# EDGAR Filing Document

**Accession Number:** 0001745059
**File Stem:** 0001145549-23-017059
**Filing Date:** 2023-3
**Character Count:** 95757
**Document Hash:** 84575c3e440d08d6a418a9c2dc994145
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017059.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001145549-23-017059

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**PERIOD START**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Angel Oak Financial Strategies Income Term Trust
- **CENTRAL INDEX KEY:** 0001745059
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23358
- **FILM NUMBER:** 23749334

**BUSINESS ADDRESS:**
- **STREET 1:** 3060 PEACHTREE RD SUITE 500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305
- **BUSINESS PHONE:** 404-637-0412

**MAIL ADDRESS:**
- **STREET 1:** 3060 PEACHTREE RD SUITE 500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Angel Oak Financial Strategies Income Term Trust

- **b. Investment Company Act file number:** 811-23358

- **c. CIK number of Registrant:** 0001745059

- **d. LEI of Registrant:** 549300BL3JQL47QYUO51

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

  - **Street Address 1:** 3344 Peachtree Road NE

  - **City:** Atlanta

  - **State:** GA

  - **Foreign country:** US

  - **Zip / Postal Code:** 30326

  - **Telephone number:** 404-953-4900

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

- **a. Name of Series:** Angel Oak Financial Strategies Income Term Trust

- **c. LEI of Series:** 549300BL3JQL47QYUO51

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

- **a. Date of fiscal year-end:** 2023-01-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $527186422.28

**Total Liabilities:** $157458661.47

**Net Assets:** $369727760.81

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 279.798932223583 | **1-Year:** 33451.433878733000 | **5-Year:** 54949.556830910140 | **10-Year:** 16816.564428901220 | **30-Year:** 51.694277993954

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

- **3-Month:** 0.000000000000 | **1-Year:** 7085.335778963003 | **5-Year:** 9670.884682522019 | **10-Year:** 3260.054737574014 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 2.70%                | -0.81%               | 5.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-163145.37              | $3884415.01                                |
| Month 2  | $-79993.45               | $-10205415.85                              |
| Month 3  | $-466474.40              | $6439998.82                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMALGAMATED FIN CORP               | Amalgamated Financial Corp                                                     | CUSIP: 022671AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1413449.62   | 0.38%             | 2031-11-15      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| AMERIS BANCORP                     | Ameris Bancorp                                                                 | CUSIP: 03076KAA6<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | DBT              | CORP              | US        |   2510000 | PA      | $2502110.49   | 0.68%             | 2027-03-15      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| AMERIS BANCORP                     | Ameris Bancorp                                                                 | CUSIP: 03076KAB4<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2124041.04   | 0.57%             | 2029-12-15      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| AMUR EQUIPMENT FIN INC             | Amur Equipment Finance Inc                                                     | CUSIP: 03237NAA6<br>LEI: UZB5I6J8EKRNMIVXXJ34 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1427310.00   | 0.39%             | 2026-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Annaly Capital Management Inc      | Annaly Capital Management Inc                                                  | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     15000 | NS      | $352050.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MGMT                | Annaly Capital Management Inc                                                  | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     40000 | NS      | $994000.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA BANKING SYSTEM            | Columbia Banking System Inc                                                    | CUSIP: 061591AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6506181.83   | 1.76%             | 2025-12-10      | Variable      | 9.87%                 | No            |                  2 | On Loan: No      |
| BANKGUAM HOLDING CO                | BankGuam Holding Co                                                            | CUSIP: 06644AAA4<br>LEI: 549300UZSAYMXQIF8W75 | Long             | SN               | CORP              | GU        |   9000000 | PA      | $8712516.42   | 2.36%             | 2029-06-30      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| BANKGUAM HOLDING CO                | BankGuam Holding Co                                                            | CUSIP: 06644AAB2<br>LEI: 549300UZSAYMXQIF8W75 | Long             | SN               | CORP              | GU        |   3000000 | PA      | $2739882.87   | 0.74%             | 2031-07-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| BANKSOUTH HOLDING CO               | Banksouth Holding Co                                                           | CUSIP: 06654GAC4<br>LEI: 549300GRHKUMUEGB7822 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4817689.50   | 1.30%             | 2029-07-30      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| BANTERRA BANK                      | Banterra Bank                                                                  | CUSIP: 06682YAB3<br>LEI: 549300NGCDNC9174EF79 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7260414.30   | 1.96%             | 2029-06-07      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BANTERRA CORP                      | Banterra Corp                                                                  | CUSIP: 06683WAA8<br>LEI: 549300QNH1CG2ZGLWQ76 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1262409.70   | 0.34%             | 2032-09-30      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| BAR HARBOR BANKSHARES              | Bar Harbor Bankshares                                                          | CUSIP: 066849AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5632417.26   | 1.52%             | 2029-12-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| BAYCOM CORP                        | BayCom Corp                                                                    | CUSIP: 07272MAA5<br>LEI: 549300UOLS54Q5ONIG33 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1842875.80   | 0.50%             | 2030-09-15      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| BAYFIRST FINANCIAL CORP            | Bayfirst Financial Corp                                                        | CUSIP: 07279BAA2<br>LEI: 549300EG3HIQSTDIRQ72 | Long             | SN               | CORP              | US        |   1000000 | PA      | $912977.29    | 0.25%             | 2031-06-30      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HILLS BANCORP            | Berkshire Hills Bancorp Inc                                                    | CUSIP: 084680AB3<br>LEI: 549300AS2OC6UMMBNO37 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $922097.86    | 0.25%             | 2032-07-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| FRANKLIN BSP LENDING COR           | Franklin BSP Lending Corp                                                      | CUSIP: 12325JAF8<br>LEI: 549300K8IFP295FLKS39 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1901299.24   | 0.51%             | 2024-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BYLINE BANCORP INC                 | Byline Bancorp Inc                                                             | CUSIP: 124411AA7<br>LEI: 549300W7ODP4YL2H4823 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5804832.24   | 1.57%             | 2030-07-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CB&T HOLDING CORP                  | CB&T Holding Corp                                                              | CUSIP: 124782AC7<br>LEI: 549300QX35T737FJFZ97 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4487500.00   | 1.21%             | 2030-12-15      | Variable      | 6.25%                 | No            |                  3 | On Loan: No      |
| CB FINANCIAL SERVICES              | CB Financial Services Inc                                                      | CUSIP: 12479GAA9<br>LEI: 549300JEGYKCDOBSG664 | Long             | SN               | CORP              | US        |   6000000 | PA      | $5292869.58   | 1.43%             | 2031-12-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CNB FINANCIAL CORP/PA              | CNB Financial Corp/PA                                                          | CUSIP: 126128206<br>LEI: 254900RUYUOKD91VNX69 | Long             | EP               | CORP              | US        |      2601 | NS      | $67626.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CRB GROUP INC                      | CRB Group Inc                                                                  | CUSIP: 12634QAJ0<br>LEI: 549300BLONX7RHTYWF68 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3662768.48   | 0.99%             | 2030-09-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| CADENCE BANK                       | Cadence Bank                                                                   | CUSIP: 12739AAA8<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1944975.22   | 0.53%             | 2029-06-30      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CAPSTAR FIN HOLD INC               | Capstar Financial Holdings Inc                                                 | CUSIP: 14070TAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2847371.70   | 0.77%             | 2030-06-30      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRAL BANCSHARES INC             | Central Bancshares Inc/TX                                                      | CUSIP: 152424AA5<br>LEI: 549300N48082XGYJQJ37 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4834029.50   | 1.31%             | 2029-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| CENTRAL PACIFIC FIN CORP           | Central Pacific Financial Corp                                                 | CUSIP: 154760AC6<br>LEI: 549300W3YEAOZ4KGG849 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $932677.56    | 0.25%             | 2030-11-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CITIZENS COMM BANC WI              | Citizens Community Bancorp Inc/WI                                              | CUSIP: 174903AC8<br>LEI: 549300VKLJAF4WABEF16 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1926023.36   | 0.52%             | 2030-09-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIZENS COMM BANC WI              | Citizens Community Bancorp Inc/WI                                              | CUSIP: 174903AD6<br>LEI: 549300VKLJAF4WABEF16 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1349275.76   | 0.36%             | 2032-04-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CLEAR BLUE FIN HLDGS               | Clear Blue Financial Holdings LLC                                              | CUSIP: 18452FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | PR        |  10000000 | PA      | $8350000.00   | 2.26%             | 2028-12-30      | Fixed         | 5.38%                 | No            |                  3 | On Loan: No      |
| CLEAR STREET HOLDINGS              | Clear Street Holdings LLC                                                      | CUSIP: 18468HAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4606250.00   | 1.25%             | 2025-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLEAR STREET GROUP INC             | Clear Street Group Inc                                                         | CUSIP: 18469C307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     80000 | NS      | $1520000.00   | 0.41%             |  |  |  | No            |                  3 | On Loan: No      |
| COASTALSOUTH BANCSRS INC           | CoastalSouth Bancshares Inc                                                    | CUSIP: 19058XAA6<br>LEI: 5493006BUH6IGMGU0H14 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1927205.06   | 0.52%             | 2030-09-15      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| COLONY BANKCORP INC                | Colony Bankcorp Inc                                                            | CUSIP: 19623PAA9<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $915014.45    | 0.25%             | 2032-05-20      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL CREDIT GROUP            | Commercial Credit Group Inc                                                    | CUSIP: 20161DAA2<br>LEI: 549300ZB1E6HIMDXB670 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1356935.33   | 0.37%             | 2026-05-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| COMMUNITY FINANCIAL CORP           | Community Financial Corp/The                                                   | CUSIP: 20368XAD3<br>LEI: 549300IM1P8BVV642449 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $931389.34    | 0.25%             | 2030-10-15      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| LUTHER BURBANK CORP                | Luther Burbank Corp                                                            | CUSIP: 550550AC1<br>LEI: 5493007YRUZ4ZDZM0J48 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1994551.14   | 0.54%             | 2024-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MAPLE FINANCIAL HLD INC            | Maple Financial Holdings Inc                                                   | CUSIP: 565126AA7<br>LEI: 9845003D9D85D5DIUQ74 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1857010.68   | 0.50%             | 2031-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARBLE PT LOAN FIN/MPLF            | Marble Point Loan Financing Ltd / MPLF Funding I LLC                           | CUSIP: 56607VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1441875.00   | 0.39%             | 2025-11-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MERCANTILE BANK CORP               | Mercantile Bank Corp                                                           | CUSIP: 587376AE4<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1278456.30   | 0.35%             | 2032-01-30      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| MERIDIAN CORP                      | Meridian Corp                                                                  | CUSIP: 58960CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3797848.24   | 1.03%             | 2029-12-30      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| MIDWESTONE FINANCIAL GRP           | MidWestOne Financial Group Inc                                                 | CUSIP: 598511AC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4804632.30   | 1.30%             | 2030-07-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM CONS HOLDINGS           | Millennium Consolidated Holdings LLC                                           | CUSIP: 60040RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1989705.34   | 0.54%             | 2023-06-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NANO FINANCIAL HOLD                | Nano Financial Holdings Inc                                                    | CUSIP: 63010MAA5<br>LEI: 5493006Q0M80QTFE3H77 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4948307.85   | 1.34%             | 2024-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NATL BANK INDIANAPOLIS             | National Bank of Indianapolis Corp/The                                         | CUSIP: 633717AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6727539.98   | 1.82%             | 2029-09-15      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp                 | Rithm Capital Corp                                                             | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |     25000 | NS      | $235250.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                 | Rithm Capital Corp                                                             | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    200000 | NS      | $4232000.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWTEKONE INC                      | NewtekOne Inc                                                                  | CUSIP: 652526AC8<br>LEI: 549300YLU78IA8GKJ688 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1259884.06   | 0.34%             | 2025-02-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NEXBANK CAPITAL INC                | NexBank Capital Inc                                                            | CUSIP: 65341TAE7<br>LEI: 549300H29S945S4X7A03 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1789628.26   | 0.48%             | 2031-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEXBANK CAPITAL INC                | NexBank Capital Inc                                                            | CUSIP: 65341TAG2<br>LEI: 549300H29S945S4X7A03 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1410270.41   | 0.38%             | 2032-07-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN BANCORP INC               | Northern Bancorp Inc                                                           | CUSIP: 664764AC1<br>LEI: B1FAJLO8GSZ6XQQJ5U05 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1877200.10   | 0.51%             | 2029-12-30      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| NORTHPOINTE BANCSHARES I           | Northpointe Bancshares Inc                                                     | CUSIP: 66661N308<br>LEI: 549300EYMKMD4WKEKP72 | Long             | EP               | CORP              | US        |     80000 | NS      | $2010000.00   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHPOINTE BANCSHARES I           | Northpointe Bancshares Inc                                                     | CUSIP: 66661NAE0<br>LEI: 549300EYMKMD4WKEKP72 | Long             | SN               | CORP              | US        |   4000000 | PA      | $3845547.32   | 1.04%             | 2029-09-30      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST BANCSHARES INC           | Northwest Bancshares Inc                                                       | CUSIP: 667339AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $917979.38    | 0.25%             | 2030-09-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| A10 CAPITAL LLC                    | A10 Capital LLC                                                                | CUSIP: 66982EAA0<br>LEI: 549300RXTK0PSG57BV49 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3720171.24   | 1.01%             | 2026-08-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OBSIDIAN INSURANCE HOLD            | Obsidian Insurance Holdings Inc                                                | CUSIP: 67449JAA4<br>LEI: 254900TY5RP85WWY5T18 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4537500.00   | 1.23%             | 2025-12-30      | Fixed         | 6.50%                 | No            |                  3 | On Loan: No      |
| OCEANFIRST FINANCIAL CP            | OceanFirst Financial Corp                                                      | CUSIP: 675234405<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     19500 | NS      | $492765.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| OAKSTARS BANCSHARES INC            | Oakstar Bancshares Inc                                                         | CUSIP: 67630PAB7<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $910599.05    | 0.25%             | 2031-04-15      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| OHIO NAT FINANCIAL SRVS            | Ohio National Financial Services Inc                                           | CUSIP: 67740QAG1<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5856579.66   | 1.58%             | 2031-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| OLNEY BANCSHARES TX INC            | Olney Bancshares of Texas Inc                                                  | CUSIP: 68123AAA4<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $905830.46    | 0.24%             | 2031-03-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ORIGIN BANK                        | Origin Bank                                                                    | CUSIP: 68622BAA8<br>LEI: D8RBTOL3JO2Q6IEO0F34 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2348864.78   | 0.64%             | 2030-02-15      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| PennyMac Mortgage Investment T     | PennyMac Mortgage Investment Trust                                             | CUSIP: 70931T103<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EC               | CORP              | US        |     13000 | NS      | $198250.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PHENIXFIN CORP                     | PhenixFIN Corp                                                                 | CUSIP: 71742W301<br>LEI: 549300JJH1QEB0RKNO53 | Long             | EP               | CORP              | US        |     70000 | NS      | $1507100.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| PIEDMONT BANCORP GA                | Piedmont Bancorp Inc/GA                                                        | CUSIP: 720104AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2393120.28   | 0.65%             | 2030-09-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| PREFERRED BANK LA CALIF            | Preferred Bank/Los Angeles CA                                                  | CUSIP: 740367NL7<br>LEI: 5493007K6HGI9G0ECX16 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2201702.13   | 0.60%             | 2031-06-15      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| PREMIA HLDGS LTD SB 144A NT6.9% 30 | PREMIA HLDGS LTD SB 144A NT6.9% 30                                             | CUSIP: 74049MAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8955000.00   | 2.42%             | 2030-09-23      | Fixed         | 6.90%                 | No            |                  3 | On Loan: No      |
| QUEENSBOROUGH CO                   | Queensborough Co/The                                                           | CUSIP: 748249AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2884130.16   | 0.78%             | 2030-10-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| RBB BANCORP                        | RBB Bancorp                                                                    | CUSIP: 74930BAG0<br>LEI: 549300A23FBFZNGET525 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1356868.89   | 0.37%             | 2031-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| READY CAPITAL CORP                 | Ready Capital Corp                                                             | CUSIP: 75574U408<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |    219668 | NS      | $5069937.44   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| READY CAPITAL CORP                 | Ready Capital Corp                                                             | CUSIP: 75574U606<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |     80000 | NS      | $1840000.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwood Trust Inc                  | Redwood Trust Inc                                                              | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |     25750 | NS      | $215270.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANT BANCORP INC                | Reliant Bancorp Inc                                                            | CUSIP: 75956BAC5<br>LEI: 549300K01QVP0R3WTW85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $946052.90    | 0.26%             | 2029-12-15      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| RIVER FINANCIAL CORP               | River Financial Corp                                                           | CUSIP: 76821PAA9<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $905812.39    | 0.24%             | 2031-03-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SCRE INTERMEDIATE HOLDCO           | SCRE Intermediate Holdco LLC                                                   | CUSIP: 78434LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1876188.32   | 0.51%             | 2027-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SALISBURY BANCORP INC              | Salisbury Bancorp Inc                                                          | CUSIP: 795226AD1<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $889830.64    | 0.24%             | 2031-03-31      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| SIGNATURE BANK NEW YORK            | Signature Bank/New York NY                                                     | CUSIP: 82669GCB8<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237043.31    | 0.06%             | 2029-11-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| SILVER QUEEN FIN SERV              | Silver Queen Financial Services Inc                                            | CUSIP: 82809FAA5<br>LEI: 549300BB7BBRK8QESH76 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3798589.82   | 1.03%             | 2027-12-01      | Variable      | 8.10%                 | No            |                  2 | On Loan: No      |
| SMARTFINANCIAL INC                 | SmartFinancial Inc                                                             | CUSIP: 83190LAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2190000 | PA      | $2176123.24   | 0.59%             | 2028-10-02      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| SOUTH ST SEC FUND LLC              | South Street Securities Funding LLC                                            | CUSIP: 84046SAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5576029.20   | 1.51%             | 2026-12-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN FINANCIAL CORP            | Southern Financial Corp                                                        | CUSIP: 84289RAA4<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1500000 | PA      | $1365879.29   | 0.37%             | 2031-10-20      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| PRIMIS FINANCIAL CORP              | Primis Financial Corp                                                          | CUSIP: 843395AB0<br>LEI: 549300JNX3M2EENG1F11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1893877.86   | 0.51%             | 2030-09-01      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| SPIRIT OF TEXAS BANCSHAR           | Spirit of Texas Bancshares Inc                                                 | CUSIP: 84861DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4820741.30   | 1.30%             | 2030-07-31      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| WEBSTER FINANCIAL CORP             | Webster Financial Corp                                                         | CUSIP: 85917AAB6<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188280.24    | 0.05%             | 2029-12-30      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WEBSTER FINANCIAL CORP             | Webster Financial Corp                                                         | CUSIP: 85917AAC4<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $920127.57    | 0.25%             | 2030-11-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| STERLING BANCORP/MI                | Sterling Bancorp Inc/MI                                                        | CUSIP: 85917WAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2675111.40   | 0.72%             | 2026-04-15      | Variable      | 10.65%                | No            |                  2 | On Loan: No      |
| SUMMIT FIN GROUP INC               | Summit Financial Group Inc                                                     | CUSIP: 86606GAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1728532.90   | 0.47%             | 2031-12-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| TPG RE FINANCE TRUST INC           | TPG RE Finance Trust Inc                                                       | CUSIP: 87266M206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30000 | NS      | $514500.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS STATE BNKSHRS INC            | Texas State Bankshares Inc                                                     | CUSIP: 882727AA8<br>LEI: 549300KSLUE7MP08XL09 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3870137.28   | 1.05%             | 2029-06-15      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| TRANSVERSE INSURANCE GRP           | Transverse Insurance Group LLC                                                 | CUSIP: 89402HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4566924.70   | 1.24%             | 2026-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRINITAS CAPITAL MGMT              | Trinitas Capital Management LLC                                                | CUSIP: 89642CAC4<br>LEI: 254900JU042545A6UD08 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5398098.06   | 1.46%             | 2026-07-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRINITY CAPITAL INC/MD             | Trinity Capital Inc                                                            | CUSIP: 896442506<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EP               | CORP              | US        |    300000 | NS      | $7462500.00   | 2.02%             |  |  |  | No            |                  3 | On Loan: No      |
| TRIUMPH FINANCIAL INC              | Triumph Financial Inc                                                          | CUSIP: 89679EAB8<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $10374810.71  | 2.81%             | 2029-11-27      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| TULSA VALLEY BANCSHRS              | Tulsa Valley Bancshares Corp                                                   | CUSIP: 89968RAA1<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1250000 | PA      | $1156209.55   | 0.31%             | 2031-04-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED FIDELITY BK FSB             | United Fidelity Bank FSB                                                       | CUSIP: 910286400<br>LEI: 549300RV3BMT6ES6TO70 | Long             | EP               | CORP              | US        |      1000 | NS      | $709000.00    | 0.19%             |  |  |  | No            |                  3 | On Loan: No      |
| UNIVERSAL INSURANCE HLDS           | Universal Insurance Holdings Inc                                               | CUSIP: 91359VAC1<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6227484.97   | 1.68%             | 2026-11-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VOLUNTEER STATE INC                | Volunteer State Bancshares Inc                                                 | CUSIP: 928779AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1916843.30   | 0.52%             | 2029-11-15      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| VYSTAR CREDIT UNION                | VyStar Credit Union                                                            | CUSIP: 92891CCH3<br>LEI: 54930036K3ZFJ4FOKT69 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2646308.91   | 0.72%             | 2032-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REVREPO223622AG6                   | REVREPO223622AG6                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1217000 | PA      | $-1217000.00  | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO598511AC7                   | REVREPO598511AC7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -864000 | PA      | $-864000.00   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO843395AB0                   | REVREPO843395AB0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1136000 | PA      | $-1136000.00  | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO316041CP5                   | REVREPO316041CP5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -6371000 | PA      | $-6371000.00  | -1.72%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO05973LAB1                   | REVREPO05973LAB1                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2903000 | PA      | $-2903000.00  | -0.79%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO05990KAC0                   | REVREPO05990KAC0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1754000 | PA      | $-1754000.00  | -0.47%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO33767UAA5                   | REVREPO33767UAA5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -3763000 | PA      | $-3763000.00  | -1.02%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO18452FAB7                   | REVREPO18452FAB7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2546000 | PA      | $-2546000.00  | -0.69%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO12325JAF8                   | REVREPO12325JAF8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1129000 | PA      | $-1129000.00  | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO14070TAC6                   | REVREPO14070TAC6                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1707000 | PA      | $-1707000.00  | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO82809FAA5                   | REVREPO82809FAA5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2275000 | PA      | $-2275000.00  | -0.62%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO83190LAB5                   | REVREPO83190LAB5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1305000 | PA      | $-1305000.00  | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO58960CAC3                   | REVREPO58960CAC3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2276000 | PA      | $-2276000.00  | -0.62%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO404111AA4                   | REVREPO404111AA4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1668000 | PA      | $-1668000.00  | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO04004XAA3                   | REVREPO04004XAA3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1086000 | PA      | $-1086000.00  | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO67740QAG1                   | REVREPO67740QAG1                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1485000 | PA      | $-1485000.00  | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO69478XAE5                   | REVREPO69478XAE5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2862000 | PA      | $-2862000.00  | -0.77%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO26845AAA9                   | REVREPO26845AAA9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1401000 | PA      | $-1401000.00  | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO124411AA7                   | REVREPO124411AA7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -3336000 | PA      | $-3336000.00  | -0.90%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO18468HAC3                   | REVREPO18468HAC3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2670000 | PA      | $-2670000.00  | -0.72%            |  |  |  | No            |                  2 | On Loan: No      |
| AGNC Investment Corp               | AGNC Investment Corp                                                           | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |     30500 | NS      | $353800.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP               | AGNC Investment Corp                                                           | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     40000 | NS      | $1009600.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ANB CORP                           | ANB Corp/TX                                                                    | CUSIP: 00180VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2292519.88   | 0.62%             | 2030-09-30      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| STELLAR BANCORP INC                | Stellar Bancorp Inc                                                            | CUSIP: 01748HAA5<br>LEI: 54930070P8Z0WHFBB536 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1654034.62   | 0.45%             | 2029-10-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| ALPINE BANKS OF COLORADO           | Alpine Banks of Colorado                                                       | CUSIP: 020810AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3860498.12   | 1.04%             | 2030-06-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC             | Arbor Realty Trust Inc                                                         | CUSIP: 038923868<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     40000 | NS      | $826000.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST INC             | Arbor Realty Trust Inc                                                         | CUSIP: 038923AQ1<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |    500000 | PA      | $424966.84    | 0.11%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC             | Arbor Realty Trust Inc                                                         | CUSIP: 038923AW8<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1816557.62   | 0.49%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARENA FINANCE II LLC               | Arena Finance II LLC                                                           | CUSIP: 04004XAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1852500.00   | 0.50%             | 2025-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AVIDBANK HOLDINGS INC              | Avidbank Holdings Inc                                                          | CUSIP: 05368JAC7<br>LEI: 54930029UJ8M0B84EE44 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5658689.82   | 1.53%             | 2029-12-30      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| B RILEY FINANCIAL INC              | B Riley Financial Inc                                                          | CUSIP: 05580M793<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     80000 | NS      | $1740000.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| B RILEY FINANCIAL INC              | B Riley Financial Inc                                                          | CUSIP: 05580M801<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     11946 | NS      | $278461.26    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| B RILEY FINANCIAL INC              | B Riley Financial Inc                                                          | CUSIP: 05580M827<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     40000 | NS      | $910000.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| B RILEY FINANCIAL INC              | B Riley Financial Inc                                                          | CUSIP: 05580M835<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    120000 | NS      | $2656800.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| B RILEY FINANCIAL INC              | B Riley Financial Inc                                                          | CUSIP: 05580M850<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     40000 | NS      | $996000.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| B RILEY FINANCIAL INC              | B Riley Financial Inc                                                          | CUSIP: 05580M868<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     40000 | NS      | $953200.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCORP BANK                       | Bancorp Bank/The                                                               | CUSIP: 05969AAA3<br>LEI: 24C4CXKSJUS7LUHQN688 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1431509.42   | 0.39%             | 2025-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANCPLUS CORP                      | BancPlus Corp                                                                  | CUSIP: 05973LAB1<br>LEI: 549300YJJOQT8XONCK19 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4839955.55   | 1.31%             | 2030-06-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BANC OF CALIFORNIA INC             | Banc of California Inc                                                         | CUSIP: 05990KAC0<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2934427.20   | 0.79%             | 2025-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANC OF CALIFORNIA INC             | Banc of California Inc                                                         | CUSIP: 05990KAD8<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1559064.04   | 0.42%             | 2030-10-30      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| COMMUNITY HERITAGE                 | Community Heritage Financial Inc                                               | CUSIP: 20370LAA1<br>LEI: 549300T4ME3JM38B7L87 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4317983.69   | 1.17%             | 2029-10-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| FORBRIGHT INC                      | Forbright Inc                                                                  | CUSIP: 20727PAE4<br>LEI: 549300F86ZI0BZ1LVN33 | Long             | SN               | CORP              | US        |   2000000 | PA      | $1915004.84   | 0.52%             | 2029-12-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| CONNECTONE BANCORP INC             | ConnectOne Bancorp Inc                                                         | CUSIP: 20786WAD9<br>LEI: 549300E2M5ZYAZKUK134 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500000.00    | 0.14%             | 2028-02-01      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| CONNECTONE BANCORP INC             | ConnectOne Bancorp Inc                                                         | CUSIP: 20786WAE7<br>LEI: 549300E2M5ZYAZKUK134 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1904108.38   | 0.52%             | 2030-06-15      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| COWEN INC                          | Cowen Inc                                                                      | CUSIP: 223622AG6<br>LEI: 5493008QI0EFC5WBED75 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7092723.26   | 1.92%             | 2024-05-06      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CUSTOMERS BANCORP INC              | Customers Bancorp Inc                                                          | CUSIP: 23204GAG5<br>LEI: 549300WLBCHYKZ53FN68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $859787.01    | 0.23%             | 2031-08-15      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| CUSTOMERS BANK                     | Customers Bank                                                                 | CUSIP: 23204HBM9<br>LEI: 6UHRKD73G36IZYN3FC43 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4344132.51   | 1.17%             | 2029-06-26      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| DIME COMMUNITY BANCSHARE           | Dime Community Bancshares Inc                                                  | CUSIP: 25432X201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     25000 | NS      | $542500.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DIME COMMUNITY BANCSHARE           | Dime Community Bancshares Inc                                                  | CUSIP: 25432XAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1127652.63   | 0.30%             | 2032-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DYNEX CAPITAL INC                  | Dynex Capital Inc                                                              | CUSIP: 26817Q878<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EP               | CORP              | US        |     40000 | NS      | $918000.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EF HOLD/EF KY/ELL KY/TRS           | EF Holdco / EF Cayman Hold / Ellington Fin REIT Cayman/TRS / EF Cayman Non-MTM | CUSIP: 26845AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4749794.15   | 1.28%             | 2027-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Inc            | Ellington Financial Inc                                                        | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               | CORP              | US        |     15750 | NS      | $216247.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL                | Ellington Financial Inc                                                        | CUSIP: 28852N208<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     20000 | NS      | $438400.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL                | Ellington Financial Inc                                                        | CUSIP: 28852N307<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     80000 | NS      | $1577600.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE BANCORP INC             | Enterprise Bancorp Inc/MA                                                      | CUSIP: 293668AE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3326092.39   | 0.90%             | 2030-07-15      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| EQUITY BANCSHARES INC              | Equity Bancshares Inc                                                          | CUSIP: 29460XAC3<br>LEI: 549300BPQ2EJNU4WF694 | Long             | SN               | CORP              | US        |   9000000 | PA      | $8902623.87   | 2.41%             | 2030-06-30      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| EVANS BANCORP INC                  | Evans Bancorp Inc                                                              | CUSIP: 29911QAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3858772.04   | 1.04%             | 2030-07-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| FEDNAT HOLDING CO                  | FedNat Holding Co                                                              | CUSIP: 31431BAC3<br>LEI: 549300TFR6HALUYTYJ66 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $2170000.00   | 0.59%             | 2029-03-15      | None          | 7.75%                 | No            |                  3 | On Loan: No      |
| FEDNAT HOLDING CO                  | FedNat Holding Co                                                              | CUSIP: 31431BAD1<br>LEI: 549300TFR6HALUYTYJ66 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $310000.00    | 0.08%             | 2026-04-19      | None          | 5.00%                 | No            |                  3 | On Loan: No      |
| FIDELITY FEDERAL BANCORP           | Fidelity Federal Bancorp                                                       | CUSIP: 315921AJ5<br>LEI: 5493004DRUFQ7MQTK142 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1918714.20   | 0.52%             | 2029-11-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| FIDELITY FEDERAL BANCORP           | Fidelity Federal Bancorp                                                       | CUSIP: 315921AL0<br>LEI: 5493004DRUFQ7MQTK142 | Long             | SN               | CORP              | US        |   1000000 | PA      | $918573.42    | 0.25%             | 2031-03-30      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| FIDELITY BANK ATLANTA              | Fidelity Bank/Atlanta GA                                                       | CUSIP: 316041CP5<br>LEI: 549300VEKCSSF6IT9X67 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $10621910.75  | 2.87%             | 2030-05-31      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| FIDELITY FINANCIAL CORP            | Fidelity Financial Corp                                                        | CUSIP: 316144AC8<br>LEI: 549300MH8LY2P6Y7NV11 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4534495.05   | 1.23%             | 2032-04-30      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FINANCIAL INSTITUTIONS I           | Financial Institutions Inc                                                     | CUSIP: 317580AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2767108.14   | 0.75%             | 2030-10-15      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| FINEMARK HOLDINGS INC              | FineMark Holdings Inc                                                          | CUSIP: 31788BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1971333.60   | 0.53%             | 2028-06-30      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| First American Government Obli     | First American Government Obligations Fund                                     | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   5983712 | NS      | $5983712.22   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST BANCSHARES INC               | First Bancshares Inc/The                                                       | CUSIP: 318916AE3<br>LEI: 5493006DL5RXJODMAF36 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $922666.65    | 0.25%             | 2030-10-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| FIRST BANK/HAMILTON NJ             | First Bank/Hamilton NJ                                                         | CUSIP: 319137AP0<br>LEI: 549300YS4CB1171BRJ08 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1433578.41   | 0.39%             | 2030-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| FIRST BUSINESS FINANCIAL           | First Business Financial Services Inc                                          | CUSIP: 319390AA8<br>LEI: 549300BXKLW2T50TKU95 | Long             | DBT              | CORP              | US        |   9500000 | PA      | $9263729.40   | 2.51%             | 2029-08-15      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE           | First Citizens BancShares Inc/NC                                               | CUSIP: 319626305<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EP               | CORP              | US        |    140000 | NS      | $3066000.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST HELP FINANCIAL LLC           | First Help Financial LLC                                                       | CUSIP: 32050FAA6<br>LEI: 549300N8R7JO1WEZGT69 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4654342.40   | 1.26%             | 2026-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRST INTERNET BANCORP             | First Internet Bancorp                                                         | CUSIP: 320557309<br>LEI: 549300T25MP2M92XU194 | Long             | EP               | CORP              | US        |    297112 | NS      | $7071265.60   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST MERCHANTS CORP               | First Merchants Corp                                                           | CUSIP: 320817208<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EP               | CORP              | US        |     40000 | NS      | $1026400.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST MIDWEST CAP TR I             | First Midwest Capital Trust I                                                  | CUSIP: 320870AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1761000 | PA      | $1690560.00   | 0.46%             | 2033-12-01      | Fixed         | 6.95%                 | No            |                  3 | On Loan: No      |
| FIRST NORTHWEST BANCORP            | First Northwest Bancorp                                                        | CUSIP: 335834AC1<br>LEI: 549300YDR3VSTKB9DQ65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $897748.81    | 0.24%             | 2031-03-30      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FIRST PARAGOULD BANKSHR            | First Paragould Bankshares Inc                                                 | CUSIP: 33589WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2243716.76   | 0.61%             | 2027-12-15      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| FIRSTBANK                          | FirstBank/Nashville TN                                                         | CUSIP: 33766NAJ3<br>LEI: 549300OBO7DOF2KOP535 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4187816.96   | 1.13%             | 2030-09-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| FIRSTSUN CAPITAL BCORP             | Firstsun Capital Bancorp                                                       | CUSIP: 33767UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6273440.03   | 1.70%             | 2030-07-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| FLAGSTAR BANCORP INC               | Flagstar Bancorp Inc                                                           | CUSIP: 337930AD3<br>LEI: 549300Q22V2Y3J4R2715 | Long             | DBT              | CORP              | US        |   2375000 | PA      | $2153888.40   | 0.58%             | 2030-11-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| FIVE STAR BANCORP                  | Five Star Bancorp                                                              | CUSIP: 33830TAC7<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $961413.47    | 0.26%             | 2032-09-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| FLUSHING FINANCIAL CORP            | Flushing Financial Corp                                                        | CUSIP: 343873AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1720237.80   | 0.47%             | 2031-12-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| GEORGIA BANKING CO INC             | Georgia Banking Co Inc                                                         | CUSIP: 37312RAA3<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $902839.57    | 0.24%             | 2031-06-15      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| GOLDEN PEAR FUND HOLDCO            | Golden Pear Funding HoldCo LLC                                                 | CUSIP: 38116FAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4665125.05   | 1.26%             | 2026-12-22      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST BUSINESS BK              | Golden State Bancorp                                                           | CUSIP: 38120HAA5<br>LEI: 549300ZWMGX1OUY3J523 | Long             | SN               | CORP              | US        |   1000000 | PA      | $902854.90    | 0.24%             | 2031-12-15      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| HBT FINANCIAL INC                  | HBT Financial Inc                                                              | CUSIP: 404111AA4<br>LEI: 549300NTXD4Q6UK5BY66 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2782360.14   | 0.75%             | 2030-09-15      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| HALLMARK FINANCIAL SVCS            | Hallmark Financial Services Inc                                                | CUSIP: 40624QAB0<br>LEI: 549300QVZIZ17RUE4C20 | Long             | DBT              | CORP              | US        |   9182000 | PA      | $4820550.00   | 1.30%             | 2029-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HANMI FINANCIAL CORP               | Hanmi Financial Corp                                                           | CUSIP: 410495AB1<br>LEI: 549300MSZ7RCG7EA6587 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3142776.25   | 0.85%             | 2031-09-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| HOME BANCSHARES INC                | Home BancShares Inc/AR                                                         | CUSIP: 41138PAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4298866.83   | 1.16%             | 2030-07-31      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| HILLTOP HOLDINGS INC               | Hilltop Holdings Inc                                                           | CUSIP: 432748AE1<br>LEI: 54930010TA543US0PM65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243669.96    | 0.07%             | 2035-05-15      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| HOMESTREET INC                     | HomeStreet Inc                                                                 | CUSIP: 43785VAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2477685.63   | 0.67%             | 2032-01-30      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| INDEPENDENT BANK CORP-MI           | Independent Bank Corp/MI                                                       | CUSIP: 453838AE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $965344.96    | 0.26%             | 2030-05-31      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| INDEPENDENT BANK GRP INC           | Independent Bank Group Inc                                                     | CUSIP: 45384BAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2740140.57   | 0.74%             | 2030-09-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| INPOINT COMM REAL ESTATE           | Inpoint Commercial Real Estate Income Inc                                      | CUSIP: 45781T205<br>LEI: 549300Y1UHXUM1OZXN16 | Long             | EP               | CORP              | US        |     80000 | NS      | $1590400.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESTAR HOLDING CORP              | Investar Holding Corp                                                          | CUSIP: 46134LAB1<br>LEI: 54930001EK2YM28LOJ08 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3781132.84   | 1.02%             | 2029-12-30      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| KINGSTONE COS INC                  | Kingstone Cos Inc                                                              | CUSIP: 496719AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4811000 | PA      | $4811000.00   | 1.30%             | 2024-12-30      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| KINGSTONE COMPANIES INC WARRANTS   | KINGSTONE COMPANIES INC WARRANTS                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    233775 | NS      | $116887.50    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| LEVEL ONE BANCORP INC              | Level One Bancorp Inc                                                          | CUSIP: 52730FAE4<br>LEI: 549300581TFYYPV3X561 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1409181.29   | 0.38%             | 2029-12-18      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| LIMESTONE BANCORP INC              | Limestone Bancorp Inc                                                          | CUSIP: 53262LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4825246.25   | 1.31%             | 2029-07-31      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| LUMENT FINANCE TRUST INC           | Lument Finance Trust Inc                                                       | CUSIP: 55025L207<br>LEI: 5493002OB7SJ4MVQY666 | Long             | EP               | CORP              | US        |     40000 | NS      | $807624.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MALVERN BANCORP INC                | Malvern Bancorp Inc                                                            | CUSIP: 561409AC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1237218.61   | 0.33%             | 2027-02-15      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| PCAP HOLDINGS LP                   | PCAP Holdings LP                                                               | CUSIP: 69320NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1866047.50   | 0.50%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC PREMIER BANCORP            | Pacific Premier Bancorp Inc                                                    | CUSIP: 69478XAE5<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4806009.80   | 1.30%             | 2030-06-15      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| PACWEST BANCORP                    | PacWest Bancorp                                                                | CUSIP: 695263202<br>LEI: 549300YI8VMFO7G36V04 | Long             | EP               | CORP              | US        |     20000 | NS      | $517600.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED INS HOLDINGS CORP           | United Insurance Holdings Corp                                                 | CUSIP: 910710AA0<br>LEI: 5299002P9105LJQA8G51 | Long             | DBT              | CORP              | US        |   5680000 | PA      | $2847100.00   | 0.77%             | 2027-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNIVEST FINANCIAL CORP             | Univest Financial Corp                                                         | CUSIP: 915271AD2<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1250590.06   | 0.34%             | 2032-11-15      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| US METRO BANCORP                   | US Metro Bancorp Inc                                                           | CUSIP: 91741UAC0<br>LEI: 254900YSEAFD47GLG088 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2866438.20   | 0.78%             | 2030-11-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| VCT HOLDINGS LLC                   | VCT Holdings LLC                                                               | CUSIP: 91824JAA9<br>LEI: 984500BB606145D14C23 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4447889.25   | 1.20%             | 2026-12-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VELOCITY COM CAP LLC               | Velocity Commercial Capital LLC                                                | CUSIP: 92259RAA3<br>LEI: 549300TA4MQM8WN2XG31 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2890113.87   | 0.78%             | 2027-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VERITEX HOLDINGS INC               | Veritex Holdings Inc                                                           | CUSIP: 923451AC2<br>LEI: 549300F3SMOML02SC814 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1648734.34   | 0.45%             | 2029-11-15      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| WHITE RIVER BANCSHARES             | White River Bancshares Co                                                      | CUSIP: 96445AAA6<br>LEI: 549300N456FXLMXKBL51 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4770380.65   | 1.29%             | 2029-12-31      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| WINTRUST FINANCIAL CORP            | Wintrust Financial Corp                                                        | CUSIP: 97650WAG3<br>LEI: Q774KI4AW80FHFW33O61 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4698592.85   | 1.27%             | 2029-06-06      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| WT HOLDINGS INC                    | WT Holdings Inc                                                                | CUSIP: 98258PAA5<br>LEI: 5493003A5MRDVHNV6S26 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2670838.38   | 0.72%             | 2023-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ZAIS GROUP LLC                     | ZAIS Group LLC                                                                 | CUSIP: 98888AAA6<br>LEI: E0MBPPLOD7ILISPPA045 | Long             | DBT              | CORP              | US        |    296800 | PA      | $295687.00    | 0.08%             | 2023-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BJ SERVICES LLC                    | BJ Services LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1005150 | PA      | $964944.34    | 0.26%             | 2023-07-03      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| BIG POPPY HOLDIN                   | BIG POPPY HOLDIN                                                               | CUSIP: PPEB0G5N9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3325000.00   | 0.90%             | 2027-07-01      | Fixed         | 6.50%                 | No            |                  3 | On Loan: No      |
| PREMIER BRANDS                     | PREMIER BRANDS                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    472568 | PA      | $458390.86    | 0.12%             | 2024-03-20      | Floating      | 12.38%                | No            |                  3 | On Loan: No      |
| REVREPO319390AA8                   | REVREPO319390AA8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1151000 | PA      | $-1151000.00  | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO23204HBM9                   | REVREPO23204HBM9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1166000 | PA      | $-1166000.00  | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO29911QAA7                   | REVREPO29911QAA7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1174000 | PA      | $-1174000.00  | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO20786WAE7                   | REVREPO20786WAE7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1168000 | PA      | $-1168000.00  | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO12739AAA8                   | REVREPO12739AAA8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1169000 | PA      | $-1169000.00  | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO03076KAB4                   | REVREPO03076KAB4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1261000 | PA      | $-1261000.00  | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO020810AA5                   | REVREPO020810AA5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2343000 | PA      | $-2343000.00  | -0.63%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO01748HAA5                   | REVREPO01748HAA5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1018000 | PA      | $-1018000.00  | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO45384BAC0                   | REVREPO45384BAC0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -821000 | PA      | $-821000.00   | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO05969AAA3                   | REVREPO05969AAA3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -571000 | PA      | $-571000.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO05990KAD8                   | REVREPO05990KAD8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -936000 | PA      | $-936000.00   | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO07272MAA5                   | REVREPO07272MAA5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1104000 | PA      | $-1104000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO12634QAJ0                   | REVREPO12634QAJ0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1172000 | PA      | $-1172000.00  | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO23204HBM9                   | REVREPO23204HBM9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1447000 | PA      | $-1447000.00  | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO31431BAC3                   | REVREPO31431BAC3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1092000 | PA      | $-1092000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO29460XAC3                   | REVREPO29460XAC3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1781000 | PA      | $-1781000.00  | -0.48%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO56607VAA8                   | REVREPO56607VAA8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -855000 | PA      | $-855000.00   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO89679EAB8                   | REVREPO89679EAB8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1696000 | PA      | $-1696000.00  | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO33766NAJ3                   | REVREPO33766NAJ3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1116000 | PA      | $-1116000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO69320NAA5                   | REVREPO69320NAA5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1011000 | PA      | $-1011000.00  | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO550550AC1                   | REVREPO550550AC1                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1202000 | PA      | $-1202000.00  | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-07

**Name of Applicant:** Angel Oak Financial Strategies Income Term Trust

**Signature:** /s/ Daniel Fazioli

**Name of Signer:** Angel Oak Financial Strategies Income Term Trust

**Title:** Principal Financial Officer