# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-001138
**Filing Date:** 2025-9
**Character Count:** 26032
**Document Hash:** 4eb4ec724fcf79496c1380afa435b4d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001138.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0000910472-25-001138

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251336845

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK TOTAL RETURN** | **HOLBROOK TOTAL RETURN** | **HOLBROOK TOTAL RETURN** | **HOLBROOK TOTAL RETURN** | **HOLBROOK TOTAL RETURN** | **HOLBROOK TOTAL RETURN** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **PREFERRED STOCKS** — **5.9%** | **PREFERRED STOCKS** — **5.9%** |  |  |  |
|  | **ASSET MANAGEMENT** — **2.9%** | **ASSET MANAGEMENT** — **2.9%** |  |  |  |
| 17339 | Gladstone Investment Corporation |  | 7.8750 | &nbsp;&nbsp;&nbsp;02/01/30 | &nbsp;&nbsp;&nbsp; $438677 |
|  | **INSURANCE** — **3.0%** | **INSURANCE** — **3.0%** |  |  |  |
| 20000 | Enstar Group Ltd. |  | 7.0000 | &nbsp;&nbsp;&nbsp;Perpetual | &nbsp;&nbsp;&nbsp; 460000 |
|  | **TOTAL PREFERRED STOCKS (Cost $874,092)** | **TOTAL PREFERRED STOCKS (Cost $874,092)** |  |  | 898677 |
| **Principal Amount ($)** |  | **Spread** |  |  |  |
|  | **ASSET BACKED SECURITIES — 51.2%** | **ASSET BACKED SECURITIES — 51.2%** |  |  |  |
|  | **CLO** — **9.4%** | **CLO** — **9.4%** |  |  |  |
| 500000 | Palmer Square Loan Funding Ltd. Series 2022-1A E<sup>(a),(b)</sup> | TSFR3M + 7.200% | 11.5180 | &nbsp;&nbsp;&nbsp;04/15/30 | 503572 |
| 500000 | Venture XXVI CLO Ltd. Series 2017-26A D<sup>(a),(b)</sup> | TSFR3M + 4.512% | 8.8370 | &nbsp;&nbsp;&nbsp;01/20/29 | 502561 |
| 410451 | Zais Clo 6 Ltd. Series 2017-1A D<sup>(a),(b)</sup> | TSFR3M + 4.142% | 8.4590 | &nbsp;&nbsp;&nbsp;07/15/29 | 411587 |
|  |  |  |  |  | 1417720 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **19.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **19.6%** |  |  |  |
| 500000 | Cascade Funding Mortgage Trust Series 2024-HB16 M3<sup>(a),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;03/25/35 | 465306 |
| 500000 | CFMT, LLC Series 2024-HB15 M3<sup>(a),(c)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;08/25/34 | 472970 |
| 346668 | OBX Trust Series 2024-NQM4 A1<sup>(a),(d)</sup> |  | 6.0670 | &nbsp;&nbsp;&nbsp;01/25/64 | 348845 |
| 402513 | OBX Trust Series 2024-NQM12 A1<sup>(a),(d)</sup> |  | 5.4750 | &nbsp;&nbsp;&nbsp;07/25/64 | 401578 |
| 500000 | Onity Loan Investment Trust Series 2024-HB2 M3<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;08/25/37 | 484635 |
| 327545 | PRKCM Trust Series 2023-AFC3 A1<sup>(a)</sup> |  | 6.5840 | &nbsp;&nbsp;&nbsp;09/25/58 | 330076 |
| 463744 | Verus Securitization Trust Series 2024-9 A1<sup>(a),(c)</sup> |  | 5.4380 | &nbsp;&nbsp;&nbsp;11/25/69 | 463277 |
|  |  |  |  |  | 2966687 |
|  | **NON AGENCY CMBS** — **22.2%** | **NON AGENCY CMBS** — **22.2%** |  |  |  |
| 12930170 | BANK Series 2017-BNK9 XA<sup>(c),(e)</sup> |  | 0.7520 | &nbsp;&nbsp;&nbsp;11/15/54 | 191096 |
| 500000 | BHMS Series 2018-MZB MZB<sup>(a),(b)</sup> | TSFR1M + 6.934% | 11.2750 | &nbsp;&nbsp;&nbsp;12/31/25 | 500022 |
| 8094830 | Citigroup Commercial Mortgage Trust 2018-B2 Series 2018-B2 XA<sup>(c),(e)</sup> |  | 0.6850 | &nbsp;&nbsp;&nbsp;03/10/51 | 118295 |
| 500000 | GSMS Trust Series 2024-FAIR D<sup>(a),(c)</sup> |  | 7.9490 | &nbsp;&nbsp;&nbsp;07/15/29 | 511310 |
| 500000 | Morgan Stanley Capital I Trust Series 2024-BPR2 E<sup>(a),(c)</sup> |  | 8.7520 | &nbsp;&nbsp;&nbsp;05/05/29 | 482099 |
| 500000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 B<sup>(a)</sup> |  | 8.5420 | &nbsp;&nbsp;&nbsp;05/05/29 | 530736 |
| 500000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 C<sup>(a),(c)</sup> |  | 8.7520 | &nbsp;&nbsp;&nbsp;05/05/29 | 525163 |
| 500000 | X-Caliber Funding, LLC Series 2024-SURF A<sup>(a)</sup> |  | 12.0000 | &nbsp;&nbsp;&nbsp;09/25/28 | 502566 |
|  |  |  |  |  | 3361287 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $7,688,366)** |  |  |  | 7745694 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **HOLBROOK TOTAL RETURN** | **HOLBROOK TOTAL RETURN** | **HOLBROOK TOTAL RETURN** | **HOLBROOK TOTAL RETURN** | **HOLBROOK TOTAL RETURN** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 3.9%** |  |  |  |
| 500000 | Fannie Mae REMICS Series 2025-6 DL | 2.0000 | &nbsp;&nbsp;&nbsp;04/25/53 | $273933 |
| 318888 | Freddie Mac REMICS Series 5438 H | 5.5000 | &nbsp;&nbsp;&nbsp;06/25/50 | 319669 |
|  | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $601,275)** |  |  | 593602 |
|  | **CORPORATE BONDS — 37.3%** |  |  |  |
|  | **ASSET MANAGEMENT** — **15.6%** |  |  |  |
| 500000 | Blue Owl Technology Finance Corporation<sup>(a)</sup> | 6.1000 | &nbsp;&nbsp;&nbsp;03/15/28 | 502982 |
| 500000 | Fidus Investment Corporation | 6.7500 | &nbsp;&nbsp;&nbsp;03/19/30 | 500589 |
| 16681 | Great Elm Capital Corporation | 8.1250 | &nbsp;&nbsp;&nbsp;12/31/29 | 422613 |
| 500000 | Stellus Capital Investment Corporation | 7.2500 | &nbsp;&nbsp;&nbsp;04/01/30 | 500057 |
| 17014 | Trinity Capital, Inc. | 7.8750 | &nbsp;&nbsp;&nbsp;09/30/29 | 431985 |
|  |  |  |  | 2358226 |
|  | **BANKING** — **3.3%** |  |  |  |
| 500000 | NewtekOne, Inc.<sup>(a)</sup> | 8.3750 | &nbsp;&nbsp;&nbsp;04/01/30 | 506930 |
|  | **OIL & GAS PRODUCERS** — **3.0%** |  |  |  |
| 500000 | W&T Offshore, Inc.<sup>(a)</sup> | 10.7500 | &nbsp;&nbsp;&nbsp;02/01/29 | 456713 |
|  | **PUBLISHING & BROADCASTING** — **2.2%** |  |  |  |
| 500000 | Cumulus Media New Holdings, Inc.<sup>(a)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;07/01/26 | 325625 |
|  | **SPECIALTY FINANCE** — **13.2%** |  |  |  |
| 500000 | Equify Financial, LLC<sup>(a)</sup> | 9.5000 | &nbsp;&nbsp;&nbsp;04/30/30 | 499706 |
| 500000 | MMP Capital, LLC<sup>(a)</sup> | 9.5000 | &nbsp;&nbsp;&nbsp;10/18/29 | 501250 |
| 500000 | ReadyCap Holdings, LLC<sup>(a)</sup> | 9.3750 | &nbsp;&nbsp;&nbsp;03/01/28 | 499640 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **HOLBROOK TOTAL RETURN** | **HOLBROOK TOTAL RETURN** | **HOLBROOK TOTAL RETURN** | **HOLBROOK TOTAL RETURN** | **HOLBROOK TOTAL RETURN** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 37.3% (Continued)** |  |  |  |
|  | **SPECIALTY FINANCE** — **13.2% (Continued)** |  |  |  |
| 500000 | X-Caliber Funding, LLC<sup>(a)</sup> | 25.0000 | &nbsp;&nbsp;&nbsp;10/25/25 | $500000 |
|  |  |  |  | 2000596 |
|  | **TOTAL CORPORATE BONDS (Cost $5,565,062)** |  |  | 5648090 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 1.4%** |  |  |  |
|  | **MONEY MARKET FUNDS - 1.4%** |  |  |  |
| 205058 | First American Government Obligations Fund, Class X, 4.19% (Cost $205,058)<sup>(f)</sup> |  |  | &nbsp;&nbsp;&nbsp; 205058 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $14,933,853)** |  |  | &nbsp;&nbsp;&nbsp; $15091121 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%** |  |  | &nbsp;&nbsp; 44966 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $15136087 |
| CLO | - Collateralized Loan Obligation |  |  |  |
| LLC | - Limited Liability Company |  |  |  |
| LTD | - Limited Company |  |  |  |
| REMIC | - Real Estate Mortgage Investment Conduit |  |  |  |
| TSFR1M | Term Secured Overnight Financing Rate 1 Month |  |  |  |
| TSFR3M | Term Secured Overnight Financing Rate 3 Month |  |  |  |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2025 the total market value of 144A securities is 11,229,149 or 74.2% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on July 31, 2025.

<sup>(c)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(d)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at July 31, 2025.

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

<sup>(f)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $15288173.25

**Total Liabilities:** $152086.31

**Net Assets:** $15136086.94

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 801.15565000 | **5-Year:** 1803.25157500 | **10-Year:** 418.92696400 | **30-Year:** 309.53224100

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

- **3-Month:** 1207.54867500 | **1-Year:** 82.89876300 | **5-Year:** 213.82400700 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259794 | 0.00%                | 1.05%                | 0.39%                |
| Class ID C000259796 | 0.00%                | 1.03%                | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-626.04                 | $70829.19                                  |
| Month 2  | $-163.42                 | $60680.00                                  |
| Month 3  | $-71022.81               | $25758.94                                  |

### 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 American Funds Inc.                              | FRST AM-GV OB-X       | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    205058 | PA      | $205058.22    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD | FHR 5438 H            | CUSIP: 3137HFDS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    318888 | PA      | $319669.74    | 2.11%             | 2050-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Stellus Capital Investment Corporation                 | SCM 7 1/4 04/01/30    | CUSIP: 858568AC2<br>LEI: 5493001DZV6QC1KUSC43 | Long             | DBT              | RF                | US        |    500000 | PA      | $500056.61    | 3.30%             | 2030-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fidus Investment Corporation                           | FDUS 6 3/4 03/19/30   | CUSIP: 316500AD9<br>LEI: 549300836CRWCROFBC02 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500589.02    | 3.31%             | 2030-03-19      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| W & T Offshore Inc.                                    | WTI 10 3/4 02/01/29   | CUSIP: 92922PAN6<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $456712.50    | 3.02%             | 2029-02-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| CFMT 2024-HB15 LLC                                     | CFMT 2024-HB15 M3     | CUSIP: 15723AAD3<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $472970.20    | 3.12%             | 2034-08-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Enstar Group Ltd                                       | ESGR 7 PERP           | CUSIP: 29359U109<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EP               | CORP              | BM        |     20000 | NS      | $460000.00    | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Elm Capital Corporation                          | GECC 8 1/8            | CUSIP: 390320877<br>LEI: 549300JTA9ODXNIVFC33 | Long             | EP               | CORP              | US        |     16681 | NS      | $422613.14    | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Equify Financial LLC                                   | EQUIFY 9 1/2 04/30/30 | CUSIP: 29446PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499706.10    | 3.30%             | 2030-04-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Gladstone Investment Corporation                       | GAIN 7 7/8            | CUSIP: 376546867<br>LEI: 549300HFFTVIBC98Z362 | Long             | EP               | CORP              | US        |     17339 | NS      | $438676.70    | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank 2017-Bnk9                                         | BANK 2017-BNK9 XA     | CUSIP: 06540RAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12930170 | PA      | $191096.28    | 1.26%             | 2054-11-15      | Floating      | 0.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2025-6 DL         | CUSIP: 3136BUUF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    500000 | PA      | $273932.70    | 1.81%             | 2053-04-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Trinity Capital Inc.                                   | TRIN 7 7/8            | CUSIP: 896442704<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EP               | CORP              | US        |     17014 | NS      | $431985.46    | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2024-9                      | VERUS 2024-9 A1       | CUSIP: 92540RAC8<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-O            | CORP              | US        |    463744 | PA      | $463277.25    | 3.06%             | 2069-11-25      | Floating      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPTAL 24-BPR2                          | MSC 2024-BPR2 E       | CUSIP: 61776EAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $482098.65    | 3.19%             | 2029-05-05      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                  | XCAL 2024-SURF A      | CUSIP: 98373XBP4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502565.50    | 3.32%             | 2028-09-25      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| OBX 2024-NQM12 TRUST                                   | OBX 2024-NQM12 A1     | CUSIP: 67448PAA1<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-O            | CORP              | US        |    402513 | PA      | $401578.02    | 2.65%             | 2064-07-25      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2025-HB16 LLC                                     | CFMT 2025-HB16 M3     | CUSIP: 12531BAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $465305.50    | 3.07%             | 2035-03-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Cumulus Media New Holdings Inc                         | CUMINT 6 3/4 07/01/26 | CUSIP: 23110AAA4<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $325625.00    | 2.15%             | 2026-07-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MMP Capital LLC                                        | MMPCAP 9 1/2 10/18/29 | CUSIP: 55330PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $501250.00    | 3.31%             | 2029-10-18      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| GSMS 2024-FAIR                                         | GSMS 2024-FAIR D      | CUSIP: 36270JAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $511309.70    | 3.38%             | 2029-07-15      | Floating      | 7.95%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPTAL 24-BPR2                          | MSC 2024-BPR2 C       | CUSIP: 61776EAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $525162.80    | 3.47%             | 2029-05-05      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                  | XCALFD 25 09/01/25    | CUSIP: 98373XAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500000.00    | 3.30%             | 2025-10-25      | Fixed         | 25.00%                | Yes           |                  2 | On Loan: No      |
| PRKCM TRUST 2023-AFC3                                  | PRKCM 2023-AFC3 A1    | CUSIP: 693984AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    327545 | PA      | $330076.04    | 2.18%             | 2058-09-25      | Fixed         | 6.58%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPTAL 24-BPR2                          | MSC 2024-BPR2 B       | CUSIP: 61776EAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $530737.05    | 3.51%             | 2029-05-05      | Fixed         | 8.54%                 | Yes           |                  2 | On Loan: No      |
| ReadyCap Holdings LLC                                  | RDYCAP 9 3/8 03/01/28 | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499640.06    | 3.30%             | 2028-03-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| OBX 2024-NQM4 TRUST                                    | OBX 2024-NQM4 A1      | CUSIP: 67118TAA2<br>LEI: 549300JK5TDDSAIKZ665 | Long             | ABS-O            | CORP              | US        |    346668 | PA      | $348845.21    | 2.30%             | 2064-01-25      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| PALMER SQUARE LN FDG 2022-1                            | PSTAT 2022-1A E       | CUSIP: 69702LAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $503572.50    | 3.33%             | 2030-04-15      | Floating      | 11.52%                | Yes           |                  2 | On Loan: No      |
| ZAIS CLO 6 Ltd                                         | ZAIS6 2017-1A D       | CUSIP: 98887TAE8<br>LEI: 549300ZPQFDVEE67IB71 | Long             | ABS-CBDO         | CORP              | KY        |    410451 | PA      | $411586.59    | 2.72%             | 2029-07-15      | Floating      | 8.46%                 | Yes           |                  2 | On Loan: No      |
| ONITY LN INVT TR 2024-HB2                              | OLIT 2024-HB2 M3      | CUSIP: 68278DAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $484634.25    | 3.20%             | 2037-08-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Blue Owl Technology Finance Corp.                      | OTFINC 6.1 03/15/28   | CUSIP: 095924AA4<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502982.40    | 3.32%             | 2028-03-15      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| BHMS Mortgage Trust                                    | BHMS 2018-MZB MZB     | CUSIP: 05549GAS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500021.90    | 3.30%             | 2025-12-31      | Floating      | 11.28%                | Yes           |                  2 | On Loan: No      |
| Venture Xxvi Clo Ltd                                   | VENTR 2017-26A D      | CUSIP: 92331MAD0<br>LEI: 549300XGJ8CFTLD6FC04 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502561.00    | 3.32%             | 2029-01-20      | Floating      | 8.84%                 | Yes           |                  2 | On Loan: No      |
| NewtekOne Inc                                          | NEWT 8 3/8 04/01/30   | CUSIP: 652526AE4<br>LEI: 549300YLU78IA8GKJ688 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506929.67    | 3.35%             | 2030-04-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                    | CGCMT 2018-B2 XA      | CUSIP: 17327FBG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8094830 | PA      | $118295.41    | 0.78%             | 2051-03-10      | Floating      | 0.68%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer