# EDGAR Filing Document

**Accession Number:** 0001745059
**File Stem:** 0001193125-26-136728
**Filing Date:** 2026-4
**Character Count:** 98829
**Document Hash:** caa73974ee13f6937c9d2ecaf381303b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-136728.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001193125-26-136728

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**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:** 26826794

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 980 Hammond Drive

  - **City:** Atlanta

  - **State:** GA

  - **Foreign country:** US

  - **Zip / Postal Code:** 30328

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $596578882.97

**Total Liabilities:** $131387620.52

**Net Assets:** $465191262.45

**Delayed Delivery Securities:** $1000000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 4441.392994036707 | **1-Year:** 21773.935628954650 | **5-Year:** 100289.265823110200 | **10-Year:** 26504.029255531860 | **30-Year:** 413.924010236757

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

- **3-Month:** 68.720123779677 | **1-Year:** 4434.811338878018 | **5-Year:** 16372.809992093220 | **10-Year:** 88.087678993268 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.48%                | 0.79%                | 1.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $333098.77               | $3141088.50                                |
| Month 2  | $-7228829.08             | $7031861.42                                |
| Month 3  | $473555.61               | $1512095.63                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| STELLAR BANCORP INC            | Stellar Bancorp Inc                                                            | CUSIP: 01748HAA5<br>LEI: 54930070P8Z0WHFBB536 | Long             | DBT              | CORP              | US        |    874000 | PA      | $879377.86    | 0.19%             | 2029-10-01      | Variable      | 7.04%                 | No            |                  2 | On Loan: No      |
| First Citizens BancShares Inc/ | First Citizens BancShares Inc/NC                                               | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       605 | NS      | $1252089.85   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST COMMERCE BANCORP         | First Commerce Bancorp Inc                                                     | CUSIP: 31985RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3056731.74   | 0.66%             | 2035-12-30      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| FIRST FINANCIAL BANCORP        | First Financial Bancorp                                                        | CUSIP: 320209AC3<br>LEI: 549300D3F5B3EZMY7P77 | Long             | DBT              | CORP              | US        |   4350000 | PA      | $4393500.00   | 0.94%             | 2035-12-01      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| FIRST FOUNDATION INC           | First Foundation Inc                                                           | CUSIP: 32026VAA2<br>LEI: 254900TQZQ6LBCK77E82 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2770558.92   | 0.60%             | 2032-02-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| FIRST HELP FINANCIAL LLC       | First Help Financial LLC                                                       | CUSIP: 32050FAA6<br>LEI: 549300N8R7JO1WEZGT69 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4809084.60   | 1.03%             | 2026-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRST INTERSTATE BANCSYS       | First Interstate BancSystem Inc                                                | CUSIP: 32055YAB8<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4190000.00   | 0.90%             | 2035-06-15      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| FIRST MERCHANTS CORP           | First Merchants Corp                                                           | CUSIP: 320817208<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EP               | CORP              | US        |     40000 | NS      | $1028000.00   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST NATIONAL OF NEBRAS       | First National of Nebraska Inc                                                 | CUSIP: 32119CAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5250665.35   | 1.13%             | 2035-06-15      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| FIRST NORTHWEST BANCORP        | First Northwest Bancorp                                                        | CUSIP: 335834AC1<br>LEI: 549300YDR3VSTKB9DQ65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $804550.68    | 0.17%             | 2031-03-30      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FIRST PARAGOULD BANKSHR        | First Paragould Bankshares Inc                                                 | CUSIP: 33589WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2220758.57   | 0.48%             | 2027-12-15      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| First United Corp              | First United Corp                                                              | CUSIP: 33741H107<br>LEI: 549300G54QPXQLB4KN58 | Long             | EC               | CORP              | US        |     16700 | NS      | $640111.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FIVE STAR BANCORP              | Five Star Bancorp                                                              | CUSIP: 33830TAC7<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $975087.55    | 0.21%             | 2032-09-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE BANK NA             | South State Bank NA                                                            | CUSIP: 45384BAD8<br>LEI: 8I3UVGYULPJQIP7FQV10 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2135800.00   | 0.46%             | 2034-08-15      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp                                                             | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    200000 | NS      | $4934000.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp                                                             | CUSIP: 64828T805<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     40000 | NS      | $981600.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RIVER FINANCIAL CORP           | River Financial Corp                                                           | CUSIP: 76821PAA9<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $984351.24    | 0.21%             | 2031-03-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SCRE INTERMEDIATE HOLDCO       | SCRE Intermediate Holdco LLC                                                   | CUSIP: 78434LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1871562.32   | 0.40%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SANDY SPRING BANCORP INC       | Sandy Spring Bancorp Inc                                                       | CUSIP: 800363AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3718753.80   | 0.80%             | 2029-11-15      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| SHORE BANCSHARES INC           | Shore Bancshares Inc                                                           | CUSIP: 825107AD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2117190.79   | 0.46%             | 2035-11-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE BANK CORP           | SOUTHSTATE BANK CORP                                                           | CUSIP: 840441AA7<br>LEI: 549300JZUANXM0YQ4W53 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4187110.36   | 0.90%             | 2035-06-13      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN FINANCIAL CORP        | Southern Financial Corp                                                        | CUSIP: 84289RAA4<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1500000 | PA      | $1396421.18   | 0.30%             | 2031-10-20      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| SOUTHSIDE BANCSHARES INC       | Southside Bancshares Inc                                                       | CUSIP: 84470PAG4<br>LEI: 549300TC83207VQA2K65 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4102851.44   | 0.88%             | 2035-08-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE BANK CORP           | SOUTHSTATE BANK CORP                                                           | CUSIP: 84472E102<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |      8000 | NS      | $818640.00    | 0.18%             |  |  |  | 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      | $549300.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS STATE BNKSHRS INC        | Texas State Bankshares Inc                                                     | CUSIP: 882727AA8<br>LEI: 549300KSLUE7MP08XL09 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4001336.76   | 0.86%             | 2029-06-15      | Variable      | 7.53%                 | No            |                  2 | On Loan: No      |
| TRINITAS CAPITAL MGMT          | Trinitas Capital Management LLC                                                | CUSIP: 89642CAC4<br>LEI: 254900JU042545A6UD08 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5962500.00   | 1.28%             | 2026-07-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP          | Truist Financial Corp                                                          | CUSIP: 89788MAT9<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6183829.92   | 1.33%             | 2032-08-05      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| TRUSTMARK CORP                 | Trustmark Corp                                                                 | CUSIP: 898402AB8<br>LEI: 5493000HPQ4D2RZ79739 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2623884.07   | 0.56%             | 2035-12-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| UMB Financial Corp             | UMB Financial Corp                                                             | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      8600 | NS      | $1093404.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| USBC FINANCIAL HOLDINGS        | USCB Financial Holdings Inc                                                    | CUSIP: 90355NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4057730.08   | 0.87%             | 2035-08-15      | Variable      | 7.62%                 | 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      | $3476569.53   | 0.75%             | 2028-01-30      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| UNITED FIDELITY BK FSB         | United Fidelity Bank FSB                                                       | CUSIP: 910286400<br>LEI: 549300RV3BMT6ES6TO70 | Long             | EP               | CORP              | US        |      1000 | NS      | $500000.00    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| US BANCORP                     | US Bancorp                                                                     | CUSIP: 91159HJT8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2567595.78   | 0.55%             | 2031-02-12      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL INSURANCE HLDS       | Universal Insurance Holdings Inc                                               | CUSIP: 91359VAC1<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6913790.10   | 1.49%             | 2026-11-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UNIVEST FINANCIAL CORP         | Univest Financial Corp                                                         | CUSIP: 915271AD2<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1276282.10   | 0.27%             | 2032-11-15      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| UNIVEST FINANCIAL CORP         | Univest Financial Corp                                                         | CUSIP: 915271AE0<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1602244.38   | 0.34%             | 2035-11-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| REVREPO95787WAA6               | REVREPO95787WAA6                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1651000 | PA      | $-1651000.00  | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE       | First Citizens BancShares Inc/NC                                               | CUSIP: 31959X400<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EP               | CORP              | US        |     40000 | NS      | $995200.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARE       | First Citizens BancShares Inc/NC                                               | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3052905.00   | 0.66%             | 2040-03-12      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE       | First Citizens BancShares Inc/NC                                               | CUSIP: 319626305<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EP               | CORP              | US        |    140000 | NS      | $2916200.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARE       | First Citizens BancShares Inc/NC                                               | CUSIP: 319626AA5<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001322.79   | 0.22%             | 2035-09-05      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| VERABANK INC                   | VeraBank Inc                                                                   | CUSIP: 92337PAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2106595.76   | 0.45%             | 2035-06-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| FORBRIGHT INC                  | Forbright Inc                                                                  | CUSIP: 20727PAE4<br>LEI: 549300F86ZI0BZ1LVN33 | Long             | SN               | CORP              | US        |   2000000 | PA      | $1964017.06   | 0.42%             | 2029-12-01      | Variable      | 8.18%                 | No            |                  2 | On Loan: No      |
| FNB CORP                       | FNB Corp/PA                                                                    | CUSIP: 302520AD3<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5115247.70   | 1.10%             | 2030-12-11      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| FNB CORP                       | FNB Corp/PA                                                                    | CUSIP: 30259JAA1<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |    600000 | PA      | $595777.13    | 0.13%             | 2029-02-14      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| FLAGSTAR BANCORP INC           | Flagstar Bancorp Inc                                                           | CUSIP: 337930AD3<br>LEI: 549300Q22V2Y3J4R2715 | Long             | DBT              | CORP              | US        |   2375000 | PA      | $2263897.71   | 0.49%             | 2030-11-01      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| Flushing Financial Corp        | Flushing Financial Corp                                                        | CUSIP: 343873105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $473700.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUSHING FINANCIAL CORP        | Flushing Financial Corp                                                        | CUSIP: 343873AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1783081.20   | 0.38%             | 2031-12-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| FULTON FINANCIAL CORP          | Fulton Financial Corp                                                          | CUSIP: 360271308<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EP               | CORP              | US        |     42572 | NS      | $784601.96    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GBANK FIN HOLDINGS INC         | GBank Financial Holdings Inc                                                   | CUSIP: 36166FAF7<br>LEI: 9845008U7CD30F9F5754 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3018872.19   | 0.65%             | 2036-01-15      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| GEORGIA BANKING CO INC         | Georgia Banking Co Inc                                                         | CUSIP: 37312RAA3<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $973881.26    | 0.21%             | 2031-06-15      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| GOLDEN PEAR FUND HOLDCO        | Golden Pear Funding HoldCo LLC                                                 | CUSIP: 38116FAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5016217.15   | 1.08%             | 2028-02-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE BANK              | Golden State Bank                                                              | CUSIP: 38120HAA5<br>LEI: 2549008ZKY1Y3OCP3E23 | Long             | SN               | CORP              | US        |   1000000 | PA      | $901582.98    | 0.19%             | 2031-12-15      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                                                    | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   2000000 | PA      | $2112422.00   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| GREEN DOT CORP                 | Green Dot Corp                                                                 | CUSIP: 39304DAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2187660.00   | 0.47%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Greene County Bancorp Inc      | Greene County Bancorp Inc                                                      | CUSIP: 394357107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25000 | NS      | $586000.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HANMI FINANCIAL CORP           | Hanmi Financial Corp                                                           | CUSIP: 410495AB1<br>LEI: 549300MSZ7RCG7EA6587 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3369183.44   | 0.72%             | 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      | $248750.00    | 0.05%             | 2035-05-15      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| MECHANICS BANCORP              | Mechanics Bancorp                                                              | CUSIP: 43785VAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2766415.26   | 0.59%             | 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      | $2036919.12   | 0.44%             | 2027-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HORIZON BANCORP                | Horizon Bancorp Inc/IN                                                         | CUSIP: 440407AE4<br>LEI: 549300U2OQ2EIT5MXG39 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2041791.38   | 0.44%             | 2035-09-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES          | Huntington Bancshares Inc/OH                                                   | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6246025.92   | 1.34%             | 2035-02-02      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| KEYCORP                        | KeyCorp                                                                        | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4335550.00   | 0.93%             | 2035-03-06      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| FINANCIAL INSTITUTIONS I       | Financial Institutions Inc                                                     | CUSIP: 317585AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7600000 | PA      | $7663286.64   | 1.65%             | 2035-12-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                     | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   5922274 | NS      | $5922274.17   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST BANK/HAMILTON NJ         | First Bank/Hamilton NJ                                                         | CUSIP: 319137CX1<br>LEI: 549300YS4CB1171BRJ08 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2060752.14   | 0.44%             | 2035-06-30      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| FIRST BUSEY CORPORATION        | First Busey Corp                                                               | CUSIP: 319383600<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EP               | CORP              | US        |     40000 | NS      | $1050400.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NANO FINANCIAL HOLD            | Nano Financial Holdings Inc                                                    | CUSIP: 63010MAB3<br>LEI: 5493006Q0M80QTFE3H77 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4000000.00   | 0.86%             | 2026-07-01      | Fixed         | 13.00%                | No            |                  3 | On Loan: No      |
| NEWTEKONE INC                  | NewtekOne Inc                                                                  | CUSIP: 652526AC8<br>LEI: 549300YLU78IA8GKJ688 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2272686.50   | 0.49%             | 2027-02-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NEWTEKONE INC                  | NewtekOne Inc                                                                  | CUSIP: 652526AE4<br>LEI: 549300YLU78IA8GKJ688 | Long             | DBT              | CORP              | US        |    750000 | PA      | $754056.77    | 0.16%             | 2030-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NEXBANK CAPITAL INC            | NexBank Capital Inc                                                            | CUSIP: 65341TAE7<br>LEI: 549300H29S945S4X7A03 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1952705.28   | 0.42%             | 2031-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEXBANK CAPITAL INC            | NexBank Capital Inc                                                            | CUSIP: 65341TAG2<br>LEI: 549300H29S945S4X7A03 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1430122.17   | 0.31%             | 2032-07-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| NORTHPOINTE BANCSHARES I       | Northpointe Bancshares Inc                                                     | CUSIP: 66661NAG5<br>LEI: 549300EYMKMD4WKEKP72 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1277067.37   | 0.27%             | 2034-09-01      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| NORTHPOINTE BANCSHARES I       | Northpointe Bancshares Inc                                                     | CUSIP: 66661NAJ9<br>LEI: 549300EYMKMD4WKEKP72 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4027053.88   | 0.87%             | 2035-12-15      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| NBT BANCORP INC                | NBT Bancorp Inc                                                                | CUSIP: 795226AD1<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $949409.41    | 0.20%             | 2031-03-31      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MS TRANSVERSE INSURANCE        | MS Transverse Insurance Group LLC                                              | CUSIP: 89402HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5000926.75   | 1.08%             | 2026-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Kingstone Cos Inc              | Kingstone Cos Inc                                                              | CUSIP: 496719105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75253 | NS      | $1162658.85   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| LAWRENCE BANCSHARES INC        | Lawrence Bancshares Inc                                                        | CUSIP: 519617AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3101580.66   | 0.67%             | 2035-06-30      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| LUMENT FINANCE TRUST INC       | Lument Finance Trust Inc                                                       | CUSIP: 55025L207<br>LEI: 5493002OB7SJ4MVQY666 | Long             | EP               | CORP              | US        |     40000 | NS      | $827596.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp                                                                  | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      5400 | NS      | $1196478.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION           | M&T Bank Corp                                                                  | CUSIP: 55261F849<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |     40000 | NS      | $1017200.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION           | M&T Bank Corp                                                                  | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6504915.00   | 1.40%             | 2029-10-30      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| MAPLE FINANCIAL HLD INC        | Maple Financial Holdings Inc                                                   | CUSIP: 565126AA7<br>LEI: 9845003D9D85D5DIUQ74 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1998698.40   | 0.43%             | 2031-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MASCOMA MUTUAL FIN SERV        | Mascoma Mutual Financial Services Corp                                         | CUSIP: 57461LAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2042548.96   | 0.44%             | 2035-09-15      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| MERCANTILE BANK CORP           | Mercantile Bank Corp                                                           | CUSIP: 587376AE4<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1412777.52   | 0.30%             | 2032-01-30      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| MERIDIAN CORP                  | Meridian Corp                                                                  | CUSIP: 58960CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3991954.00   | 0.86%             | 2029-12-30      | Variable      | 7.61%                 | No            |                  2 | On Loan: No      |
| MIDWEST BANKCENTRE MO          | Midwest Bankcentre Inc                                                         | CUSIP: 598281AJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2025724.30   | 0.44%             | 2035-10-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM CONS HOLDINGS       | Millennium Consolidated Holdings LLC                                           | CUSIP: 60040RAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5105826.70   | 1.10%             | 2030-03-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MINNWEST CORP                  | Minnwest Corp                                                                  | CUSIP: 60426PAC8<br>LEI: 549300T5O0HCNHK4PS46 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2559084.50   | 0.55%             | 2035-09-01      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                                                 | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6769652.96   | 1.46%             | 2036-01-18      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| READYCAP HOLDINGS LLC          | ReadyCap Holdings LLC                                                          | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4004668.36   | 0.86%             | 2028-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Redwood Trust Inc              | Redwood Trust Inc                                                              | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |     25750 | NS      | $141110.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORP         | Regions Financial Corp                                                         | CUSIP: 7591EPAV2<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6170761.38   | 1.33%             | 2035-09-06      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| RELIABLE COMMUNITY BANKS       | Reliable Community Bancshares Inc                                              | CUSIP: 75941FAA8<br>LEI: 549300J2M0CK8MCJZS35 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4000000.00   | 0.86%             | 2036-01-30      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| REVREPO89642CAC4               | REVREPO89642CAC4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2090000 | PA      | $-2090000.00  | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO84470PAG4               | REVREPO84470PAG4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1687000 | PA      | $-1687000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO828730AC5               | REVREPO828730AC5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -3037000 | PA      | $-3037000.00  | -0.65%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO144523AG2               | REVREPO144523AG2                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -676000 | PA      | $-676000.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO173167AC1               | REVREPO173167AC1                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1376000 | PA      | $-1376000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO108621AP8               | REVREPO108621AP8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2282000 | PA      | $-2282000.00  | -0.49%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO12634QAJ0               | REVREPO12634QAJ0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1095000 | PA      | $-1095000.00  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO843395AB0               | REVREPO843395AB0                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1096000 | PA      | $-1096000.00  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO18452FAB7               | REVREPO18452FAB7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2364000 | PA      | $-2364000.00  | -0.51%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO43789TAB9               | REVREPO43789TAB9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -559000 | PA      | $-559000.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO453836AJ7               | REVREPO453836AJ7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1716000 | PA      | $-1716000.00  | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO84470PAG4               | REVREPO84470PAG4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -552000 | PA      | $-552000.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO519617AA2               | REVREPO519617AA2                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1684000 | PA      | $-1684000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO83190LAF6               | REVREPO83190LAF6                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1666000 | PA      | $-1666000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO89642CAC4               | REVREPO89642CAC4                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1092000 | PA      | $-1092000.00  | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO82809FAA5               | REVREPO82809FAA5                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2055000 | PA      | $-2055000.00  | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO60426PAC8               | REVREPO60426PAC8                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1371000 | PA      | $-1371000.00  | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO90355NAA9               | REVREPO90355NAA9                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2193000 | PA      | $-2193000.00  | -0.47%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO172967QH7               | REVREPO172967QH7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1663000 | PA      | $-1663000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO36166FAF7               | REVREPO36166FAF7                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1658000 | PA      | $-1658000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| NORTHRIM BANCORP INC           | Northrim BanCorp Inc                                                           | CUSIP: 666762AA7<br>LEI: 5493006X7RLLTZ3SG075 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3643070.36   | 0.78%             | 2035-12-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| NORTHWEST BANCSHARES INC       | Northwest Bancshares Inc                                                       | CUSIP: 667339AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990712.20    | 0.21%             | 2030-09-15      | Variable      | 7.59%                 | No            |                  2 | On Loan: No      |
| OBSIDIAN INSURANCE HOLD        | Obsidian Insurance Holdings Inc                                                | CUSIP: 67449JAC0<br>LEI: 254900TY5RP85WWY5T18 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5036265.40   | 1.08%             | 2030-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OCEANFIRST FINANCIAL CP        | OceanFirst Financial Corp                                                      | CUSIP: 675234AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4264513.75   | 0.92%             | 2035-11-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| OCONOMOWOC BANCSHARES          | Oconomowoc Bancshares Inc                                                      | CUSIP: 675626AD7<br>LEI: 549300SH0NBQFD15MD48 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4243080.16   | 0.91%             | 2035-09-01      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| OAKSTARS BANCSHARES INC        | Oakstar Bancshares Inc                                                         | CUSIP: 67630PAB7<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $995299.63    | 0.21%             | 2031-04-15      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| OLD NATL BANCORP               | Old National Bancorp/IN                                                        | CUSIP: 68003DAA3<br>LEI: 549300MMK90CL5KMVX16 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3319371.59   | 0.71%             | 2036-02-15      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| OLNEY BANCSHARES TX INC        | Olney Bancshares of Texas Inc                                                  | CUSIP: 68123AAA4<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $976748.85    | 0.21%             | 2031-03-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PCAP HOLDINGS LP               | PCAP Holdings LP                                                               | CUSIP: 69320NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $0.00         | 0.00%             | 2028-07-15      | None          | 6.50%                 | No            |                  3 | On Loan: No      |
| Patriot National Bancorp Inc   | Patriot National Bancorp Inc                                                   | CUSIP: 70336F203<br>LEI: 549300T1270P6QIGPD23 | Long             | EC               | CORP              | US        |   3238186 | NS      | $4986806.44   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PEAPACK GLADSTONE FINANC       | Peapack-Gladstone Financial Corp                                               | CUSIP: 704699AE7<br>LEI: 549300G8DN2UK8K0ET30 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1981428.20   | 0.43%             | 2030-12-30      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT       | PennyMac Mortgage Investment Trust                                             | CUSIP: 70931T806<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     37691 | NS      | $961497.41    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PEOPLES FIN SERVICES           | Peoples Financial Services Corp                                                | CUSIP: 711040AC9<br>LEI: 254900HXI30XMTDCGJ18 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3150847.23   | 0.68%             | 2035-06-15      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| PEOPLESBANCORP MHC             | PeoplesBancorp MHC                                                             | CUSIP: 712710AC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1048814.42   | 0.23%             | 2034-12-30      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| PHENIXFIN CORP                 | PhenixFIN Corp                                                                 | CUSIP: 71742W301<br>LEI: 549300JJH1QEB0RKNO53 | Long             | EP               | CORP              | US        |     70000 | NS      | $1654800.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners In | Pinnacle Financial Partners Inc                                                | CUSIP: 72348N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7000 | NS      | $665630.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc      | Prosperity Bancshares Inc                                                      | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13900 | NS      | $959239.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PROVIDENT FINANCIAL            | Provident Financial Services Inc                                               | CUSIP: 74386TAA3<br>LEI: 529900JOSO3SXEDVE477 | Long             | DBT              | CORP              | US        |   4118000 | PA      | $4313837.71   | 0.93%             | 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      | $1286452.26   | 0.28%             | 2028-03-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| QUEENSBOROUGH CO               | Queensborough Co/The                                                           | CUSIP: 748249AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1479249.68   | 0.32%             | 2030-10-15      | Variable      | 9.55%                 | No            |                  2 | On Loan: No      |
| RBB BANCORP                    | RBB Bancorp                                                                    | CUSIP: 74930BAG0<br>LEI: 549300A23FBFZNGET525 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1427145.50   | 0.31%             | 2031-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PINNACLE BANK TN               | Pinnacle Bank/Nashville TN                                                     | CUSIP: 87164DXY1<br>LEI: 549300CDOC4F7XSRG390 | Long             | DBT              | CORP              | US        |   4600000 | PA      | $4637382.73   | 1.00%             | 2036-01-15      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| CUSTOMERS BANK                 | Customers Bank                                                                 | CUSIP: 23204HBM9<br>LEI: 6UHRKD73G36IZYN3FC43 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4512773.93   | 0.97%             | 2029-06-26      | Variable      | 7.39%                 | No            |                  2 | On Loan: No      |
| DICKINSON FINANCIAL CORP       | Dickinson Financial Corp                                                       | CUSIP: 25323LAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3144898.08   | 0.68%             | 2035-11-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| DIME COMMUNITY BANCSHARE       | Dime Community Bancshares Inc                                                  | CUSIP: 25432X201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     25000 | NS      | $482000.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DIME COMMUNITY BANCSHARE       | Dime Community Bancshares Inc                                                  | CUSIP: 25432XAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1210498.46   | 0.26%             | 2032-05-15      | Variable      | 5.00%                 | 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      | $4829454.00   | 1.04%             | 2027-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BCB BANCORP INC                | BCB Bancorp Inc                                                                | CUSIP: 055298AE3<br>LEI: 54930024V6Z8FYSN4291 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3374657.01   | 0.73%             | 2034-09-01      | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| BOKF NA                        | BOKF NA                                                                        | CUSIP: 05572YHP0<br>LEI: FU7RSW4CQQY98A2O7J66 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3694071.71   | 0.79%             | 2040-11-06      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| BEACON FINANCIAL CORP          | Beacon Financial Corp                                                          | CUSIP: 084680AB3<br>LEI: 549300AS2OC6UMMBNO37 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1438474.79   | 0.31%             | 2032-07-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| INDEPENDENT BANK CORP          | Independent Bank Corp                                                          | CUSIP: 453836AJ7<br>LEI: 549300C5K3W8THR3GE10 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3186746.34   | 0.69%             | 2035-04-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| INPOINT COMM REAL ESTATE       | Inpoint Commercial Real Estate Income Inc                                      | CUSIP: 45781T205<br>LEI: 549300Y1UHXUM1OZXN16 | Long             | EP               | CORP              | US        |     80000 | NS      | $1708000.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                                            | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4365776.56   | 0.94%             | 2034-10-23      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| KEYCORP                        | KeyCorp                                                                        | CUSIP: 493267AK4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |    300000 | PA      | $300462.06    | 0.06%             |  |  |  | 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      | $1049475.52   | 0.23%             | 2035-01-22      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Plumas Bancorp                 | Plumas Bancorp                                                                 | CUSIP: 729273102<br>LEI: 549300O5TKTXYTYP4G59 | Long             | EC               | CORP              | US        |     10700 | NS      | $536177.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA  | Preferred Bank/Los Angeles CA                                                  | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      8500 | NS      | $729045.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMIS FINANCIAL CORP          | Primis Financial Corp                                                          | CUSIP: 843395AB0<br>LEI: 549300JNX3M2EENG1F11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1993671.76   | 0.43%             | 2030-09-01      | Variable      | 9.08%                 | No            |                  2 | On Loan: No      |
| BIG POPPY HOLDIN               | BIG POPPY HOLDIN                                                               | CUSIP: PPEB0G5N9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3325000.00   | 0.71%             | 2027-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REVREPO316773DL1               | REVREPO316773DL1                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |   -576000 | PA      | $-576000.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO32119CAA2               | REVREPO32119CAA2                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2853000 | PA      | $-2853000.00  | -0.61%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO31985RAA2               | REVREPO31985RAA2                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1679000 | PA      | $-1679000.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| REVREPO23204GAH3               | REVREPO23204GAH3                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1978000 | PA      | $-1978000.00  | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| EAGLE BANCORP INC              | Eagle Bancorp Inc                                                              | CUSIP: 268948AE6<br>LEI: 549300B47NZODRMG3D47 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2615740.95   | 0.56%             | 2029-09-30      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Ellington Financial Inc        | Ellington Financial Inc                                                        | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               | CORP              | US        |     15750 | NS      | $202387.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL            | Ellington Financial Inc                                                        | CUSIP: 28852N208<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     20000 | NS      | $501600.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL            | Ellington Financial Inc                                                        | CUSIP: 28852N307<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     80000 | NS      | $1936008.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY BANCSHARES INC          | Equity Bancshares Inc                                                          | CUSIP: 29460XAJ8<br>LEI: 549300BPQ2EJNU4WF694 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4102339.92   | 0.88%             | 2035-08-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| EVERBANK FINANCIAL CORP        | EverBank Financial Corp                                                        | CUSIP: 29977GAC6<br>LEI: 549300ZSQX8IP0RAE826 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5229217.85   | 1.12%             | 2034-09-01      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| EVERBANK FINANCIAL CORP        | EverBank Financial Corp                                                        | CUSIP: 29977GAE2<br>LEI: 549300ZSQX8IP0RAE826 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2085344.50   | 0.45%             | 2035-09-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| F&M FINANCIAL CORP             | F&M Financial Corp/TN                                                          | CUSIP: 30311RAC5<br>LEI: 549300TRY3LFAOVSVM27 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4680057.96   | 1.01%             | 2035-08-01      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| FIDELITY FEDERAL BANCORP       | Fidelity Federal Bancorp                                                       | CUSIP: 315921AJ5<br>LEI: 5493004DRUFQ7MQTK142 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1988060.38   | 0.43%             | 2029-11-01      | Variable      | 8.31%                 | No            |                  2 | On Loan: No      |
| FIDELITY FEDERAL BANCORP       | Fidelity Federal Bancorp                                                       | CUSIP: 315921AL0<br>LEI: 5493004DRUFQ7MQTK142 | Long             | SN               | CORP              | US        |   1000000 | PA      | $993978.67    | 0.21%             | 2031-03-30      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| FIDELITY FINANCIAL CORP        | Fidelity Financial Corp                                                        | CUSIP: 316144AC8<br>LEI: 549300MH8LY2P6Y7NV11 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4740796.00   | 1.02%             | 2032-04-30      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP            | Fifth Third Bancorp                                                            | CUSIP: 316773DL1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1047972.32   | 0.23%             | 2032-01-29      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP            | Fifth Third Bancorp                                                            | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017560.17   | 0.22%             | 2030-09-06      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| CLEAR STREET HOLDINGS          | Clear Street Holdings LLC                                                      | CUSIP: 18469LAE9<br>LEI: 254900NQWA30C6L3G919 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4905069.55   | 1.05%             | 2030-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CLIMATE FIRST BANC INC         | Climate First Bancorp Inc                                                      | CUSIP: 18717AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3993462.60   | 0.86%             | 2035-11-01      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| COLONY BANKCORP INC            | Colony Bankcorp Inc                                                            | CUSIP: 19623PAA9<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $921469.23    | 0.20%             | 2032-05-20      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbia Banking System Inc    | Columbia Banking System Inc                                                    | CUSIP: 197236102<br>LEI: 254900CTRJTQZ3BJ2V17 | Long             | EC               | CORP              | US        |     25000 | NS      | $736000.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL CREDIT INC          | Commercial Credit Inc                                                          | CUSIP: 201616AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2504736.95   | 0.54%             | 2030-08-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| COMPEER FINANCIAL ACA          | Compeer Financial ACA                                                          | CUSIP: 20453QAC6<br>LEI: 54930020HTACTODKHT04 | Long             | EP               | CORP              | US        |   1000000 | PA      | $1032465.04   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| CRB GROUP INC                  | CRB Group Inc                                                                  | CUSIP: 12634QAJ0<br>LEI: 549300BLONX7RHTYWF68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1991860.98   | 0.43%             | 2030-09-01      | Variable      | 10.17%                | No            |                  2 | On Loan: No      |
| CONNECTONE BANCORP INC         | ConnectOne Bancorp Inc                                                         | CUSIP: 20786WAF4<br>LEI: 549300E2M5ZYAZKUK134 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4220000.00   | 0.91%             | 2035-06-01      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| CUSTOMERS BANCORP INC          | Customers Bancorp Inc                                                          | CUSIP: 23204GAG5<br>LEI: 549300WLBCHYKZ53FN68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $960430.16    | 0.21%             | 2031-08-15      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| CUSTOMERS BANCORP INC          | Customers Bancorp Inc                                                          | CUSIP: 23204GAH3<br>LEI: 549300WLBCHYKZ53FN68 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3528408.59   | 0.76%             | 2036-01-15      | Variable      | 6.88%                 | 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      | $3740998.77   | 0.80%             | 2027-12-01      | Variable      | 7.39%                 | No            |                  2 | On Loan: No      |
| SIMMONS FIRST NTL CORP         | Simmons First National Corp                                                    | CUSIP: 828730AC5<br>LEI: 549300IVR5AJKUVOGN05 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7600852.50   | 1.63%             | 2035-10-01      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| SMARTFINANCIAL INC             | SmartFinancial Inc                                                             | CUSIP: 83190LAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3091699.98   | 0.66%             | 2035-09-01      | Variable      | 7.25%                 | 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      | $6003988.68   | 1.29%             | 2026-12-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VAST HOLDINGS INC              | Vast Holdings Inc                                                              | CUSIP: 89968RAA1<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1250000 | PA      | $1200579.15   | 0.26%             | 2031-04-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VCT HOLDINGS LLC               | VCT Holdings LLC                                                               | CUSIP: 91824JAA9<br>LEI: 984500BB606145D14C23 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4918750.00   | 1.06%             | 2026-12-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VALLEY NATIONAL BANCORP        | Valley National Bancorp                                                        | CUSIP: 919794404<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |     50000 | NS      | $1303000.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| VELOCITY COM CAP LLC           | Velocity Commercial Capital LLC                                                | CUSIP: 92259RAA3<br>LEI: 549300TA4MQM8WN2XG31 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3002489.46   | 0.65%             | 2027-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VYSTAR CREDIT UNION            | VyStar Credit Union                                                            | CUSIP: 92891CCH3<br>LEI: 54930036K3ZFJ4FOKT69 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2668967.61   | 0.57%             | 2032-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WSFS FINANCIAL CORP            | WSFS Financial Corp                                                            | CUSIP: 929328AG7<br>LEI: 549300SU7VQHD6QRG886 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3520394.40   | 0.76%             | 2035-12-15      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| WAFD INC                       | WaFd Inc                                                                       | CUSIP: 938824307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     25000 | NS      | $414250.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WEBSTER FINANCIAL CORP         | Webster Financial Corp                                                         | CUSIP: 947890AK5<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4029352.00   | 0.87%             | 2035-09-11      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                                               | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3128453.76   | 0.67%             | 2036-04-23      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| WESBANCO INC                   | WesBanco Inc                                                                   | CUSIP: 950810887<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    100000 | NS      | $2560000.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANK          | Western Alliance Bank                                                          | CUSIP: 95758BCL1<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | DBT              | CORP              | US        |   6100000 | PA      | $6181435.00   | 1.33%             | 2035-11-15      | Variable      | 6.54%                 | No            |                  2 | On Loan: No      |
| WESTERN ALLIANCE BANCORP       | Western Alliance Bancorp                                                       | CUSIP: 957638AD1<br>LEI: 5493003VJXZ5JXT9S762 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2927966.94   | 0.63%             | 2031-06-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| WESTERN CAPITAL CORP           | Western Capital Corp                                                           | CUSIP: 95787WAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2985431.61   | 0.64%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WHITE RIVER BANCSHARES         | White River Bancshares Co                                                      | CUSIP: 96445AAA6<br>LEI: 549300N456FXLMXKBL51 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4904584.40   | 1.05%             | 2029-12-31      | Variable      | 8.08%                 | No            |                  2 | On Loan: No      |
| WINTRUST FINANCIAL CORP        | Wintrust Financial Corp                                                        | CUSIP: 97650WAG3<br>LEI: Q774KI4AW80FHFW33O61 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4984690.00   | 1.07%             | 2029-06-06      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AGNC Investment Corp           | AGNC Investment Corp                                                           | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |     30500 | NS      | $347700.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIONS BANCORP NA               | Zions Bancorp NA                                                               | CUSIP: 98971DAB6<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1889012.34   | 0.41%             | 2029-10-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP           | AGNC Investment Corp                                                           | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     40000 | NS      | $1023200.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN NATIONAL BANK         | American National Bank/Texas                                                   | CUSIP: 00180VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2489170.50   | 0.54%             | 2030-09-30      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| ALPINE BANKS OF COLORADO       | Alpine Banks of Colorado                                                       | CUSIP: 020810AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2120248.41   | 0.46%             | 2035-11-30      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Annaly Capital Management Inc  | Annaly Capital Management Inc                                                  | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     15000 | NS      | $345150.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MGMT            | Annaly Capital Management Inc                                                  | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     40000 | NS      | $1034800.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST INC         | Arbor Realty Trust Inc                                                         | CUSIP: 038923AW8<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1996540.62   | 0.43%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVIDBANK HOLDINGS INC          | Avidbank Holdings Inc                                                          | CUSIP: 05368JAC7<br>LEI: 54930029UJ8M0B84EE44 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5884493.46   | 1.26%             | 2029-12-30      | Variable      | 7.27%                 | No            |                  2 | On Loan: No      |
| AXOS FINANCIAL INC             | Axos Financial Inc                                                             | CUSIP: 05465CAC4<br>LEI: 529900D8M56422GK9O25 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2045000.00   | 0.44%             | 2035-10-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| BRC GROUP HOLDINGS INC         | BRC Group Holdings Inc                                                         | CUSIP: 05580M793<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     80000 | NS      | $1835200.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BRC GROUP HOLDINGS INC         | BRC Group Holdings Inc                                                         | CUSIP: 05580M835<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |    120000 | NS      | $2071200.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BRC GROUP HOLDINGS INC         | BRC Group Holdings Inc                                                         | CUSIP: 05580M850<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     27310 | NS      | $288393.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BANC OF CALIFORNIA INC         | Banc of California Inc                                                         | CUSIP: 05990KAD8<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | DBT              | CORP              | US        |   1425000 | PA      | $1414865.81   | 0.30%             | 2030-10-30      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                                           | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6120826.86   | 1.32%             | 2033-07-22      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| BANK OF MARIN                  | Bank of Marin Bancorp                                                          | CUSIP: 063425AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2623813.97   | 0.56%             | 2035-12-01      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP         | Bank of New York Mellon Corp/The                                               | CUSIP: 06406RBW6<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1029197.15   | 0.22%             | 2035-03-14      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| BANKGUAM HOLDING CO            | BankGuam Holding Co                                                            | CUSIP: 06644AAA4<br>LEI: 549300UZSAYMXQIF8W75 | Long             | SN               | CORP              | GU        |   3000000 | PA      | $2977739.19   | 0.64%             | 2029-06-30      | Variable      | 8.64%                 | No            |                  2 | On Loan: No      |
| BANKGUAM HOLDING CO            | BankGuam Holding Co                                                            | CUSIP: 06644AAB2<br>LEI: 549300UZSAYMXQIF8W75 | Long             | SN               | CORP              | GU        |   3000000 | PA      | $2930146.89   | 0.63%             | 2031-07-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Bank7 Corp                     | Bank7 Corp                                                                     | CUSIP: 06652N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $444400.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BANKSOUTH HOLDING CO           | Banksouth Holding Co                                                           | CUSIP: 06654GAC4<br>LEI: 549300GRHKUMUEGB7822 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2568354.26   | 0.55%             | 2029-07-30      | Variable      | 7.95%                 | No            |                  2 | On Loan: No      |
| BANTERRA BANK                  | Banterra Bank                                                                  | CUSIP: 06682YAB3<br>LEI: 549300NGCDNC9174EF79 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7391797.58   | 1.59%             | 2029-06-07      | Variable      | 8.97%                 | No            |                  2 | On Loan: No      |
| BANTERRA CORP                  | Banterra Corp                                                                  | CUSIP: 06683WAA8<br>LEI: 549300QNH1CG2ZGLWQ76 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1250124.61   | 0.27%             | 2032-09-30      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| BAR HARBOR BANKSHARES          | Bar Harbor Bankshares                                                          | CUSIP: 066849AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2975968.83   | 0.64%             | 2029-12-01      | Variable      | 7.06%                 | No            |                  2 | On Loan: No      |
| BAYFIRST FINANCIAL CORP        | Bayfirst Financial Corp                                                        | CUSIP: 07279BAA2<br>LEI: 549300EG3HIQSTDIRQ72 | Long             | SN               | CORP              | US        |   1000000 | PA      | $806100.00    | 0.17%             | 2031-06-30      | Variable      | 4.50%                 | No            |                  3 | On Loan: No      |
| BRIDGEWATER BANCSHARES         | Bridgewater Bancshares Inc                                                     | CUSIP: 108621AP8<br>LEI: 5493001FLSBTVILKXZ71 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4171433.28   | 0.90%             | 2035-06-30      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| CB&T HOLDING CORP              | CB&T Holding Corp                                                              | CUSIP: 124782AC7<br>LEI: 549300QX35T737FJFZ97 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5001447.50   | 1.08%             | 2030-12-15      | Variable      | 9.72%                 | No            |                  2 | On Loan: No      |
| CB FINANCIAL SERVICES          | CB Financial Services Inc                                                      | CUSIP: 12479GAA9<br>LEI: 549300JEGYKCDOBSG664 | Long             | SN               | CORP              | US        |   5500000 | PA      | $5138825.89   | 1.10%             | 2031-12-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                                                     | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3107581.86   | 0.67%             | 2036-01-30      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| CARRINGTON HOLDING CO LL       | Carrington Holding Co LLC                                                      | CUSIP: 144523AG2<br>LEI: 635400MJJEAT2FUN2F71 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1517171.09   | 0.33%             | 2031-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CENTRAL BANCSHARES INC         | Central Bancshares Inc/TX                                                      | CUSIP: 152424AA5<br>LEI: 549300N48082XGYJQJ37 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4854599.00   | 1.04%             | 2029-06-30      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| CHEMUNG FINANCIAL CORP         | Chemung Financial Corp                                                         | CUSIP: 164024AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2100566.56   | 0.45%             | 2035-06-15      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                                                                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     11000 | NS      | $1272810.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                                                  | CUSIP: 172967QH7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3013962.09   | 0.65%             | 2036-09-11      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| CITIZENS BANCSHARES INC        | Citizens Bancshares of Batesville Inc                                          | CUSIP: 173167AC1<br>LEI: 549300S4QELDLIZXPE82 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2527399.90   | 0.54%             | 2035-10-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP       | Citizens Financial Group Inc                                                   | CUSIP: 174610BH7<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6285636.42   | 1.35%             | 2032-07-23      | Variable      | 5.72%                 | 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      | $1438294.38   | 0.31%             | 2032-04-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CLEAR BLUE FIN HLDGS           | Clear Blue Financial Holdings LLC                                              | CUSIP: 18452FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | PR        |  10000000 | PA      | $9527330.00   | 2.05%             | 2028-12-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CLEAR STREET HOLDINGS          | Clear Street Holdings LLC                                                      | CUSIP: 18469LAC3<br>LEI: 254900NQWA30C6L3G919 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3996303.00   | 0.86%             | 2029-10-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| A10 CAPITAL LLC                | A10 Capital LLC                                                                | CUSIP: 66982EAA0<br>LEI: 549300RXTK0PSG57BV49 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3959784.00   | 0.85%             | 2026-08-17      | Fixed         | 5.88%                 | 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      | $1835239.24   | 0.39%             | 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      | $3681740.33   | 0.79%             | 2027-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-01

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

**Signature:** /s/ Michael Colombo

**Name of Signer:** Michael Colombo

**Title:** Secretary