# EDGAR Filing Document

**Accession Number:** 0001745059
**File Stem:** 0001193125-26-285139
**Filing Date:** 2026-6
**Character Count:** 150670
**Document Hash:** 8eab3d53b8f38b3c28349d160e957f2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-285139.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001193125-26-285139

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20270131

**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:** 261127676

**BUSINESS ADDRESS:**
- **STREET 1:** ANGEL OAK CAPITAL ADVISORS, LLC
- **STREET 2:** 980 HAMMOND DRIVE, SUITE 200
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328
- **BUSINESS PHONE:** 404-637-0412

**MAIL ADDRESS:**
- **STREET 1:** ANGEL OAK CAPITAL ADVISORS, LLC
- **STREET 2:** 980 HAMMOND DRIVE, SUITE 200
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Angel Oak Financial Strategies Income Term Trust** | **Angel Oak Financial Strategies Income Term Trust** | **Angel Oak Financial Strategies Income Term Trust** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** |
| **CORPORATE OBLIGATIONS - 122.3%** | **Par**  | **Value**  |
| **Consumer, Non-cyclical - 2.3%** | **Consumer, Non-cyclical - 2.3%** | **Consumer, Non-cyclical - 2.3%** |
|  ConnectOne Bancorp, Inc., 8.13% to 06/01/2030 then 3 mo. Term SOFR + 4.42%, 06/01/2035 | $4000000 | $4210000 |
|  Green Dot Corp., 8.75%, 09/15/2029 <sup>(a)</sup> | 2000000 | 2200000 |
|  USCB Financial Holdings, Inc., 7.63% to 08/15/2030 then 3 mo. Term SOFR + 4.22%, 08/15/2035 <sup>(b)</sup> | 4000000 | 3998964 |
|  |  | 10408964 |
| **Financial - 120.0% <sup>(c)</sup>** | **Financial - 120.0% <sup>(c)</sup>** | **Financial - 120.0% <sup>(c)</sup>** |
|  1864 Bancorp, Inc., 6.50% to 03/30/2031 then 3 mo. Term SOFR + 2.89%, 03/30/2036 <sup>(a)</sup> | 2250000 | 2248654 |
|  A10 Capital LLC, 5.88%, 08/17/2026 <sup>(a)</sup> | 4000000 | 3927416 |
|  Alpine Banks of Colorado, 6.25% to 12/30/2030 then 3 mo. Term SOFR + 2.86%, 11/30/2035 <sup>(a)</sup> | 2100000 | 2118526 |
|  American Coastal Insurance Corp., 6.25%, 12/15/2027 | 3670000 | 3679289 |
|  American National Bank, 7.57% (3 mo. Term SOFR + 3.88%), 09/30/2030 <sup>(a)</sup> | 2500000 | 2489697 |
|  Amur Equipment Finance, Inc., 8.25%, 12/31/2030 <sup>(a)(d)</sup> | 3000000 | 3000000 |
|  Avidbank Holdings, Inc., 7.29% (3 mo. Term SOFR + 3.60%), 12/30/2029 <sup>(a)</sup> | 6000000 | 5890864 |
|  Axos Financial, Inc., 7.00% to 10/01/2030 then 3 mo. Term SOFR + 3.79%, 10/01/2035 | 2000000 | 2060000 |
|  Ballston SpA Bancorp, Inc., 7.38% to 07/01/2031 then SOFR + 3.78%, 04/01/2036 <sup>(a)</sup> | 3000000 | 3003106 |
|  Banc of California, 3.25% to 05/01/2026 then 3 mo. Term SOFR + 2.52%, 05/01/2031 | 800000 | 800000 |
|  Banc of California, Inc., 7.86% (3 mo. Term SOFR + 4.20%), 10/30/2030 | 1425000 | 1419532 |
|  BancIndependent, Inc., 6.50% to 02/15/2031 then 3 mo. Term SOFR + 2.97%, 02/15/2036 <sup>(a)(b)</sup> | 4300000 | 4284293 |
|  Bank of America Corp., 5.02% to 07/22/2032 then SOFR + 2.16%, 07/22/2033 | 6000000 | 6040199 |
|  Bank of Marin Bancorp, 6.75% to 12/01/2030 then 3 mo. Term SOFR + 3.35%, 12/01/2035 <sup>(a)</sup> | 2600000 | 2579618 |
|  Bank of New York Mellon Corp., 5.19% to 03/14/2034 then SOFR + 1.42%, 03/14/2035 | 1000000 | 1014189 |
|  Bank of Oklahoma NA, 6.11% to 11/06/2035 then 5 yr. CMT Rate + 2.00%, 11/06/2040 | 3600000 | 3666217 |
| BankGuam Holding Co. | BankGuam Holding Co. | BankGuam Holding Co. |
| &nbsp;&nbsp; 8.60% (3 mo. Term SOFR + 4.92%), 06/30/2029 | 3000000 | 2979668 |
| &nbsp;&nbsp; 4.75% to 07/01/2026 then 3 mo. Term SOFR + 4.13%, 07/01/2031 <sup>(a)</sup> | 3000000 | 2922897 |
|  Banksouth Holding Co., 7.95% (3 mo. Term SOFR + 4.28%), 07/30/2029 <sup>(a)</sup> | 2600000 | 2570836 |
|  Banterra Bank, 8.97% (3 mo. LIBOR USD + 4.12%), 06/07/2029 <sup>(e)</sup> | 7500000 | 7402600 |
|  Banterra Corp., 8.00% to 06/30/2027 then 3 mo. Term SOFR + 3.85%, 09/30/2032 <sup>(a)</sup> | 1250000 | 1245002 |
|  Bar Harbor Bankshares, 6.94% (3 mo. Term SOFR + 3.27%), 12/01/2029 | 3000000 | 2977011 |
|  Bayfirst Financial Corp., 4.50% to 06/30/2026 then SOFR + 3.78%, 06/30/2031 <sup>(a)</sup> | 1022500 | 985405 |
|  BCB Bancorp, Inc., 9.25% to 09/01/2029 then 3 mo. Term SOFR + 5.82%, 09/01/2034 | 3000000 | 3245051 |
|  Beacon Financial Corp., 5.50% to 07/01/2027 then 3 mo. Term SOFR + 2.49%, 07/01/2032 | 1500000 | 1451092 |
|  Big Poppy Holdings, 6.50%, 07/01/2027 | 3500000 | 3430000 |
|  Big Poppy Holdings, Inc., 8.00% to 03/20/2031 then 3 mo. Term SOFR + 4.45%, 03/20/2036 <sup>(a)(b)</sup> | 5000000 | 5048675 |
| BRC Group Holdings, Inc. | BRC Group Holdings, Inc. | BRC Group Holdings, Inc. |
| &nbsp;&nbsp; 5.00%, 12/31/2026 <sup>(f)</sup> | 2000000 | 1916800 |
| &nbsp;&nbsp; 6.00%, 01/31/2028 <sup>(f)</sup> | 3000000 | 2449200 |
|  Bridgewater Bancshares, Inc., 7.63% to 06/30/2030 then 3 mo. Term SOFR + 3.88%, 06/30/2035 <sup>(b)</sup> | 4000000 | 4152043 |
|  Burke & Herbert Financial Services Corp., 3.25% to 12/01/2026 then 3 mo. Term SOFR + 2.30%, 12/01/2031 | 2000000 | 1848325 |
|  Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 <sup>(b)</sup> | 3000000 | 3056876 |
|  Carrington Holding Co. LLC, 9.75%, 05/15/2031 <sup>(a)(b)</sup> | 1500000 | 1513864 |
|  CB Financial Services, Inc., 3.88% to 12/15/2026 then 3 mo. Term SOFR + 2.80%, 12/15/2031 <sup>(a)</sup> | 5500000 | 5169309 |
|  CB&T Holding Corp., 9.70% (3 mo. Term SOFR + 6.02%), 12/15/2030 <sup>(a)</sup> | 5000000 | 4998875 |
|  Central Bancshares, Inc., 7.83% (3 mo. Term SOFR + 4.13%), 06/30/2029 <sup>(a)</sup> | 5000000 | 4863618 |
|  Chemung Financial Corp., 7.75% to 06/15/2030 then 3 mo. Term SOFR + 4.15%, 06/15/2035 <sup>(a)</sup> | 2000000 | 2085971 |
|  Citigroup, Inc., 5.17% (SOFR + 1.49%), 09/11/2036 <sup>(b)</sup> | 3000000 | 2973392 |
|  Citizens Bancshares of Batesville, Inc., 7.00% to 10/15/2030 then 3 mo. Term SOFR + 3.63%, 10/15/2035 <sup>(a)(b)</sup> | 2500000 | 2486583 |
|  Citizens Community Bancorp, Inc., 4.75% to 04/01/2027 then 3 mo. Term SOFR + 3.29%, 04/01/2032 <sup>(a)</sup> | 1500000 | 1421883 |
|  Clear Blue Financial Holdings LLC, 5.38%, 12/30/2028 <sup>(a)(b)</sup> | 10000000 | 9487075 |
| Clear Street Holdings LLC | Clear Street Holdings LLC | Clear Street Holdings LLC |
| &nbsp;&nbsp; 8.25%, 10/30/2029 <sup>(a)</sup> | 4000000 | 3934523 |
| &nbsp;&nbsp; 8.00%, 09/30/2030 <sup>(a)(b)</sup> | 5000000 | 4866756 |
|  Climate First Bancorp, Inc., 8.00% to 11/01/2030 then 3 mo. Term SOFR + 4.72%, 11/01/2035 <sup>(a)</sup> | 4000000 | 3973319 |
|  Colony Bankcorp, Inc., 5.25% to 05/20/2027 then 3 mo. Term SOFR + 2.65%, 05/20/2032 <sup>(a)</sup> | 1000000 | 922985 |
|  Commercial Credit, Inc., 8.75%, 08/30/2030 <sup>(a)</sup> | 2500000 | 2467504 |
|  Compeer Financial ACA, 7.88% to 02/15/2031 then 5 yr. CMT Rate + 4.16%, Perpetual <sup>(a)</sup> | 1000000 | 1021055 |
|  Cornerstone Capital Bancorp, Inc., 7.25%, 02/15/2036 <sup>(a)</sup> | 4000000 | 3982193 |
| Customers Bancorp, Inc. | Customers Bancorp, Inc. | Customers Bancorp, Inc. |
| &nbsp;&nbsp; 2.88% to 08/15/2026 then 3 mo. Term SOFR + 2.35%, 08/15/2031 | 1000000 | 950614 |
| &nbsp;&nbsp; 6.88% to 01/15/2031 then 3 mo. Term SOFR + 3.42%, 01/15/2036 <sup>(b)</sup> | 3500000 | 3516838 |
|  Dickinson Financial Corp., 6.50% to 11/15/2030 then 3 mo. Term SOFR + 3.10%, 11/15/2035 <sup>(a)</sup> | 3100000 | 3091424 |
|  Dime Community Bancshares, Inc., 5.00% to 05/15/2027 then 3 mo. Term SOFR + 2.18%, 05/15/2032 | 1250000 | 1195135 |
|  Eagle Bancorp, Inc., 10.00%, 09/30/2029 | 2500000 | 2616800 |
|  EF Holdco, 5.88%, 04/01/2027 <sup>(a)</sup> | 5000000 | 4825199 |
|  Equity Bancshares, Inc., 7.13% to 08/01/2030 then SOFR + 3.49%, 08/01/2035 | 4000000 | 4102330 |
| EverBank Financial Corp. | EverBank Financial Corp. | EverBank Financial Corp. |
| &nbsp;&nbsp; 8.38% to 03/01/2030 then 3 mo. Term SOFR + 5.02%, 09/01/2034 <sup>(a)(b)</sup> | 5000000 | 5295421 |
| &nbsp;&nbsp; 7.50% to 09/01/2030 then 3 mo. Term SOFR + 4.07%, 09/01/2035 <sup>(a)</sup> | 2000000 | 2075176 |
|  F&M Financial Corp., 9.00% to 08/01/2030 then 3 mo. Term SOFR + 5.39%, 08/01/2035 <sup>(a)</sup> | 4500000 | 4630423 |
| Fidelity Federal Bancorp | Fidelity Federal Bancorp | Fidelity Federal Bancorp |
| &nbsp;&nbsp; 8.31% (3 mo. Term SOFR + 4.65%), 11/01/2029 <sup>(a)</sup> | 2000000 | 1988977 |
| &nbsp;&nbsp; 7.54% (3 mo. Term SOFR + 3.84%), 03/30/2031 <sup>(a)</sup> | 1000000 | 983357 |
|  Fidelity Financial Corp., 5.00% to 04/30/2027 then 3 mo. Term SOFR + 2.47%, 04/30/2032 <sup>(a)</sup> | 5000000 | 4745005 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| &nbsp;&nbsp; 4.90% to 09/06/2029 then SOFR + 1.49%, 09/06/2030 | 1000000 | 1003947 |
| &nbsp;&nbsp; 5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032 <sup>(b)</sup> | 1000000 | 1032609 |
|  Financial Institutions, Inc., 6.50% to 12/15/2030 then 3 mo. Term SOFR + 3.12%, 12/15/2035 | 7600000 | 7646386 |
|  First Bank, 7.13% to 06/30/2030 then 3 mo. Term SOFR + 3.43%, 06/30/2035 <sup>(a)</sup> | 2000000 | 2056090 |
| First Citizens BancShares, Inc. | First Citizens BancShares, Inc. | First Citizens BancShares, Inc. |
| &nbsp;&nbsp; 5.60% to 09/05/2030 then 5 yr. CMT Rate + 1.85%, 09/05/2035 | 1000000 | 978851 |
| &nbsp;&nbsp; 6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, 03/12/2040 | 3000000 | 2946586 |
|  First Commerce Bancorp, Inc., 7.75% to 12/30/2030 then 3 mo. Term SOFR + 4.32%, 12/30/2035 <sup>(a)(b)</sup> | 3000000 | 3005937 |
|  First Financial Bancorp, 6.38% to 12/01/2030 then 3 mo. Term SOFR + 3.00%, 12/01/2035 | 4350000 | 4406938 |
|  First Foundation, Inc., 3.50% to 02/01/2027 then SOFR + 2.04%, 02/01/2032 | 1000000 | 940039 |
| First Help Financial LLC | First Help Financial LLC | First Help Financial LLC |
| &nbsp;&nbsp; 6.00%, 11/15/2026 <sup>(a)</sup> | 2000000 | 1965458 |
| &nbsp;&nbsp; 9.50%, 04/30/2031 <sup>(a)</sup> | 3000000 | 3010937 |
|  First Interstate BancSystem, Inc., 7.63% to 06/15/2030 then 3 mo. Term SOFR + 3.98%, 06/15/2035 | 4000000 | 4200000 |
|  First National of Nebraska, Inc., 7.25% to 06/15/2030 then 3 mo. Term SOFR + 3.61%, 06/15/2035 <sup>(a)(b)</sup> | 5000000 | 5193569 |
|  First Northwest Bancorp, 6.69% (3 mo. Term SOFR + 3.00%), 03/30/2031 | 1000000 | 985862 |
|  First Paragould Bankshares, Inc., 7.03% (3 mo. Term SOFR + 3.36%), 12/15/2027 <sup>(a)</sup> | 2250000 | 2224869 |
|  Five Star Bancorp, 6.00% to 09/01/2027 then SOFR + 3.29%, 09/01/2032 <sup>(a)</sup> | 1000000 | 974236 |
|  Flagstar Bancorp, Inc., 7.57% (3 mo. Term SOFR + 3.91%), 11/01/2030 | 2375000 | 2261224 |
|  Flushing Financial Corp., 3.13% to 12/01/2026 then 3 mo. Term SOFR + 2.04%, 12/01/2031 | 2000000 | 1810094 |
| FNB Corp. | FNB Corp. | FNB Corp. |
| &nbsp;&nbsp; 6.31% (3 mo. Term SOFR + 2.66%), 02/14/2029 | 600000 | 596226 |
| &nbsp;&nbsp; 5.72% to 12/11/2029 then SOFR + 1.93%, 12/11/2030 <sup>(b)</sup> | 5000000 | 5055877 |
| Forbright, Inc. | Forbright, Inc. | Forbright, Inc. |
| &nbsp;&nbsp; 8.06% (3 mo. Term SOFR + 4.39%), 12/01/2029 <sup>(a)</sup> | 2000000 | 1976987 |
| &nbsp;&nbsp; 4.00% to 01/01/2027 then SOFR + 2.89%, 01/01/2032 <sup>(a)</sup> | 1000000 | 971651 |
|  Fulton Financial Corp., 3.75% to 03/15/2030 then 3 mo. Term SOFR + 2.70%, 03/15/2035 | 3000000 | 2741886 |
|  GBank Financial Holdings, Inc., 7.25% to 01/15/2031 then 3 mo. Term SOFR + 3.82%, 01/15/2036 <sup>(a)(b)</sup> | 3000000 | 2967549 |
|  Georgia Banking Co., Inc., 4.13% to 06/15/2026 then 3 mo. Term SOFR + 3.40%, 06/15/2031 <sup>(a)</sup> | 1000000 | 979220 |
|  Golden Pear Funding HoldCo LLC, 9.00%, 02/28/2028 | 5000000 | 5001964 |
|  Golden State Bank, 4.50% to 12/15/2026 then 3 mo. Term SOFR + 3.35%, 12/15/2031 <sup>(a)</sup> | 1000000 | 897234 |
|  Goldman Sachs Group, Inc., 7.50% to 05/10/2029 then 5 yr. CMT Rate + 2.81%, Perpetual | 2000000 | 2091506 |
|  Hanmi Financial Corp., 3.75% to 09/01/2026 then 3 mo. Term SOFR + 3.10%, 09/01/2031 | 3500000 | 3362299 |
|  Hanover Bancorp, Inc., 7.25% to 03/15/2031 then 3 mo. Term SOFR + 3.86%, 03/15/2036 <sup>(a)(b)</sup> | 3000000 | 3009958 |
|  Hilltop Holdings, Inc., 6.13% to 05/15/2030 then 3 mo. Term SOFR + 5.80%, 05/15/2035 | 250000 | 243958 |
|  Hometown Financial Group, Inc., 8.75%, 03/15/2027 <sup>(a)(b)</sup> | 2000000 | 2024352 |
|  Horizon Bancorp, Inc., 7.00% to 09/15/2030 then 3 mo. Term SOFR + 3.60%, 09/15/2035 | 2000000 | 2042844 |
|  Huntington Bancshares, Inc., 5.71% to 02/02/2034 then SOFR + 1.87%, 02/02/2035 <sup>(b)</sup> | 6000000 | 6142343 |
|  Independent Bank Corp., 7.25% to 04/01/2030 then 3 mo. Term SOFR + 3.53%, 04/01/2035 <sup>(b)</sup> | 3000000 | 3202560 |
|  JPMorgan Chase & Co., 6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034 | 4000000 | 4291419 |
| KeyCorp | KeyCorp | KeyCorp |
| &nbsp;&nbsp; 5.00% to 09/15/2026 then 3 mo. Term SOFR + 3.87%, Perpetual | 300000 | 297509 |
| &nbsp;&nbsp; 6.40% to 03/06/2034 then SOFR + 2.42%, 03/06/2035 | 4000000 | 4254495 |
|  Lawrence Bancshares, Inc., 8.50% to 06/30/2030 then 3 mo. Term SOFR + 4.79%, 06/30/2035 <sup>(a)(b)</sup> | 3000000 | 3069204 |
|  M&T Bank Corp., 7.41% to 10/30/2028 then SOFR + 2.80%, 10/30/2029 | 6000000 | 6395872 |
|  Maple Financial Holdings, Inc., 8.33% (3 mo. Term SOFR + 4.67%), 02/15/2031 <sup>(a)</sup> | 2000000 | 1982116 |
|  Mascoma Mutual Financial Services Corp., 7.88% to 09/15/2030 then 3 mo. Term SOFR + 4.54%, 09/15/2035 <sup>(a)</sup> | 2000000 | 2021023 |
|  Mechanics Bancorp, 3.50% to 01/30/2027 then 3 mo. Term SOFR + 2.15%, 01/30/2032 | 3000000 | 2740674 |
|  Mercantile Bank Corp., 3.25% to 01/30/2027 then 3 mo. Term SOFR + 2.12%, 01/30/2032 | 1500000 | 1419863 |
|  Meridian Corp., 7.64% (3 mo. Term SOFR + 3.95%), 12/30/2029 | 4000000 | 3992536 |
|  Midwest Bankcentre, Inc., 7.00% to 10/15/2030 then 3 mo. Term SOFR + 3.68%, 10/15/2035 <sup>(a)</sup> | 2000000 | 1992892 |
|  Millennium Consolidated Holdings LLC, 8.38%, 03/01/2030 <sup>(a)(b)</sup> | 5000000 | 5038398 |
|  Minnwest Corp., 7.75% to 09/01/2030 then 3 mo. Term SOFR + 4.29%, 09/01/2035 <sup>(a)(b)</sup> | 2500000 | 2531979 |
|  Morgan Stanley, 5.59% to 01/18/2035 then SOFR + 1.42%, 01/18/2036 <sup>(b)</sup> | 6500000 | 6665586 |
|  MS Transverse Insurance Group LLC, 6.00%, 12/15/2026 <sup>(a)</sup> | 5000000 | 5000699 |
|  Nano Financial Holdings, Inc., 13.00%, 07/01/2026 <sup>(a)(d)</sup> | 5000000 | 2500000 |
|  NBT Bancorp, Inc., 6.49% (3 mo. Term SOFR + 2.80%), 03/31/2031 | 1000000 | 983361 |
| NewtekOne, Inc. | NewtekOne, Inc. | NewtekOne, Inc. |
| &nbsp;&nbsp; 8.13%, 02/01/2027 <sup>(a)</sup> | 2250000 | 2261130 |
| &nbsp;&nbsp; 8.38%, 04/01/2030 <sup>(a)</sup> | 750000 | 740561 |
| NexBank Capital, Inc. | NexBank Capital, Inc. | NexBank Capital, Inc. |
| &nbsp;&nbsp; 4.00% to 08/15/2026 then 3 mo. Term SOFR + 3.39%, 08/15/2031 <sup>(a)</sup> | 2000000 | 1899166 |
| &nbsp;&nbsp; 6.00%, 07/15/2032 <sup>(a)</sup> | 1500000 | 1425727 |
| Northpointe Bancshares, Inc. | Northpointe Bancshares, Inc. | Northpointe Bancshares, Inc. |
| &nbsp;&nbsp; 9.00% to 09/01/2029 then 3 mo. Term SOFR + 5.50%, 09/01/2034 <sup>(a)</sup> | 1200000 | 1270684 |
| &nbsp;&nbsp; 7.50% to 12/15/2030 then 3 mo. Term SOFR + 4.24%, 12/15/2035 <sup>(a)</sup> | 4000000 | 3961610 |
|  Northrim BanCorp, Inc., 6.88% to 12/01/2030 then 3 mo. Term SOFR + 3.48%, 12/01/2035 | 3600000 | 3651486 |
|  Northwest Bancshares, Inc., 7.57% (3 mo. Term SOFR + 3.89%), 09/15/2030 | 1000000 | 999382 |
|  Oakstar Bancshares, Inc., 7.20% (3 mo. Term SOFR + 3.52%), 04/15/2031 <sup>(a)</sup> | 1000000 | 981743 |
|  Obsidian Insurance Holdings, Inc., 8.00%, 11/15/2030 <sup>(a)</sup> | 5000000 | 4944361 |
|  OceanFirst Financial Corp., 6.38% to 11/15/2030 then 3 mo. Term SOFR + 3.08%, 11/15/2035 <sup>(b)</sup> | 5250000 | 5269871 |
|  Oconomowoc Bancshares, Inc., 8.50% to 09/01/2030 then 3 mo. Term SOFR + 5.09%, 09/01/2035 <sup>(a)</sup> | 4000000 | 4151890 |
|  Old National Bancorp, 5.77% to 02/15/2031 then 3 mo. Term SOFR + 2.20%, 02/15/2036 | 4800000 | 4793571 |
|  Olney Bancshares of Texas, Inc., 7.00% (3 mo. Term SOFR + 3.32%), 03/15/2031 <sup>(a)</sup> | 1000000 | 985985 |
|  Patriot National Bancorp, Inc., 0.00% <sup>(g)</sup> | 3166259 | 3878667 |
|  PCAP Holdings LP, 6.50%, 07/15/2028 <sup>(a)(d)(h)</sup> | 2000000 | 0 |
|  Peoples Financial Services Corp., 7.75% to 06/15/2030 then 3 mo. Term SOFR + 4.11%, 06/15/2035 | 3000000 | 3144009 |
|  PeoplesBancorp, 8.00% to 12/30/2029 then 3 mo. Term SOFR + 4.24%, 12/30/2034 <sup>(a)</sup> | 1250000 | 1296006 |
|  PhenixFIN Corp., 5.25%, 11/01/2028 <sup>(f)</sup> | 1750000 | 1694000 |
|  Pinnacle Bank, 5.96% to 01/15/2031 then 5 yr. CMT Rate + 2.30%, 01/15/2036 | 5600000 | 5565999 |
|  PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | 1000000 | 1031074 |
|  Preferred Bank/Los Angeles CA, 3.38% to 06/15/2026 then 3 mo. Term SOFR + 2.78%, 06/15/2031 | 4600000 | 4444114 |
|  Primis Financial Corp., 8.98% (3 mo. Term SOFR + 5.31%), 09/01/2030 <sup>(b)</sup> | 2000000 | 1971268 |
|  Provident Financial Services, Inc., 9.00% to 05/15/2029 then 3 mo. Term SOFR + 4.77%, 05/15/2034 | 4118000 | 4390853 |
|  Quaint Oak Bancorp, Inc., 11.00%, 03/01/2028 <sup>(a)</sup> | 1250000 | 1271287 |
|  Queensborough Co., 9.56% (3 mo. Term SOFR + 5.88%), 10/15/2030 <sup>(a)</sup> | 1500000 | 1480111 |
|  RBB Bancorp, 6.97% (3 mo. Term SOFR + 3.29%), 04/01/2031 | 1500000 | 1437745 |
|  ReadyCap Holdings LLC, 9.38%, 03/01/2028 <sup>(a)</sup> | 4000000 | 3886943 |
|  Regions Financial Corp., 5.50% to 09/06/2034 then SOFR + 2.06%, 09/06/2035 | 6000000 | 6030157 |
|  Reliable Community Bancshares, Inc., 7.00% to 01/30/2031 then 3 mo. Term SOFR + 3.41%, 01/30/2036 <sup>(a)</sup> | 4000000 | 3950770 |
|  Renasant Corp., 4.50% to 09/15/2030 then 3 mo. Term SOFR + 4.03%, 09/15/2035 <sup>(b)</sup> | 2000000 | 1828942 |
|  River Financial Corp., 7.10% (3 mo. Term SOFR + 3.42%), 03/15/2031 <sup>(a)</sup> | 1000000 | 978591 |
|  Sandy Spring Bancorp, Inc., 6.53% (3 mo. Term SOFR + 2.88%), 11/15/2029 | 4750000 | 4724833 |
|  SCRE Intermediate Holdco LLC, 6.50% (or 1.00% PIK), 02/15/2030 <sup>(a)</sup> | 2000000 | 1853987 |
|  Shore Bancshares, Inc., 6.25% to 11/15/2030 then 3 mo. Term SOFR + 2.88%, 11/15/2035 | 2100000 | 2110630 |
|  Silver Queen Financial Services, Inc., 7.27% (3 mo. Term SOFR + 3.60%), 12/01/2027 <sup>(a)(b)</sup> | 3800000 | 3764980 |
|  Simmons First National Corp., 6.25% to 10/01/2030 then 3 mo. Term SOFR + 3.02%, 10/01/2035 <sup>(b)</sup> | 7500000 | 7553044 |
|  SmartFinancial, Inc., 7.25% to 09/01/2030 then 3 mo. Term SOFR + 3.85%, 09/01/2035 <sup>(b)</sup> | 5000000 | 5164787 |
|  South State Bank NA, 8.38% to 08/15/2029 then 3 mo. Term SOFR + 4.61%, 08/15/2034 | 2000000 | 2122600 |
|  South Street Securities Funding LLC, 6.25%, 12/30/2026 <sup>(a)(b)</sup> | 6000000 | 6000771 |
|  Southern Financial Corp., 4.88% to 10/20/2026 then 3 mo. Term SOFR + 3.93%, 10/20/2031 <sup>(a)</sup> | 1500000 | 1406074 |
|  Southside Bancshares, Inc., 7.00% to 08/15/2030 then 3 mo. Term SOFR + 3.57%, 08/15/2035 <sup>(b)</sup> | 4000000 | 4119067 |
|  SouthState Corp., 7.00% to 06/13/2030 then 3 mo. Term SOFR + 3.19%, 06/13/2035 | 4000000 | 4152207 |
|  Tectonic Financial, Inc., 7.25% to 02/15/2031 then 3 mo. Term SOFR + 3.68%, 02/15/2036 <sup>(a)(b)</sup> | 3000000 | 2986901 |
|  Texas Capital Bancshares, Inc., 5.30% to 02/27/2031 then SOFR + 1.94%, 02/27/2032 | 3300000 | 3274078 |
|  Texas State Bankshares, Inc., 7.49% (3 mo. Term SOFR + 3.81%), 06/15/2029 <sup>(a)</sup> | 4000000 | 4001648 |
|  Trinitas Capital Management LLC, 7.75%, 11/01/2030 <sup>(a)(b)</sup> | 8000000 | 7930000 |
|  Truist Financial Corp., 5.15% to 08/05/2031 then SOFR + 1.57%, 08/05/2032 | 6000000 | 6080199 |
|  Trustmark Corp., 6.00% to 12/01/2030 then 3 mo. Term SOFR + 2.60%, 12/01/2035 | 2600000 | 2561228 |
|  Universal Insurance Holdings, Inc., 5.63%, 11/30/2026 | 7000000 | 6945677 |
| Univest Financial Corp. | Univest Financial Corp. | Univest Financial Corp. |
| &nbsp;&nbsp; 7.25% to 11/15/2027 then 3 mo. Term SOFR + 3.10%, 11/15/2032 | 1250000 | 1266806 |
| &nbsp;&nbsp; 6.00% to 11/15/2030 then 3 mo. Term SOFR + 2.62%, 11/15/2035 | 1600000 | 1581245 |
|  US Bancorp, 5.05% to 02/12/2030 then SOFR + 1.06%, 02/12/2031 | 2500000 | 2538299 |
|  Vast Holdings, Inc., 7.89% (3 mo. Term SOFR + 4.21%), 04/15/2031 <sup>(a)</sup> | 1250000 | 1228948 |
|  VCT Holdings LLC, 6.00%, 12/30/2026 <sup>(a)</sup> | 5000000 | 4943750 |
|  VeraBank, Inc., 7.50% to 06/01/2030 then 3 mo. Term SOFR + 3.69%, 06/01/2035 <sup>(a)</sup> | 2000000 | 2083391 |
|  VyStar Credit Union, 4.25%, 03/15/2032 <sup>(a)</sup> | 3000000 | 2730102 |
|  Webster Financial Corp., 5.78% to 09/11/2030 then 5 yr. CMT Rate + 2.13%, 09/11/2035 | 4000000 | 4056362 |
|  Wells Fargo & Co., 5.61% to 04/23/2035 then SOFR + 1.74%, 04/23/2036 | 3000000 | 3077752 |
|  Western Alliance Bancorp, 3.00% to 06/15/2026 then 3 mo. Term SOFR + 2.25%, 06/15/2031 | 3000000 | 2895000 |
|  Western Alliance Bank, 6.54% to 11/15/2030 then 5 yr. CMT Rate + 2.85%, 11/15/2035 | 6100000 | 6034700 |
|  Western Capital Corp., 6.88%, 12/15/2030 <sup>(a)(b)</sup> | 3000000 | 3057254 |
|  White River Bancshares Co., 6.63% to 02/28/2031 then 3 mo. Term SOFR + 3.25%, 02/29/2036 <sup>(a)</sup> | 2000000 | 1973189 |
|  Wintrust Financial Corp., 4.85%, 06/06/2029 | 5000000 | 4918054 |
|  WSFS Financial Corp., 5.38% to 12/15/2030 then 3 mo. Term SOFR + 1.89%, 12/15/2035 | 3500000 | 3474475 |
|  Zions Bancorp NA, 3.25%, 10/29/2029 | 2000000 | 1863105 |
|  |  | 547311203 |
| **TOTAL CORPORATE OBLIGATIONS** (Cost $561,987,456) | **TOTAL CORPORATE OBLIGATIONS** (Cost $561,987,456) | 557720167 |
| **PREFERRED STOCKS - 6.2%** | **Shares**  | **Value**  |
| **Financial - 3.2%** | **Financial - 3.2%** |  |
|  Bayfirst Financial Corp., 0.00% | 100 | 1000000 |
|  BRC Group Holdings, Inc., Series B, 7.38%, Perpetual <sup>(g)</sup> | 27310 | 382613 |
|  Dime Community Bancshares, Inc., 5.50%, Perpetual | 25000 | 488500 |
|  First Busey Corp., Series B, 8.25%, Perpetual | 40000 | 1034400 |
| First Citizens BancShares, Inc. | – | $– |
| &nbsp;&nbsp; Series A, 5.38%, Perpetual | 140000 | 3000200 |
| &nbsp;&nbsp; Series E, 6.63% to 3/15/2031 then 5 yr. CMT Rate + 2.83%, Perpetual | 40000 | 1007600 |
|  First Merchants Corp., Series A, 7.50%, Perpetual | 40000 | 1019200 |
|  Fulton Financial Corp., Series A, 5.13%, Perpetual | 42572 | 787582 |
|  M&T Bank Corp., Series K, 6.35%, Perpetual | 40000 | 1002800 |
|  United Fidelity Bank FSB, Series QIB, 7.00%, Perpetual <sup>(a)(g)</sup> | 1000 | 500000 |
|  Valley National Bancorp, Series C, 8.25% to 09/30/2029 then 5 yr. CMT Rate + 4.18%, Perpetual | 50000 | 1303000 |
|  WaFd, Inc., Series A, 4.88%, Perpetual | 25000 | 411250 |
|  WesBanco, Inc., Series B, 7.38% to 10/01/2030 then 5 yr. CMT Rate + 3.80%, Perpetual | 100000 | 2572000 |
|  |  | 14509145 |
| **Real Estate Investment Trust - 3.0%** | **Real Estate Investment Trust - 3.0%** |  |
|  AGNC Investment Corp., Series C, 9.04% (3 mo. Term SOFR + 5.37%), Perpetual | 40000 | 1032400 |
|  Annaly Capital Management, Inc., Series F, 8.92% (3 mo. Term SOFR + 5.25%), Perpetual | 40000 | 1038400 |
|  Ellington Financial, Inc., Series B, 6.25% to 01/30/2027 then 5 yr. CMT Rate + 4.99%, Perpetual | 80000 | 1957600 |
|  Inpoint Commercial Real Estate Income, Inc., Series A, 6.75%, Perpetual | 80000 | 1680000 |
|  Lument Finance Trust, Inc., Series A, 7.88%, Perpetual | 40000 | 794800 |
|  PennyMac Mortgage Investment Trust, 9.00%, 06/15/2030 | 37691 | 963005 |
| Rithm Capital Corp. | – | $– |
| &nbsp;&nbsp; Series D, 7.00% to 11/15/2026 then 5 yr. CMT Rate + 6.22%, Perpetual | 200000 | 5030000 |
| &nbsp;&nbsp; Series E, 8.75%, Perpetual | 40000 | 1000000 |
|  TPG RE Finance Trust, Inc., Series C, 6.25%, Perpetual | 30000 | 552900 |
|  |  | 14049105 |
| **TOTAL PREFERRED STOCKS** (Cost $30,313,919) | **TOTAL PREFERRED STOCKS** (Cost $30,313,919) | 28558250 |
| **COMMON STOCKS - 3.3%** | **Shares**  | **Value**  |
| **Financial - 3.2%** | **Financial - 3.2%** |  |
| Bank7 Corp. | 10000 | 429400 |
| Citigroup, Inc. | 11000 | 1407780 |
| Columbia Banking System, Inc. | 25000 | 740000 |
| DMMS Purchaser, Inc. <sup>(d)(g)</sup> | 1406 | 2499207 |
| First Citizens BancShares, Inc. - Class A | 400 | 793528 |
| First United Corp. | 16700 | 620572 |
| Greene County Bancorp, Inc. | 25000 | 601250 |
| Kingstone Companies, Inc. | 75253 | 1254468 |
| M&T Bank Corp. | 5400 | 1180602 |
| Pinnacle Financial Partners, Inc. | 7000 | 692580 |
| Plumas Bancorp | 10700 | 545807 |
| Preferred Bank | 8500 | 805205 |
| Prosperity Bancshares, Inc. | 13900 | 968135 |
| SouthState Corp. | 8000 | 781360 |
| UMB Financial Corp. | 8600 | 1085062 |
|  |  | 14404956 |
| **Real Estate Investment Trust - 0.1%** | **Real Estate Investment Trust - 0.1%** |  |
| AGNC Investment Corp. | 30500 | 336110 |
| Ellington Financial, Inc. | 15750 | 208687 |
|  |  | 544797 |
| **TOTAL COMMON STOCKS** (Cost $12,173,362) | **TOTAL COMMON STOCKS** (Cost $12,173,362) | 14949753 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **SHORT-TERM INVESTMENTS - 1.7%** | **Shares**  | **Value**  |
| **Money Market Funds - 1.7%**<br> First American Government Obligations Fund - Class U, 3.60% <sup>(i)</sup> | 7668449 | 7668449 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $7,668,449) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $7,668,449) | 7668449 |
| **TOTAL INVESTMENTS - 133.5% (**Cost $612,143,186**)** | **TOTAL INVESTMENTS - 133.5% (**Cost $612,143,186**)** | 608896619 |
| Liabilities in Excess of Other Assets - (33.5)% | Liabilities in Excess of Other Assets - (33.5)% | (152831900) |
| **TOTAL NET ASSETS - 100.0%** |  | $456064719 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LIBOR - London Interbank Offered Rate |
| PIK - Payment in Kind |
| SOFR - Secured Overnight Financing Rate |

---

(a) Security is exempt from registration under Rule 144A or Section 4(a)(2) under the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified
 institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund's Board of Trustees, unless otherwise denoted. As of April 30, 2026, the value of these securities total
 $260,687,402 or 57.2% of the Fund's net assets.

(b) All or a portion of the security has been pledged as collateral for the Fund's in connection with open reverse repurchase agreements. At April 30, 2026, the value of securities pledged amounted to $137,361,520.

(c) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.

(d) As of April 30, 2026, the Fund has fair valued these securities under the procedures established by Angel Oak Capital Advisors, LLC as Valuation Designee pursuant to Rule 2a-5 under the Investment Company Act of
 1940. The value of these securities amounted to $7,999,207 or 1.8% of net assets. Value determined using significant unobservable inputs.

(e) Securities referencing LIBOR are expected to transition to an alternative reference rate.

(f) Security issued as a "Baby Bond", with a par value of $25 per bond. The principal balance disclosed represents the issuer's outstanding principal that corresponds to the bonds held in the fund.

(g) Non-income producing security. Income is not being accrued.

(h) Issuer is currently in default and not accruing income.

(i) The rate shown represents the 7-day annualized yield as of April 30, 2026.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Angel Oak Financial Strategies Income Term Trust** | **Angel Oak Financial Strategies Income Term Trust** | **Angel Oak Financial Strategies Income Term Trust** | **Angel Oak Financial Strategies Income Term Trust** | **Angel Oak Financial Strategies Income Term Trust** | **Angel Oak Financial Strategies Income Term Trust** |
| **Schedule of Open Reverse Repurchase Agreements** | **Schedule of Open Reverse Repurchase Agreements** | **Schedule of Open Reverse Repurchase Agreements** | **Schedule of Open Reverse Repurchase Agreements** | **Schedule of Open Reverse Repurchase Agreements** | **Schedule of Open Reverse Repurchase Agreements** |
| **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** |
| **Counterparty** | **Interest Rate** | **Trade Date** | **Maturity Date** | **Net Closing Amount** | **Face Value** |
| Lucid Management and Capital Partners LP | 5.34% | 03/18/2026 | 06/17/2026 | $7193739 | $7098000 |
| Lucid Management and Capital Partners LP | 5.38% | 04/09/2026 | 07/09/2026 | 674039 | 665000 |
| Lucid Management and Capital Partners LP | 4.81% | 04/16/2026 | 05/14/2026 | 48640456 | 48459000 |
| Lucid Management and Capital Partners LP | 5.13% | 04/16/2026 | 07/16/2026 | 15086106 | 14893000 |
| Lucid Management and Capital Partners LP | 4.80% | 04/21/2026 | 05/14/2026 | 4413486 | 4400000 |
| **Total** |  |  |  | $**76007827** | $**75515000** |
| A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund. | A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund. | A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund. | A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund. | A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund. | A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund. |

---

------

#### Summary of Fair Value Disclosure as of April 30, 2026 (Unaudited)
The Fund records its investments at fair value in accordance with fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:

Level 1 - quoted prices in active markets for identical securities that the Fund has the ability to access

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments based on the best information available)

The inputs or methodology used for valuing securities are not an indication of the risks associated with investing in those securities.

Investments in registered open-end management investment companies, including money market funds, will be valued based upon the NAV of such investments and are categorized as Level 1 of the fair value hierarchy.

Fair values for long-term debt securities, including corporate and convertible obligations, are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including, but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information may be utilized. Securities that use similar valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable; the values generally would be categorized as Level 3.

Equity securities, including preferred stocks, that are traded on a national securities exchange, except those listed on the Nasdaq Global Market<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup> and the Nasdaq Capital Market<sup>®</sup> exchanges (collectively, "Nasdaq"), are valued at the last sale price at the close of that exchange. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price. If, on a particular day, an exchange-listed or Nasdaq security does not trade, then: (i) the security shall be valued at the mean between the most recent quoted bid and asked prices at the close of the exchange; or (ii) the security shall be valued at the latest sales price on the Composite Market (defined below) for the day such security is being valued. "Composite Market" means a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter ("OTC") markets as published by a pricing service. In the event market quotations or Composite Market pricing are not readily available, fair value will be determined in accordance with the procedures adopted by the Board of Trustees ("Board"). All equity securities that are not traded on a listed exchange are valued at the last sale price at the close of the OTC market. If a non-exchange listed security does not trade on a particular day, then the mean between the last quoted bid and asked price will be used as long as it continues to reflect the value of the security. If the mean is not available, then bid price can be used as long as the bid price continues to reflect the value of the security. Otherwise, fair value will be determined in accordance with the procedures adopted by the Board. These securities will generally be categorized as Level 3 securities. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security.

Short term debt securities having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy. Reverse repurchase agreements and repurchase agreements are priced at their acquisition cost, and assessed for credit adjustments, which represents fair value. These securities will generally be categorized as Level 2 securities.

Securities may be fair valued in accordance with the fair valuation procedures approved by the Board. The Valuation and Risk Management Oversight Committee is generally responsible for overseeing the Fund's valuation processes and reports quarterly to the Board. The Board has selected Angel Oak Capital Advisors, LLC (the "Adviser") as the Valuation Designee. As such, the Valuation Committee of the Adviser has been delegated the day-to-day responsibilities for making all necessary determinations of the fair value of portfolio securities and other assets for which market quotations are not readily available or if the prices obtained from independent pricing services are deemed to be unreliable indicators of market or fair value. Representatives of the Valuation Designee's Valuation Committee report quarterly to the Valuation and Risk Management Oversight Committee.

The following is a summary of the investments by their inputs used to value the Fund's assets as of April 30, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets** | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Obligations | $– | $552220167 | $5500000 | $557720167 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 27058250 | 1500000 | – | 28558250 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 12450546 | – | 2499207 | 14949753 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 7668449 | – | – | 7668449 |
| **Total** | $47177245 | $553720167 | $7999207 | $608896619 |
| **Other Financial Instruments** |  |  |  |  |
| **Liabilities** | $– | $(75515000) | $– | $(75515000) |
| Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |

---

See the Schedule of Investments for further disaggregation of investment categories. During the period ended April 30, 2026, the Fund recognized $985,405 of transfers from Level 3 to Level 2 due to an increase in relevant market activity. See the summary of quantitative information about Level 3 Fair Value Measurements for more information.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value: <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as**<br> **of 01/31/26** | **Amortization/** <br> **Accretion/** <br> **Distributions** | **Net Realized**<br> **Gain (Loss)** | **Change in Net**<br> **Unrealized**<br> **Appreciation/Depreciation** | **Purchases** | **Sales** | **Transfers Into Level 3** | **Transfers Out** <br> **of Level 3** | **Balance as**<br> **of 04/30/26** |
| Corporate Obligations | $4806100 | $– | $– | $(1343195) | $3022500 | $– | $– | $(985405) | $5500000 |
| Common Stocks | – | – | – | – | 2499207 | – | – | – | 2499207 |
| **Total** | $4806100 | $– | $– | $(1343195) | $5521707 | $– | $– | $(985405) | $7999207 |

---

The total change in unrealized appreciation/depreciation attributable to Level 3 investments still held at April 30, 2026, is $(1,500,000).

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair Value as of<br> 04/30/26 | Valuation<br> Techniques | Unobservable Input\* | Range\*\* | Weighted Average<br> Unobservable Input |
| Corporate Obligations | $3000000 | Transaction Price | Transaction Price | $100.00 | $100.00 |
| Corporate Obligations | $2500000 | Recovery Analysis | Estimated recovery value | $50.00 | Recovery Estimate: 50% |
| Corporate Obligations | $0 | Recovery Analysis | Estimated recovery from proposed Chapter 11 liquidation plan | $0.00 | Recovery Estimate: 0% |
| Common Stocks | $2499207 | Transaction Price | Transaction Price | $1777.53 | $1777.53 |

---

\*Significant increases and decreases in the unobservable inputs used to determine fair value of Level 3 assets could result in significantly higher or lower fair value measurements. An increase to the unobservable input would result in an increase to the fair value. A decrease to the unobservable input would have the opposite effect.

\*\*Each input presents information for one security and reflects the value as of April 30, 2026. <br>

## 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:** 980 Hammond Drive

  - **City:** Atlanta

  - **State:** GA

  - **Foreign country:** US

  - **Zip / Postal Code:** 30328

  - **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:** 2027-01-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $621818781.53

**Total Liabilities:** $165753480.10

**Net Assets:** $456065301.43

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2675.020095114089 | **1-Year:** 25108.439356154850 | **5-Year:** 105020.302848487500 | **10-Year:** 27447.488047281470 | **30-Year:** 410.420591358000

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

- **3-Month:** 52.625127747522 | **1-Year:** 5361.952855817575 | **5-Year:** 24079.884555100790 | **10-Year:** 37.578983504633 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.26%                | -2.32%               | 2.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10544.22                | $23824.45                                  |
| Month 2  | $-20855.66               | $-5544245.26                               |
| Month 3  | $25216.14                | $1792202.45                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AGNC Investment Corp                      | AGNC Investment Corp                                                           | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |     30500 | NS      | $336110.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP                      | AGNC Investment Corp                                                           | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     40000 | NS      | $1032400.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN NATIONAL BANK                    | American National Bank/Texas                                                   | CUSIP: 00180VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2489697.03   | 0.55%             | 2030-09-30      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| ALPINE BANKS OF COLORADO                  | Alpine Banks of Colorado                                                       | CUSIP: 020810AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2118526.41   | 0.46%             | 2035-11-30      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| AMUR EQUIPMENT FIN INC                    | Amur Equipment Finance Inc                                                     | CUSIP: 03237NAD0<br>LEI: UZB5I6J8EKRNMIVXXJ34 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3000000.00   | 0.66%             | 2030-12-31      | Fixed         | 8.25%                 | No            |                  3 | On Loan: No      |
| 1864 BANCORP INC                          | 1864 Bancorp Inc                                                               | CUSIP: 282926AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2248654.10   | 0.49%             | 2036-03-30      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| A10 CAPITAL LLC                           | A10 Capital LLC                                                                | CUSIP: 66982EAA0<br>LEI: 549300RXTK0PSG57BV49 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3927416.04   | 0.86%             | 2026-08-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN COASTAL INSURAN                  | American Coastal Insurance Corp                                                | CUSIP: 910710AA0<br>LEI: 5299002P9105LJQA8G51 | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3679288.77   | 0.81%             | 2027-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORBRIGHT INC                             | Forbright Inc                                                                  | CUSIP: 20727PAE4<br>LEI: 549300F86ZI0BZ1LVN33 | Long             | SN               | CORP              | US        |   2000000 | PA      | $1976987.28   | 0.43%             | 2029-12-01      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| FORBRIGHT INC                             | Forbright Inc                                                                  | CUSIP: 20727PAG9<br>LEI: 549300F86ZI0BZ1LVN33 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $971651.04    | 0.21%             | 2032-01-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| DIME COMMUNITY BANCSHARE                  | Dime Community Bancshares Inc                                                  | CUSIP: 25432X201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     25000 | NS      | $488500.00    | 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      | $1195135.11   | 0.26%             | 2032-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DMMS Purchaser Inc                        | DMMS Purchaser Inc                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1406 | NS      | $2499207.18   | 0.55%             |  |  |  | No            |                  3 | On Loan: No      |
| EAGLE BANCORP INC                         | Eagle Bancorp Inc                                                              | CUSIP: 268948AE6<br>LEI: 549300B47NZODRMG3D47 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2616799.83   | 0.57%             | 2029-09-30      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| EVERBANK FINANCIAL CORP                   | Everbank Financial Corp                                                        | CUSIP: 29977GAC6<br>LEI: 549300ZSQX8IP0RAE826 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5295420.95   | 1.16%             | 2034-09-01      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| EVERBANK FINANCIAL CORP                   | Everbank Financial Corp                                                        | CUSIP: 29977GAE2<br>LEI: 549300ZSQX8IP0RAE826 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2075176.08   | 0.46%             | 2035-09-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| FNB CORP                                  | FNB Corp/PA                                                                    | CUSIP: 302520AD3<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5055876.80   | 1.11%             | 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      | $596225.88    | 0.13%             | 2029-02-14      | Variable      | 6.31%                 | 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      | $4630422.87   | 1.02%             | 2035-08-01      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| FIDELITY FEDERAL BANCORP                  | Fidelity Federal Bancorp                                                       | CUSIP: 315921AJ5<br>LEI: 5493004DRUFQ7MQTK142 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1988976.88   | 0.44%             | 2029-11-01      | Variable      | 8.31%                 | No            |                  2 | On Loan: No      |
| FIDELITY FEDERAL BANCORP                  | Fidelity Federal Bancorp                                                       | CUSIP: 315921AL0<br>LEI: 5493004DRUFQ7MQTK142 | Long             | SN               | CORP              | US        |   1000000 | PA      | $983357.07    | 0.22%             | 2031-03-30      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| FIDELITY FINANCIAL CORP                   | Fidelity Financial Corp                                                        | CUSIP: 316144AC8<br>LEI: 549300MH8LY2P6Y7NV11 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4745005.30   | 1.04%             | 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      | $1032609.21   | 0.23%             | 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        |   1000000 | PA      | $1003947.01   | 0.22%             | 2030-09-06      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| FINANCIAL INSTITUTIONS I                  | Financial Institutions Inc                                                     | CUSIP: 317585AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7600000 | PA      | $7646386.14   | 1.68%             | 2035-12-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| First American Government Obli            | First American Government Obligations Fund                                     | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   7616805 | NS      | $7616804.96   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST BANK/HAMILTON NJ                    | First Bank/Hamilton NJ                                                         | CUSIP: 319137CX1<br>LEI: 549300YS4CB1171BRJ08 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2056090.30   | 0.45%             | 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      | $1034400.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/            | First Citizens BancShares Inc/NC                                               | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       400 | NS      | $793528.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                  | First Citizens BancShares Inc/NC                                               | CUSIP: 31959X400<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EP               | CORP              | US        |     40000 | NS      | $1007600.00   | 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      | $2946585.60   | 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      | $3000200.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                  | First Citizens BancShares Inc/NC                                               | CUSIP: 319626AA5<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $978851.18    | 0.21%             | 2035-09-05      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| FIRST COMMERCE BANCORP                    | First Commerce Bancorp Inc                                                     | CUSIP: 31985RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3005937.21   | 0.66%             | 2035-12-30      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| FIRST FINANCIAL BANCORP                   | First Financial Bancorp                                                        | CUSIP: 320209AC3<br>LEI: 549300D3F5B3EZMY7P77 | Long             | DBT              | CORP              | US        |   4350000 | PA      | $4406937.93   | 0.97%             | 2035-12-01      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| FIRST FOUNDATION INC                      | First Foundation Inc                                                           | CUSIP: 32026VAA2<br>LEI: 254900TQZQ6LBCK77E82 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $940039.34    | 0.21%             | 2032-02-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| FIRST HELP FINANCIAL LLC                  | First Help Financial LLC                                                       | CUSIP: 32050FAA6<br>LEI: 549300N8R7JO1WEZGT69 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1965457.64   | 0.43%             | 2026-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRST HELP FINANCIAL LLC CR SEN SR 144A31 | FIRST HELP FINANCIAL LLC CR SEN SR 144A31                                      | CUSIP: 32050FAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3010936.86   | 0.66%             | 2031-04-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FIRST PARAGOULD BANKSHR                   | First Paragould Bankshares Inc                                                 | CUSIP: 33589WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2224869.39   | 0.49%             | 2027-12-15      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| First United Corp                         | First United Corp                                                              | CUSIP: 33741H107<br>LEI: 549300G54QPXQLB4KN58 | Long             | EC               | CORP              | US        |     16700 | NS      | $620572.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FLAGSTAR BANCORP INC                      | Flagstar Bancorp Inc                                                           | CUSIP: 337930AD3<br>LEI: 549300Q22V2Y3J4R2715 | Long             | DBT              | CORP              | US        |   2375000 | PA      | $2261224.13   | 0.50%             | 2030-11-01      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| FIVE STAR BANCORP                         | Five Star Bancorp                                                              | CUSIP: 33830TAC7<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $974236.44    | 0.21%             | 2032-09-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| FLUSHING FINANCIAL CORP                   | Flushing Financial Corp                                                        | CUSIP: 343873AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1810094.48   | 0.40%             | 2031-12-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| FULTON FINANCIAL CORP                     | Fulton Financial Corp                                                          | CUSIP: 360271308<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EP               | CORP              | US        |     42572 | NS      | $787582.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FULTON FINANCIAL CORP                     | Fulton Financial Corp                                                          | CUSIP: 360271AM2<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2741885.52   | 0.60%             | 2035-03-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| GBANK FIN HOLDINGS INC                    | GBank Financial Holdings Inc                                                   | CUSIP: 36166FAF7<br>LEI: 9845008U7CD30F9F5754 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2967548.61   | 0.65%             | 2036-01-15      | Variable      | 7.25%                 | 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      | $979220.18    | 0.21%             | 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      | $5001963.90   | 1.10%             | 2028-02-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT                  | PennyMac Mortgage Investment Trust                                             | CUSIP: 70931T806<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     37691 | NS      | $963005.05    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PEOPLES FIN SERVICES                      | Peoples Financial Services Corp                                                | CUSIP: 711040AC9<br>LEI: 254900HXI30XMTDCGJ18 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3144008.94   | 0.69%             | 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        |   1250000 | PA      | $1296006.31   | 0.28%             | 2034-12-30      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| PHENIXFIN CORP                            | PhenixFIN Corp                                                                 | CUSIP: 71742W301<br>LEI: 549300JJH1QEB0RKNO53 | Long             | EP               | CORP              | US        |     70000 | NS      | $1694000.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA             | Preferred Bank/Los Angeles CA                                                  | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      8500 | NS      | $805205.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                 | Prosperity Bancshares Inc                                                      | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13900 | NS      | $968135.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PROVIDENT FINANCIAL                       | Provident Financial Services Inc                                               | CUSIP: 74386TAA3<br>LEI: 529900JOSO3SXEDVE477 | Long             | DBT              | CORP              | US        |   4118000 | PA      | $4390852.79   | 0.96%             | 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      | $1271287.19   | 0.28%             | 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        |   1500000 | PA      | $1480110.65   | 0.32%             | 2030-10-15      | Variable      | 9.56%                 | No            |                  2 | On Loan: No      |
| RBB BANCORP                               | RBB Bancorp                                                                    | CUSIP: 74930BAG0<br>LEI: 549300A23FBFZNGET525 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1437745.32   | 0.32%             | 2031-04-01      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| READYCAP HOLDINGS LLC                     | ReadyCap Holdings LLC                                                          | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3886943.08   | 0.85%             | 2028-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP                    | Regions Financial Corp                                                         | CUSIP: 7591EPAV2<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6030156.54   | 1.32%             | 2035-09-06      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| RELIABLE COMMUNITY BANKS                  | Reliable Community Bancshares Inc                                              | CUSIP: 75941FAA8<br>LEI: 549300J2M0CK8MCJZS35 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3950769.96   | 0.87%             | 2036-01-30      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| RENASANT CORP                             | Renasant Corp                                                                  | CUSIP: 75970EAD9<br>LEI: 549300OVE6OZHW2UUH81 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1828941.92   | 0.40%             | 2035-09-15      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| PRIMIS FINANCIAL CORP                     | Primis Financial Corp                                                          | CUSIP: 843395AB0<br>LEI: 549300JNX3M2EENG1F11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1971268.36   | 0.43%             | 2030-09-01      | Variable      | 8.98%                 | No            |                  2 | On Loan: No      |
| PINNACLE BANK TN                          | Pinnacle Bank/Nashville TN                                                     | CUSIP: 87164DXY1<br>LEI: 549300CDOC4F7XSRG390 | Long             | DBT              | CORP              | US        |   5600000 | PA      | $5565998.65   | 1.22%             | 2036-01-15      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| WSFS FINANCIAL CORP                       | WSFS Financial Corp                                                            | CUSIP: 929328AG7<br>LEI: 549300SU7VQHD6QRG886 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3474475.31   | 0.76%             | 2035-12-15      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| WESBANCO INC                              | WesBanco Inc                                                                   | CUSIP: 950810887<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    100000 | NS      | $2572000.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANK                     | Western Alliance Bank                                                          | CUSIP: 95758BCL1<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | DBT              | CORP              | US        |   6100000 | PA      | $6034699.50   | 1.32%             | 2035-11-15      | Variable      | 6.54%                 | No            |                  2 | On Loan: No      |
| WESTERN ALLIANCE BANCORP                  | Western Alliance Bancorp                                                       | CUSIP: 957638AD1<br>LEI: 5493003VJXZ5JXT9S762 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2895000.00   | 0.63%             | 2031-06-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| WESTERN CAPITAL CORP                      | Western Capital Corp                                                           | CUSIP: 95787WAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3057253.86   | 0.67%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WHITE RIVER BANCSHARES                    | White River Bancshares Co                                                      | CUSIP: 96445AAD0<br>LEI: 549300N456FXLMXKBL51 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1973188.68   | 0.43%             | 2036-02-29      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| WINTRUST FINANCIAL CORP                   | Wintrust Financial Corp                                                        | CUSIP: 97650WAG3<br>LEI: Q774KI4AW80FHFW33O61 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4918054.35   | 1.08%             | 2029-06-06      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| REVREPO059452AA0                          | REVREPO059452AA0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2374000 | PA      | $-2374000.00  | -0.52%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO144523AG2                          | REVREPO144523AG2                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -665000 | PA      | $-665000.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO60426PAC8                          | REVREPO60426PAC8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1373000 | PA      | $-1373000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO172967QH7                          | REVREPO172967QH7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1644000 | PA      | $-1644000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO089380AF6                          | REVREPO089380AF6                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2776000 | PA      | $-2776000.00  | -0.61%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO61748UAF9                          | REVREPO61748UAF9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -3678000 | PA      | $-3678000.00  | -0.81%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO14040HDJ1                          | REVREPO14040HDJ1                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1692000 | PA      | $-1692000.00  | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO675234AC2                          | REVREPO675234AC2                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2206000 | PA      | $-2206000.00  | -0.48%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO173167AC1                          | REVREPO173167AC1                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1371000 | PA      | $-1371000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO108621AP8                          | REVREPO108621AP8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2278000 | PA      | $-2278000.00  | -0.50%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO18452FAB7                          | REVREPO18452FAB7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2327000 | PA      | $-2327000.00  | -0.51%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO75970EAD9                          | REVREPO75970EAD9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1024000 | PA      | $-1024000.00  | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| ANNALY CAPITAL MGMT                       | Annaly Capital Management Inc                                                  | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     40000 | NS      | $1038400.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIDBANK HOLDINGS INC                     | Avidbank Holdings Inc                                                          | CUSIP: 05368JAC7<br>LEI: 54930029UJ8M0B84EE44 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5890864.20   | 1.29%             | 2029-12-30      | Variable      | 7.29%                 | No            |                  2 | On Loan: No      |
| AXOS FINANCIAL INC                        | Axos Financial Inc                                                             | CUSIP: 05465CAC4<br>LEI: 529900D8M56422GK9O25 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2060000.00   | 0.45%             | 2035-10-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| BALLSTON SPA BANCORP INC                  | Ballston Spa Bancorp Inc                                                       | CUSIP: 058701AA1<br>LEI: 549300GZP3XCTYS85G65 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3003105.75   | 0.66%             | 2036-04-01      | Variable      | 7.38%                 | 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      | $4825198.95   | 1.06%             | 2027-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Inc                   | Ellington Financial Inc                                                        | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               | CORP              | US        |     15750 | NS      | $208687.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL                       | Ellington Financial Inc                                                        | CUSIP: 28852N307<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     80000 | NS      | $1957600.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY BANCSHARES INC                     | Equity Bancshares Inc                                                          | CUSIP: 29460XAJ8<br>LEI: 549300BPQ2EJNU4WF694 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4102329.80   | 0.90%             | 2035-08-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| FIRST INTERSTATE BANCSYS                  | First Interstate BancSystem Inc                                                | CUSIP: 32055YAB8<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4200000.00   | 0.92%             | 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      | $1019200.00   | 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      | $5193569.20   | 1.14%             | 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      | $985861.71    | 0.22%             | 2031-03-30      | Variable      | 6.69%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE BANK NA                        | South State Bank NA                                                            | CUSIP: 45384BAD8<br>LEI: 8I3UVGYULPJQIP7FQV10 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2122600.00   | 0.47%             | 2034-08-15      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                        | Rithm Capital Corp                                                             | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    200000 | NS      | $5030000.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                        | Rithm Capital Corp                                                             | CUSIP: 64828T805<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     40000 | NS      | $1000000.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES                    | PNC Financial Services Group Inc/The                                           | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1031073.89   | 0.23%             | 2035-01-22      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Pinnacle Financial Partners In            | Pinnacle Financial Partners Inc                                                | CUSIP: 72348N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7000 | NS      | $692580.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Plumas Bancorp                            | Plumas Bancorp                                                                 | CUSIP: 729273102<br>LEI: 549300O5TKTXYTYP4G59 | Long             | EC               | CORP              | US        |     10700 | NS      | $545807.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PREFERRED BANK LA CALIF                   | Preferred Bank/Los Angeles CA                                                  | CUSIP: 740367NL7<br>LEI: 5493007K6HGI9G0ECX16 | Long             | DBT              | CORP              | US        |   4600000 | PA      | $4444113.87   | 0.97%             | 2031-06-15      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| RIVER FINANCIAL CORP                      | River Financial Corp                                                           | CUSIP: 76821PAA9<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $978590.92    | 0.21%             | 2031-03-15      | Variable      | 7.10%                 | No            |                  2 | On Loan: No      |
| SCRE INTERMEDIATE HOLDCO                  | SCRE Intermediate Holdco LLC                                                   | CUSIP: 78434LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1853986.84   | 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        |   4750000 | PA      | $4724833.36   | 1.04%             | 2029-11-15      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| SHORE BANCSHARES INC                      | Shore Bancshares Inc                                                           | CUSIP: 825107AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2110629.95   | 0.46%             | 2035-11-15      | Variable      | 6.25%                 | 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      | $3764979.66   | 0.83%             | 2027-12-01      | Variable      | 7.27%                 | No            |                  2 | On Loan: No      |
| SIMMONS FIRST NTL CORP                    | Simmons First National Corp                                                    | CUSIP: 828730AC5<br>LEI: 549300IVR5AJKUVOGN05 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7553043.60   | 1.66%             | 2035-10-01      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| SMARTFINANCIAL INC                        | SmartFinancial Inc                                                             | CUSIP: 83190LAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5164786.60   | 1.13%             | 2035-09-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE BANK CORP                      | SOUTHSTATE BANK CORP                                                           | CUSIP: 840441AA7<br>LEI: 549300JZUANXM0YQ4W53 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4152206.56   | 0.91%             | 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      | $6000770.64   | 1.32%             | 2026-12-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN FINANCIAL CORP                   | Southern Financial Corp                                                        | CUSIP: 84289RAA4<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1500000 | PA      | $1406073.84   | 0.31%             | 2031-10-20      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| SOUTHSIDE BANCSHARES INC                  | Southside Bancshares Inc                                                       | CUSIP: 84470PAG4<br>LEI: 549300TC83207VQA2K65 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4119066.60   | 0.90%             | 2035-08-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE BANK CORP                      | SOUTHSTATE BANK CORP                                                           | CUSIP: 84472E102<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |      8000 | NS      | $781360.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TRINITAS CAPITAL MGMT                     | Trinitas Capital Management LLC                                                | CUSIP: 89642CAJ9<br>LEI: 254900JU042545A6UD08 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7930000.00   | 1.74%             | 2030-11-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                     | Truist Financial Corp                                                          | CUSIP: 89788MAT9<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6080198.52   | 1.33%             | 2032-08-05      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| TRUSTMARK CORP                            | Trustmark Corp                                                                 | CUSIP: 898402AB8<br>LEI: 5493000HPQ4D2RZ79739 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2561227.92   | 0.56%             | 2035-12-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| UMB Financial Corp                        | UMB Financial Corp                                                             | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      8600 | NS      | $1085062.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| USBC FINANCIAL HOLDINGS                   | USCB Financial Holdings Inc                                                    | CUSIP: 90355NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3998964.08   | 0.88%             | 2035-08-15      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| UNITED COMMUNITY BANK                     | United Community Banks Inc/GA                                                  | CUSIP: 90985FAG1<br>LEI: 549300GVW0FV66X3U703 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3500000.00   | 0.77%             | 2028-01-30      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| UNITED FIDELITY BK FSB                    | United Fidelity Bank FSB                                                       | CUSIP: 910286400<br>LEI: 549300RV3BMT6ES6TO70 | Long             | EP               | CORP              | US        |      1000 | NS      | $500000.00    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| US BANCORP                                | US Bancorp                                                                     | CUSIP: 91159HJT8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2538298.65   | 0.56%             | 2031-02-12      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL INSURANCE HLDS                  | Universal Insurance Holdings Inc                                               | CUSIP: 91359VAC1<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6945677.48   | 1.52%             | 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      | $1266805.55   | 0.28%             | 2032-11-15      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| UNIVEST FINANCIAL CORP                    | Univest Financial Corp                                                         | CUSIP: 915271AG5<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1581244.91   | 0.35%             | 2035-11-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| VALLEY NATIONAL BANCORP                   | Valley National Bancorp                                                        | CUSIP: 919794404<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |     50000 | NS      | $1303000.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| REVREPO23204GAH3                          | REVREPO23204GAH3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1931000 | PA      | $-1931000.00  | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO18469LAE9                          | REVREPO18469LAE9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2665000 | PA      | $-2665000.00  | -0.58%            |  |  |  | No            |                  2 | On Loan: No      |
| VAST HOLDINGS INC                         | Vast Holdings Inc                                                              | CUSIP: 89968RAA1<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1250000 | PA      | $1228947.84   | 0.27%             | 2031-04-15      | Variable      | 7.89%                 | No            |                  2 | On Loan: No      |
| VCT HOLDINGS LLC                          | VCT Holdings LLC                                                               | CUSIP: 91824JAA9<br>LEI: 984500BB606145D14C23 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4943750.00   | 1.08%             | 2026-12-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VERABANK INC                              | VeraBank Inc                                                                   | CUSIP: 92337PAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2083391.24   | 0.46%             | 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      | $2730101.79   | 0.60%             | 2032-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WAFD INC                                  | WaFd Inc                                                                       | CUSIP: 938824307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     25000 | NS      | $411250.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WEBSTER FINANCIAL CORP                    | Webster Financial Corp                                                         | CUSIP: 947890AK5<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4056361.88   | 0.89%             | 2035-09-11      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                     | Wells Fargo & Co                                                               | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3077751.69   | 0.67%             | 2036-04-23      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| BOKF NA                                   | BOKF NA                                                                        | CUSIP: 05572YHP0<br>LEI: FU7RSW4CQQY98A2O7J66 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3666217.32   | 0.80%             | 2040-11-06      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| BRC GROUP HOLDINGS INC                    | BRC Group Holdings Inc                                                         | CUSIP: 05580M793<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     80000 | NS      | $1916800.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BRC GROUP HOLDINGS INC                    | BRC Group Holdings Inc                                                         | CUSIP: 05580M835<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |    120000 | NS      | $2449200.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BRC GROUP HOLDINGS INC                    | BRC Group Holdings Inc                                                         | CUSIP: 05580M850<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     27310 | NS      | $382613.10    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCINDEPENDENT INC                       | BancIndependent Inc                                                            | CUSIP: 059452AA0<br>LEI: 549300UNOFTE8PR7ST03 | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4284292.62   | 0.94%             | 2036-02-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                                           | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6040199.22   | 1.32%             | 2033-07-22      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| BANK OF MARIN                             | Bank of Marin Bancorp                                                          | CUSIP: 063425AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2579617.64   | 0.57%             | 2035-12-01      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                    | Bank of New York Mellon Corp/The                                               | CUSIP: 06406RBW6<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1014188.65   | 0.22%             | 2035-03-14      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| Bank7 Corp                                | Bank7 Corp                                                                     | CUSIP: 06652N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $429400.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPEER FINANCIAL ACA                     | Compeer Financial ACA                                                          | CUSIP: 20453QAC6<br>LEI: 54930020HTACTODKHT04 | Long             | EP               | CORP              | US        |   1000000 | PA      | $1021055.32   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| CONNECTONE BANCORP INC                    | ConnectOne Bancorp Inc                                                         | CUSIP: 20786WAF4<br>LEI: 549300E2M5ZYAZKUK134 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4210000.00   | 0.92%             | 2035-06-01      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE CAPITAL CORP                  | Cornerstone Capital Corp                                                       | CUSIP: 21923NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3982192.96   | 0.87%             | 2036-02-15      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| CUSTOMERS BANCORP INC                     | Customers Bancorp Inc                                                          | CUSIP: 23204GAG5<br>LEI: 549300WLBCHYKZ53FN68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $950613.83    | 0.21%             | 2031-08-15      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| OBSIDIAN INSURANCE HOLD                   | Obsidian Insurance Holdings Inc                                                | CUSIP: 67449JAC0<br>LEI: 254900TY5RP85WWY5T18 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4944361.25   | 1.08%             | 2030-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OCEANFIRST FINANCIAL CP                   | OceanFirst Financial Corp                                                      | CUSIP: 675234AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5250000 | PA      | $5269871.25   | 1.16%             | 2035-11-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| OCONOMOWOC BANCSHARES                     | Oconomowoc Bancshares Inc                                                      | CUSIP: 675626AD7<br>LEI: 549300SH0NBQFD15MD48 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4151890.32   | 0.91%             | 2035-09-01      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| OAKSTARS BANCSHARES INC                   | Oakstar Bancshares Inc                                                         | CUSIP: 67630PAB7<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $981743.15    | 0.22%             | 2031-04-15      | Variable      | 7.20%                 | 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      | $552900.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TECTONIC FINANCIAL INC                    | Tectonic Financial Inc                                                         | CUSIP: 87877QAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2986901.37   | 0.65%             | 2036-02-15      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                  | Texas Capital Bancshares Inc                                                   | CUSIP: 88224QAC1<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3274078.37   | 0.72%             | 2032-02-27      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| TEXAS STATE BNKSHRS INC                   | Texas State Bankshares Inc                                                     | CUSIP: 882727AA8<br>LEI: 549300KSLUE7MP08XL09 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4001647.80   | 0.88%             | 2029-06-15      | Variable      | 7.49%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                          | Zions Bancorp NA                                                               | CUSIP: 98971DAB6<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1863104.50   | 0.41%             | 2029-10-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REVREPO84470PAG4                          | REVREPO84470PAG4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1687000 | PA      | $-1687000.00  | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO828730AC5                          | REVREPO828730AC5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -3037000 | PA      | $-3037000.00  | -0.67%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO95787WAA6                          | REVREPO95787WAA6                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1643000 | PA      | $-1643000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO82809FAA5                          | REVREPO82809FAA5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2068000 | PA      | $-2068000.00  | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO90355NAC5                          | REVREPO90355NAC5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2200000 | PA      | $-2200000.00  | -0.48%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO84046SAF5                          | REVREPO84046SAF5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -3292000 | PA      | $-3292000.00  | -0.72%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO60040RAE6                          | REVREPO60040RAE6                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2749000 | PA      | $-2749000.00  | -0.60%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO87877QAA7                          | REVREPO87877QAA7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1642000 | PA      | $-1642000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO843395AB0                          | REVREPO843395AB0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1096000 | PA      | $-1096000.00  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO453836AJ7                          | REVREPO453836AJ7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1755000 | PA      | $-1755000.00  | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO84470PAG4                          | REVREPO84470PAG4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -560000 | PA      | $-560000.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO519617AA2                          | REVREPO519617AA2                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1687000 | PA      | $-1687000.00  | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO83190LAF6                          | REVREPO83190LAF6                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1673000 | PA      | $-1673000.00  | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO89642CAJ9                          | REVREPO89642CAJ9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -4400000 | PA      | $-4400000.00  | -0.96%            |  |  |  | No            |                  2 | On Loan: No      |
| M&T Bank Corp                             | M&T Bank Corp                                                                  | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      5400 | NS      | $1180602.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION                      | M&T Bank Corp                                                                  | CUSIP: 55261F849<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |     40000 | NS      | $1002800.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION                      | M&T Bank Corp                                                                  | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6395872.38   | 1.40%             | 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      | $1982116.18   | 0.43%             | 2031-02-15      | Variable      | 8.33%                 | No            |                  2 | On Loan: No      |
| REVREPO32119CAA2                          | REVREPO32119CAA2                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2870000 | PA      | $-2870000.00  | -0.63%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO36166FAF7                          | REVREPO36166FAF7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1632000 | PA      | $-1632000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO302520AD3                          | REVREPO302520AD3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2770000 | PA      | $-2770000.00  | -0.61%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO29977GAC6                          | REVREPO29977GAC6                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2928000 | PA      | $-2928000.00  | -0.64%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO31985RAA2                          | REVREPO31985RAA2                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1657000 | PA      | $-1657000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO446150BD5                          | REVREPO446150BD5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -3397000 | PA      | $-3397000.00  | -0.74%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO410710AC1                          | REVREPO410710AC1                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1646000 | PA      | $-1646000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO316773DL1                          | REVREPO316773DL1                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -569000 | PA      | $-569000.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO43789TAB9                          | REVREPO43789TAB9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -553000 | PA      | $-553000.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| BCB BANCORP INC                           | BCB Bancorp Inc                                                                | CUSIP: 055298AE3<br>LEI: 54930024V6Z8FYSN4291 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3245050.89   | 0.71%             | 2034-09-01      | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| BANC OF CALIFORNIA INC                    | Banc of California Inc                                                         | CUSIP: 05990KAD8<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | DBT              | CORP              | US        |   1425000 | PA      | $1419532.12   | 0.31%             | 2030-10-30      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| BANKGUAM HOLDING CO                       | BankGuam Holding Co                                                            | CUSIP: 06644AAA4<br>LEI: 549300UZSAYMXQIF8W75 | Long             | SN               | CORP              | GU        |   3000000 | PA      | $2979667.80   | 0.65%             | 2029-06-30      | Variable      | 8.60%                 | No            |                  2 | On Loan: No      |
| BANKGUAM HOLDING CO                       | BankGuam Holding Co                                                            | CUSIP: 06644AAB2<br>LEI: 549300UZSAYMXQIF8W75 | Long             | SN               | CORP              | GU        |   3000000 | PA      | $2922897.27   | 0.64%             | 2031-07-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| BANKSOUTH HOLDING CO                      | Banksouth Holding Co                                                           | CUSIP: 06654GAC4<br>LEI: 549300GRHKUMUEGB7822 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2570835.64   | 0.56%             | 2029-07-30      | Variable      | 7.95%                 | No            |                  2 | On Loan: No      |
| BANTERRA BANK                             | Banterra Bank                                                                  | CUSIP: 06682YAB3<br>LEI: 549300NGCDNC9174EF79 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7402600.05   | 1.62%             | 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      | $1245002.23   | 0.27%             | 2032-09-30      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| BAR HARBOR BANKSHARES                     | Bar Harbor Bankshares                                                          | CUSIP: 066849AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2977011.27   | 0.65%             | 2029-12-01      | Variable      | 6.94%                 | No            |                  2 | On Loan: No      |
| BAYFIRST FINANCIAL CORP                   | Bayfirst Financial Corp                                                        | CUSIP: 07279BAA2<br>LEI: 549300EG3HIQSTDIRQ72 | Long             | SN               | CORP              | US        |   1022500 | PA      | $985405.44    | 0.22%             | 2031-06-30      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| BEACON FINANCIAL CORP                     | Beacon Financial Corp                                                          | CUSIP: 084680AB3<br>LEI: 549300AS2OC6UMMBNO37 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1451091.96   | 0.32%             | 2032-07-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| BIG POPPY HOLDINGS INC                    | Big Poppy Holdings Inc                                                         | CUSIP: 089380AF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5048674.50   | 1.11%             | 2036-03-20      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| BRIDGEWATER BANCSHARES                    | Bridgewater Bancshares Inc                                                     | CUSIP: 108621AP8<br>LEI: 5493001FLSBTVILKXZ71 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4152043.32   | 0.91%             | 2035-06-30      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| CB&T HOLDING CORP                         | CB&T Holding Corp                                                              | CUSIP: 124782AC7<br>LEI: 549300QX35T737FJFZ97 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4998875.00   | 1.10%             | 2030-12-15      | Variable      | 9.70%                 | No            |                  2 | On Loan: No      |
| CB FINANCIAL SERVICES                     | CB Financial Services Inc                                                      | CUSIP: 12479GAA9<br>LEI: 549300JEGYKCDOBSG664 | Long             | SN               | CORP              | US        |   5500000 | PA      | $5169308.82   | 1.13%             | 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        |   3000000 | PA      | $3056876.07   | 0.67%             | 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      | $1513864.26   | 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      | $4863617.95   | 1.07%             | 2029-06-30      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| CHEMUNG FINANCIAL CORP                    | Chemung Financial Corp                                                         | CUSIP: 164024AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2085970.92   | 0.46%             | 2035-06-15      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                             | Citigroup Inc                                                                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     11000 | NS      | $1407780.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                                                  | CUSIP: 172967QH7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2973392.25   | 0.65%             | 2036-09-11      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| CITIZENS BANCSHARES INC                   | Citizens Bancshares of Batesville Inc                                          | CUSIP: 173167AC1<br>LEI: 549300S4QELDLIZXPE82 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2486582.83   | 0.55%             | 2035-10-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| CITIZENS COMM BANC WI                     | Citizens Community Bancorp Inc/WI                                              | CUSIP: 174903AD6<br>LEI: 549300VKLJAF4WABEF16 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1421882.84   | 0.31%             | 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      | $9487075.00   | 2.08%             | 2028-12-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CLEAR STREET HOLDINGS                     | Clear Street Holdings LLC                                                      | CUSIP: 18469LAC3<br>LEI: 254900NQWA30C6L3G919 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3934523.32   | 0.86%             | 2029-10-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CLEAR STREET HOLDINGS                     | Clear Street Holdings LLC                                                      | CUSIP: 18469LAE9<br>LEI: 254900NQWA30C6L3G919 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4866756.00   | 1.07%             | 2030-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CLIMATE FIRST BANC INC                    | Climate First Bancorp Inc                                                      | CUSIP: 18717AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3973318.68   | 0.87%             | 2035-11-01      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| COLONY BANKCORP INC                       | Colony Bankcorp Inc                                                            | CUSIP: 19623PAA9<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $922985.19    | 0.20%             | 2032-05-20      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbia Banking System Inc               | Columbia Banking System Inc                                                    | CUSIP: 197236102<br>LEI: 254900CTRJTQZ3BJ2V17 | Long             | EC               | CORP              | US        |     25000 | NS      | $740000.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL CREDIT INC                     | Commercial Credit Inc                                                          | CUSIP: 201616AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2467504.28   | 0.54%             | 2030-08-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CUSTOMERS BANCORP INC                     | Customers Bancorp Inc                                                          | CUSIP: 23204GAH3<br>LEI: 549300WLBCHYKZ53FN68 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3516838.26   | 0.77%             | 2036-01-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| DICKINSON FINANCIAL CORP                  | Dickinson Financial Corp                                                       | CUSIP: 25323LAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3091424.25   | 0.68%             | 2035-11-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE BANK                         | Golden State Bank                                                              | CUSIP: 38120HAA5<br>LEI: 2549008ZKY1Y3OCP3E23 | Long             | SN               | CORP              | US        |   1000000 | PA      | $897233.59    | 0.20%             | 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      | $2091506.00   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| GREEN DOT CORP                            | Green Dot Corp                                                                 | CUSIP: 39304DAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2200000.00   | 0.48%             | 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      | $601250.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HANMI FINANCIAL CORP                      | Hanmi Financial Corp                                                           | CUSIP: 410495AB1<br>LEI: 549300MSZ7RCG7EA6587 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3362299.15   | 0.74%             | 2031-09-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| HANOVER BANCORP INC                       | Hanover Bancorp Inc                                                            | CUSIP: 410710AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3009957.69   | 0.66%             | 2036-03-15      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| HILLTOP HOLDINGS INC                      | Hilltop Holdings Inc                                                           | CUSIP: 432748AE1<br>LEI: 54930010TA543US0PM65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243958.00    | 0.05%             | 2035-05-15      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| MECHANICS BANCORP                         | Mechanics Bancorp                                                              | CUSIP: 43785VAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2740673.79   | 0.60%             | 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      | $2024352.12   | 0.44%             | 2027-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HORIZON BANCORP                           | Horizon Bancorp Inc/IN                                                         | CUSIP: 440407AE4<br>LEI: 549300U2OQ2EIT5MXG39 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2042844.24   | 0.45%             | 2035-09-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                     | Huntington Bancshares Inc/OH                                                   | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6142342.74   | 1.35%             | 2035-02-02      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| INDEPENDENT BANK CORP                     | Independent Bank Corp                                                          | CUSIP: 453836AJ7<br>LEI: 549300C5K3W8THR3GE10 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3202559.64   | 0.70%             | 2035-04-01      | Variable      | 7.25%                 | 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      | $1680000.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                                            | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4291419.48   | 0.94%             | 2034-10-23      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                   | KeyCorp                                                                        | CUSIP: 493267AK4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |    300000 | PA      | $297509.04    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| KEYCORP                                   | KeyCorp                                                                        | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4254494.80   | 0.93%             | 2035-03-06      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| Kingstone Cos Inc                         | Kingstone Cos Inc                                                              | CUSIP: 496719105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75253 | NS      | $1254467.51   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| LAWRENCE BANCSHARES INC                   | Lawrence Bancshares Inc                                                        | CUSIP: 519617AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3069204.48   | 0.67%             | 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      | $794800.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCOMA MUTUAL FIN SERV                   | Mascoma Mutual Financial Services Corp                                         | CUSIP: 57461LAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2021022.84   | 0.44%             | 2035-09-15      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| MERCANTILE BANK CORP                      | Mercantile Bank Corp                                                           | CUSIP: 587376AE4<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1419863.49   | 0.31%             | 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      | $3992536.00   | 0.88%             | 2029-12-30      | Variable      | 7.64%                 | No            |                  2 | On Loan: No      |
| MIDWEST BANKCENTRE MO                     | Midwest Bankcentre Inc                                                         | CUSIP: 598281AJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1992892.08   | 0.44%             | 2035-10-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM CONS HOLDINGS                  | Millennium Consolidated Holdings LLC                                           | CUSIP: 60040RAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5038397.90   | 1.10%             | 2030-03-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MINNWEST CORP                             | Minnwest Corp                                                                  | CUSIP: 60426PAC8<br>LEI: 549300T5O0HCNHK4PS46 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2531978.53   | 0.56%             | 2035-09-01      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                                                 | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6665585.94   | 1.46%             | 2036-01-18      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| NANO FINANCIAL HOLD                       | Nano Financial Holdings Inc                                                    | CUSIP: 63010MAB3<br>LEI: 5493006Q0M80QTFE3H77 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $2500000.00   | 0.55%             | 2026-07-01      | Fixed         | 13.00%                | No            |                  3 | On Loan: No      |
| NEWTEKONE INC                             | NewtekOne Inc                                                                  | CUSIP: 652526AC8<br>LEI: 549300YLU78IA8GKJ688 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2261129.63   | 0.50%             | 2027-02-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NEWTEKONE INC                             | NewtekOne Inc                                                                  | CUSIP: 652526AE4<br>LEI: 549300YLU78IA8GKJ688 | Long             | DBT              | CORP              | US        |    750000 | PA      | $740561.14    | 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      | $1899166.30   | 0.42%             | 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      | $1425727.29   | 0.31%             | 2032-07-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| NORTHPOINTE BANCSHARES I                  | Northpointe Bancshares Inc                                                     | CUSIP: 66661NAG5<br>LEI: 549300EYMKMD4WKEKP72 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1270684.32   | 0.28%             | 2034-09-01      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| NORTHPOINTE BANCSHARES I                  | Northpointe Bancshares Inc                                                     | CUSIP: 66661NAJ9<br>LEI: 549300EYMKMD4WKEKP72 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3961610.44   | 0.87%             | 2035-12-15      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| NORTHRIM BANCORP INC                      | Northrim BanCorp Inc                                                           | CUSIP: 666762AE9<br>LEI: 5493006X7RLLTZ3SG075 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3651486.41   | 0.80%             | 2035-12-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| NORTHWEST BANCSHARES INC                  | Northwest Bancshares Inc                                                       | CUSIP: 667339AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999381.52    | 0.22%             | 2030-09-15      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| OLD NATL BANCORP                          | Old National Bancorp/IN                                                        | CUSIP: 68003DAA3<br>LEI: 549300MMK90CL5KMVX16 | Long             | DBT              | CORP              | US        |   4800000 | PA      | $4793571.02   | 1.05%             | 2036-02-15      | Variable      | 5.77%                 | 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      | $985985.47    | 0.22%             | 2031-03-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| PCAP HOLDINGS LP                          | PCAP Holdings LP                                                               | CUSIP: 69320NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $0.00         | 0.00%             | 2028-07-15      | None          | 6.50%                 | No            |                  3 | On Loan: No      |
| BANC OF CALIFORNIA                        | Banc of California                                                             | CUSIP: 69506YSC4<br>LEI: 549300A7DTSCJLJ33451 | Long             | SN               | CORP              | US        |    800000 | PA      | $800000.00    | 0.18%             | 2031-05-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Patriot National Bancorp Inc              | Patriot National Bancorp Inc                                                   | CUSIP: 70336F203<br>LEI: 549300T1270P6QIGPD23 | Long             | EC               | CORP              | US        |   3166259 | NS      | $3878667.28   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT BANCORP INC                           | NBT Bancorp Inc                                                                | CUSIP: 795226AD1<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $983360.81    | 0.22%             | 2031-03-31      | Variable      | 6.49%                 | 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      | $1848324.80   | 0.41%             | 2031-12-01      | Variable      | 3.25%                 | 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      | $5000699.00   | 1.10%             | 2026-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BAYFIRST FIN CLASS D PREF                 | BAYFIRST FIN CLASS D PREF                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       100 | NS      | $1000000.00   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BIG POPPY HOLDIN                          | BIG POPPY HOLDIN                                                               | CUSIP: PPEB0G5N9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3430000.00   | 0.75%             | 2027-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-26

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

**Signature:** /s/ Michael Colombo

**Name of Signer:** Michael Colombo

**Title:** Secretary