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        <name>FIRST PARAGOULD BANKSHR</name>
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        <name>PEOPLESBANCORP MHC</name>
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        <name>RELIABLE COMMUNITY BANKS</name>
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        <name>WHITE RIVER BANCSHARES</name>
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        <name>WINTRUST FINANCIAL CORP</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
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        <lei>N/A</lei>
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        <name>REVREPO60426PAC8</name>
        <lei>N/A</lei>
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        <name>REVREPO172967QH7</name>
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        <name>REVREPO089380AF6</name>
        <lei>N/A</lei>
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        <name>REVREPO61748UAF9</name>
        <lei>N/A</lei>
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        <name>REVREPO14040HDJ1</name>
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        <name>REVREPO675234AC2</name>
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        <name>REVREPO75970EAD9</name>
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      <invstOrSec>
        <name>ANNALY CAPITAL MGMT</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management Inc</title>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>AVIDBANK HOLDINGS INC</name>
        <lei>54930029UJ8M0B84EE44</lei>
        <title>Avidbank Holdings Inc</title>
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          <isin value="US05368JAC71"/>
          <ticker value="AVBH"/>
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        <curCd>USD</curCd>
        <valUSD>5890864.200000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-30</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>AXOS FINANCIAL INC</name>
        <lei>529900D8M56422GK9O25</lei>
        <title>Axos Financial Inc</title>
        <cusip>05465CAC4</cusip>
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          <isin value="US05465CAC47"/>
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        <curCd>USD</curCd>
        <valUSD>2060000.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BALLSTON SPA BANCORP INC</name>
        <lei>549300GZP3XCTYS85G65</lei>
        <title>Ballston Spa Bancorp Inc</title>
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          <isin value="US058701AA16"/>
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        <balance>3000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3003105.750000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.375000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EF HOLD/EF KY/ELL KY/TRS</name>
        <lei>N/A</lei>
        <title>EF Holdco / EF Cayman Hold / Ellington Fin REIT Cayman/TRS / EF Cayman Non-MTM</title>
        <cusip>26845AAA9</cusip>
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          <isin value="US26845AAA97"/>
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        <curCd>USD</curCd>
        <valUSD>4825198.950000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ellington Financial Inc</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>Ellington Financial Inc</title>
        <cusip>28852N109</cusip>
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          <isin value="US28852N1090"/>
          <ticker value="EFC"/>
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        <balance>15750.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>208687.500000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ELLINGTON FINANCIAL</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>Ellington Financial Inc</title>
        <cusip>28852N307</cusip>
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          <isin value="US28852N3070"/>
          <ticker value="EFC"/>
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        <balance>80000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1957600.000000000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EQUITY BANCSHARES INC</name>
        <lei>549300BPQ2EJNU4WF694</lei>
        <title>Equity Bancshares Inc</title>
        <cusip>29460XAJ8</cusip>
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          <isin value="US29460XAJ81"/>
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        <balance>4000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4102329.800000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.125000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIRST INTERSTATE BANCSYS</name>
        <lei>549300WRWYTYX0RCNJ43</lei>
        <title>First Interstate BancSystem Inc</title>
        <cusip>32055YAB8</cusip>
        <identifiers>
          <isin value="US32055YAB83"/>
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        <balance>4000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4200000.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.625000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIRST MERCHANTS CORP</name>
        <lei>TZTBT0OTGQ2FEK6XMX94</lei>
        <title>First Merchants Corp</title>
        <cusip>320817208</cusip>
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          <isin value="US3208172086"/>
          <ticker value="FRME"/>
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        <balance>40000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1019200.000000000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIRST NATIONAL OF NEBRAS</name>
        <lei>N/A</lei>
        <title>First National of Nebraska Inc</title>
        <cusip>32119CAA2</cusip>
        <identifiers>
          <isin value="US32119CAA27"/>
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        <balance>5000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5193569.200000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIRST NORTHWEST BANCORP</name>
        <lei>549300YDR3VSTKB9DQ65</lei>
        <title>First Northwest Bancorp</title>
        <cusip>335834AC1</cusip>
        <identifiers>
          <isin value="US335834AC16"/>
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        <balance>1000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>985861.710000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.691750000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTHSTATE BANK NA</name>
        <lei>8I3UVGYULPJQIP7FQV10</lei>
        <title>South State Bank NA</title>
        <cusip>45384BAD8</cusip>
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          <isin value="US45384BAD82"/>
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        <balance>2000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2122600.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.375000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp</title>
        <cusip>64828T706</cusip>
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          <isin value="US64828T7063"/>
          <ticker value="RITM"/>
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        <balance>200000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5030000.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp</title>
        <cusip>64828T805</cusip>
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          <isin value="US64828T8053"/>
          <ticker value="RITM"/>
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        <balance>40000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000000.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc/The</title>
        <cusip>693475BW4</cusip>
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        <balance>1000000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.676000000000</annualizedRt>
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      <invstOrSec>
        <name>Pinnacle Financial Partners In</name>
        <lei>N/A</lei>
        <title>Pinnacle Financial Partners Inc</title>
        <cusip>72348N109</cusip>
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          <ticker value="PNFP"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Plumas Bancorp</name>
        <lei>549300O5TKTXYTYP4G59</lei>
        <title>Plumas Bancorp</title>
        <cusip>729273102</cusip>
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          <isin value="US7292731020"/>
          <ticker value="PLBC"/>
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        <balance>10700.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>545807.000000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PREFERRED BANK LA CALIF</name>
        <lei>5493007K6HGI9G0ECX16</lei>
        <title>Preferred Bank/Los Angeles CA</title>
        <cusip>740367NL7</cusip>
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          <isin value="US740367NL73"/>
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        <balance>4600000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4444113.870000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.375000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RIVER FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>River Financial Corp</title>
        <cusip>76821PAA9</cusip>
        <identifiers>
          <isin value="US76821PAA93"/>
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        <balance>1000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>978590.920000000000</valUSD>
        <pctVal>0.2145725441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.103280000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
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        <name>SCRE INTERMEDIATE HOLDCO</name>
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      <invstOrSec>
        <name>SANDY SPRING BANCORP INC</name>
        <lei>N/A</lei>
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          <maturityDt>2029-11-15</maturityDt>
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          <annualizedRt>6.534140000000</annualizedRt>
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      <invstOrSec>
        <name>SHORE BANCSHARES INC</name>
        <lei>N/A</lei>
        <title>Shore Bancshares Inc</title>
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      <invstOrSec>
        <name>SILVER QUEEN FIN SERV</name>
        <lei>549300BB7BBRK8QESH76</lei>
        <title>Silver Queen Financial Services Inc</title>
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          <isin value="US82809FAA57"/>
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        <curCd>USD</curCd>
        <valUSD>3764979.660000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2027-12-01</maturityDt>
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          <annualizedRt>7.266980000000</annualizedRt>
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      <invstOrSec>
        <name>SIMMONS FIRST NTL CORP</name>
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        <title>Simmons First National Corp</title>
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          <isin value="US828730AC56"/>
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      <invstOrSec>
        <name>SMARTFINANCIAL INC</name>
        <lei>N/A</lei>
        <title>SmartFinancial Inc</title>
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          <isin value="US83190LAF67"/>
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          <maturityDt>2035-09-01</maturityDt>
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          <annualizedRt>7.250000000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTHSTATE BANK CORP</name>
        <lei>549300JZUANXM0YQ4W53</lei>
        <title>SOUTHSTATE BANK CORP</title>
        <cusip>840441AA7</cusip>
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          <isin value="US840441AA79"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2035-06-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTH ST SEC FUND LLC</name>
        <lei>N/A</lei>
        <title>South Street Securities Funding LLC</title>
        <cusip>84046SAF5</cusip>
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          <isin value="US84046SAF56"/>
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        <balance>6000000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2026-12-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTHERN FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>Southern Financial Corp</title>
        <cusip>84289RAA4</cusip>
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          <isin value="US84289RAA41"/>
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        <curCd>USD</curCd>
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        <assetCat>SN</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-10-20</maturityDt>
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          <annualizedRt>4.875000000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTHSIDE BANCSHARES INC</name>
        <lei>549300TC83207VQA2K65</lei>
        <title>Southside Bancshares Inc</title>
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        <curCd>USD</curCd>
        <valUSD>4119066.600000000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-08-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>SOUTHSTATE BANK CORP</name>
        <lei>549300JZUANXM0YQ4W53</lei>
        <title>SOUTHSTATE BANK CORP</title>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRINITAS CAPITAL MGMT</name>
        <lei>254900JU042545A6UD08</lei>
        <title>Trinitas Capital Management LLC</title>
        <cusip>89642CAJ9</cusip>
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          <isin value="US89642CAJ99"/>
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        <balance>8000000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2030-11-01</maturityDt>
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          <annualizedRt>7.750000000000</annualizedRt>
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      <invstOrSec>
        <name>TRUIST FINANCIAL CORP</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp</title>
        <cusip>89788MAT9</cusip>
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          <isin value="US89788MAT99"/>
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        <balance>6000000.000000000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2032-08-05</maturityDt>
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      <invstOrSec>
        <name>TRUSTMARK CORP</name>
        <lei>5493000HPQ4D2RZ79739</lei>
        <title>Trustmark Corp</title>
        <cusip>898402AB8</cusip>
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      <invstOrSec>
        <name>UMB Financial Corp</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB Financial Corp</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>USBC FINANCIAL HOLDINGS</name>
        <lei>N/A</lei>
        <title>USCB Financial Holdings Inc</title>
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      <invstOrSec>
        <name>UNITED COMMUNITY BANK</name>
        <lei>549300GVW0FV66X3U703</lei>
        <title>United Community Banks Inc/GA</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2028-01-30</maturityDt>
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        <name>UNITED FIDELITY BK FSB</name>
        <lei>549300RV3BMT6ES6TO70</lei>
        <title>United Fidelity Bank FSB</title>
        <cusip>910286400</cusip>
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          <isin value="US9102864009"/>
          <ticker value="FFED"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>US BANCORP</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp</title>
        <cusip>91159HJT8</cusip>
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        <balance>2500000.000000000000</balance>
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        <name>UNIVEST FINANCIAL CORP</name>
        <lei>4WII2HCR8UEWNU03U507</lei>
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      <invstOrSec>
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      <invstOrSec>
        <name>VALLEY NATIONAL BANCORP</name>
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        <curCd>USD</curCd>
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        <name>REVREPO23204GAH3</name>
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        <name>REVREPO18469LAE9</name>
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        <name>VAST HOLDINGS INC</name>
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        <name>VCT HOLDINGS LLC</name>
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        <valUSD>4943750.000000000000</valUSD>
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        <name>VYSTAR CREDIT UNION</name>
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        <lei>N/A</lei>
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        <name>BOKF NA</name>
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        <name>BRC GROUP HOLDINGS INC</name>
        <lei>529900LRQ75IKIPK4990</lei>
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        <name>BRC GROUP HOLDINGS INC</name>
        <lei>529900LRQ75IKIPK4990</lei>
        <title>BRC Group Holdings Inc</title>
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        <assetCat>EP</assetCat>
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        <name>BRC GROUP HOLDINGS INC</name>
        <lei>529900LRQ75IKIPK4990</lei>
        <title>BRC Group Holdings Inc</title>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>BANCINDEPENDENT INC</name>
        <lei>549300UNOFTE8PR7ST03</lei>
        <title>BancIndependent Inc</title>
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        <balance>4300000.000000000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>BANK OF MARIN</name>
        <lei>N/A</lei>
        <title>Bank of Marin Bancorp</title>
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          <isin value="US063425AA03"/>
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      <invstOrSec>
        <name>BANK OF NY MELLON CORP</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
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          <isin value="US06406RBW60"/>
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          <maturityDt>2035-03-14</maturityDt>
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      <invstOrSec>
        <name>Bank7 Corp</name>
        <lei>N/A</lei>
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          <isin value="US06652N1072"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>COMPEER FINANCIAL ACA</name>
        <lei>54930020HTACTODKHT04</lei>
        <title>Compeer Financial ACA</title>
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          <isin value="US20453QAC69"/>
          <ticker value="CMPFIN"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>CONNECTONE BANCORP INC</name>
        <lei>549300E2M5ZYAZKUK134</lei>
        <title>ConnectOne Bancorp Inc</title>
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          <isin value="US20786WAF41"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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          <maturityDt>2035-06-01</maturityDt>
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      <invstOrSec>
        <name>CORNERSTONE CAPITAL CORP</name>
        <lei>N/A</lei>
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          <isin value="US21923NAA72"/>
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        <curCd>USD</curCd>
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        <debtSec>
          <maturityDt>2036-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
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      <invstOrSec>
        <name>CUSTOMERS BANCORP INC</name>
        <lei>549300WLBCHYKZ53FN68</lei>
        <title>Customers Bancorp Inc</title>
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          <isin value="US23204GAG55"/>
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        <curCd>USD</curCd>
        <valUSD>950613.830000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.875000000000</annualizedRt>
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        <name>OBSIDIAN INSURANCE HOLD</name>
        <lei>254900TY5RP85WWY5T18</lei>
        <title>Obsidian Insurance Holdings Inc</title>
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          <isin value="US67449JAC09"/>
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        <curCd>USD</curCd>
        <valUSD>4944361.250000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2030-11-15</maturityDt>
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          <annualizedRt>8.000000000000</annualizedRt>
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      <invstOrSec>
        <name>OCEANFIRST FINANCIAL CP</name>
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        <assetCat>DBT</assetCat>
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          <maturityDt>2035-11-15</maturityDt>
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        <name>OCONOMOWOC BANCSHARES</name>
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        <title>Oconomowoc Bancshares Inc</title>
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        <name>OAKSTARS BANCSHARES INC</name>
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        <name>TPG RE FINANCE TRUST INC</name>
        <lei>N/A</lei>
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        <name>TECTONIC FINANCIAL INC</name>
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        <name>TEXAS CAPITAL BANCSHARES</name>
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        <name>TEXAS STATE BNKSHRS INC</name>
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        <name>ZIONS BANCORP NA</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
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        <name>REVREPO84470PAG4</name>
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        <name>M&amp;T Bank Corp</name>
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      <invstOrSec>
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        <name>MAPLE FINANCIAL HLD INC</name>
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        <name>REVREPO32119CAA2</name>
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        <name>REVREPO36166FAF7</name>
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        <name>REVREPO302520AD3</name>
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        <name>REVREPO29977GAC6</name>
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        <name>REVREPO31985RAA2</name>
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        <name>REVREPO446150BD5</name>
        <lei>N/A</lei>
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        <name>REVREPO410710AC1</name>
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        <name>REVREPO316773DL1</name>
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        <name>REVREPO43789TAB9</name>
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      <invstOrSec>
        <name>BCB BANCORP INC</name>
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      <invstOrSec>
        <name>BANC OF CALIFORNIA INC</name>
        <lei>549300ZKWUJDP6LJ1X87</lei>
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        <curCd>USD</curCd>
        <valUSD>1419532.120000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <curCd>USD</curCd>
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          <maturityDt>2029-07-30</maturityDt>
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      <invstOrSec>
        <name>BANTERRA BANK</name>
        <lei>549300NGCDNC9174EF79</lei>
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          <isin value="US06682YAB39"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2029-06-07</maturityDt>
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      <invstOrSec>
        <name>BANTERRA CORP</name>
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        <curCd>USD</curCd>
        <valUSD>1245002.230000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2032-09-30</maturityDt>
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          <annualizedRt>8.000000000000</annualizedRt>
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      <invstOrSec>
        <name>BAR HARBOR BANKSHARES</name>
        <lei>N/A</lei>
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          <isin value="US066849AC44"/>
          <ticker value="BHB"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.935730000000</annualizedRt>
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      <invstOrSec>
        <name>BAYFIRST FINANCIAL CORP</name>
        <lei>549300EG3HIQSTDIRQ72</lei>
        <title>Bayfirst Financial Corp</title>
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          <isin value="US07279BAA26"/>
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        <curCd>USD</curCd>
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        <assetCat>SN</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
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      <invstOrSec>
        <name>BEACON FINANCIAL CORP</name>
        <lei>549300AS2OC6UMMBNO37</lei>
        <title>Beacon Financial Corp</title>
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          <isin value="US084680AB32"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>5.500000000000</annualizedRt>
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      <invstOrSec>
        <name>BIG POPPY HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>Big Poppy Holdings Inc</title>
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        <curCd>USD</curCd>
        <valUSD>5048674.500000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.000000000000</annualizedRt>
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        <name>BRIDGEWATER BANCSHARES</name>
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        <title>Bridgewater Bancshares Inc</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-30</maturityDt>
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      <invstOrSec>
        <name>CB&amp;T HOLDING CORP</name>
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      <invstOrSec>
        <name>CB FINANCIAL SERVICES</name>
        <lei>549300JEGYKCDOBSG664</lei>
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          <maturityDt>2031-12-15</maturityDt>
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        <name>CAPITAL ONE FINANCIAL CO</name>
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        <name>CARRINGTON HOLDING CO LL</name>
        <lei>635400MJJEAT2FUN2F71</lei>
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        <name>CENTRAL BANCSHARES INC</name>
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        <title>Central Bancshares Inc/TX</title>
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        <invCountry>US</invCountry>
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        <name>CHEMUNG FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>Chemung Financial Corp</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.750000000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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          <ticker value="C"/>
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        <curCd>USD</curCd>
        <valUSD>1407780.000000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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        <name>CITIZENS COMM BANC WI</name>
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        <name>CLEAR BLUE FIN HLDGS</name>
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        <name>CLEAR STREET HOLDINGS</name>
        <lei>254900NQWA30C6L3G919</lei>
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        <name>CLEAR STREET HOLDINGS</name>
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        <name>CLIMATE FIRST BANC INC</name>
        <lei>N/A</lei>
        <title>Climate First Bancorp Inc</title>
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        <name>COLONY BANKCORP INC</name>
        <lei>N/A</lei>
        <title>Colony Bankcorp Inc</title>
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        <name>Columbia Banking System Inc</name>
        <lei>254900CTRJTQZ3BJ2V17</lei>
        <title>Columbia Banking System Inc</title>
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        <name>COMMERCIAL CREDIT INC</name>
        <lei>N/A</lei>
        <title>Commercial Credit Inc</title>
        <cusip>201616AA7</cusip>
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        <name>CUSTOMERS BANCORP INC</name>
        <lei>549300WLBCHYKZ53FN68</lei>
        <title>Customers Bancorp Inc</title>
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        <name>DICKINSON FINANCIAL CORP</name>
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        <name>GOLDEN STATE BANK</name>
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        <name>Greene County Bancorp Inc</name>
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        <name>HANMI FINANCIAL CORP</name>
        <lei>549300MSZ7RCG7EA6587</lei>
        <title>Hanmi Financial Corp</title>
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        <name>HANOVER BANCORP INC</name>
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        <name>HILLTOP HOLDINGS INC</name>
        <lei>54930010TA543US0PM65</lei>
        <title>Hilltop Holdings Inc</title>
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        <name>NORTHPOINTE BANCSHARES I</name>
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        <name>NORTHRIM BANCORP INC</name>
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        <name>PCAP HOLDINGS LP</name>
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        <name>BURKE &amp; HERBERT FIN</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAYFIRST FIN CLASS D PREF</name>
        <lei>N/A</lei>
        <title>BAYFIRST FIN CLASS D PREF</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="BAFNPREFD"/>
        </identifiers>
        <balance>100.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1000000.000000000000</valUSD>
        <pctVal>0.2192668455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BIG POPPY HOLDIN</name>
        <lei>N/A</lei>
        <title>BIG POPPY HOLDIN</title>
        <cusip>PPEB0G5N9</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="PPEB0G5N9"/>
        </identifiers>
        <balance>3500000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3430000.000000000000</valUSD>
        <pctVal>0.7520852802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-26</ncom:dateSigned>
      <ncom:nameOfApplicant>Angel Oak Financial Strategies Income Term Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Michael Colombo</ncom:signature>
      <ncom:signerName>Michael Colombo</ncom:signerName>
      <ncom:title>Secretary</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
