# EDGAR Filing Document

**Accession Number:** 0001745059
**File Stem:** 0001145549-25-044407
**Filing Date:** 2025-6
**Character Count:** 132128
**Document Hash:** 7a1c4a3d77817c6678bc2ccb624b6fa5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-044407.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001145549-25-044407

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20260131

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23358
- **FILM NUMBER:** 251086773

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

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

## 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, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **CORPORATE OBLIGATIONS - 120.6%** | **Par** | **Value** |
| **Consumer, Non-cyclical - 0.6%** | **Consumer, Non-cyclical - 0.6%** | **Consumer, Non-cyclical - 0.6%** |
|  Green Dot Corp., 8.75%, 09/15/2029 <sup>(a)(b)</sup> | $2000000 | $2044398 |
| **Financial - 120.0%<sup>(c)</sup>** | **Financial - 120.0%<sup>(c)</sup>** | **Financial - 120.0%<sup>(c)</sup>** |
|  A10 Capital LLC, 5.88%, 08/17/2026 <sup>(a)</sup> | 4000000 | 3911153 |
|  Alpine Banks of Colorado, 5.88% to 06/15/2025 then 3 mo. Term SOFR + 5.69%, 06/15/2030 <sup>(a)</sup> | 4000000 | 3942471 |
|  American Coastal Insurance Corp., 7.25%, 12/15/2027 | 3670000 | 3468150 |
|  Ameris Bank, 5.88% to 06/01/2025 then 3 mo. Term SOFR + 3.89%, 05/31/2030 <sup>(b)</sup> | 4000000 | 3958499 |
|  Amur Equipment Finance, Inc., 6.13%, 03/15/2026 <sup>(a)</sup> | 1500000 | 1496373 |
|  ANB Corp., 4.00% to 09/30/2025 then 3 mo. Term SOFR + 3.88%, 09/30/2030 <sup>(a)</sup> | 2500000 | 2466245 |
|  Arbor Realty SR, Inc., 7.75%, 03/30/2026 <sup>(a)</sup> | 3000000 | 2974768 |
|  Arbor Realty Trust, Inc., 5.00%, 04/30/2026 | 2000000 | 1930630 |
|  Avidbank Holdings, Inc., 7.89% (3 mo. Term SOFR + 3.60%), 12/30/2029 <sup>(a)</sup> | 6000000 | 5849738 |
| B Riley Financial, Inc. | B Riley Financial, Inc. | B Riley Financial, Inc. |
| &nbsp;&nbsp; 5.50%, 03/31/2026<sup>(d)</sup> | 437325 | 244027 |
| &nbsp;&nbsp; 5.00%, 12/31/2026<sup>(d)</sup> | 2000000 | 762400 |
| &nbsp;&nbsp; 6.00%, 01/31/2028<sup>(d)</sup> | 3000000 | 835200 |
|  Banc of California, Inc., 4.38% to 10/30/2025 then 3 mo. Term SOFR + 4.20%, 10/30/2030 | 1425000 | 1397056 |
|  Bancorp Bank, 4.75%, 08/15/2025 <sup>(b)</sup> | 1500000 | 1492463 |
|  BancPlus Corp., 6.00% to 06/15/2025 then 3 mo. Term SOFR + 5.86%, 06/15/2030 <sup>(a)</sup> | 5000000 | 4924694 |
|  Bank of America Corp., 5.87% to 09/15/2033 then SOFR + 1.84%, 09/15/2034 | 1500000 | 1563542 |
|  Bank of New York Mellon Corp., 5.19% to 03/14/2034 then SOFR + 1.42%, 03/14/2035 | 2000000 | 2022539 |
| BankGuam Holding Co. | BankGuam Holding Co. | BankGuam Holding Co. |
| &nbsp;&nbsp; 6.35% to 05/15/2024 then 3 mo. LIBOR US + 4.66%, 06/30/2029 <sup>(e)</sup> | 9000000 | 8969669 |
| &nbsp;&nbsp; 4.75% to 07/01/2026 then 3 mo. Term SOFR + 4.13%, 07/01/2031 <sup>(a)</sup> | 3000000 | 2733128 |
|  Banksouth Holding Co., 8.56% (3 mo. Term SOFR + 4.28%), 07/30/2029 <sup>(a)</sup> | 2600000 | 2557884 |
|  Banterra Bank, 8.97% (3 mo. LIBOR US + 4.12%), 06/07/2029 <sup>(e)</sup> | 7500000 | 7326884 |
|  Banterra Corp., 8.00% to 06/30/2027 then 3 mo. Term SOFR + 3.85%, 09/30/2032 <sup>(a)</sup> | 1250000 | 1225410 |
|  Bar Harbor Bankshares, 7.59% (3 mo. Term SOFR + 3.27%), 12/01/2029 | 3000000 | 2971915 |
|  BayCom Corp., 5.25% to 09/15/2025 then 3 mo. Term SOFR + 5.21%, 09/15/2030 | 3598000 | 3642137 |
|  Bayfirst Financial Corp., 4.50% to 06/30/2026 then SOFR + 3.78%, 06/30/2031 <sup>(a)</sup> | 1000000 | 917920 |
|  BCB Bancorp, Inc., 9.25% to 09/01/2029 then 3 mo. Term SOFR + 5.82%, 09/01/2034 | 3000000 | 3232082 |
|  Berkshire Hills Bancorp, Inc., 5.50% to 07/01/2027 then 3 mo. Term SOFR + 2.49%, 07/01/2032 | 1500000 | 1334392 |
|  Big Poppy Holdings, 6.50%, 07/01/2027 | 3500000 | 3115000 |
|  Burke & Herbert Financial Services Corp., 3.25% to 12/01/2026 then 3 mo. Term SOFR + 2.30%, 12/01/2031 | 2000000 | 1778680 |
|  Byline Bancorp, Inc., 6.00% to 07/01/2025 then 3 mo. Term SOFR + 5.88%, 07/01/2030 <sup>(b)</sup> | 6000000 | 6058128 |
|  Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 | 1000000 | 987942 |
|  Carrington Holding Co. LLC, 9.75%, 05/15/2031 <sup>(a)(b)</sup> | 1500000 | 1490642 |
|  CB Financial Services, Inc., 3.88% to 12/15/2026 then 3 mo. Term SOFR + 2.80%, 12/15/2031 <sup>(a)</sup> | 5500000 | 4764819 |
|  CB&T Holding Corp., 6.25% to 12/15/2025 then 3 mo. Term SOFR + 6.02%, 12/15/2030 <sup>(a)</sup> | 5000000 | 5182797 |
|  Central Bancshares, Inc., 8.43% (3 mo. Term SOFR + 4.13%), 06/30/2029 <sup>(a)</sup> | 5000000 | 4829625 |
|  Central Pacific Financial Corp., 4.75% to 11/01/2025 then 3 mo. Term SOFR + 4.56%, 11/01/2030 | 1000000 | 986629 |
| Citizens Community Bancorp, Inc. | Citizens Community Bancorp, Inc. | Citizens Community Bancorp, Inc. |
| &nbsp;&nbsp; 6.00% to 09/01/2025 then 3 mo. Term SOFR + 5.91%, 09/01/2030 <sup>(a)</sup> | 2000000 | 1912959 |
| &nbsp;&nbsp; 4.75% to 04/01/2027 then 3 mo. Term SOFR + 3.29%, 04/01/2032 <sup>(a)</sup> | 1500000 | 1352192 |
|  Clear Blue Financial Holdings LLC, 5.38%, 12/30/2028 <sup>(a)(b)</sup> | 10000000 | 9368590 |
| Clear Street Holdings LLC | Clear Street Holdings LLC | Clear Street Holdings LLC |
| &nbsp;&nbsp; 6.00%, 10/15/2025 <sup>(a)(b)</sup> | 5000000 | 4943750 |
| &nbsp;&nbsp; 8.25%, 10/30/2029 <sup>(a)</sup> | 4000000 | 4070686 |
|  CoastalSouth Bancshares, Inc., 5.95% to 09/15/2025 then 3 mo. Term SOFR + 5.82%, 09/15/2030 <sup>(a)</sup> | 2000000 | 1906406 |
|  Colony Bankcorp, Inc., 5.25% to 05/20/2027 then 3 mo. Term SOFR + 2.65%, 05/20/2032 <sup>(a)</sup> | 1000000 | 871276 |
|  Columbia Banking System, Inc., 9.84% (3 mo. Term SOFR + 5.52%), 12/10/2025 <sup>(a)</sup> | 6500000 | 6454039 |
|  Commercial Credit Group, Inc., 4.88%, 05/30/2026 <sup>(a)</sup> | 1500000 | 1457738 |
|  ConnectOne Bancorp, Inc., 5.75% to 06/15/2025 then 3 mo. Term SOFR + 5.61%, 06/15/2030 | 2500000 | 2475044 |
|  CRB Group, Inc., 6.50% to 09/01/2025 then 3 mo. Term SOFR + 6.38%, 09/01/2030 <sup>(a)(b)</sup> | 2000000 | 1978536 |
|  Customers Bancorp, Inc., 2.88% to 08/15/2026 then 3 mo. Term SOFR + 2.35%, 08/15/2031 | 1000000 | 876122 |
|  Customers Bank, 8.00% (3 mo. Term SOFR + 3.70%), 06/26/2029 <sup>(a)(b)</sup> | 4500000 | 4477205 |
|  Dime Community Bancshares, Inc., 5.00% to 05/15/2027 then 3 mo. Term SOFR + 2.18%, 05/15/2032 | 1250000 | 1083790 |
|  Eagle Bancorp, Inc., 10.00%, 09/30/2029 | 2500000 | 2586008 |
|  EF Holdco / EF Cayman Hold / Ellington Fin REIT, 5.88%, 04/01/2027 <sup>(a)(b)</sup> | 5000000 | 4843959 |
|  Enterprise Bancorp, Inc., 5.25% to 07/15/2025 then 3 mo. Term SOFR + 5.18%, 07/15/2030 | 3500000 | 3434773 |
|  Equity Bancshares, Inc., 7.00% to 06/30/2025 then 3 mo. Term SOFR + 6.88%, 06/30/2030 <sup>(b)</sup> | 9000000 | 9033999 |
|  Evans Bancorp, Inc., 6.00% to 07/15/2025 then SOFR + 5.90%, 07/15/2030 <sup>(b)</sup> | 4000000 | 3847594 |
|  EverBank Financial Corp., 8.38% to 03/01/2030 then 3 mo. Term SOFR + 5.02%, 09/01/2034 <sup>(a)</sup> | 5000000 | 5140999 |
|  FedNat Holding Co., 7.75%, 03/15/2029 <sup>(f)(g)</sup> | 7000000 | 420000 |
| Fidelity Federal Bancorp | Fidelity Federal Bancorp | Fidelity Federal Bancorp |
| &nbsp;&nbsp; 8.91% (3 mo. Term SOFR + 4.65%), 11/01/2029 <sup>(a)(b)</sup> | 2000000 | 1986265 |
| &nbsp;&nbsp; 4.50% to 03/30/2026 then 3 mo. Term SOFR + 3.84%, 03/30/2031 <sup>(a)</sup> | 1000000 | 942303 |
|  Fidelity Financial Corp., 5.00% to 04/30/2027 then 3 mo. Term SOFR + 2.47%, 04/30/2032 <sup>(a)</sup> | 5000000 | 4586460 |
|  Fifth Third Bancorp, 5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032 <sup>(b)</sup> | 1000000 | 1024760 |
|  Financial Institutions, Inc., 4.38% to 10/15/2025 then 3 mo. Term SOFR + 4.27%, 10/15/2030 | 3000000 | 2930887 |
|  FineMark Holdings, Inc., 7.53% (3 mo. Term SOFR + 3.23%), 06/30/2028 | 1000000 | 947165 |
|  First Bancshares, Inc., 4.25% to 10/01/2025 then 3 mo. Term SOFR + 4.13%, 10/01/2030 | 1000000 | 984249 |
|  First Bank, 5.50% to 06/01/2025 then 3 mo. Term SOFR + 5.38%, 06/01/2030 | 1500000 | 1473767 |
|  First Citizens BancShares, Inc., 6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, 03/12/2040 | 3000000 | 2867642 |
|  First Help Financial LLC, 6.00%, 11/15/2026 <sup>(a)</sup> | 5000000 | 4824363 |
|  First Northwest Bancorp, 3.75% to 03/30/2026 then 3 mo. Term SOFR + 3.00%, 03/30/2031 | 1000000 | 811576 |
|  First Paragould Bankshares, Inc., 7.66% (3 mo. Term SOFR + 3.36%), 12/15/2027 <sup>(a)</sup> | 2250000 | 2207669 |
|  FirstBank, 4.50% to 09/01/2025 then 3 mo. Term SOFR + 4.39%, 09/01/2030 <sup>(b)</sup> | 3500000 | 3417004 |
|  Firstsun Capital Bancorp, 6.00% to 07/01/2025 then 3 mo. Term SOFR + 5.89%, 07/01/2030 <sup>(a)(b)</sup> | 5500000 | 5468976 |
|  Five Star Bancorp, 6.00% to 09/01/2027 then SOFR + 3.29%, 09/01/2032 <sup>(a)</sup> | 1000000 | 946821 |
|  Flagstar Bancorp, Inc., 4.13% to 11/01/2025 then 3 mo. Term SOFR + 3.91%, 11/01/2030 | 2375000 | 2183765 |
|  Flushing Financial Corp., 3.13% to 12/01/2026 then 3 mo. Term SOFR + 2.04%, 12/01/2031 | 2000000 | 1576254 |
|  FNB Corp., 6.98% (3 mo. Term SOFR + 2.66%), 02/14/2029 | 600000 | 590556 |
|  Forbright, Inc., 8.71% (3 mo. Term SOFR + 4.39%), 12/01/2029 <sup>(a)</sup> | 2000000 | 1954947 |
|  Georgia Banking Co., Inc., 4.13% to 06/15/2026 then 3 mo. Term SOFR + 3.40%, 06/15/2031 <sup>(a)</sup> | 1000000 | 916543 |
|  Golden Pear Funding HoldCo LLC, 6.38%, 12/22/2026 | 5000000 | 4840173 |
|  Golden State Bank, 4.50% to 12/15/2026 then 3 mo. Term SOFR + 3.35%, 12/15/2031 <sup>(a)</sup> | 1000000 | 875010 |
|  Hallmark Financial Services, Inc., 6.25%, 08/15/2029 <sup>(f)</sup> | 9182000 | 1836400 |
|  Hanmi Financial Corp., 3.75% to 09/01/2026 then 3 mo. Term SOFR + 3.10%, 09/01/2031 | 3500000 | 3250030 |
|  HBT Financial, Inc., 4.50% to 09/15/2025 then 3 mo. Term SOFR + 4.37%, 09/15/2030 <sup>(a)</sup> | 3000000 | 2834186 |
|  Hilltop Holdings, Inc., 6.13% to 05/15/2030 then 3 mo. Term SOFR + 5.80%, 05/15/2035 | 250000 | 226340 |
|  Home BancShares, Inc., 5.50% to 07/31/2025 then 3 mo. Term SOFR + 5.35%, 07/31/2030 <sup>(a)</sup> | 1500000 | 1465841 |
|  HomeStreet, Inc., 3.50% to 01/30/2027 then 3 mo. Term SOFR + 2.15%, 01/30/2032 | 3000000 | 2249392 |
|  Hometown Financial Group, Inc., 8.75%, 03/15/2027 <sup>(a)(b)</sup> | 2000000 | 2030681 |
| Independent Bank Corp. | Independent Bank Corp. | Independent Bank Corp. |
| &nbsp;&nbsp; 5.95% to 05/31/2025 then 3 mo. Term SOFR + 5.83%, 05/31/2030 <sup>(a)</sup> | 1000000 | 989887 |
| &nbsp;&nbsp; 7.25% to 04/01/2030 then 3 mo. Term SOFR + 3.53%, 04/01/2035 <sup>(b)</sup> | 3000000 | 3011092 |
| Independent Bank Group, Inc. | Independent Bank Group, Inc. | Independent Bank Group, Inc. |
| &nbsp;&nbsp; 4.00% to 09/15/2025 then 3 mo. Term SOFR + 3.89%, 09/15/2030 | 1000000 | 983117 |
| &nbsp;&nbsp; 8.38% to 08/15/2029 then 3 mo. Term SOFR + 4.61%, 08/15/2034 | 2000000 | 2026214 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp; 6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034 | 2000000 | 2148749 |
| &nbsp;&nbsp; 5.29% to 07/22/2034 then SOFR + 1.46%, 07/22/2035 <sup>(b)</sup> | 2000000 | 2003971 |
|  Maple Financial Holdings, Inc., 5.00% to 02/15/2026 then 3 mo. Term SOFR + 4.67%, 02/15/2031 <sup>(a)</sup> | 2000000 | 1942744 |
|  Marble Point Loan Financing Ltd. / MPLF Funding I LLC, 7.50%, 11/16/2025 <sup>(a)(b)</sup> | 1500000 | 1486875 |
|  Mercantile Bank Corp., 3.25% to 01/30/2027 then 3 mo. Term SOFR + 2.12%, 01/30/2032 | 1500000 | 1385027 |
|  Meridian Corp., 8.25% (3 mo. Term SOFR + 3.95%), 12/30/2029 <sup>(b)</sup> | 4000000 | 3934954 |
|  MidWestOne Financial Group, Inc., 5.75% to 07/30/2025 then 3 mo. Term SOFR + 5.68%, 07/30/2030 <sup>(b)</sup> | 5000000 | 4871719 |
|  Millennium Consolidated Holdings LLC, 8.38%, 03/01/2030 <sup>(a)</sup> | 5000000 | 4986865 |
|  MS Transverse Insurance Group LLC, 6.00%, 12/15/2026 <sup>(a)</sup> | 5000000 | 4909021 |
|  Nano Financial Holdings, Inc., 13.00%, 07/01/2026 <sup>(a)(b)</sup> | 5000000 | 5111225 |
|  NBT Bancorp, Inc., 3.50% to 03/31/2026 then SOFR + 2.80%, 03/31/2031 | 1000000 | 911624 |
| NewtekOne, Inc. | NewtekOne, Inc. | NewtekOne, Inc. |
| &nbsp;&nbsp; 8.13%, 02/01/2027 <sup>(a)</sup> | 2250000 | 2264007 |
| &nbsp;&nbsp; 8.38%, 04/01/2030 <sup>(a)</sup> | 750000 | 750674 |
| 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 | 1846156 |
| &nbsp;&nbsp; 6.00%, 07/15/2032 <sup>(a)</sup> | 1500000 | 1419317 |
|  Northpointe Bancshares, Inc., 9.00% to 09/01/2029 then 3 mo. Term SOFR + 5.50%, 09/01/2034 <sup>(a)</sup> | 1200000 | 1239271 |
|  Northwest Bancshares, Inc., 4.00% to 09/15/2025 then 3 mo. Term SOFR + 3.89%, 09/15/2030 | 1000000 | 993010 |
|  Oakstar Bancshares, Inc., 4.25% to 04/15/2026 then 3 mo. Term SOFR + 3.52%, 04/15/2031 <sup>(a)</sup> | 1000000 | 946400 |
|  Obsidian Insurance Holdings, Inc., 6.50%, 12/30/2025 <sup>(a)(b)</sup> | 5000000 | 4949880 |
|  OceanFirst Financial Corp., 5.25% to 05/15/2025 then 3 mo. Term SOFR + 5.10%, 05/15/2030 | 1000000 | 1002013 |
|  Old National Bancorp, 5.25% to 06/30/2025 then 3 mo. Term SOFR + 5.13%, 06/30/2030 | 3000000 | 2944919 |
|  Olney Bancshares of Texas, Inc., 4.00% to 03/15/2026 then 3 mo. Term SOFR + 3.32%, 03/15/2031 <sup>(a)</sup> | 1000000 | 926782 |
|  Pacific Premier Bancorp, Inc., 5.38% to 06/15/2025 then 3 mo. Term SOFR + 5.17%, 06/15/2030 <sup>(b)</sup> | 5000000 | 4929594 |
|  PCAP Holdings LP, 6.50%, 07/15/2028 <sup>(a)</sup> | 2000000 | 1823874 |
|  Peapack-Gladstone Financial Corp., 3.50% to 12/30/2025 then 3 mo. Term SOFR + 3.26%, 12/30/2030 | 2000000 | 1928308 |
|  Peoples Bancorp, Inc., 8.49% (3 mo. Term SOFR + 4.21%), 07/31/2029 <sup>(a)</sup> | 5000000 | 4872927 |
|  PeoplesBancorp MHC, 8.00% to 12/30/2029 then 3 mo. Term SOFR + 4.24%, 12/30/2034 <sup>(a)</sup> | 1000000 | 1002697 |
|  PhenixFIN Corp., 5.25%, 11/01/2028<sup>(d)</sup> | 1750000 | 1618400 |
|  Piedmont Bancorp, Inc., 5.75% to 09/01/2025 then 3 mo. Term SOFR + 5.62%, 09/01/2030 <sup>(a)</sup> | 2500000 | 2467190 |
|  PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | 1000000 | 1019587 |
|  Premia Holdings Ltd., 6.90%, 09/23/2030 <sup>(a)</sup> | 9000000 | 8865000 |
|  Primis Financial Corp., 5.40% to 09/01/2025 then 3 mo. Term SOFR + 5.31%, 09/01/2030 <sup>(b)</sup> | 2000000 | 2000917 |
|  Provident Financial Services, Inc., 9.00% to 05/15/2029 then 3 mo. Term SOFR + 4.77%, 05/15/2034 <sup>(b)</sup> | 4118000 | 4281507 |
|  Quaint Oak Bancorp, Inc., 11.00%, 03/01/2028 <sup>(a)</sup> | 1250000 | 1252731 |
|  Queensborough Co., 6.00% to 10/15/2025 then 3 mo. Term SOFR + 5.88%, 10/15/2030 <sup>(a)</sup> | 3000000 | 2853897 |
|  RBB Bancorp, 4.00% to 04/01/2026 then 3 mo. Term SOFR + 3.29%, 04/01/2031 | 1500000 | 1324311 |
|  ReadyCap Holdings LLC, 9.38%, 03/01/2028 <sup>(a)</sup> | 4000000 | 3989914 |
|  River Financial Corp., 4.00% to 03/15/2026 then 3 mo. Term SOFR + 3.42%, 03/15/2031 <sup>(a)</sup> | 1000000 | 952084 |
|  Sandy Spring Bancorp, Inc., 7.20% (3 mo. Term SOFR + 2.88%), 11/15/2029 | 3750000 | 3706048 |
|  SCRE Intermediate Holdco LLC, 6.50%, 02/15/2027 <sup>(a)</sup> | 2000000 | 1882632 |
|  Shore Bancshares, Inc., 4.75% to 10/15/2025 then 3 mo. Term SOFR + 4.58%, 10/15/2030 | 1000000 | 997339 |
|  Silver Queen Financial Services, Inc., 7.92% (3 mo. Term SOFR + 3.60%), 12/01/2027 <sup>(a)(b)</sup> | 3800000 | 3702306 |
|  Simmons First National Corp., 6.00% to 07/31/2025 then 3 mo. Term SOFR + 5.92%, 07/31/2030 <sup>(a)</sup> | 5000000 | 4963459 |
|  SmartFinancial, Inc., 7.10% (3 mo. Term SOFR + 2.81%), 10/02/2028 <sup>(a)(b)</sup> | 2190000 | 2138678 |
|  South Street Securities Funding LLC, 6.25%, 12/30/2026 <sup>(a)</sup> | 6000000 | 5822415 |
|  Southern Financial Corp., 4.88% to 10/20/2026 then 3 mo. Term SOFR + 3.93%, 10/20/2031 <sup>(a)</sup> | 1500000 | 1333639 |
|  State Street Corp., 5.16% to 05/18/2033 then SOFR + 1.89%, 05/18/2034 | 2000000 | 2020202 |
|  Stellar Bancorp, Inc., 7.67% (3 mo. Term SOFR + 3.39%), 10/01/2029 | 1750000 | 1701716 |
|  Synovus Bank, 4.00% to 10/29/2025 then 5 yr. CMT Rate + 3.63%, 10/29/2030 <sup>(b)</sup> | 3000000 | 2955918 |
|  Texas State Bankshares, Inc., 8.11% (3 mo. Term SOFR + 3.81%), 06/15/2029 <sup>(a)</sup> | 4000000 | 3999353 |
|  Trinitas Capital Management LLC, 6.00%, 07/30/2026 <sup>(a)(b)</sup> | 6000000 | 5857500 |
|  Tulsa Valley Bancshares Corp., 5.00% to 04/15/2026 then 3 mo. Term SOFR + 4.21%, 04/15/2031 <sup>(a)</sup> | 1250000 | 1147635 |
| United Community Banks, Inc. | United Community Banks, Inc. | United Community Banks, Inc. |
| &nbsp;&nbsp; 6.66% (3 mo. Term SOFR + 2.38%), 01/30/2028 | 3500000 | 3453172 |
| &nbsp;&nbsp; 5.00% to 06/15/2025 then 3 mo. Term SOFR + 4.87%, 06/15/2030 | 1000000 | 998466 |
|  Universal Insurance Holdings, Inc., 5.63%, 11/30/2026 | 7000000 | 6892417 |
|  Univest Financial Corp., 7.25% to 11/15/2027 then 3 mo. Term SOFR + 3.10%, 11/15/2032 | 1250000 | 1201263 |
|  US Metro Bancorp, Inc., 5.65% to 11/01/2025 then 3 mo. Term SOFR + 5.43%, 11/01/2030 <sup>(a)(b)</sup> | 3000000 | 2961555 |
|  VCT Holdings LLC, 6.00%, 12/30/2026 <sup>(a)</sup> | 5000000 | 4681250 |
|  Velocity Commercial Capital LLC, 7.13%, 03/15/2027 <sup>(a)</sup> | 3000000 | 2851172 |
|  Volunteer State Bancshares, Inc., 8.69% (3 mo. Term SOFR + 4.37%), 11/15/2029 <sup>(a)</sup> | 2000000 | 1964529 |
|  VyStar Credit Union, 4.25%, 03/15/2032 <sup>(a)</sup> | 3000000 | 2160950 |
| Webster Financial Corp. | Webster Financial Corp. | Webster Financial Corp. |
| &nbsp;&nbsp; 6.82% (3 mo. Term SOFR + 2.53%), 12/30/2029 <sup>(b)</sup> | 2000000 | 1983249 |
| &nbsp;&nbsp; 3.88% to 11/01/2025 then 3 mo. Term SOFR + 3.69%, 11/01/2030 | 1500000 | 1475770 |
|  Western Alliance Bank, 5.25% to 06/01/2025 then 3 mo. Term SOFR + 5.12%, 06/01/2030 | 4000000 | 3957500 |
|  White River Bancshares Co., 8.72% (3 mo. Term SOFR + 4.42%), 12/31/2029 <sup>(a)</sup> | 5000000 | 4890983 |
|  Wintrust Financial Corp., 4.85%, 06/06/2029 | 5000000 | 4847128 |
|  Zions Bancorp NA, 3.25%, 10/29/2029 | 2000000 | 1792252 |
|  |  | 435640268 |
| **TOTAL CORPORATE OBLIGATIONS** (Cost $467,073,546) | **TOTAL CORPORATE OBLIGATIONS** (Cost $467,073,546) | 437684666 |
| **PREFERRED STOCKS - 9.6%** | **Shares** | **Value**  |
| **Financial - 6.4%** | **Financial - 6.4%** |  |
|  B Riley Financial, Inc., Series B, 7.38%, Perpetual | 27310 | 75649 |
|  Dime Community Bancshares, Inc., 5.50%, Perpetual | 25000 | 467750 |
|  First Citizens BancShares, Inc., Series A, 5.38%, Perpetual | 140000 | 2906400 |
|  First Merchants Corp., Series A, 7.50%, Perpetual | 40000 | 1008800 |
|  Goldman Sachs Group, Inc., 7.50% to 05/10/2029 then 5 yr. CMT Rate + 2.81%, Perpetual | 2000000 | 2044526 |
|  Northpointe Bancshares, Inc., Series QIB, 8.25% to 12/30/2025 then SOFR + 7.99%, Perpetual <sup>(a)</sup> | 80000 | 1910000 |
|  OceanFirst Financial Corp., Series A, 7.00% to 05/15/2025 then SOFR + 6.85%, Perpetual | 19500 | 486330 |
|  Patriot National Bancorp, Inc., 0.00%, Perpetual <sup>(a)(h)</sup> | 41666 | 13733114 |
|  United Fidelity Bank FSB, Series QIB, 7.00%, Perpetual <sup>(a)(g)</sup> | 1000 | 705000 |
|  |  | 23337569 |
| **Real Estate Investment Trust - 3.2%** | **Real Estate Investment Trust - 3.2%** |  |
|  AGNC Investment Corp., Series C, 9.63% (3 mo. Term SOFR + 5.37%), Perpetual | 40000 | 1016000 |
|  Annaly Capital Management, Inc., Series F, 9.52% (3 mo. Term SOFR + 5.25%), Perpetual | 40000 | 1008000 |
| Ellington Financial, Inc. | – | $– |
| &nbsp;&nbsp; 10.05% (3 mo. LIBOR US + 5.20%), Perpetual <sup>(e)</sup> | 20000 | 496800 |
| &nbsp;&nbsp; Series B, 6.25% to 1/30/2027 then 5 yr. CMT Rate + 4.99%, Perpetual | 80000 | 1808800 |
|  Inpoint Commercial Real Estate Income, Inc., Series A, 6.75%, Perpetual | 80000 | 1496000 |
|  Lument Finance Trust, Inc., Series A, 7.88%, Perpetual | 40000 | 876000 |
|  Rithm Capital Corp., Series D, 7.00% to 11/15/2026 then 5 yr. CMT Rate + 6.22%, Perpetual | 200000 | 4880000 |
|  TPG RE Finance Trust, Inc., Series C, 6.25%, Perpetual | 30000 | 521100 |
|  |  | 12102700 |
| **TOTAL PREFERRED STOCKS** (Cost $26,668,772) | **TOTAL PREFERRED STOCKS** (Cost $26,668,772) | 35440269 |
| **COMMON STOCKS - 4.4%** | **Shares** | **Value**  |
| **Financial - 4.0%** | **Financial - 4.0%** |  |
| Amerant Bancorp, Inc. | 10000 | 168400 |
| Bank7 Corp. | 10000 | 364000 |
| Citigroup, Inc. | 14000 | 957320 |
| Columbia Banking System, Inc. | 25000 | 560500 |
| Eagle Bancorp, Inc. | 19600 | 351820 |
| East West Bancorp, Inc. | 3500 | 299425 |
| First Citizens BancShares, Inc. - Class A | 455 | 809509 |
| First United Corp. | 16700 | 497159 |
| Flushing Financial Corp. | 30000 | 359100 |
| Greene County Bancorp, Inc. | 25000 | 556250 |
| Independent Bank Corp. | 4000 | 236360 |
| Kingstone Companies, Inc. <sup>(h)</sup> | 100003 | 1700051 |
| M&T Bank Corp. | 4000 | 679040 |
| Patriot National Bancorp, Inc. <sup>(h)</sup> | 666720 | 2743553 |
| PennyMac Mortgage Investment Trust | 13000 | 166920 |
| Pinnacle Financial Partners, Inc. | 6000 | 601440 |
| Plumas Bancorp | 10700 | 471763 |
| Prosperity Bancshares, Inc. | 13900 | 943810 |
| Redwood Trust, Inc. | 25750 | 159907 |
| SouthState Corp. | 5200 | 451256 |
| UMB Financial Corp. | 8600 | 813302 |
| Western Alliance Bancorp | 4000 | 278840 |
|  |  | 14169725 |
| **Real Estate Investment Trust - 0.4%** | **Real Estate Investment Trust - 0.4%** |  |
| AGNC Investment Corp. | 30500 | 269315 |
| Annaly Capital Management, Inc. | 15000 | 294000 |
| Ellington Financial, Inc. | 15750 | 205222 |
| Rithm Capital Corp. | 25000 | 279500 |
|  |  | 1048037 |
| **TOTAL COMMON STOCKS** (Cost $12,340,826) | **TOTAL COMMON STOCKS** (Cost $12,340,826) | 15217762 |
| **WARRANTS - 0.6%** | **Contracts** | **Value**  |
| **Financial *-* 0.6%** | **Financial *-* 0.6%** |  |
| Kingstone Companies, Inc., Expires 12/30/2025, Exercise Price $1.00 <sup>(a)(h)</sup> | 116781 | 2047171 |
| **TOTAL WARRANTS** (Cost $0) | **TOTAL WARRANTS** (Cost $0) | 2047171 |
| **CONVERTIBLE OBLIGATIONS - 0.0%<sup>(i)</sup>** | **Par** | **Value** |
| **Financial - 0.0%<sup>(i)</sup>** | **Financial - 0.0%<sup>(i)</sup>** | **Financial - 0.0%<sup>(i)</sup>** |
|  FedNat Holding Co., 5.00%, 04/19/2026 <sup>(a)(f)(g)</sup> | 1000000 | 60000 |
| **TOTAL CONVERTIBLE OBLIGATIONS** (Cost $1,000,000) | **TOTAL CONVERTIBLE OBLIGATIONS** (Cost $1,000,000) | 60000 |
| **SHORT-TERM INVESTMENTS - 0.4%** | **Shares** | **Value**  |
| **Money Market Funds - 0.4%** |  |  |
| First American Government Obligations Fund - Class U, 4.27% <sup>(j)</sup> | 1631041 | 1631041 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,631,041) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,631,041) | 1631041 |
| **TOTAL INVESTMENTS - 135.6% (**Cost $508,714,185**)** | **TOTAL INVESTMENTS - 135.6% (**Cost $508,714,185**)** | 492080909 |
| Liabilities in Excess of Other Assets - (35.6)% | Liabilities in Excess of Other Assets - (35.6)% | (129215669) |
| **TOTAL NET ASSETS - 100.0%** |  | $362865240 |
| two | two | –% |
| 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 |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| SOFR - Secured Overnight Financing Rate |

---

(a) Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally
 to qualified institutional buyers. As of April 30, 2025, the value of these securities total $261,793,226 or 72.2% of the Fund's net assets.

(b) All or a portion of security has been pledged as collateral in connection with open reverse repurchase agreements. At April 30, 2025, the value of securities pledged amounted to $90,381,005.

(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 those
 industries or sectors.

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

(e) Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

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

(g) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $1,185,000 or 0.3% of net assets as of April 30, 2025.

(h) Non-income producing security.

(i) Represents less than 0.05% of net assets.

(j) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

---

| |
|:---|
| **Angel Oak Financial Strategies Income Term Trust** |
| **Schedule of Open Reverse Repurchase Agreements** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Counterparty** | **Interest Rate** | **Trade Date** | **Maturity Date** | **Net Closing Amount** | **Face Value** |
| Lucid Management and Capital Partners LP | 5.95% | 03/19/2025 | 06/18/2025 | $6840276 | $6739000 |
| Lucid Management and Capital Partners LP | 6.06% | 04/10/2025 | 07/10/2025 | 1755486 | 1729000 |
| Lucid Management and Capital Partners LP | 5.77% | 04/16/2025 | 05/15/2025 | 26311752 | 26190000 |
| Lucid Management and Capital Partners LP | 5.71% | 04/16/2025 | 07/17/2025 | 1373760 | 1354000 |
| Lucid Management and Capital Partners LP | 5.91% | 04/16/2025 | 07/17/2025 | 11475759 | 11305000 |
| Lucid Management and Capital Partners LP | 5.93% | 04/23/2025 | 17/17/2025 | 2027999<br>| 2000000<br>|
| **Total** |  |  |  | $49785032 | $49317000 |

---

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.

------

---

| |
|:---|
| **Securities Valuation and Fair Value Measurements (Unaudited)**<br>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:<br>Level 1 - quoted prices in active markets for identical securities<br> Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)<br> Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments based on the best information available)<br>The inputs or methodology used for valuing securities are not an indication of the risks associated with investing in those securities.<br>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.<br>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.<br>|
| 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.<br>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.<br>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.<br>|
| The following is a summary of the investments by their inputs used to value the Fund's net assets as of April 30, 2025: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets** | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Obligations | $– | $437264666 | $420000 | $448980536 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 16171629 | 18563640 | 705000 | 35440269 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 15217762 | – | – | 15217762 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | 2047171 | – | 2047171 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Obligations | – | – | 60000 | 60000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 1631041 | – | – | 1631041 |
| **Total** | $33020432 | $457875477 | $1185000 | $492080909 |
| **Other Financial Instruments** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements | $– | $(49317000) | $– | $(49317000) |

---

See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of April 30, 2025, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included.<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:** 3344 Peachtree Road NE

  - **City:** Atlanta

  - **State:** GA

  - **Foreign country:** US

  - **Zip / Postal Code:** 30326

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $501316031.54

**Total Liabilities:** $138450367.96

**Net Assets:** $362865663.58

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1123.294423554992 | **1-Year:** 18101.538027782310 | **5-Year:** 38403.824849172550 | **10-Year:** 9920.199465145386 | **30-Year:** 488.905420073481

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

- **3-Month:** 230.760095830134 | **1-Year:** 4227.271007008664 | **5-Year:** 14370.739255557260 | **10-Year:** 408.514859492651 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 2.32%                | 0.95%                | -1.05%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $62411.55                | $2617853.01                                |
| Month 2  | $22770.02                | $154018.69                                 |
| Month 3  | $-80.11                  | $9805537.83                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First Citizens BancShares Inc/     | First Citizens BancShares Inc/NC                                               | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       455 | NS      | $809508.70    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MILLENNIUM CONS HOLDINGS           | Millennium Consolidated Holdings LLC                                           | CUSIP: 60040RAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4986865.40   | 1.37%             | 2030-03-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NANO FINANCIAL HOLD                | Nano Financial Holdings Inc                                                    | CUSIP: 63010MAB3<br>LEI: 5493006Q0M80QTFE3H77 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5111224.65   | 1.41%             | 2026-07-01      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| NORTHWEST BANCSHARES INC           | Northwest Bancshares Inc                                                       | CUSIP: 667339AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $993009.61    | 0.27%             | 2030-09-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OBSIDIAN INSURANCE HOLD            | Obsidian Insurance Holdings Inc                                                | CUSIP: 67449JAA4<br>LEI: 254900TY5RP85WWY5T18 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4949880.00   | 1.36%             | 2025-12-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PCAP HOLDINGS LP                   | PCAP Holdings LP                                                               | CUSIP: 69320NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1823874.34   | 0.50%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WEBSTER FINANCIAL CORP             | Webster Financial Corp                                                         | CUSIP: 85917AAC4<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1475770.35   | 0.41%             | 2030-11-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| TULSA VALLEY BANCSHRS              | Tulsa Valley Bancshares Corp                                                   | CUSIP: 89968RAA1<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1250000 | PA      | $1147634.61   | 0.32%             | 2031-04-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VELOCITY COM CAP LLC               | Velocity Commercial Capital LLC                                                | CUSIP: 92259RAA3<br>LEI: 549300TA4MQM8WN2XG31 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2851171.77   | 0.79%             | 2027-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bancorp           | Western Alliance Bancorp                                                       | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |      4000 | NS      | $278840.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANK              | Western Alliance Bank                                                          | CUSIP: 95763PEF4<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3957500.00   | 1.09%             | 2030-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| REVREPO33766NAJ3                   | REVREPO33766NAJ3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1069000 | PA      | $-1069000.00  | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO91741UAC0                   | REVREPO91741UAC0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -538000 | PA      | $-538000.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO316041CP5                   | REVREPO316041CP5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1626000 | PA      | $-1626000.00  | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| STELLAR BANCORP INC                | Stellar Bancorp Inc                                                            | CUSIP: 01748HAA5<br>LEI: 54930070P8Z0WHFBB536 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1701716.26   | 0.47%             | 2029-10-01      | Variable      | 7.67%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp                 | Rithm Capital Corp                                                             | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |     25000 | NS      | $279500.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDY SPRING BANCORP INC           | Sandy Spring Bancorp Inc                                                       | CUSIP: 800363AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3706047.53   | 1.02%             | 2029-11-15      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| WEBSTER FINANCIAL CORP             | Webster Financial Corp                                                         | CUSIP: 85917AAB6<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1983248.70   | 0.55%             | 2029-12-30      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| SYNOVUS BANK GA                    | Synovus Bank/Columbus GA                                                       | CUSIP: 87164DSE1<br>LEI: DX0JX77PRMOELF7VG772 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2955918.45   | 0.81%             | 2030-10-29      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| US METRO BANCORP                   | US Metro Bancorp Inc                                                           | CUSIP: 91741UAC0<br>LEI: 254900YSEAFD47GLG088 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2961554.64   | 0.82%             | 2030-11-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                   | Zions Bancorp NA                                                               | CUSIP: 98971DAB6<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1792251.86   | 0.49%             | 2029-10-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REVREPO89642CAC4                   | REVREPO89642CAC4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1073000 | PA      | $-1073000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO87164DSE1                   | REVREPO87164DSE1                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1354000 | PA      | $-1354000.00  | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| FEDNAT HOLDING CO                  | FedNat Holding Co                                                              | CUSIP: 31431BAC3<br>LEI: 549300TFR6HALUYTYJ66 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $420000.00    | 0.12%             | 2029-03-15      | None          | 7.75%                 | No            |                  3 | On Loan: No      |
| FIDELITY FEDERAL BANCORP           | Fidelity Federal Bancorp                                                       | CUSIP: 315921AJ5<br>LEI: 5493004DRUFQ7MQTK142 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1986264.90   | 0.55%             | 2029-11-01      | Variable      | 8.91%                 | No            |                  2 | On Loan: No      |
| Independent Bank Corp              | Independent Bank Corp                                                          | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |      4000 | NS      | $236360.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                            | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2148749.04   | 0.59%             | 2034-10-23      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| REVREPO144523AG2                   | REVREPO144523AG2                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -674000 | PA      | $-674000.00   | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO18468HAC3                   | REVREPO18468HAC3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2716000 | PA      | $-2716000.00  | -0.75%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO453836AJ7                   | REVREPO453836AJ7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1652000 | PA      | $-1652000.00  | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO           | Capital One Financial Corp                                                     | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987942.38    | 0.27%             | 2036-01-30      | Variable      | 6.18%                 | 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      | $9368590.00   | 2.58%             | 2028-12-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL CREDIT GROUP            | Commercial Credit Group Inc                                                    | CUSIP: 20161DAA2<br>LEI: 549300ZB1E6HIMDXB670 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1457737.55   | 0.40%             | 2026-05-30      | Fixed         | 4.88%                 | 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      | $4843958.65   | 1.33%             | 2027-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EQUITY BANCSHARES INC              | Equity Bancshares Inc                                                          | CUSIP: 29460XAC3<br>LEI: 549300BPQ2EJNU4WF694 | Long             | SN               | CORP              | US        |   9000000 | PA      | $9033998.94   | 2.49%             | 2030-06-30      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| FNB CORP                           | FNB Corp/PA                                                                    | CUSIP: 30259JAA1<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |    600000 | PA      | $590556.24    | 0.16%             | 2029-02-14      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                | Fifth Third Bancorp                                                            | CUSIP: 316773DL1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1024759.80   | 0.28%             | 2032-01-29      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| First American Government Obli     | First American Government Obligations Fund                                     | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   4227820 | NS      | $4227820.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARE           | First Citizens BancShares Inc/NC                                               | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2867642.16   | 0.79%             | 2040-03-12      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| First United Corp                  | First United Corp                                                              | CUSIP: 33741H107<br>LEI: 549300G54QPXQLB4KN58 | Long             | EC               | CORP              | US        |     16700 | NS      | $497159.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Flushing Financial Corp            | Flushing Financial Corp                                                        | CUSIP: 343873105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $359100.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDEN STATE BANK                  | Golden State Bank                                                              | CUSIP: 38120HAA5<br>LEI: 2549008ZKY1Y3OCP3E23 | Long             | SN               | CORP              | US        |   1000000 | PA      | $875010.06    | 0.24%             | 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      | $2044526.00   | 0.56%             |  |  |  | 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      | $556250.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HALLMARK FINANCIAL SVCS            | Hallmark Financial Services Inc                                                | CUSIP: 40624QAB0<br>LEI: 549300QVZIZ17RUE4C20 | Long             | DBT              | CORP              | US        |   9182000 | PA      | $1836400.00   | 0.51%             | 2029-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HOME BANCSHARES INC                | Home BancShares Inc/AR                                                         | CUSIP: 41138PAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1465841.01   | 0.40%             | 2030-07-31      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| HOMESTREET INC                     | HomeStreet Inc                                                                 | CUSIP: 43785VAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2249391.75   | 0.62%             | 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      | $2030681.06   | 0.56%             | 2027-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                            | CUSIP: 46647PEK8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2003970.72   | 0.55%             | 2035-07-22      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| KINGSTONE COMPANIES INC WARRANTS   | KINGSTONE COMPANIES INC WARRANTS                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    116781 | NS      | $2047170.93   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| MERIDIAN CORP                      | Meridian Corp                                                                  | CUSIP: 58960CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3934954.16   | 1.08%             | 2029-12-30      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| MIDWESTONE FINANCIAL GRP           | MidWestOne Financial Group Inc                                                 | CUSIP: 598511AC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4871718.75   | 1.34%             | 2030-07-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| NEXBANK CAPITAL INC                | NexBank Capital Inc                                                            | CUSIP: 65341TAE7<br>LEI: 549300H29S945S4X7A03 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1846156.28   | 0.51%             | 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      | $1419316.76   | 0.39%             | 2032-07-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Patriot National Bancorp Inc       | Patriot National Bancorp Inc                                                   | CUSIP: 70336F203<br>LEI: 549300T1270P6QIGPD23 | Long             | EC               | CORP              | US        |    666720 | NS      | $2743552.80   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PIEDMONT BANCORP GA                | Piedmont Bancorp Inc/GA                                                        | CUSIP: 720104AA6<br>LEI: 894500V57XPUU2W0OK15 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2467189.83   | 0.68%             | 2030-09-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| SouthState Corp                    | SouthState Corp                                                                | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |      5200 | NS      | $451256.00    | 0.12%             |  |  |  | No            |                  1 | 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      | $521100.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED COMMUNITY BANK              | United Community Banks Inc/GA                                                  | CUSIP: 90985FAH9<br>LEI: 549300GVW0FV66X3U703 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998466.21    | 0.28%             | 2030-06-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVEST FINANCIAL CORP             | Univest Financial Corp                                                         | CUSIP: 915271AD2<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1201262.68   | 0.33%             | 2032-11-15      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| VOLUNTEER STATE INC                | Volunteer State Bancshares Inc                                                 | CUSIP: 928779AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1964529.34   | 0.54%             | 2029-11-15      | Variable      | 8.69%                 | No            |                  2 | On Loan: No      |
| WHITE RIVER BANCSHARES             | White River Bancshares Co                                                      | CUSIP: 96445AAA6<br>LEI: 549300N456FXLMXKBL51 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4890982.60   | 1.35%             | 2029-12-31      | Variable      | 8.72%                 | No            |                  2 | On Loan: No      |
| ALPINE BANKS OF COLORADO           | Alpine Banks of Colorado                                                       | CUSIP: 020810AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3942470.92   | 1.09%             | 2030-06-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                                           | CUSIP: 06051GLU1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1563542.16   | 0.43%             | 2034-09-15      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Bank7 Corp                         | Bank7 Corp                                                                     | CUSIP: 06652N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $364000.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CRB GROUP INC                      | CRB Group Inc                                                                  | CUSIP: 12634QAJ0<br>LEI: 549300BLONX7RHTYWF68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1978535.54   | 0.55%             | 2030-09-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| OLD NATL BANCORP                   | Old National Bancorp/IN                                                        | CUSIP: 14070TAC6<br>LEI: 549300MMK90CL5KMVX16 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2944919.01   | 0.81%             | 2030-06-30      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRAL PACIFIC FIN CORP           | Central Pacific Financial Corp                                                 | CUSIP: 154760AC6<br>LEI: 549300W3YEAOZ4KGG849 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986628.66    | 0.27%             | 2030-11-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CITIZENS COMM BANC WI              | Citizens Community Bancorp Inc/WI                                              | CUSIP: 174903AC8<br>LEI: 549300VKLJAF4WABEF16 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1912958.52   | 0.53%             | 2030-09-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| COASTALSOUTH BANCSRS INC           | CoastalSouth Bancshares Inc                                                    | CUSIP: 19058XAA6<br>LEI: 5493006BUH6IGMGU0H14 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1906405.94   | 0.53%             | 2030-09-15      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| FORBRIGHT INC                      | Forbright Inc                                                                  | CUSIP: 20727PAE4<br>LEI: 549300F86ZI0BZ1LVN33 | Long             | SN               | CORP              | US        |   2000000 | PA      | $1954947.16   | 0.54%             | 2029-12-01      | Variable      | 8.71%                 | No            |                  2 | On Loan: No      |
| DIME COMMUNITY BANCSHARE           | Dime Community Bancshares Inc                                                  | CUSIP: 25432X201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     25000 | NS      | $467750.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc              | East West Bancorp Inc                                                          | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $299425.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Inc            | Ellington Financial Inc                                                        | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               | CORP              | US        |     15750 | NS      | $205222.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE BANCORP INC             | Enterprise Bancorp Inc/MA                                                      | CUSIP: 293668AE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3434772.74   | 0.95%             | 2030-07-15      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| EVERBANK FINANCIAL CORP            | EverBank Financial Corp                                                        | CUSIP: 29977GAC6<br>LEI: 549300ZSQX8IP0RAE826 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5140998.75   | 1.42%             | 2034-09-01      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| FIDELITY FEDERAL BANCORP           | Fidelity Federal Bancorp                                                       | CUSIP: 315921AL0<br>LEI: 5493004DRUFQ7MQTK142 | Long             | SN               | CORP              | US        |   1000000 | PA      | $942302.81    | 0.26%             | 2031-03-30      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| AMERIS BANK                        | Ameris Bank                                                                    | CUSIP: 316041CP5<br>LEI: IUGPUX5LWRZ3B6KIZ697 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3958498.60   | 1.09%             | 2030-05-31      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| FINEMARK HOLDINGS INC              | FineMark Holdings Inc                                                          | CUSIP: 31788BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $947164.72    | 0.26%             | 2028-06-30      | Variable      | 7.53%                 | No            |                  2 | On Loan: No      |
| FLUSHING FINANCIAL CORP            | Flushing Financial Corp                                                        | CUSIP: 343873AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1576253.78   | 0.43%             | 2031-12-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| GOLDEN PEAR FUND HOLDCO            | Golden Pear Funding HoldCo LLC                                                 | CUSIP: 38116FAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4840173.15   | 1.33%             | 2026-12-22      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HBT FINANCIAL INC                  | HBT Financial Inc                                                              | CUSIP: 404111AA4<br>LEI: 549300NTXD4Q6UK5BY66 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2834185.74   | 0.78%             | 2030-09-15      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| HANMI FINANCIAL CORP               | Hanmi Financial Corp                                                           | CUSIP: 410495AB1<br>LEI: 549300MSZ7RCG7EA6587 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3250029.62   | 0.90%             | 2031-09-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| HILLTOP HOLDINGS INC               | Hilltop Holdings Inc                                                           | CUSIP: 432748AE1<br>LEI: 54930010TA543US0PM65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $226340.15    | 0.06%             | 2035-05-15      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                 | Rithm Capital Corp                                                             | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    200000 | NS      | $4880000.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| OAKSTARS BANCSHARES INC            | Oakstar Bancshares Inc                                                         | CUSIP: 67630PAB7<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $946400.18    | 0.26%             | 2031-04-15      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC PREMIER BANCORP            | Pacific Premier Bancorp Inc                                                    | CUSIP: 69478XAE5<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4929594.25   | 1.36%             | 2030-06-15      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| PHENIXFIN CORP                     | PhenixFIN Corp                                                                 | CUSIP: 71742W301<br>LEI: 549300JJH1QEB0RKNO53 | Long             | EP               | CORP              | US        |     70000 | NS      | $1618400.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| RBB BANCORP                        | RBB Bancorp                                                                    | CUSIP: 74930BAG0<br>LEI: 549300A23FBFZNGET525 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1324310.58   | 0.36%             | 2031-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVER FINANCIAL CORP               | River Financial Corp                                                           | CUSIP: 76821PAA9<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $952083.98    | 0.26%             | 2031-03-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| REVREPO124411AA7                   | REVREPO124411AA7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -3149000 | PA      | $-3149000.00  | -0.87%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO12634QAJ0                   | REVREPO12634QAJ0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1084000 | PA      | $-1084000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO598511AC7                   | REVREPO598511AC7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -794000 | PA      | $-794000.00   | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| ANB CORP                           | ANB Corp/TX                                                                    | CUSIP: 00180VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2466244.90   | 0.68%             | 2030-09-30      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| B RILEY FINANCIAL INC              | B Riley Financial Inc                                                          | CUSIP: 05580M793<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     80000 | NS      | $762400.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCORP BANK                       | Bancorp Bank/The                                                               | CUSIP: 05969AAA3<br>LEI: 24C4CXKSJUS7LUHQN688 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1492462.94   | 0.41%             | 2025-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANKSOUTH HOLDING CO               | Banksouth Holding Co                                                           | CUSIP: 06654GAC4<br>LEI: 549300GRHKUMUEGB7822 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2557884.03   | 0.70%             | 2029-07-30      | Variable      | 8.56%                 | No            |                  2 | On Loan: No      |
| BANTERRA CORP                      | Banterra Corp                                                                  | CUSIP: 06683WAA8<br>LEI: 549300QNH1CG2ZGLWQ76 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1225410.19   | 0.34%             | 2032-09-30      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Columbia Banking System Inc        | Columbia Banking System Inc                                                    | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25000 | NS      | $560500.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK NA                 | South State Bank NA                                                            | CUSIP: 45384BAC0<br>LEI: 8I3UVGYULPJQIP7FQV10 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983116.89    | 0.27%             | 2030-09-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE BANK NA                 | South State Bank NA                                                            | CUSIP: 45384BAD8<br>LEI: 8I3UVGYULPJQIP7FQV10 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2026213.60   | 0.56%             | 2034-08-15      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| MAPLE FINANCIAL HLD INC            | Maple Financial Holdings Inc                                                   | CUSIP: 565126AA7<br>LEI: 9845003D9D85D5DIUQ74 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1942744.20   | 0.54%             | 2031-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWTEKONE INC                      | NewtekOne Inc                                                                  | CUSIP: 652526AE4<br>LEI: 549300YLU78IA8GKJ688 | Long             | DBT              | CORP              | US        |    750000 | PA      | $750674.24    | 0.21%             | 2030-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| A10 CAPITAL LLC                    | A10 Capital LLC                                                                | CUSIP: 66982EAA0<br>LEI: 549300RXTK0PSG57BV49 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3911153.04   | 1.08%             | 2026-08-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SMARTFINANCIAL INC                 | SmartFinancial Inc                                                             | CUSIP: 83190LAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2190000 | PA      | $2138678.16   | 0.59%             | 2028-10-02      | Variable      | 7.10%                 | 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      | $5822414.76   | 1.60%             | 2026-12-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SIMMONS FIRST NTL CORP             | Simmons First National Corp                                                    | CUSIP: 84861DAA1<br>LEI: 549300IVR5AJKUVOGN05 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4963459.10   | 1.37%             | 2030-07-31      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITED COMM BK BLAIRSVLL           | United Community Banks Inc/GA                                                  | CUSIP: 90985FAG1<br>LEI: 549300GVW0FV66X3U703 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3453172.45   | 0.95%             | 2028-01-30      | Variable      | 6.66%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL INSURANCE HLDS           | Universal Insurance Holdings Inc                                               | CUSIP: 91359VAC1<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6892416.93   | 1.90%             | 2026-11-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VCT HOLDINGS LLC                   | VCT Holdings LLC                                                               | CUSIP: 91824JAA9<br>LEI: 984500BB606145D14C23 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4681250.00   | 1.29%             | 2026-12-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WINTRUST FINANCIAL CORP            | Wintrust Financial Corp                                                        | CUSIP: 97650WAG3<br>LEI: Q774KI4AW80FHFW33O61 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4847127.80   | 1.34%             | 2029-06-06      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BIG POPPY HOLDIN                   | BIG POPPY HOLDIN                                                               | CUSIP: PPEB0G5N9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3115000.00   | 0.86%             | 2027-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BAYFIRST FINANCIAL CORP            | Bayfirst Financial Corp                                                        | CUSIP: 07279BAA2<br>LEI: 549300EG3HIQSTDIRQ72 | Long             | SN               | CORP              | US        |   1000000 | PA      | $917920.14    | 0.25%             | 2031-06-30      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| CARRINGTON HOLDING CO LL           | Carrington Holding Co LLC                                                      | CUSIP: 144523AG2<br>LEI: 635400MJJEAT2FUN2F71 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1490641.71   | 0.41%             | 2031-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                      | Citigroup Inc                                                                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     14000 | NS      | $957320.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| COLONY BANKCORP INC                | Colony Bankcorp Inc                                                            | CUSIP: 19623PAA9<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $871276.33    | 0.24%             | 2032-05-20      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTONE BANCORP INC             | ConnectOne Bancorp Inc                                                         | CUSIP: 20786WAE7<br>LEI: 549300E2M5ZYAZKUK134 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2475044.33   | 0.68%             | 2030-06-15      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| EAGLE BANCORP INC                  | Eagle Bancorp Inc                                                              | CUSIP: 268948AE6<br>LEI: 549300B47NZODRMG3D47 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2586007.78   | 0.71%             | 2029-09-30      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FIDELITY FINANCIAL CORP            | Fidelity Financial Corp                                                        | CUSIP: 316144AC8<br>LEI: 549300MH8LY2P6Y7NV11 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4586460.05   | 1.26%             | 2032-04-30      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FIRST BANK/HAMILTON NJ             | First Bank/Hamilton NJ                                                         | CUSIP: 319137AP0<br>LEI: 549300YS4CB1171BRJ08 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1473766.91   | 0.41%             | 2030-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE           | First Citizens BancShares Inc/NC                                               | CUSIP: 319626305<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EP               | CORP              | US        |    140000 | NS      | $2906400.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST NORTHWEST BANCORP            | First Northwest Bancorp                                                        | CUSIP: 335834AC1<br>LEI: 549300YDR3VSTKB9DQ65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $811576.51    | 0.22%             | 2031-03-30      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FLAGSTAR BANCORP INC               | Flagstar Bancorp Inc                                                           | CUSIP: 337930AD3<br>LEI: 549300Q22V2Y3J4R2715 | Long             | DBT              | CORP              | US        |   2375000 | PA      | $2183765.00   | 0.60%             | 2030-11-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| FIVE STAR BANCORP                  | Five Star Bancorp                                                              | CUSIP: 33830TAC7<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $946821.36    | 0.26%             | 2032-09-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| GREEN DOT CORP                     | Green Dot Corp                                                                 | CUSIP: 39304DAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2044397.62   | 0.56%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| INDEPENDENT BANK CORP-MI           | Independent Bank Corp/MI                                                       | CUSIP: 453838AE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989887.45    | 0.27%             | 2030-05-31      | Variable      | 5.95%                 | 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      | $1496000.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingstone Cos Inc                  | Kingstone Cos Inc                                                              | CUSIP: 496719105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100003 | NS      | $1700051.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| OCEANFIRST FINANCIAL CP            | OceanFirst Financial Corp                                                      | CUSIP: 675234AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002013.43   | 0.28%             | 2030-05-15      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PennyMac Mortgage Investment T     | PennyMac Mortgage Investment Trust                                             | CUSIP: 70931T103<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EC               | CORP              | US        |     13000 | NS      | $166920.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PEOPLESBANCORP MHC                 | PeoplesBancorp MHC                                                             | CUSIP: 712710AC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002697.49   | 0.28%             | 2034-12-30      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| READYCAP HOLDINGS LLC              | ReadyCap Holdings LLC                                                          | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3989913.92   | 1.10%             | 2028-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| REVREPO23204HBM9                   | REVREPO23204HBM9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2468000 | PA      | $-2468000.00  | -0.68%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO58960CAC3                   | REVREPO58960CAC3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2163000 | PA      | $-2163000.00  | -0.60%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO69478XAE5                   | REVREPO69478XAE5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2000000 | PA      | $-2000000.00  | -0.55%            |  |  |  | No            |                  2 | On Loan: No      |
| SHORE BANCSHARES INC               | Shore Bancshares Inc                                                           | CUSIP: 20368XAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997339.23    | 0.27%             | 2030-10-15      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| FIRST HELP FINANCIAL LLC           | First Help Financial LLC                                                       | CUSIP: 32050FAA6<br>LEI: 549300N8R7JO1WEZGT69 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4824363.20   | 1.33%             | 2026-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRSTBANK                          | FirstBank/Nashville TN                                                         | CUSIP: 33766NAJ3<br>LEI: 549300OBO7DOF2KOP535 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3417003.56   | 0.94%             | 2030-09-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| FIRSTSUN CAPITAL BCORP             | Firstsun Capital Bancorp                                                       | CUSIP: 33767UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5468976.10   | 1.51%             | 2030-07-01      | Variable      | 6.00%                 | 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      | $916543.23    | 0.25%             | 2031-06-15      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| INDEPENDENT BANK CORP              | Independent Bank Corp                                                          | CUSIP: 453836AJ7<br>LEI: 549300C5K3W8THR3GE10 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3011092.47   | 0.83%             | 2035-04-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corp                      | M&T Bank Corp                                                                  | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      4000 | NS      | $679040.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCANTILE BANK CORP               | Mercantile Bank Corp                                                           | CUSIP: 587376AE4<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1385026.62   | 0.38%             | 2032-01-30      | 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      | $4909021.45   | 1.35%             | 2026-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REVREPO315921AJ5                   | REVREPO315921AJ5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1090000 | PA      | $-1090000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| Patriot National Bancorp PREFERRED | Patriot National Bancorp PREFERRED                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     41666 | NS      | $13733113.60  | 3.78%             |  |  |  | Yes           |                  2 | On Loan: No      |
| REVREPO67449JAA4                   | REVREPO67449JAA4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1088000 | PA      | $-1088000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO83190LAB5                   | REVREPO83190LAB5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1174000 | PA      | $-1174000.00  | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO85917AAB6                   | REVREPO85917AAB6                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1078000 | PA      | $-1078000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| NEWTEKONE INC                      | NewtekOne Inc                                                                  | CUSIP: 652526AC8<br>LEI: 549300YLU78IA8GKJ688 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2264007.49   | 0.62%             | 2027-02-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| OCEANFIRST FINANCIAL CP            | OceanFirst Financial Corp                                                      | CUSIP: 675234405<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     19500 | NS      | $486330.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SCRE INTERMEDIATE HOLDCO           | SCRE Intermediate Holdco LLC                                                   | CUSIP: 78434LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1882631.66   | 0.52%             | 2027-02-15      | Fixed         | 6.50%                 | 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      | $3702306.07   | 1.02%             | 2027-12-01      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| SOUTHERN FINANCIAL CORP            | Southern Financial Corp                                                        | CUSIP: 84289RAA4<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1500000 | PA      | $1333639.05   | 0.37%             | 2031-10-20      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                  | State Street Corp                                                              | CUSIP: 857477CC5<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2020202.00   | 0.56%             | 2034-05-18      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| TEXAS STATE BNKSHRS INC            | Texas State Bankshares Inc                                                     | CUSIP: 882727AA8<br>LEI: 549300KSLUE7MP08XL09 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3999352.96   | 1.10%             | 2029-06-15      | Variable      | 8.11%                 | No            |                  2 | On Loan: No      |
| TRINITAS CAPITAL MGMT              | Trinitas Capital Management LLC                                                | CUSIP: 89642CAC4<br>LEI: 254900JU042545A6UD08 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5857500.00   | 1.61%             | 2026-07-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITED FIDELITY BK FSB             | United Fidelity Bank FSB                                                       | CUSIP: 910286400<br>LEI: 549300RV3BMT6ES6TO70 | Long             | EP               | CORP              | US        |      1000 | NS      | $705000.00    | 0.19%             |  |  |  | No            |                  3 | On Loan: No      |
| VYSTAR CREDIT UNION                | VyStar Credit Union                                                            | CUSIP: 92891CCH3<br>LEI: 54930036K3ZFJ4FOKT69 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2160949.71   | 0.60%             | 2032-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REVREPO63010MAB3                   | REVREPO63010MAB3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1687000 | PA      | $-1687000.00  | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO56607VAA8                   | REVREPO56607VAA8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -817000 | PA      | $-817000.00   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| Amerant Bancorp Inc                | Amerant Bancorp Inc                                                            | CUSIP: 023576101<br>LEI: 54930071V6LIG79MTL10 | Long             | EC               | CORP              | US        |     10000 | NS      | $168400.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BCB BANCORP INC                    | BCB Bancorp Inc                                                                | CUSIP: 055298AE3<br>LEI: 54930024V6Z8FYSN4291 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3232081.62   | 0.89%             | 2034-09-01      | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| BAYCOM CORP                        | BayCom Corp                                                                    | CUSIP: 07272MAA5<br>LEI: 549300UOLS54Q5ONIG33 | Long             | DBT              | CORP              | US        |   3598000 | PA      | $3642137.28   | 1.00%             | 2030-09-15      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HILLS BANCORP            | Berkshire Hills Bancorp Inc                                                    | CUSIP: 084680AB3<br>LEI: 549300AS2OC6UMMBNO37 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1334392.37   | 0.37%             | 2032-07-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTRAL BANCSHARES INC             | Central Bancshares Inc/TX                                                      | CUSIP: 152424AA5<br>LEI: 549300N48082XGYJQJ37 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4829624.70   | 1.33%             | 2029-06-30      | Variable      | 8.43%                 | No            |                  2 | On Loan: No      |
| ANNALY CAPITAL MGMT                | Annaly Capital Management Inc                                                  | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     40000 | NS      | $1008000.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIDBANK HOLDINGS INC              | Avidbank Holdings Inc                                                          | CUSIP: 05368JAC7<br>LEI: 54930029UJ8M0B84EE44 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5849738.52   | 1.61%             | 2029-12-30      | Variable      | 7.89%                 | No            |                  2 | On Loan: No      |
| B RILEY FINANCIAL INC              | B Riley Financial Inc                                                          | CUSIP: 05580M827<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     17493 | NS      | $244027.35    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| B RILEY FINANCIAL INC              | B Riley Financial Inc                                                          | CUSIP: 05580M850<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     27310 | NS      | $75648.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCPLUS CORP                      | BancPlus Corp                                                                  | CUSIP: 05973LAB1<br>LEI: 549300YJJOQT8XONCK19 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4924694.25   | 1.36%             | 2030-06-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BANC OF CALIFORNIA INC             | Banc of California Inc                                                         | CUSIP: 05990KAD8<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | DBT              | CORP              | US        |   1425000 | PA      | $1397056.02   | 0.39%             | 2030-10-30      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| BANKGUAM HOLDING CO                | BankGuam Holding Co                                                            | CUSIP: 06644AAA4<br>LEI: 549300UZSAYMXQIF8W75 | Long             | SN               | CORP              | GU        |   9000000 | PA      | $8969668.74   | 2.47%             | 2029-06-30      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| BANKGUAM HOLDING CO                | BankGuam Holding Co                                                            | CUSIP: 06644AAB2<br>LEI: 549300UZSAYMXQIF8W75 | Long             | SN               | CORP              | GU        |   3000000 | PA      | $2733128.37   | 0.75%             | 2031-07-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| BAR HARBOR BANKSHARES              | Bar Harbor Bankshares                                                          | CUSIP: 066849AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2971914.72   | 0.82%             | 2029-12-01      | Variable      | 7.59%                 | 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      | $1352192.13   | 0.37%             | 2032-04-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL                | Ellington Financial Inc                                                        | CUSIP: 28852N307<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     80000 | NS      | $1808800.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST MERCHANTS CORP               | First Merchants Corp                                                           | CUSIP: 320817208<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EP               | CORP              | US        |     40000 | NS      | $1008800.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| LUMENT FINANCE TRUST INC           | Lument Finance Trust Inc                                                       | CUSIP: 55025L207<br>LEI: 5493002OB7SJ4MVQY666 | Long             | EP               | CORP              | US        |     40000 | NS      | $876000.00    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| MARBLE PT LOAN FIN/MPLF            | Marble Point Loan Financing Ltd / MPLF Funding I LLC                           | CUSIP: 56607VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GG        |   1500000 | PA      | $1486875.00   | 0.41%             | 2025-11-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NORTHPOINTE BANCSHARES I           | Northpointe Bancshares Inc                                                     | CUSIP: 66661N308<br>LEI: 549300EYMKMD4WKEKP72 | Long             | EP               | CORP              | US        |     80000 | NS      | $1910000.00   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES             | PNC Financial Services Group Inc/The                                           | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1019587.04   | 0.28%             | 2035-01-22      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| PEAPACK GLADSTONE FINANC           | Peapack-Gladstone Financial Corp                                               | CUSIP: 704699AE7<br>LEI: 549300G8DN2UK8K0ET30 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1928308.34   | 0.53%             | 2030-12-30      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Prosperity Bancshares Inc          | Prosperity Bancshares Inc                                                      | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13900 | NS      | $943810.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT BANCORP INC                    | NBT Bancorp Inc                                                                | CUSIP: 795226AD1<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $911623.55    | 0.25%             | 2031-03-31      | Variable      | 3.50%                 | 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      | $1778680.14   | 0.49%             | 2031-12-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN COASTAL INSURAN           | American Coastal Insurance Corp                                                | CUSIP: 910710AA0<br>LEI: 5299002P9105LJQA8G51 | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3468150.00   | 0.96%             | 2027-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REVREPO89642CAC4                   | REVREPO89642CAC4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2090000 | PA      | $-2090000.00  | -0.58%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO29911QAA7                   | REVREPO29911QAA7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1055000 | PA      | $-1055000.00  | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO26845AAA9                   | REVREPO26845AAA9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1324000 | PA      | $-1324000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO46647PEK8                   | REVREPO46647PEK8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -539000 | PA      | $-539000.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO39304DAA0                   | REVREPO39304DAA0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1114000 | PA      | $-1114000.00  | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO05969AAA3                   | REVREPO05969AAA3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -547000 | PA      | $-547000.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO843395AB0                   | REVREPO843395AB0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1088000 | PA      | $-1088000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO316773DL1                   | REVREPO316773DL1                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -550000 | PA      | $-550000.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO43789TAB9                   | REVREPO43789TAB9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -553000 | PA      | $-553000.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CLEAR STREET HOLDINGS              | Clear Street Holdings LLC                                                      | CUSIP: 18468HAC3<br>LEI: 254900NQWA30C6L3G919 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4943750.00   | 1.36%             | 2025-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PEOPLES BANCORP INC                | Peoples Bancorp Inc/OH                                                         | CUSIP: 53262LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4872927.45   | 1.34%             | 2029-07-31      | Variable      | 8.49%                 | No            |                  2 | On Loan: No      |
| NORTHPOINTE BANCSHARES I           | Northpointe Bancshares Inc                                                     | CUSIP: 66661NAG5<br>LEI: 549300EYMKMD4WKEKP72 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1239270.74   | 0.34%             | 2034-09-01      | Variable      | 9.00%                 | 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      | $926782.35    | 0.26%             | 2031-03-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Pinnacle Financial Partners In     | Pinnacle Financial Partners Inc                                                | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |      6000 | NS      | $601440.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwood Trust Inc                  | Redwood Trust Inc                                                              | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |     25750 | NS      | $159907.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| REVREPO18452FAB7                   | REVREPO18452FAB7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2333000 | PA      | $-2333000.00  | -0.64%            |  |  |  | No            |                  2 | On Loan: No      |
| COLUMBIA BANKING SYSTEM            | Columbia Banking System Inc                                                    | CUSIP: 061591AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6454038.83   | 1.78%             | 2025-12-10      | Variable      | 9.84%                 | No            |                  2 | On Loan: No      |
| CB FINANCIAL SERVICES              | CB Financial Services Inc                                                      | CUSIP: 12479GAA9<br>LEI: 549300JEGYKCDOBSG664 | Long             | SN               | CORP              | US        |   5500000 | PA      | $4764818.85   | 1.31%             | 2031-12-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CUSTOMERS BANK                     | Customers Bank                                                                 | CUSIP: 23204HBM9<br>LEI: 6UHRKD73G36IZYN3FC43 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4477204.67   | 1.23%             | 2029-06-26      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| DIME COMMUNITY BANCSHARE           | Dime Community Bancshares Inc                                                  | CUSIP: 25432XAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1083790.28   | 0.30%             | 2032-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Eagle Bancorp Inc                  | Eagle Bancorp Inc                                                              | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Long             | EC               | CORP              | US        |     19600 | NS      | $351820.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL                | Ellington Financial Inc                                                        | CUSIP: 28852N208<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     20000 | NS      | $496800.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| EVANS BANCORP INC                  | Evans Bancorp Inc                                                              | CUSIP: 29911QAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3847593.60   | 1.06%             | 2030-07-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| FINANCIAL INSTITUTIONS I           | Financial Institutions Inc                                                     | CUSIP: 317580AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2930887.14   | 0.81%             | 2030-10-15      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| FIRST BANCSHARES INC               | First Bancshares Inc/The                                                       | CUSIP: 318916AE3<br>LEI: 5493006DL5RXJODMAF36 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $984248.81    | 0.27%             | 2030-10-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| FIRST PARAGOULD BANKSHR            | First Paragould Bankshares Inc                                                 | CUSIP: 33589WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2207668.97   | 0.61%             | 2027-12-15      | Variable      | 7.66%                 | No            |                  2 | On Loan: No      |
| AGNC Investment Corp               | AGNC Investment Corp                                                           | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |     30500 | NS      | $269315.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP               | AGNC Investment Corp                                                           | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     40000 | NS      | $1016000.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AMUR EQUIPMENT FIN INC             | Amur Equipment Finance Inc                                                     | CUSIP: 03237NAA6<br>LEI: UZB5I6J8EKRNMIVXXJ34 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1496373.17   | 0.41%             | 2026-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Annaly Capital Management Inc      | Annaly Capital Management Inc                                                  | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     15000 | NS      | $294000.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY SR INC                | Arbor Realty SR Inc                                                            | CUSIP: 03881NAE7<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2974768.08   | 0.82%             | 2026-03-30      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC             | Arbor Realty Trust Inc                                                         | CUSIP: 038923AW8<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1930629.54   | 0.53%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| B RILEY FINANCIAL INC              | B Riley Financial Inc                                                          | CUSIP: 05580M835<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |    120000 | NS      | $835200.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NY MELLON CORP             | Bank of New York Mellon Corp/The                                               | CUSIP: 06406RBW6<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2022539.36   | 0.56%             | 2035-03-14      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| BANTERRA BANK                      | Banterra Bank                                                                  | CUSIP: 06682YAB3<br>LEI: 549300NGCDNC9174EF79 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7326884.33   | 2.02%             | 2029-06-07      | Variable      | 8.97%                 | No            |                  2 | On Loan: No      |
| BYLINE BANCORP INC                 | Byline Bancorp Inc                                                             | CUSIP: 124411AA7<br>LEI: 549300W7ODP4YL2H4823 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6058128.12   | 1.67%             | 2030-07-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CB&T HOLDING CORP                  | CB&T Holding Corp                                                              | CUSIP: 124782AC7<br>LEI: 549300QX35T737FJFZ97 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5182797.50   | 1.43%             | 2030-12-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| CLEAR STREET HOLDINGS              | Clear Street Holdings LLC                                                      | CUSIP: 18469LAC3<br>LEI: 254900NQWA30C6L3G919 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4070686.16   | 1.12%             | 2029-10-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CUSTOMERS BANCORP INC              | Customers Bancorp Inc                                                          | CUSIP: 23204GAG5<br>LEI: 549300WLBCHYKZ53FN68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $876122.11    | 0.24%             | 2031-08-15      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| FEDNAT HOLDING CO                  | FedNat Holding Co                                                              | CUSIP: 31431BAD1<br>LEI: 549300TFR6HALUYTYJ66 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $60000.00     | 0.02%             | 2026-04-19      | None          | 5.00%                 | No            |                  3 | On Loan: No      |
| Plumas Bancorp                     | Plumas Bancorp                                                                 | CUSIP: 729273102<br>LEI: 549300O5TKTXYTYP4G59 | Long             | EC               | CORP              | US        |     10700 | NS      | $471763.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PREMIA HLDGS LTD SB 144A NT6.9% 30 | PREMIA HLDGS LTD SB 144A NT6.9% 30                                             | CUSIP: 74049MAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8865000.00   | 2.44%             | 2030-09-23      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FINANCIAL                | Provident Financial Services Inc                                               | CUSIP: 74386TAA3<br>LEI: 529900JOSO3SXEDVE477 | Long             | DBT              | CORP              | US        |   4118000 | PA      | $4281506.63   | 1.18%             | 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      | $1252731.41   | 0.35%             | 2028-03-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| QUEENSBOROUGH CO                   | Queensborough Co/The                                                           | CUSIP: 748249AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2853897.42   | 0.79%             | 2030-10-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| PRIMIS FINANCIAL CORP              | Primis Financial Corp                                                          | CUSIP: 843395AB0<br>LEI: 549300JNX3M2EENG1F11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2000917.16   | 0.55%             | 2030-09-01      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| UMB Financial Corp                 | UMB Financial Corp                                                             | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      8600 | NS      | $813302.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| REVREPO33767UAA5                   | REVREPO33767UAA5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2962000 | PA      | $-2962000.00  | -0.82%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO29460XAC3                   | REVREPO29460XAC3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1620000 | PA      | $-1620000.00  | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO598511AC7                   | REVREPO598511AC7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -529000 | PA      | $-529000.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO82809FAA5                   | REVREPO82809FAA5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2033000 | PA      | $-2033000.00  | -0.56%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO74386TAA3                   | REVREPO74386TAA3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1686000 | PA      | $-1686000.00  | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-26

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

**Signature:** /s/ Michael Colombo

**Name of Signer:** Michael Colombo

**Title:** Secretary