Aspen Funds

Aspen Funds runs several strategies. I made four investments with them between 2021 and 2023: a residential mortgage-note fund, a ground-up industrial development, a two-center retail value-add and an oil and gas fund. The note fund did exactly what it promised, paying a 9% preferred return every month for about 2.5 years and then redeeming me at par, for 1.21x and roughly a 9% IRR. The industrial development has returned 0.73x so far, almost all of it return of capital from a refinance and a building sale, and the remaining building is fully leased to a credit tenant. The energy fund has paid every quarter since 2023 (0.38x so far). The retail deal is the laggard: distributions have been suspended since 2024 and I have 0.05x back, though occupancy and income have improved materially. Reporting is a strength: quarterly letters with property financials and capital-account statements, and audited financials for the energy fund. Bad news comes early and with reasons; a 2025 distribution cut was explained when it happened, and a skipped December payment was announced a quarter ahead. The weak spots are energy-fund K-1s that have needed extensions three years running, an amended tax return, and retail updates that have never explained why record income isn't turning into cash or mentioned a loan event that shows up in the financial statements. Bottom line: A transparent, competent operator with solid results across very different asset classes. I like and trust Aspen and its principals and I will definitely invest with them again.

I Invested with Aspen in 1Q 2026 in their Private Credit Fund, I just received my first monthly and quarterly distribution, it has exceeded my expatiations! Still very early in this investment to provide a solid evaluation, but nevertheless it's a great start. Communication is great with quarterly meetings and monthly updates, they have their app where training is available and communication with other investor is possible, their staff response and answer any question I have in a timely manner. Their podcast is great along with their new book! I plan to invest more in this fund later in the year or early next year. I will defiantly continue to invest with Aspen!

I've been invested in Aspen's private credit fund for 1.5 years. It is an open-ended fund that provides debt and preferred equity to commercial real estate projects. The investment is currently performing above its initial projections. The primary objectives for this investment was reliable cash flow combined with a lower-risk position in the capital stack. To date, the fund has met these goals. The sponsor maintains a high level of transparency, providing detailed quarterly reports to investors. Additionally, they offer education and investment strategies through a podcast and an active investor community. Based on the performance and the quality of the team, I intend to invest with Aspen Funds again when future opportunities align with my goals.

I am invested in two of Aspen's Funds, their Private Credit Fund, and an Energy Fund, both through Turbine Capital. While I'm still inside a year for both Aspen investments, the PCF has been delivering distributions regularly, and it's too early to report results on the Oil and Gas fund. I've been happy with Aspen's reporting, and their education is extremely good. I'm a happy investor so far.