# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-26-005163
**Filing Date:** 2026-4
**Character Count:** 45696
**Document Hash:** 32cee59d5d53eb0a8c3fc481f22149eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-005163.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0000910472-26-005163

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Two Roads Shared Trust
- **CENTRAL INDEX KEY:** 0001552947

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 26823972

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Holbrook Total Return Fund (Series ID: S000091919)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000259794 | Class I      |  |
| C000259796 | Class A      |  |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **PREFERRED STOCKS** — **5.0%** | **PREFERRED STOCKS** — **5.0%** |  |  |  |
|  | **ASSET MANAGEMENT** — **2.4%** | **ASSET MANAGEMENT** — **2.4%** |  |  |  |
| 17339 | Gladstone Investment Corporation |  | 7.8750 | &nbsp;&nbsp;&nbsp;02/01/30 | &nbsp;&nbsp;&nbsp; $444399 |
|  | **INSURANCE** — **2.6%** | **INSURANCE** — **2.6%** |  |  |  |
| 20388 | Enstar Group Ltd. |  | 7.0000 | &nbsp;&nbsp;&nbsp;Perpetual | &nbsp;&nbsp;&nbsp; 489312 |
|  | **TOTAL PREFERRED STOCKS (Cost $883,333)** | **TOTAL PREFERRED STOCKS (Cost $883,333)** |  |  | 933711 |
| **Principal Amount ($)** |  | **Spread** |  |  |  |
|  | **ASSET BACKED SECURITIES — 44.8%** | **ASSET BACKED SECURITIES — 44.8%** |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **16.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **16.2%** |  |  |  |
| 500000 | Cascade Funding Mortgage Trust Series 2024-HB16 M3<sup>(a),(b)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;03/25/35 | 479407 |
| 500000 | CFMT, LLC Series 2024-HB14 M3<sup>(a),(b)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;06/25/34 | 482598 |
| 500000 | CFMT, LLC Series 2024-HB15 M3<sup>(a),(b)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;08/25/34 | 485246 |
| 509858 | CFMT, LLC Series 2025-AB3 M4<sup>(a),(b)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;05/25/55 | 407191 |
| 250000 | OLIT Series 2025-HB2 M4<sup>(a),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;11/25/38 | 208986 |
| 500000 | Onity Loan Investment Trust Series 2024-HB2 M3<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;08/25/37 | 490955 |
| 500000 | Onity Loan Investment Trust Series 2025-HB1 M3<sup>(a),(b)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;06/25/38 | 466240 |
|  |  |  |  |  | 3020623 |
|  | **NON AGENCY CMBS** — **28.6%** | **NON AGENCY CMBS** — **28.6%** |  |  |  |
| 600000 | BAHA Trust Series 2024-MAR D<sup>(a),(b)</sup> |  | 9.2040 | &nbsp;&nbsp;&nbsp;12/10/41 | 634023 |
| 10903842 | BANK Series 2017-BNK9 XA<sup>(b),(d)</sup> |  | 0.7060 | &nbsp;&nbsp;&nbsp;11/15/54 | 114653 |
| 250000 | Capital Funding Mortgage Trust Series 2024-29 B<sup>(a),(b)</sup> | TSFR1M + 9.500% | 13.2000 | &nbsp;&nbsp;&nbsp;11/01/26 | 250657 |
| 500000 | Capital Funding Mortgage Trust Series 2025-32 B<sup>(a),(b)</sup> | TSFR1M + 2.900% | 12.8000 | &nbsp;&nbsp;&nbsp;12/15/27 | 500365 |
| 432072 | Capital Funding Mortgage Trust Series 2025-31 B<sup>(a),(b)</sup> | TSFR1M + 11.000% | 17.1100 | &nbsp;&nbsp;&nbsp;02/10/28 | 436810 |
| 8039476 | Citigroup Commercial Mortgage Trust Series 2018-B2 XA<sup>(b),(d)</sup> |  | 0.6840 | &nbsp;&nbsp;&nbsp;03/10/51 | 102002 |
| 500000 | GSMS Trust Series 2024-FAIR D<sup>(a),(b)</sup> |  | 8.2140 | &nbsp;&nbsp;&nbsp;07/15/29 | 513500 |
| 1000000 | JP Morgan Chase Commercial Mortgage Securities Series 2018-PTC A<sup>(a),(b)</sup> | TSFR1M + 1.497% | 5.1570 | &nbsp;&nbsp;&nbsp;04/15/31 | 479890 |
| 250000 | Morgan Stanley Capital I Trust Series 2024-BPR2 D<sup>(a),(b)</sup> |  | 8.7520 | &nbsp;&nbsp;&nbsp;05/05/29 | 252849 |
| 500000 | Morgan Stanley Capital I Trust Series 2024-BPR2 E<sup>(a),(b)</sup> |  | 8.7520 | &nbsp;&nbsp;&nbsp;05/05/29 | 487929 |
| 500000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 B<sup>(a)</sup> |  | 8.5420 | &nbsp;&nbsp;&nbsp;05/05/29 | 533816 |
| 500000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 C<sup>(a),(b)</sup> |  | 8.7520 | &nbsp;&nbsp;&nbsp;05/05/29 | 522791 |
| 500000 | X-Caliber Funding, LLC Series 2024-SURF A<sup>(a)</sup> |  | 12.0000 | &nbsp;&nbsp;&nbsp;09/25/28 | 504688 |
|  |  |  |  |  | 5333973 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $8,264,702)** | **TOTAL ASSET BACKED SECURITIES (Cost $8,264,702)** |  |  | $8354596 |
|  | **CORPORATE BONDS — 37.8%** | **CORPORATE BONDS — 37.8%** |  |  |  |
|  | **ASSET MANAGEMENT** — **14.3%** | **ASSET MANAGEMENT** — **14.3%** |  |  |  |
| 500000 | Blue Owl Technology Finance Corporation |  | 6.1000 | &nbsp;&nbsp;&nbsp;03/15/28 | 507731 |
| 490000 | Fidus Investment Corporation |  | 6.7500 | &nbsp;&nbsp;&nbsp;03/19/30 | 485964 |
| 20432 | Great Elm Capital Corporation |  | 8.1250 | &nbsp;&nbsp;&nbsp;12/31/29 | 515907 |
| 117000 | Investcorp Credit Management BDC, Inc. |  | 4.8750 | &nbsp;&nbsp;&nbsp;04/01/26 | 116500 |
| 15000 | Nomura America Finance, LLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02-1.00%) | 2.0840 | &nbsp;&nbsp;&nbsp;07/29/34 | 11010 |
| 25000 | PennantPark Investment Corporation |  | 4.0000 | &nbsp;&nbsp;&nbsp;11/01/26 | 24623 |
| 65000 | Saratoga Investment Corporation |  | 4.3500 | &nbsp;&nbsp;&nbsp;02/28/27 | 63050 |
| 500000 | Stellus Capital Investment Corporation |  | 7.2500 | &nbsp;&nbsp;&nbsp;04/01/30 | 500504 |
| 17014 | Trinity Capital, Inc. |  | 7.8750 | &nbsp;&nbsp;&nbsp;09/30/29 | 432156 |
|  |  |  |  |  | 2657445 |
|  | **BANKING** — **6.2%** | **BANKING** — **6.2%** |  |  |  |
| 15000 | Bank of Nova Scotia (The)<sup>(b)</sup> | 4\*(USISDA30-USISDA02-1.00%) | 1.9140 | &nbsp;&nbsp;&nbsp;05/29/34 | 10725 |
| 200000 | Bank of Nova Scotia (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA02-2.00%) | 0.0000 | &nbsp;&nbsp;&nbsp;06/27/34 | 141500 |
| 28000 | Bank of Nova Scotia (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA02-2.00%) | 0.7079 | &nbsp;&nbsp;&nbsp;08/28/34 | 19406 |
| 104000 | Bank of Nova Scotia (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA02-2.00%) | 1.3590 | &nbsp;&nbsp;&nbsp;09/29/34 | 70024 |
| 50000 | Barclays Bank PLC<sup>(b)</sup> | 4\*(USISOA30-USISOA05-0.500%) | 0.6040 | &nbsp;&nbsp;&nbsp;05/31/33 | 31368 |
| 30000 | Barclays Bank PLC<sup>(b)</sup> | 8\*(USISOA30-USISOA05-2.00%) | 2.3880 | &nbsp;&nbsp;&nbsp;07/31/34 | 20173 |
| 35000 | BofA Finance, LLC<sup>(b)</sup> | 10\*(USISOA30-USISOA05-3.00%) | 3.8450 | &nbsp;&nbsp;&nbsp;09/30/41 | 22743 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 37.8% (Continued)** | **CORPORATE BONDS — 37.8% (Continued)** |  |  |  |
|  | **BANKING** — **6.2% (Continued)** | **BANKING** — **6.2% (Continued)** |  |  |  |
| 270000 | Citigroup, Inc.<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 3.2570 | &nbsp;&nbsp;&nbsp;12/23/29 | $242471 |
| 54000 | Lloyds Bank PLC<sup>(b)</sup> | 4.250\*(USISOA30-USISOA05-2.125%) | 0.5180 | &nbsp;&nbsp;&nbsp;02/22/33 | 33405 |
| 23000 | Lloyds Bank PLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02-1.00%) | 2.0680 | &nbsp;&nbsp;&nbsp;10/25/33 | 16646 |
| 35000 | Lloyds Bank PLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02-1.40%) | 1.2758 | &nbsp;&nbsp;&nbsp;11/27/33 | 22397 |
| 30000 | Natixis US Medium-Term Note Program, LLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02-1.40%) | 0.8620 | &nbsp;&nbsp;&nbsp;10/31/33 | 19633 |
| 500000 | NewtekOne, Inc.<sup>(a)</sup> |  | 8.3750 | &nbsp;&nbsp;&nbsp;04/01/30 | 502801 |
|  |  |  |  |  | 1153292 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **2.8%** | **INSTITUTIONAL FINANCIAL SERVICES** — **2.8%** |  |  |  |
| 20000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA05) | 2.5610 | &nbsp;&nbsp;&nbsp;10/30/27 | 19133 |
| 55000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA05-0.60%) | 1.9610 | &nbsp;&nbsp;&nbsp;01/23/28 | 50218 |
| 10000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA05-0.60%) | 1.9440 | &nbsp;&nbsp;&nbsp;02/28/28 | 9219 |
| 25000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA05-1.00%) | 1.0240 | &nbsp;&nbsp;&nbsp;04/30/28 | 22497 |
| 50000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA05-1.00%) | 1.4880 | &nbsp;&nbsp;&nbsp;05/23/28 | 45130 |
| 25000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 4.25\*(USISOA30-USISOA05) | 2.4490 | &nbsp;&nbsp;&nbsp;11/13/28 | 22992 |
| 71000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 4.65\*(USISOA30-USISOA05) | 2.9580 | &nbsp;&nbsp;&nbsp;11/27/28 | 63861 |
| 25000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 4.65\*(USISOA30-USISOA05) | 2.9650 | &nbsp;&nbsp;&nbsp;12/13/28 | 23877 |
| 50000 | GS Finance Corporation<sup>(b)</sup> | 3.25\*(USISOA30-USISOA05) | 2.3280 | &nbsp;&nbsp;&nbsp;06/30/31 | 43329 |
| 25000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 8\*(USISDA30-USISDA02) | 6.6490 | &nbsp;&nbsp;&nbsp;01/31/38 | 20313 |
| 140000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 10\*(USISOA30-USISOA02-5.00%) | 2.7420 | &nbsp;&nbsp;&nbsp;06/28/41 | 95900 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **HOLBROOK TOTAL RETURN FUND** | <br> **HOLBROOK TOTAL RETURN FUND** | <br> **HOLBROOK TOTAL RETURN FUND** | <br> **HOLBROOK TOTAL RETURN FUND** | <br> **HOLBROOK TOTAL RETURN FUND** | <br> **HOLBROOK TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 37.8% (Continued)** | **CORPORATE BONDS — 37.8% (Continued)** |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **2.8% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES** — **2.8% (Continued)** |  |  |  |
| 15000 | Morgan Stanley<sup>(b)</sup> | 4\*(USISOA30-USISOA05-1.00%) | 1.6380 | &nbsp;&nbsp;&nbsp;06/28/28 | $12803 |
| 53000 | Morgan Stanley<sup>(b)</sup> | 8\*(USISOA30-USISOA02) | 6.3670 | &nbsp;&nbsp;&nbsp;07/31/30 | 47965 |
| 80000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA05) | 2.8710 | &nbsp;&nbsp;&nbsp;02/15/33 | 52843 |
|  |  |  |  |  | 530080 |
|  | **OIL & GAS PRODUCERS** — **2.7%** | **OIL & GAS PRODUCERS** — **2.7%** |  |  |  |
| 500000 | W&T Offshore, Inc.<sup>(a)</sup> |  | 10.7500 | &nbsp;&nbsp;&nbsp;02/01/29 | 494300 |
|  | **SPECIALTY FINANCE** — **11.8%** | **SPECIALTY FINANCE** — **11.8%** |  |  |  |
| 500000 | Equify Financial, LLC<sup>(a)</sup> |  | 9.5000 | &nbsp;&nbsp;&nbsp;04/30/30 | 500180 |
| 500000 | MMP Capital, LLC<sup>(a)</sup> |  | 9.5000 | &nbsp;&nbsp;&nbsp;10/18/29 | 505000 |
| 500000 | ReadyCap Holdings, LLC<sup>(a)</sup> |  | 9.3750 | &nbsp;&nbsp;&nbsp;03/01/28 | 500681 |
| 700000 | X-Caliber Funding, LLC<sup>(a)</sup> |  | 25.0000 | &nbsp;&nbsp;&nbsp;10/15/26 | 700000 |
|  |  |  |  |  | 2205861 |
|  | **TOTAL CORPORATE BONDS (Cost $6,943,061)** | **TOTAL CORPORATE BONDS (Cost $6,943,061)** |  |  | 7040978 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 0.1%** | **NON U.S. GOVERNMENT & AGENCIES — 0.1%** |  |  |  |
|  | **SUPRANATIONAL** — **0.1%** | **SUPRANATIONAL** — **0.1%** |  |  |  |
| 25000 | International Bank for Reconstruction & Development Variable Rate<sup>(b)</sup> | 9\*(USISOA30-USISOA05-4.50%) | 1.3793 | &nbsp;&nbsp;&nbsp;07/31/34 | 17382 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $18,937)** | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $18,937)** |  |  | 17382 |
|  | **U.S. GOVERNMENT & AGENCIES — 10.2%** | **U.S. GOVERNMENT & AGENCIES — 10.2%** |  |  |  |
|  | **AGENCY FIXED RATE** — **2.4%** | **AGENCY FIXED RATE** — **2.4%** |  |  |  |
| 500000 | Fannie Mae REMICS Series 2025-6 DL |  | 2.0000 | &nbsp;&nbsp;&nbsp;04/25/53 | 283118 |
| 157559 | Freddie Mac REMICS Series 5438 H |  | 5.5000 | &nbsp;&nbsp;&nbsp;06/25/50 | 158305 |
|  |  |  |  |  | 441423 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** | **HOLBROOK TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 10.2% (Continued)** |  |  |  |
|  | **U.S. TREASURY INFLATION PROTECTED** — **7.8%** |  |  |  |
| 1004094 | United States Treasury Inflation Indexed Bonds | 0.7500 | &nbsp;&nbsp;&nbsp;02/15/42 | $786644 |
| 739270 | United States Treasury Inflation Indexed Bonds | 2.1250 | &nbsp;&nbsp;&nbsp;02/15/54 | 665952 |
|  |  |  |  | 1452596 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,927,469)** |  |  | 1894019 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 1.7%** |  |  |  |
|  | **MONEY MARKET FUNDS - 1.7%** |  |  |  |
| 318558 | First American Government Obligations Fund, Class X, 3.61% (Cost $318,558)<sup>(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 318558 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $18,356,060)** |  |  | &nbsp;&nbsp;&nbsp; $18559244 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%** |  |  | &nbsp;&nbsp; 83058 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $18642302 |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is 11,340,903 or 60.8% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on January 31, 2026.

<sup>(c)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2026.

<sup>(d)</sup> Interest only securities.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Two Roads Shared Trust

- **b. Investment Company Act file number:** 811-22718

- **c. CIK number of Registrant:** 0001552947

- **d. LEI of Registrant:** 549300REHU8QC2CK4V30

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 402-895-1600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Holbrook Total Return Fund

- **b. EDGAR series identifier (if any):** S000091919

- **c. LEI of Series:** 529900W5LT18TMDNJF57

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $18760195.51

**Total Liabilities:** $117893.93

**Net Assets:** $18642301.58

**Cash Not Reported:** $669.01

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 6.30663200 | **1-Year:** 826.15851600 | **5-Year:** 1515.71304700 | **10-Year:** 727.05360600 | **30-Year:** 367.99094600

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 596.87278500 | **1-Year:** 1395.53790300 | **5-Year:** 178.48932600 | **10-Year:** 113.42540300 | **30-Year:** 120.50930200

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259794 | 0.62%                | 0.14%                | 0.45%                |
| Class ID C000259796 | 0.60%                | 0.12%                | 0.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-84688.18               | $105570.21                                 |
| Month 2  | $-151.37                 | $-62571.30                                 |
| Month 3  | $4161.45                 | $11267.14                                  |

### Schedule of Portfolio Investments

| Name                                                   | Title                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BAHA TRUST 2024-MAR                                    | BAHA 2024-MAR D       | CUSIP: 05493XAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $634023.48    | 3.40%             | 2041-12-10      | Floating      | 9.20%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia                                    | BNS Float 05/29/34    | CUSIP: 064159ES1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $10725.00     | 0.06%             | 2034-05-29      | Floating      | 1.91%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                    | BNS Float 06/27/34    | CUSIP: 064159FA9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $141500.00    | 0.76%             | 2034-06-27      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                    | BNS FLOAT 08/28/34    | CUSIP: 064159FM3<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     28000 | PA      | $19406.38     | 0.10%             | 2034-08-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                    | BNS Float 09/29/34    | CUSIP: 064159FT8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    104000 | PA      | $70023.72     | 0.38%             | 2034-09-29      | Floating      | 1.36%                 | No            |                  2 | On Loan: No      |
| Bank 2017-Bnk9                                         | BANK 2017-BNK9 XA     | CUSIP: 06540RAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10903842 | PA      | $114652.81    | 0.62%             | 2054-11-15      | Floating      | 0.71%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc                                      | BACR Float 05/31/33   | CUSIP: 06741TVK0<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $31368.30     | 0.17%             | 2033-05-31      | Floating      | 0.60%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc                                      | BACR Float 07/31/34   | CUSIP: 06741UFM1<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $20172.87     | 0.11%             | 2034-07-31      | Floating      | 2.39%                 | No            |                  2 | On Loan: No      |
| Blue Owl Technology Finance Corp.                      | OTF 6.1 03/15/28      | CUSIP: 095924AB2<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    500000 | PA      | $507731.75    | 2.72%             | 2028-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BofA Finance LLC                                       | BAC Float 09/30/41    | CUSIP: 09709T6A4<br>LEI: 549300CGZYSEY3ZSIW16 | Long             | DBT              | CORP              | US        |     35000 | PA      | $22743.39     | 0.12%             | 2041-09-30      | Floating      | 3.84%                 | No            |                  2 | On Loan: No      |
| CFMT 2024-HB14 LLC                                     | CFMT 2024-HB14 M3     | CUSIP: 12530XAD3<br>LEI: 9845005986F840FBE847 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $482597.40    | 2.59%             | 2034-06-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2025-HB16 LLC                                     | CFMT 2025-HB16 M3     | CUSIP: 12531BAD0<br>LEI: 9845009142A6KE49BF08 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $479406.55    | 2.57%             | 2035-03-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST-029                     | CFGMS 2024-29 B       | CUSIP: 14022JAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250657.03    | 1.34%             | 2026-11-01      | Floating      | 13.20%                | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST- 032                    | CFGMS 2025-32 B       | CUSIP: 14023AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500365.00    | 2.68%             | 2027-12-15      | Floating      | 12.80%                | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST -031                    | CFGMS 2025-31 B       | CUSIP: 14023CAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    432072 | PA      | $436810.07    | 2.34%             | 2028-02-10      | Floating      | 17.11%                | Yes           |                  2 | On Loan: No      |
| CFMT 2024-HB15 LLC                                     | CFMT 2024-HB15 M3     | CUSIP: 15723AAD3<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $485245.75    | 2.60%             | 2034-08-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Cfmt 2025 AB3 LLC                                      | CFMT 2025-AB3 M4      | CUSIP: 15723JAF9<br>LEI: 984500B0B47A6AEABC92 | Long             | ABS-O            | CORP              | US        |    509858 | PA      | $407191.26    | 2.18%             | 2055-05-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Inc.                                         | C Float 12/23/29      | CUSIP: 1730T0HV4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    270000 | PA      | $242470.26    | 1.30%             | 2029-12-23      | Floating      | 3.26%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                    | CGCMT 2018-B2 XA      | CUSIP: 17327FBG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8039476 | PA      | $102002.46    | 0.55%             | 2051-03-10      | Floating      | 0.68%                 | No            |                  2 | On Loan: No      |
| Enstar Group Ltd                                       | ESGR 7 PERP           | CUSIP: 29359U109<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EP               | CORP              | BM        |     20388 | NS      | $489312.00    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Equify Financial LLC                                   | EQUIFY 9 1/2 04/30/30 | CUSIP: 29446PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $500180.15    | 2.68%             | 2030-04-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2025-6 DL         | CUSIP: 3136BUUF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    500000 | PA      | $283117.60    | 1.52%             | 2053-04-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD | FHR 5438 H            | CUSIP: 3137HFDS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    157559 | PA      | $158305.39    | 0.85%             | 2050-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fidus Investment Corporation                           | FDUS 6 3/4 03/19/30   | CUSIP: 316500AD9<br>LEI: 549300836CRWCROFBC02 | Long             | DBT              | CORP              | US        |    490000 | PA      | $485963.52    | 2.61%             | 2030-03-19      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| First American Funds Inc.                              | FRST AM-GV OB-X       | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    320247 | PA      | $320246.77    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| GSMS 2024-FAIR                                         | GSMS 2024-FAIR D      | CUSIP: 36270JAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $513500.10    | 2.75%             | 2029-07-15      | Floating      | 8.21%                 | Yes           |                  2 | On Loan: No      |
| Gladstone Investment Corporation                       | GAIN 7 7/8            | CUSIP: 376546867<br>LEI: 549300HFFTVIBC98Z362 | Long             | EP               | CORP              | US        |     17339 | NS      | $444398.57    | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                              | GS FLOAT 10/30/27     | CUSIP: 38141GGV0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19132.72     | 0.10%             | 2027-10-30      | Floating      | 2.56%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                              | GS Float 01/23/28     | CUSIP: 38141GMD3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     55000 | PA      | $50218.30     | 0.27%             | 2028-01-23      | Floating      | 1.96%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                              | GS FLOAT 02/28/28     | CUSIP: 38141GPC2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9219.21      | 0.05%             | 2028-02-28      | Floating      | 1.94%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                              | GS Float 04/30/28     | CUSIP: 38141GSM7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22497.33     | 0.12%             | 2028-04-30      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                              | GS FLOAT 05/23/28     | CUSIP: 38141GTZ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45130.00     | 0.24%             | 2028-05-23      | Floating      | 1.49%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                              | GS FLOAT 12/13/28     | CUSIP: 38147Q2A3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23877.10     | 0.13%             | 2028-12-13      | Floating      | 2.97%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                              | GS FLOAT 11/13/28     | CUSIP: 38147QK21<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22992.30     | 0.12%             | 2028-11-13      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                              | GS Float 11/27/28     | CUSIP: 38147QS23<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     71000 | PA      | $63860.45     | 0.34%             | 2028-11-27      | Floating      | 2.96%                 | No            |                  2 | On Loan: No      |
| Great Elm Capital Corporation                          | GECC 8 1/8            | CUSIP: 390320877<br>LEI: 549300JTA9ODXNIVFC33 | Long             | EP               | CORP              | US        |     20432 | NS      | $515908.00    | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Finance Corp                                        | GS 4 1/4 06/30/31     | CUSIP: 40057HNH9<br>LEI: 549300FR80KBVO6DRL61 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43329.10     | 0.23%             | 2031-06-30      | Floating      | 2.33%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development    | IBRD Float 07/31/34   | CUSIP: 45905UPQ1<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |     25000 | PA      | $17381.70     | 0.09%             | 2034-07-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Investcorp CR Mgmt BDC Inc                             | ICMB 4 7/8 04/01/26   | CUSIP: 46090RAA2<br>LEI: 549300ZRNRCSKPLGYQ55 | Long             | DBT              | CORP              | US        |    117000 | PA      | $116499.72    | 0.62%             | 2026-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Securities Corp.   | JPMCC 2018-PTC A      | CUSIP: 46649GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $479890.00    | 2.57%             | 2031-04-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                          | JEF Float 01/31/38    | CUSIP: 47233JBG2<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20312.50     | 0.11%             | 2038-01-31      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                          | JEF Float 06/28/41    | CUSIP: 47233JFF0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    140000 | PA      | $95900.00     | 0.51%             | 2041-06-28      | Floating      | 2.74%                 | No            |                  2 | On Loan: No      |
| Lloyds Bank plc                                        | LLOYDS Float 02/22/33 | CUSIP: 5394E8BN8<br>LEI: H7FNTJ4851HG0EXQ1Z70 | Long             | DBT              | CORP              | GB        |     54000 | PA      | $33405.48     | 0.18%             | 2033-02-22      | Floating      | 0.52%                 | No            |                  2 | On Loan: No      |
| Lloyds Bank plc                                        | LLOYDS 10 10/25/33    | CUSIP: 5394E8CC1<br>LEI: H7FNTJ4851HG0EXQ1Z70 | Long             | DBT              | CORP              | GB        |     23000 | PA      | $16646.25     | 0.09%             | 2033-10-25      | Floating      | 2.07%                 | No            |                  2 | On Loan: No      |
| Lloyds Bank plc                                        | LLOYDS FLOAT 11/27/33 | CUSIP: 5394E8CE7<br>LEI: H7FNTJ4851HG0EXQ1Z70 | Long             | DBT              | CORP              | GB        |     35000 | PA      | $22397.31     | 0.12%             | 2033-11-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MMP Capital LLC                                        | MMPCAP 9 1/2 10/18/29 | CUSIP: 55330PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $505000.00    | 2.71%             | 2029-10-18      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                         | MS 8 02/15/33         | CUSIP: 61760QCH5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     80000 | PA      | $52842.96     | 0.28%             | 2033-02-15      | Floating      | 2.87%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                         | MS FLOAT 06/28/28     | CUSIP: 61760QCW2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12803.03     | 0.07%             | 2028-06-28      | Floating      | 1.64%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                         | MS Float 07/31/30     | CUSIP: 61760QGR9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     53000 | PA      | $47965.00     | 0.26%             | 2030-07-31      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPTAL 24-BPR2                          | MSC 2024-BPR2 B       | CUSIP: 61776EAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $533815.65    | 2.86%             | 2029-05-05      | Fixed         | 8.54%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPTAL 24-BPR2                          | MSC 2024-BPR2 C       | CUSIP: 61776EAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $522791.40    | 2.80%             | 2029-05-05      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPTAL 24-BPR2                          | MSC 2024-BPR2 D       | CUSIP: 61776EAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $252848.85    | 1.36%             | 2029-05-05      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPTAL 24-BPR2                          | MSC 2024-BPR2 E       | CUSIP: 61776EAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $487928.55    | 2.62%             | 2029-05-05      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Natixis US Medium Term Note Program LLC                | KNFP Float 10/31/33   | CUSIP: 63873HME1<br>LEI: 549300MPTYP2BAQOK371 | Long             | DBT              | CORP              | US        |     30000 | PA      | $19632.87     | 0.11%             | 2033-10-31      | Floating      | 0.86%                 | No            |                  2 | On Loan: No      |
| NewtekOne Inc                                          | NEWT 8 3/8 04/01/30   | CUSIP: 652526AE4<br>LEI: 549300YLU78IA8GKJ688 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502799.71    | 2.70%             | 2030-04-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Nomura America Finance LLC                             | NOMURA Float 07/29/34 | CUSIP: 65539ABE9<br>LEI: 549300U646RSSKIVOJ29 | Long             | DBT              | CORP              | US        |     15000 | PA      | $11009.64     | 0.06%             | 2034-07-29      | Floating      | 2.08%                 | No            |                  2 | On Loan: No      |
| ONITY LN INVT TR 2024-HB2                              | OLIT 2024-HB2 M3      | CUSIP: 68278DAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $490955.90    | 2.63%             | 2037-08-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ONITY LOAN INVESTMENT TRUST 2025-HB1                   | OLIT 2025-HB1 M3      | CUSIP: 68278EAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $466240.00    | 2.50%             | 2038-06-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| ONITY LOAN INVESTMENT TRUST 2025-HB2                   | OLIT 2025-HB2 M4      | CUSIP: 68278FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $208985.85    | 1.12%             | 2038-11-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| PennantPark Investment Corporation                     | PNNT 4 11/01/26       | CUSIP: 708062AD6<br>LEI: 529900OK432R4C6NQQ73 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24622.59     | 0.13%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ReadyCap Holdings LLC                                  | RDYCAP 9 3/8 03/01/28 | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500680.95    | 2.69%             | 2028-03-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Saratoga Investment Corp.                              | SAR 4.35 02/28/27     | CUSIP: 80349AAF6<br>LEI: 54930023WJCWPAGSWE41 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63049.75     | 0.34%             | 2027-02-28      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Stellus Capital Investment Corporation                 | SCM 7 1/4 04/01/30    | CUSIP: 858568AC2<br>LEI: 5493001DZV6QC1KUSC43 | Long             | DBT              | RF                | US        |    500000 | PA      | $500505.13    | 2.68%             | 2030-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Trinity Capital Inc.                                   | TRIN 7 7/8            | CUSIP: 896442704<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EP               | CORP              | US        |     17014 | NS      | $432155.60    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                           | TII 0 3/4 02/15/42    | CUSIP: 912810QV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $786644.20    | 4.22%             | 2042-02-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                           | TII 2 1/8 02/15/54    | CUSIP: 912810TY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $665952.29    | 3.57%             | 2054-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| W & T Offshore Inc.                                    | WTI 10 3/4 02/01/29   | CUSIP: 92922PAN6<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494300.00    | 2.65%             | 2029-02-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                  | XCALFD 25 09/01/25    | CUSIP: 98373XAE0<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $700000.00    | 3.75%             | 2026-10-15      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                  | XCAL 2024-SURF A      | CUSIP: 98373XBP4<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $504688.30    | 2.71%             | 2028-09-25      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

**Name of Applicant:** Two Roads Shared Trust

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer