Directors discusses valuations and determines in good faith the fair value of each investment in the portfolio based on the input of our Adviser, the applicable independent valuation firm, and the Audit Committee of the Board of Directors.

Generally, new private investments purchased within 45 business days before the valuation date are held at the recent transaction price and not valued by an independent valuation firm. These investments are held at purchase price initially unless such valuation, in the judgment of the Internal Valuation Committee, does not represent fair value. These investments are generally transitioned to an independent valuation firm to assist the Internal Valuation Committee in determining the application of a valuation methodology at the next valuation date. The Internal Valuation Committee will convene if there has been a material change to the underlying company, industry or market between the time of investment and the valuation date.

The process above does not apply when the vendor price has been determined to be indicative of fair value. If there is a market dislocation, the Internal Valuation Committee will reconvene to revisit valuations intra quarter as needed.

Investments in all asset classes are valued utilizing a market approach, an income approach, or cost approach, as appropriate. The market approach indicates the fair value of an asset or liability based on prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including businesses). In the context of securities valuation, market approach valuation techniques can include quoted prices in active markets and market multiple analyses based on comparables. The income approach indicates the fair value of an asset or liability based on discounting the future cash flows that an asset or liability can be expected to generate over its remaining life to a present value equivalent. The future cash flows are discounted at a rate that reflects the time value of money and the risk and uncertainty inherent in the projected cash flows. In the context of securities valuation, income approach valuation techniques can include discounted cash flow analyses and option pricing models (i.e., Black-Scholes). The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value. For valuing business and investment securities, this approach is typically referred to as an asset or net asset approach. The approach typically encompasses a liquidation method or a net asset value method. The liquidation method assumes the subject company will be liquidated in the near future and determines its estimated liquidation price for the company’s assets, including all fees and commissions the actual owner would incur to liquidate the company. The net asset value (also called adjusted book value) method makes adjustments to determine the fair value of the company. During the nine months ended September 30, 2021, there were no significant changes to the Fund’s valuation techniques and related inputs considered in the valuation process.

Fair Value Measurements and Disclosures: The following table presents the fair value measurement of investments by major class of investments as of September 30, 2021 according to the fair value hierarchy:

Investments at Value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds	$	–	$	9,003,426	$	–	$	9,003,426
Equity		3,947,925		–		–		3,947,925
First-Lien Senior Secured Term Loans		–		–		40,504,785		40,504,785
Preferred Equity		–		–		8,681,928		8,681,928
Second-Lien Senior Secured Term Loans		–		–		9,057,883		9,057,883
Structured Notes		–		–		8,247,925		8,247,925
Warrants		10,313		–		–		10,313
Money Market Mutual Funds		7,138,190		–		–		7,138,190
Total	$	11,096,428	$	9,003,426	$	66,492,521	$	86,592,375

The changes of fair value of investments for which the Fund has used Level 3 inputs to determine the fair value are as follows:

	First Lien Senior Secured Term Loans			Preferred Equity			Second Lien Senior Secured Term Loans			Structured Notes			Total
Balance as of December 31, 2020	$	11,762,865		$	3,525,128		$	8,907,883		$	-		$	24,195,876
Accrued discount/ premium		(518,278	)		-			-			-			(518,278	)
Realized Gain/(Loss)		-			-			-			-			-
Return of Capital		-			(324,321	)		-			-			(324,321	)
Change in Unrealized Appreciation/(Depreciation)		-			275,629			-			(352,073	)		(76,444	)
Purchases		37,910,266			5,205,492			1,600,000			10,900,000			55,615,758
Sales Proceeds and Paydowns		(8,650,068	)		-			(1,450,000	)		(2,300,002	)		(12,400,070	)
Transfer into Level 3		-			-			-			-			-
Transfer out of Level 3		-			-			-			-			-
Balance as of September 30, 2021	$	40,504,785		$	8,681,928		$	9,057,883		$	8,247,925		$	66,492,521
Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at September 30, 2021	$	-		$	275,629		$	-		$	(352,073	)	$	(76,444	)

The following table summarizes the significant unobservable inputs the Fund used to value its investments categorized within Level 3 as of September 30, 2021. In addition to the techniques and inputs noted in the table below, according to the Fund’s valuation policy, other valuation techniques and methodologies when determining the Fund’s fair value measurements may be used. The below table is not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Fund’s determination of fair values.

Asset Category	Fair Value		Valuation Techniques/Methodologies	Unobservable Input	Range		Weighted Average ⁽¹⁾
First Lien Senior Secured Term Loan	$	34,504,785	Yield Analysis	IRR		8.25%-12.00%		13.72	%
First Lien Senior Secured Term Loan		6,000,000	Recent Transaction	Recent Transaction Price		$100	$	100
Senior Secured Second Lien Term Loan		9,057,883	Yield Analysis	IRR		12.00%-13.50%		12.65	%
Preferred Equity		8,681,928	Yield Analysis	IRR		14.00%		17.35	%
Structured Notes		8,247,925	Market Comparable Technique	Comparable Multiple		$83.12-$100.19	$	96.26
	$	66,492,521

(1)	The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment.

The Fund utilized the net present value and recent transaction price techniques to determine the fair value of certain Level 3 assets. The yield analysis technique is an analysis whereby expected cash flows of the loan are discounted to determine a present value using an internal rate of return. Significant increases or decreases in the internal rate of return would result in an increase or decrease in the fair value measurement. The Fund primarily uses comparable multiples for its structured notes which uses equity prices from brokers to determine the fair value. For recent transaction technique, generally, new private investments purchased within 45 business days before the valuation date are not reviewed by an independent third-party valuation firm. These investments are held at purchase price initially unless such valuation, in the judgment of the Internal Valuation Committee, does not represent fair value. These investments are generally transitioned to an independent third-party valuation firm to assist the Internal Valuation Committee in determining the application of a valuation methodology at the next valuation date. The Internal Valuation Committee will convene if there has been a material change to the underlying company, industry or market between the time of investment and the valuation date.

Restricted Securities: As of September 30, 2021, investments in securities included issuers that are considered restricted. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the Board of Directors as reflecting fair value.

Restricted securities as of September 30, 2021, were as follows:

Security	% of Net Assets	Acquisition Date	Par Amount/ Shares		Cost		Value
BWA20	3.97%	6/17/2020	3,300,000	$	3,005,156	$	3,422,430
CRA Funding II, LLC	0.53%	7/1/2020	457,883		457,883		457,883
iBorrow REIT, L.P.	3.48%	9/8/2021	3,000,000		3,000,000		3,000,000
NCP SPV Unitranche, LLC	5.80%	11/30/2020	5,000,000		5,000,000		5,000,000
YS PE REQ I LLC	2.32%	1/7/2021	2,000,000		2,000,000		2,000,000
YS PE REQ II LLC	2.32%	2/2/2021	2,000,000		2,000,000		2,000,000
USC FL Investors, LLC	3.48%	9/8/2021	3,000,000		3,000,000		3,000,000
9RPJ1 Partners, LP	1.46%	1/8/2021	1,205,492		1,176,014		1,259,498
Total	23.36%			$	19,639,053	$	20,139,811

2. Unfunded Commitments – The Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers’ discretion. Unfunded loan commitments and funded portions of credit agreements are marked-to-market. At September 30, 2021, the Fund had unfunded commitments shown below:

Investment	Unfunded Commitments as of September 30, 2021
Luther Appliance & Furniture Sales Acquisition, LLC	$	1,400,000
9RPJ1 Partners, LP		5,794,508
Exotic Car Leasing, LLC		95,000

YieldStreet Prism Fund NPORT-PYieldStreet Prism Fund (Sep 2021 report)