# EDGAR Filing Document

**Accession Number:** 0001745059
**File Stem:** 0001193125-25-219183
**Filing Date:** 2025-9
**Character Count:** 99449
**Document Hash:** aac7af570c01477b58eb6dd638c7634b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-219183.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001193125-25-219183

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Angel Oak Financial Strategies Income Term Trust
- **CENTRAL INDEX KEY:** 0001745059

**ORGANIZATION NAME:**
- **EIN:** 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:** 251345980

**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:** 2026-01-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $586546047.91

**Total Liabilities:** $124682891.61

**Net Assets:** $461863156.30

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3313.071772633232 | **1-Year:** 21621.251164613080 | **5-Year:** 70817.930302499530 | **10-Year:** 25054.291162367550 | **30-Year:** 475.505323490822

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

- **3-Month:** 97.535435533217 | **1-Year:** 4409.630210224659 | **5-Year:** 13253.845020572910 | **10-Year:** 290.596218991459 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -1.37%               | 1.15%                | 1.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1565864.58              | $-8870503.40                               |
| Month 2  | $1090436.31              | $3082308.48                                |
| Month 3  | $-29797.61               | $2471143.87                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| STELLAR BANCORP INC                | Stellar Bancorp Inc                                                            | CUSIP: 01748HAA5<br>LEI: 54930070P8Z0WHFBB536 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1726971.73   | 0.37%             | 2029-10-01      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                  | State Street Corp                                                              | CUSIP: 857477CN1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4017845.36   | 0.87%             | 2029-02-20      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| WEBSTER FINANCIAL CORP             | Webster Financial Corp                                                         | CUSIP: 85917AAB6<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1985701.30   | 0.43%             | 2029-12-30      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| WEBSTER FINANCIAL CORP             | Webster Financial Corp                                                         | CUSIP: 85917AAC4<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1481943.77   | 0.32%             | 2030-11-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP              | Truist Financial Corp                                                          | CUSIP: 89788MAT9<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6103970.28   | 1.32%             | 2032-08-05      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| TULSA VALLEY BANCSHRS              | Tulsa Valley Bancshares Corp                                                   | CUSIP: 89968RAA1<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1250000 | PA      | $1155821.64   | 0.25%             | 2031-04-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UMB Financial Corp                 | UMB Financial Corp                                                             | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      8600 | NS      | $945914.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED COMM BK BLAIRSVLL           | United Community Banks Inc/GA                                                  | CUSIP: 90985FAG1<br>LEI: 549300GVW0FV66X3U703 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3456872.72   | 0.75%             | 2028-01-30      | Variable      | 6.69%                 | No            |                  2 | On Loan: No      |
| UNITED FIDELITY BK FSB             | United Fidelity Bank FSB                                                       | CUSIP: 910286400<br>LEI: 549300RV3BMT6ES6TO70 | Long             | EP               | CORP              | US        |      1000 | NS      | $705000.00    | 0.15%             |  |  |  | No            |                  3 | On Loan: No      |
| US BANCORP                         | US Bancorp                                                                     | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3624392.07   | 0.78%             | 2029-06-12      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL INSURANCE HLDS           | Universal Insurance Holdings Inc                                               | CUSIP: 91359VAC1<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6908601.07   | 1.50%             | 2026-11-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UNIVEST FINANCIAL CORP             | Univest Financial Corp                                                         | CUSIP: 915271AD2<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1160043.09   | 0.25%             | 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      | $2978009.85   | 0.64%             | 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      | $4706250.00   | 1.02%             | 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      | $2933939.58   | 0.64%             | 2027-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VERABANK INC                       | VeraBank Inc                                                                   | CUSIP: 92337PAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2056501.54   | 0.45%             | 2035-06-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| VYSTAR CREDIT UNION                | VyStar Credit Union                                                            | CUSIP: 92891CCH3<br>LEI: 54930036K3ZFJ4FOKT69 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2621179.65   | 0.57%             | 2032-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bancorp           | Western Alliance Bancorp                                                       | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |      4000 | NS      | $310240.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WHITE RIVER BANCSHARES             | White River Bancshares Co                                                      | CUSIP: 96445AAA6<br>LEI: 549300N456FXLMXKBL51 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4895297.05   | 1.06%             | 2029-12-31      | Variable      | 8.71%                 | No            |                  2 | On Loan: No      |
| WINTRUST FINANCIAL CORP            | Wintrust Financial Corp                                                        | CUSIP: 97650WAG3<br>LEI: Q774KI4AW80FHFW33O61 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4896352.70   | 1.06%             | 2029-06-06      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| FORBRIGHT INC                      | Forbright Inc                                                                  | CUSIP: 20727PAE4<br>LEI: 549300F86ZI0BZ1LVN33 | Long             | SN               | CORP              | US        |   2000000 | PA      | $1956901.56   | 0.42%             | 2029-12-01      | Variable      | 8.71%                 | No            |                  2 | On Loan: No      |
| FNB CORP                           | FNB Corp/PA                                                                    | CUSIP: 302520AD3<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5036484.20   | 1.09%             | 2030-12-11      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| FNB CORP                           | FNB Corp/PA                                                                    | CUSIP: 30259JAA1<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |    600000 | PA      | $598471.09    | 0.13%             | 2029-02-14      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| FIRST INTERSTATE BANCSYS           | First Interstate BancSystem Inc                                                | CUSIP: 32055YAB8<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4140000.00   | 0.90%             | 2035-06-15      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| FIRST MERCHANTS CORP               | First Merchants Corp                                                           | CUSIP: 320817208<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EP               | CORP              | US        |     40000 | NS      | $1007600.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST NATIONAL OF NEBRAS           | First National of Nebraska Inc                                                 | CUSIP: 32119CAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5097295.30   | 1.10%             | 2035-06-15      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| FIRST NORTHWEST BANCORP            | First Northwest Bancorp                                                        | CUSIP: 335834AC1<br>LEI: 549300YDR3VSTKB9DQ65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $821130.57    | 0.18%             | 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      | $2211292.73   | 0.48%             | 2027-12-15      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| First United Corp                  | First United Corp                                                              | CUSIP: 33741H107<br>LEI: 549300G54QPXQLB4KN58 | Long             | EC               | CORP              | US        |     16700 | NS      | $548929.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTBANK                          | FirstBank/Nashville TN                                                         | CUSIP: 33766NAJ3<br>LEI: 549300OBO7DOF2KOP535 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3491856.06   | 0.76%             | 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        |   5500000 | PA      | $5448590.46   | 1.18%             | 2030-07-01      | Variable      | 10.18%                | No            |                  2 | On Loan: No      |
| FLAGSTAR BANCORP INC               | Flagstar Bancorp Inc                                                           | CUSIP: 337930AD3<br>LEI: 549300Q22V2Y3J4R2715 | Long             | DBT              | CORP              | US        |   2375000 | PA      | $2198023.41   | 0.48%             | 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      | $939917.33    | 0.20%             | 2032-09-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Flushing Financial Corp            | Flushing Financial Corp                                                        | CUSIP: 343873105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $359700.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUSHING FINANCIAL CORP            | Flushing Financial Corp                                                        | CUSIP: 343873AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1667311.22   | 0.36%             | 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      | $924465.02    | 0.20%             | 2031-06-15      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| GOLDEN PEAR FUND HOLDCO            | Golden Pear Funding HoldCo LLC                                                 | CUSIP: 38116FAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5001182.80   | 1.08%             | 2028-02-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE BANK                  | Golden State Bank                                                              | CUSIP: 38120HAA5<br>LEI: 2549008ZKY1Y3OCP3E23 | Long             | SN               | CORP              | US        |   1000000 | PA      | $881616.39    | 0.19%             | 2031-12-15      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC            | Goldman Sachs Group Inc/The                                                    | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   2000000 | PA      | $2094660.00   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHSTATE BANK NA                 | South State Bank NA                                                            | CUSIP: 45384BAC0<br>LEI: 8I3UVGYULPJQIP7FQV10 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997309.56    | 0.22%             | 2030-09-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE BANK NA                 | South State Bank NA                                                            | CUSIP: 45384BAD8<br>LEI: 8I3UVGYULPJQIP7FQV10 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2065000.00   | 0.45%             | 2034-08-15      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| SouthState Corp                    | SouthState Corp                                                                | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |      5200 | NS      | $489684.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN FINANCIAL CORP            | Southern Financial Corp                                                        | CUSIP: 84289RAA4<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1500000 | PA      | $1342158.35   | 0.29%             | 2031-10-20      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| COLUMBIA BANKING SYSTEM            | Columbia Banking System Inc                                                    | CUSIP: 061591AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6485788.66   | 1.40%             | 2025-12-10      | Variable      | 9.85%                 | No            |                  2 | On Loan: No      |
| CRB GROUP INC                      | CRB Group Inc                                                                  | CUSIP: 12634QAJ0<br>LEI: 549300BLONX7RHTYWF68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1993320.66   | 0.43%             | 2030-09-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| CENTRAL PACIFIC FIN CORP           | Central Pacific Financial Corp                                                 | CUSIP: 154760AC6<br>LEI: 549300W3YEAOZ4KGG849 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985957.25    | 0.21%             | 2030-11-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP           | Citizens Financial Group Inc                                                   | CUSIP: 174610BH7<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4128235.20   | 0.89%             | 2032-07-23      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| CHEMUNG FINANCIAL CORP             | Chemung Financial Corp                                                         | CUSIP: 164024AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2067463.00   | 0.45%             | 2035-06-15      | Variable      | 7.75%                 | 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      | $1359568.88   | 0.29%             | 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      | $9338110.00   | 2.02%             | 2028-12-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                      | Citigroup Inc                                                                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     11000 | NS      | $1030700.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK NA                        | Citibank NA                                                                    | CUSIP: 17325FBQ0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6029024.34   | 1.31%             | 2027-05-29      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| CLEAR STREET HOLDINGS              | Clear Street Holdings LLC                                                      | CUSIP: 18468HAC3<br>LEI: 254900NQWA30C6L3G919 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4956250.00   | 1.07%             | 2025-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLEAR STREET HOLDINGS              | Clear Street Holdings LLC                                                      | CUSIP: 18469LAC3<br>LEI: 254900NQWA30C6L3G919 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4130693.24   | 0.89%             | 2029-10-30      | Fixed         | 8.25%                 | 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      | $1935991.40   | 0.42%             | 2030-09-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| COASTALSOUTH BANCSRS INC           | CoastalSouth Bancshares Inc                                                    | CUSIP: 19058XAA6<br>LEI: 5493006BUH6IGMGU0H14 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1928540.22   | 0.42%             | 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      | $891358.03    | 0.19%             | 2032-05-20      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbia Banking System Inc        | Columbia Banking System Inc                                                    | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25000 | NS      | $595000.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL CREDIT GROUP            | Commercial Credit Group Inc                                                    | CUSIP: 20161DAA2<br>LEI: 549300ZB1E6HIMDXB670 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1476382.26   | 0.32%             | 2026-05-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CONNECTONE BANCORP INC             | ConnectOne Bancorp Inc                                                         | CUSIP: 20786WAE7<br>LEI: 549300E2M5ZYAZKUK134 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2476823.80   | 0.54%             | 2030-06-15      | Variable      | 9.91%                 | No            |                  2 | On Loan: No      |
| CONNECTONE BANCORP INC             | ConnectOne Bancorp Inc                                                         | CUSIP: 20786WAF4<br>LEI: 549300E2M5ZYAZKUK134 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4050000.00   | 0.88%             | 2035-06-01      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| CUSTOMERS BANCORP INC              | Customers Bancorp Inc                                                          | CUSIP: 23204GAG5<br>LEI: 549300WLBCHYKZ53FN68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $884214.09    | 0.19%             | 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      | $4484159.82   | 0.97%             | 2029-06-26      | Variable      | 8.01%                 | No            |                  2 | On Loan: No      |
| DIME COMMUNITY BANCSHARE           | Dime Community Bancshares Inc                                                  | CUSIP: 25432X201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     25000 | NS      | $510000.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DIME COMMUNITY BANCSHARE           | Dime Community Bancshares Inc                                                  | CUSIP: 25432XAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1083059.75   | 0.23%             | 2032-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Eagle Bancorp Inc                  | Eagle Bancorp Inc                                                              | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Long             | EC               | CORP              | US        |     19600 | NS      | $315364.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EAGLE BANCORP INC                  | Eagle Bancorp Inc                                                              | CUSIP: 268948AE6<br>LEI: 549300B47NZODRMG3D47 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2557393.83   | 0.55%             | 2029-09-30      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| REVREPO453836AJ7                   | REVREPO453836AJ7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1677000 | PA      | $-1677000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| OLD NATL BANCORP                   | Old National Bancorp/IN                                                        | CUSIP: 14070TAC6<br>LEI: 549300MMK90CL5KMVX16 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2972009.28   | 0.64%             | 2030-06-30      | Variable      | 9.42%                 | No            |                  2 | On Loan: No      |
| PEOPLES BANCORP INC                | Peoples Bancorp Inc/OH                                                         | CUSIP: 53262LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4973295.00   | 1.08%             | 2029-07-31      | Variable      | 8.52%                 | No            |                  2 | On Loan: No      |
| NEWTEKONE INC                      | NewtekOne Inc                                                                  | CUSIP: 652526AE4<br>LEI: 549300YLU78IA8GKJ688 | Long             | DBT              | CORP              | US        |    750000 | PA      | $760061.35    | 0.16%             | 2030-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NEXBANK CAPITAL INC                | NexBank Capital Inc                                                            | CUSIP: 65341TAE7<br>LEI: 549300H29S945S4X7A03 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1908135.20   | 0.41%             | 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      | $1422164.28   | 0.31%             | 2032-07-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| NORTHPOINTE BANCSHARES I           | Northpointe Bancshares Inc                                                     | CUSIP: 66661N308<br>LEI: 549300EYMKMD4WKEKP72 | Long             | EP               | CORP              | US        |     80000 | NS      | $1970000.00   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHPOINTE BANCSHARES I           | Northpointe Bancshares Inc                                                     | CUSIP: 66661NAG5<br>LEI: 549300EYMKMD4WKEKP72 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1248218.54   | 0.27%             | 2034-09-01      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST BANCSHARES INC           | Northwest Bancshares Inc                                                       | CUSIP: 667339AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992703.97    | 0.21%             | 2030-09-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OBSIDIAN INSURANCE HOLD            | Obsidian Insurance Holdings Inc                                                | CUSIP: 67449JAA4<br>LEI: 254900TY5RP85WWY5T18 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4964252.50   | 1.07%             | 2025-12-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OCEANFIRST FINANCIAL CP            | OceanFirst Financial Corp                                                      | CUSIP: 675234AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994076.08    | 0.22%             | 2030-05-15      | Variable      | 9.42%                 | No            |                  2 | On Loan: No      |
| OAKSTARS BANCSHARES INC            | Oakstar Bancshares Inc                                                         | CUSIP: 67630PAB7<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $960469.92    | 0.21%             | 2031-04-15      | Variable      | 4.25%                 | 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      | $972412.44    | 0.21%             | 2031-03-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PCAP HOLDINGS LP                   | PCAP Holdings LP                                                               | CUSIP: 69320NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $800000.00    | 0.17%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Patriot National Bancorp Inc       | Patriot National Bancorp Inc                                                   | CUSIP: 70336F203<br>LEI: 549300T1270P6QIGPD23 | Long             | EC               | CORP              | US        |    486695 | NS      | $759244.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PEAPACK GLADSTONE FINANC           | Peapack-Gladstone Financial Corp                                               | CUSIP: 704699AE7<br>LEI: 549300G8DN2UK8K0ET30 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1947230.16   | 0.42%             | 2030-12-30      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| PennyMac Mortgage Investment T     | PennyMac Mortgage Investment Trust                                             | CUSIP: 70931T103<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EC               | CORP              | US        |     13000 | NS      | $153270.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PEOPLES FIN SERVICES               | Peoples Financial Services Corp                                                | CUSIP: 711040AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3101132.79   | 0.67%             | 2035-06-15      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| PEOPLESBANCORP MHC                 | PeoplesBancorp MHC                                                             | CUSIP: 712710AC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1023522.48   | 0.22%             | 2034-12-30      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Patriot National Bancorp PREFERRED | Patriot National Bancorp PREFERRED                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     41666 | NS      | $5199916.80   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| B RILEY FINANCIAL INC              | B Riley Financial Inc                                                          | CUSIP: 05580M793<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     80000 | NS      | $1471200.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| B RILEY FINANCIAL INC              | B Riley Financial Inc                                                          | CUSIP: 05580M835<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |    120000 | NS      | $1498800.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| B RILEY FINANCIAL INC              | B Riley Financial Inc                                                          | CUSIP: 05580M850<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     27310 | NS      | $179699.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NY MELLON CORP             | Bank of New York Mellon Corp/The                                               | CUSIP: 06406RBW6<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6079646.82   | 1.32%             | 2035-03-14      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| BANKGUAM HOLDING CO                | BankGuam Holding Co                                                            | CUSIP: 06644AAA4<br>LEI: 549300UZSAYMXQIF8W75 | Long             | SN               | CORP              | GU        |   9000000 | PA      | $8916974.73   | 1.93%             | 2029-06-30      | Variable      | 9.22%                 | No            |                  2 | On Loan: No      |
| BANKGUAM HOLDING CO                | BankGuam Holding Co                                                            | CUSIP: 06644AAB2<br>LEI: 549300UZSAYMXQIF8W75 | Long             | SN               | CORP              | GU        |   3000000 | PA      | $2859596.58   | 0.62%             | 2031-07-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Bank7 Corp                         | Bank7 Corp                                                                     | CUSIP: 06652N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $442900.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| REVREPO46647PEK8                   | REVREPO46647PEK8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -554000 | PA      | $-554000.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO519617AA2                   | REVREPO519617AA2                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1661000 | PA      | $-1661000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRST BANCSHARES INC               | First Bancshares Inc/The                                                       | CUSIP: 318916AE3<br>LEI: 5493006DL5RXJODMAF36 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997402.60    | 0.22%             | 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      | $1471564.64   | 0.32%             | 2030-06-01      | Variable      | 9.70%                 | No            |                  2 | On Loan: No      |
| AGNC Investment Corp               | AGNC Investment Corp                                                           | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |     30500 | NS      | $287615.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP               | AGNC Investment Corp                                                           | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     40000 | NS      | $1035200.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPINE BANKS OF COLORADO           | Alpine Banks of Colorado                                                       | CUSIP: 020810AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3982512.48   | 0.86%             | 2030-06-15      | Variable      | 10.00%                | No            |                  2 | On Loan: No      |
| Amerant Bancorp Inc                | Amerant Bancorp Inc                                                            | CUSIP: 023576101<br>LEI: 54930071V6LIG79MTL10 | Long             | EC               | CORP              | US        |     10000 | NS      | $193000.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMUR EQUIPMENT FIN INC             | Amur Equipment Finance Inc                                                     | CUSIP: 03237NAA6<br>LEI: UZB5I6J8EKRNMIVXXJ34 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500058.94   | 0.32%             | 2026-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BANCORP BANK                       | Bancorp Bank/The                                                               | CUSIP: 05969AAA3<br>LEI: 24C4CXKSJUS7LUHQN688 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1498884.35   | 0.32%             | 2025-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANC OF CALIFORNIA INC             | Banc of California Inc                                                         | CUSIP: 05990KAD8<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | DBT              | CORP              | US        |   1425000 | PA      | $1402753.95   | 0.30%             | 2030-10-30      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                                           | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4513702.05   | 0.98%             | 2027-01-20      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                                           | CUSIP: 06051GLU1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1580765.19   | 0.34%             | 2034-09-15      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| SHORE BANCSHARES INC               | Shore Bancshares Inc                                                           | CUSIP: 20368XAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998869.92    | 0.22%             | 2030-10-15      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| AMERIS BANK                        | Ameris Bank                                                                    | CUSIP: 316041CP5<br>LEI: IUGPUX5LWRZ3B6KIZ697 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3997823.60   | 0.87%             | 2030-05-31      | Variable      | 8.22%                 | No            |                  2 | On Loan: No      |
| HBT FINANCIAL INC                  | HBT Financial Inc                                                              | CUSIP: 404111AA4<br>LEI: 549300NTXD4Q6UK5BY66 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2873578.77   | 0.62%             | 2030-09-15      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| HANMI FINANCIAL CORP               | Hanmi Financial Corp                                                           | CUSIP: 410495AB1<br>LEI: 549300MSZ7RCG7EA6587 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3255372.75   | 0.70%             | 2031-09-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| HILLTOP HOLDINGS INC               | Hilltop Holdings Inc                                                           | CUSIP: 432748AE1<br>LEI: 54930010TA543US0PM65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242200.00    | 0.05%             | 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      | $2390076.51   | 0.52%             | 2032-01-30      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| HOMETOWN FIN GR/EASTH MA           | Hometown Financial Group Inc/MA                                                | CUSIP: 43789TAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2008363.02   | 0.43%             | 2027-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| INDEPENDENT BANK CORP              | Independent Bank Corp                                                          | CUSIP: 453836AJ7<br>LEI: 549300C5K3W8THR3GE10 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3074077.38   | 0.67%             | 2035-04-01      | Variable      | 7.25%                 | 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      | $999509.13    | 0.22%             | 2030-05-31      | Variable      | 10.15%                | 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      | $1520000.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                            | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4342227.08   | 0.94%             | 2034-10-23      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                            | CUSIP: 46647PEK8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2027257.84   | 0.44%             | 2035-07-22      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                        | KeyBank NA/Cleveland OH                                                        | CUSIP: 49327M3H5<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1980725.86   | 0.43%             | 2033-01-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kingstone Cos Inc                  | Kingstone Cos Inc                                                              | CUSIP: 496719105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75253 | NS      | $1233396.67   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| LAWRENCE BANCSHARES INC            | Lawrence Bancshares Inc                                                        | CUSIP: 519617AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3041242.74   | 0.66%             | 2035-06-30      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| LUMENT FINANCE TRUST INC           | Lument Finance Trust Inc                                                       | CUSIP: 55025L207<br>LEI: 5493002OB7SJ4MVQY666 | Long             | EP               | CORP              | US        |     40000 | NS      | $853600.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                      | M&T Bank Corp                                                                  | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      4000 | NS      | $754800.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION               | M&T Bank Corp                                                                  | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6495661.50   | 1.41%             | 2029-10-30      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| MAPLE FINANCIAL HLD INC            | Maple Financial Holdings Inc                                                   | CUSIP: 565126AA7<br>LEI: 9845003D9D85D5DIUQ74 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1963472.16   | 0.43%             | 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              | GG        |    700000 | PA      | $695625.00    | 0.15%             | 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      | $1359710.73   | 0.29%             | 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      | $3937488.68   | 0.85%             | 2029-12-30      | Variable      | 8.24%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM CONS HOLDINGS           | Millennium Consolidated Holdings LLC                                           | CUSIP: 60040RAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5016824.15   | 1.09%             | 2030-03-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                     | Morgan Stanley                                                                 | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6160383.84   | 1.33%             | 2036-01-18      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp                 | Rithm Capital Corp                                                             | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |     25000 | NS      | $300750.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                 | Rithm Capital Corp                                                             | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    200000 | NS      | $4896000.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 CAPITAL LLC                    | A10 Capital LLC                                                                | CUSIP: 66982EAA0<br>LEI: 549300RXTK0PSG57BV49 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3958856.48   | 0.86%             | 2026-08-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RIVER FINANCIAL CORP               | River Financial Corp                                                           | CUSIP: 76821PAA9<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $914136.80    | 0.20%             | 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      | $1911373.38   | 0.41%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SANDY SPRING BANCORP INC           | Sandy Spring Bancorp Inc                                                       | CUSIP: 800363AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3719996.40   | 0.81%             | 2029-11-15      | Variable      | 7.21%                 | 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      | $3710720.82   | 0.80%             | 2027-12-01      | Variable      | 7.93%                 | No            |                  2 | On Loan: No      |
| SMARTFINANCIAL INC                 | SmartFinancial Inc                                                             | CUSIP: 83190LAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2190000 | PA      | $2140255.64   | 0.46%             | 2028-10-02      | Variable      | 7.10%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE CORP                    | SouthState Corp                                                                | CUSIP: 840441AA7<br>LEI: 549300JZUANXM0YQ4W53 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4114351.84   | 0.89%             | 2035-06-13      | Variable      | 7.00%                 | 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      | $6015071.22   | 1.30%             | 2026-12-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                  | State Street Corp                                                              | CUSIP: 857477CC5<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2037804.36   | 0.44%             | 2034-05-18      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| SYNOVUS BANK GA                    | Synovus Bank/Columbus GA                                                       | CUSIP: 87164DSE1<br>LEI: DX0JX77PRMOELF7VG772 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2964091.89   | 0.64%             | 2030-10-29      | Variable      | 4.00%                 | 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      | $539100.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY SR INC                | Arbor Realty SR Inc                                                            | CUSIP: 03881NAE7<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2995527.48   | 0.65%             | 2026-03-30      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC             | Arbor Realty Trust Inc                                                         | CUSIP: 038923AW8<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1975887.88   | 0.43%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVIDBANK HOLDINGS INC              | Avidbank Holdings Inc                                                          | CUSIP: 05368JAC7<br>LEI: 54930029UJ8M0B84EE44 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5855918.76   | 1.27%             | 2029-12-30      | Variable      | 7.89%                 | No            |                  2 | On Loan: No      |
| TEXAS STATE BNKSHRS INC            | Texas State Bankshares Inc                                                     | CUSIP: 882727AA8<br>LEI: 549300KSLUE7MP08XL09 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3999749.56   | 0.87%             | 2029-06-15      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| TRINITAS CAPITAL MGMT              | Trinitas Capital Management LLC                                                | CUSIP: 89642CAC4<br>LEI: 254900JU042545A6UD08 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5767500.00   | 1.25%             | 2026-07-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BCB BANCORP INC                    | BCB Bancorp Inc                                                                | CUSIP: 055298AE3<br>LEI: 54930024V6Z8FYSN4291 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3304938.12   | 0.72%             | 2034-09-01      | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| BANKSOUTH HOLDING CO               | Banksouth Holding Co                                                           | CUSIP: 06654GAC4<br>LEI: 549300GRHKUMUEGB7822 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2559691.73   | 0.55%             | 2029-07-30      | Variable      | 8.59%                 | No            |                  2 | On Loan: No      |
| BANTERRA BANK                      | Banterra Bank                                                                  | CUSIP: 06682YAB3<br>LEI: 549300NGCDNC9174EF79 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7336255.35   | 1.59%             | 2029-06-07      | Variable      | 8.97%                 | No            |                  2 | On Loan: No      |
| BANTERRA CORP                      | Banterra Corp                                                                  | CUSIP: 06683WAA8<br>LEI: 549300QNH1CG2ZGLWQ76 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1224381.09   | 0.27%             | 2032-09-30      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN COASTAL INSURAN           | American Coastal Insurance Corp                                                | CUSIP: 910710AA0<br>LEI: 5299002P9105LJQA8G51 | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3651650.00   | 0.79%             | 2027-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LAWRENCE BANCSHARES INC            | Lawrence Bancshares Inc                                                        | CUSIP: 928779AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2001338.52   | 0.43%             | 2029-11-15      | Variable      | 8.69%                 | No            |                  2 | On Loan: No      |
| BAR HARBOR BANKSHARES              | Bar Harbor Bankshares                                                          | CUSIP: 066849AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2973108.72   | 0.64%             | 2029-12-01      | Variable      | 7.59%                 | No            |                  2 | On Loan: No      |
| BAYCOM CORP                        | BayCom Corp                                                                    | CUSIP: 07272MAA5<br>LEI: 549300UOLS54Q5ONIG33 | Long             | DBT              | CORP              | US        |   3598000 | PA      | $3566997.90   | 0.77%             | 2030-09-15      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| REVREPO89642CAC4                   | REVREPO89642CAC4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2090000 | PA      | $-2090000.00  | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO63010MAB3                   | REVREPO63010MAB3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1687000 | PA      | $-1687000.00  | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| BAYFIRST FINANCIAL CORP            | Bayfirst Financial Corp                                                        | CUSIP: 07279BAA2<br>LEI: 549300EG3HIQSTDIRQ72 | Long             | SN               | CORP              | US        |   1000000 | PA      | $920988.68    | 0.20%             | 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        |   1500000 | PA      | $1423756.16   | 0.31%             | 2032-07-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| REVREPO56607VAA8                   | REVREPO56607VAA8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -382000 | PA      | $-382000.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO67449JAA4                   | REVREPO67449JAA4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1088000 | PA      | $-1088000.00  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO89642CAC4                   | REVREPO89642CAC4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1056000 | PA      | $-1056000.00  | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO82809FAA5                   | REVREPO82809FAA5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2037000 | PA      | $-2037000.00  | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| BRIDGEWATER BANC                   | BRIDGEWATER BANC                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4078619.08   | 0.88%             | 2035-06-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BYLINE BANCORP INC                 | Byline Bancorp Inc                                                             | CUSIP: 124411AA7<br>LEI: 549300W7ODP4YL2H4823 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5914163.28   | 1.28%             | 2030-07-01      | Variable      | 10.17%                | No            |                  2 | On Loan: No      |
| CB&T HOLDING CORP                  | CB&T Holding Corp                                                              | CUSIP: 124782AC7<br>LEI: 549300QX35T737FJFZ97 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5183090.00   | 1.12%             | 2030-12-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| CB FINANCIAL SERVICES              | CB Financial Services Inc                                                      | CUSIP: 12479GAA9<br>LEI: 549300JEGYKCDOBSG664 | Long             | SN               | CORP              | US        |   5500000 | PA      | $4778904.57   | 1.03%             | 2031-12-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO           | Capital One Financial Corp                                                     | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4621912.83   | 1.00%             | 2036-01-30      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| CARRINGTON HOLDING CO LL           | Carrington Holding Co LLC                                                      | CUSIP: 144523AG2<br>LEI: 635400MJJEAT2FUN2F71 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1505125.46   | 0.33%             | 2031-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CENTRAL BANCSHARES INC             | Central Bancshares Inc/TX                                                      | CUSIP: 152424AA5<br>LEI: 549300N48082XGYJQJ37 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4837758.30   | 1.05%             | 2029-06-30      | Variable      | 8.43%                 | No            |                  2 | On Loan: No      |
| First Citizens BancShares Inc/     | First Citizens BancShares Inc/NC                                               | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       455 | NS      | $907615.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST HELP FINANCIAL LLC           | First Help Financial LLC                                                       | CUSIP: 32050FAA6<br>LEI: 549300N8R7JO1WEZGT69 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4904282.90   | 1.06%             | 2026-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC            | Goldman Sachs Group Inc/The                                                    | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4970444.15   | 1.08%             | 2029-05-01      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| GREEN DOT CORP                     | Green Dot Corp                                                                 | CUSIP: 39304DAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2012825.66   | 0.44%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Greene County Bancorp Inc          | Greene County Bancorp Inc                                                      | CUSIP: 394357107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25000 | NS      | $592250.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| REVREPO83190LAB5                   | REVREPO83190LAB5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1175000 | PA      | $-1175000.00  | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO843395AB0                   | REVREPO843395AB0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1076000 | PA      | $-1076000.00  | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| HALLMARK FINANCIAL SVCS            | Hallmark Financial Services Inc                                                | CUSIP: 40624QAB0<br>LEI: 549300QVZIZ17RUE4C20 | Long             | DBT              | CORP              | US        |   9182000 | PA      | $1882310.00   | 0.41%             | 2029-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BURKE & HERBERT FIN                | Burke & Herbert Financial Services Corp                                        | CUSIP: 86606GAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1795257.72   | 0.39%             | 2031-12-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| REVREPO87164DSE1                   | REVREPO87164DSE1                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1365000 | PA      | $-1365000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO85917AAB6                   | REVREPO85917AAB6                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1085000 | PA      | $-1085000.00  | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                   | Zions Bancorp NA                                                               | CUSIP: 98971DAB6<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1840039.50   | 0.40%             | 2029-10-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BIG POPPY HOLDIN                   | BIG POPPY HOLDIN                                                               | CUSIP: PPEB0G5N9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3237500.00   | 0.70%             | 2027-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ANB CORP                           | ANB Corp/TX                                                                    | CUSIP: 00180VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2494391.98   | 0.54%             | 2030-09-30      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Annaly Capital Management Inc      | Annaly Capital Management Inc                                                  | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     15000 | NS      | $304950.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MGMT                | Annaly Capital Management Inc                                                  | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     40000 | NS      | $1038400.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Inc            | Ellington Financial Inc                                                        | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               | CORP              | US        |     15750 | NS      | $199867.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY BANCSHRES                   | EQUITY BANCSHRES                                                               | CUSIP: 29460XAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4000000.00   | 0.87%             | 2035-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| EVERBANK FINANCIAL CORP            | EverBank Financial Corp                                                        | CUSIP: 29977GAC6<br>LEI: 549300ZSQX8IP0RAE826 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5109419.65   | 1.11%             | 2034-09-01      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| F&M FINANCIAL CORP                 | F&M Financial Corp/TN                                                          | CUSIP: 30311RAC5<br>LEI: 549300TRY3LFAOVSVM27 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4573768.14   | 0.99%             | 2035-08-01      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| FEDNAT HOLDING CO                  | FedNat Holding Co                                                              | CUSIP: 31431BAC3<br>LEI: 549300TFR6HALUYTYJ66 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $420000.00    | 0.09%             | 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      | $60000.00     | 0.01%             | 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      | $1987462.64   | 0.43%             | 2029-11-01      | Variable      | 8.97%                 | No            |                  2 | On Loan: No      |
| FIDELITY FEDERAL BANCORP           | Fidelity Federal Bancorp                                                       | CUSIP: 315921AL0<br>LEI: 5493004DRUFQ7MQTK142 | Long             | SN               | CORP              | US        |   1000000 | PA      | $962204.86    | 0.21%             | 2031-03-30      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| FIDELITY FINANCIAL CORP            | Fidelity Financial Corp                                                        | CUSIP: 316144AC8<br>LEI: 549300MH8LY2P6Y7NV11 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4592127.10   | 0.99%             | 2032-04-30      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                | Fifth Third Bancorp                                                            | CUSIP: 316773DL1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1036166.83   | 0.22%             | 2032-01-29      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                | Fifth Third Bancorp                                                            | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6053948.94   | 1.31%             | 2030-09-06      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| FINANCIAL INSTITUTIONS I           | Financial Institutions Inc                                                     | CUSIP: 317580AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2957989.71   | 0.64%             | 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        |   1000000 | PA      | $956941.79    | 0.21%             | 2028-06-30      | Variable      | 7.53%                 | No            |                  2 | On Loan: No      |
| First American Government Obli     | First American Government Obligations Fund                                     | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  18120332 | NS      | $18120332.26  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST BANK/HAMILTON NJ             | First Bank/Hamilton NJ                                                         | CUSIP: 319137CX1<br>LEI: 549300YS4CB1171BRJ08 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2025551.72   | 0.44%             | 2035-06-30      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| FIRST BUSEY CORPORATION            | First Busey Corp                                                               | CUSIP: 319383600<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EP               | CORP              | US        |     40000 | NS      | $1012000.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARE           | First Citizens BancShares Inc/NC                                               | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3008455.59   | 0.65%             | 2040-03-12      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE           | First Citizens BancShares Inc/NC                                               | CUSIP: 319626305<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EP               | CORP              | US        |    140000 | NS      | $2982000.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NANO FINANCIAL HOLD                | Nano Financial Holdings Inc                                                    | CUSIP: 63010MAB3<br>LEI: 5493006Q0M80QTFE3H77 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5111727.50   | 1.11%             | 2026-07-01      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| NEWTEKONE INC                      | NewtekOne Inc                                                                  | CUSIP: 652526AC8<br>LEI: 549300YLU78IA8GKJ688 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2271805.40   | 0.49%             | 2027-02-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| PHENIXFIN CORP                     | PhenixFIN Corp                                                                 | CUSIP: 71742W301<br>LEI: 549300JJH1QEB0RKNO53 | Long             | EP               | CORP              | US        |     70000 | NS      | $1642900.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PIEDMONT BANCORP GA                | Piedmont Bancorp Inc/GA                                                        | CUSIP: 720104AA6<br>LEI: 894500V57XPUU2W0OK15 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2493301.75   | 0.54%             | 2030-09-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Pinnacle Financial Partners In     | Pinnacle Financial Partners Inc                                                | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |      4000 | NS      | $351560.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Plumas Bancorp                     | Plumas Bancorp                                                                 | CUSIP: 729273102<br>LEI: 549300O5TKTXYTYP4G59 | Long             | EC               | CORP              | US        |     10700 | NS      | $441482.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT BANCORP INC                    | NBT Bancorp Inc                                                                | CUSIP: 795226AD1<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $915139.29    | 0.20%             | 2031-03-31      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MS TRANSVERSE INSURANCE            | MS Transverse Insurance Group LLC                                              | CUSIP: 89402HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5004893.80   | 1.08%             | 2026-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REVREPO33767UAA5                   | REVREPO33767UAA5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2962000 | PA      | $-2962000.00  | -0.64%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO32119CAA2                   | REVREPO32119CAA2                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2805000 | PA      | $-2805000.00  | -0.61%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO316773DL1                   | REVREPO316773DL1                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -568000 | PA      | $-568000.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO43789TAB9                   | REVREPO43789TAB9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -550000 | PA      | $-550000.00   | -0.12%            |  |  |  | No            |                  2 | 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      | $4766140.95   | 1.03%             | 2027-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| East West Bancorp Inc              | East West Bancorp Inc                                                          | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $350875.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL                | Ellington Financial Inc                                                        | CUSIP: 28852N208<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     20000 | NS      | $503800.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL                | Ellington Financial Inc                                                        | CUSIP: 28852N307<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     80000 | NS      | $1855200.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES             | PNC Financial Services Group Inc/The                                           | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5156384.95   | 1.12%             | 2029-06-12      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES             | PNC Financial Services Group Inc/The                                           | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1037975.98   | 0.22%             | 2035-01-22      | Variable      | 5.68%                 | 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      | $8910000.00   | 1.93%             | 2030-09-23      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Prosperity Bancshares Inc          | Prosperity Bancshares Inc                                                      | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13900 | NS      | $926018.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PROVIDENT FINANCIAL                | Provident Financial Services Inc                                               | CUSIP: 74386TAA3<br>LEI: 529900JOSO3SXEDVE477 | Long             | DBT              | CORP              | US        |   4118000 | PA      | $4230508.33   | 0.92%             | 2034-05-15      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| QUAINT OAK BANCORP INC             | Quaint Oak Bancorp Inc                                                         | CUSIP: 74732TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1254064.64   | 0.27%             | 2028-03-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| QUEENSBOROUGH CO                   | Queensborough Co/The                                                           | CUSIP: 748249AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2874682.32   | 0.62%             | 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      | $1385838.29   | 0.30%             | 2031-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| READYCAP HOLDINGS LLC              | ReadyCap Holdings LLC                                                          | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3997808.84   | 0.87%             | 2028-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Redwood Trust Inc                  | Redwood Trust Inc                                                              | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |     25750 | NS      | $140595.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORP             | Regions Financial Corp                                                         | CUSIP: 7591EPAV2<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6046385.70   | 1.31%             | 2035-09-06      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PRIMIS FINANCIAL CORP              | Primis Financial Corp                                                          | CUSIP: 843395AB0<br>LEI: 549300JNX3M2EENG1F11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1981444.52   | 0.43%             | 2030-09-01      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| REVREPO144523AG2                   | REVREPO144523AG2                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -674000 | PA      | $-674000.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO124411AA7                   | REVREPO124411AA7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -3115000 | PA      | $-3115000.00  | -0.67%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO05969AAA3                   | REVREPO05969AAA3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -549000 | PA      | $-549000.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO12634QAJ0                   | REVREPO12634QAJ0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1094000 | PA      | $-1094000.00  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO18452FAB7                   | REVREPO18452FAB7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2333000 | PA      | $-2333000.00  | -0.51%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO316041CP5                   | REVREPO316041CP5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1625000 | PA      | $-1625000.00  | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO108621AM5                   | REVREPO108621AM5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2228000 | PA      | $-2228000.00  | -0.48%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-22

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

**Signature:** /s/ Michael Colombo

**Name of Signer:** Michael Colombo

**Title:** Secretary