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      <invstOrSec>
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        <lei>549300EG3HIQSTDIRQ72</lei>
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      <invstOrSec>
        <name>BEACON FINANCIAL CORP</name>
        <lei>549300AS2OC6UMMBNO37</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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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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          <isin value="US089380AF63"/>
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        <curCd>USD</curCd>
        <valUSD>5034738.300000000000</valUSD>
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          <maturityDt>2036-03-20</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>BRIDGEWATER BANCSHARES</name>
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          <isin value="US108621AP84"/>
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        <curCd>USD</curCd>
        <valUSD>4179539.720000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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          <maturityDt>2035-06-30</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CO</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-30</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>CAPRA FINANCIAL INC</name>
        <lei>N/A</lei>
        <title>Capra Financial Inc</title>
        <cusip>14065JAA9</cusip>
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          <isin value="US14065JAA97"/>
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        <balance>4000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4012923.760000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CARRINGTON HOLDING CO LL</name>
        <lei>635400MJJEAT2FUN2F71</lei>
        <title>Carrington Holding Co LLC</title>
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          <isin value="US144523AG22"/>
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        <balance>1500000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1501248.060000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.750000000000</annualizedRt>
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        <name>REVREPO316773DM9</name>
        <lei>N/A</lei>
        <title>REVREPO316773DM9</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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          <isin value="US1729674242"/>
          <ticker value="C"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <name>REVREPO302520AD3</name>
        <lei>N/A</lei>
        <title>REVREPO302520AD3</title>
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        <name>REVREPO29977GAC6</name>
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        <name>REVREPO31985RAA2</name>
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        <name>CITIZENS BANCSHARES INC</name>
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        <title>Citizens Bancshares of Batesville Inc</title>
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        <name>CITIZENS COMM BANC WI</name>
        <lei>549300VKLJAF4WABEF16</lei>
        <title>Citizens Community Bancorp Inc/WI</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>CLEAR BLUE FIN HLDGS</name>
        <lei>N/A</lei>
        <title>Clear Blue Financial Holdings LLC</title>
        <cusip>18452FAB7</cusip>
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        <balance>10000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9374860.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-30</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CLEAR STREET HOLDINGS</name>
        <lei>254900NQWA30C6L3G919</lei>
        <title>Clear Street Holdings LLC</title>
        <cusip>18469LAC3</cusip>
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          <isin value="US18469LAC37"/>
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        <balance>4000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4020558.240000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.250000000000</annualizedRt>
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      <invstOrSec>
        <name>CLEAR STREET HOLDINGS</name>
        <lei>254900NQWA30C6L3G919</lei>
        <title>Clear Street Holdings LLC</title>
        <cusip>18469LAE9</cusip>
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          <isin value="US18469LAE92"/>
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        <balance>5000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5029941.450000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CLIMATE FIRST BANC INC</name>
        <lei>N/A</lei>
        <title>Climate First Bancorp Inc</title>
        <cusip>18717AAA1</cusip>
        <identifiers>
          <isin value="US18717AAA16"/>
          <ticker value="CLFBNK"/>
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        <balance>4000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3912291.760000000000</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>2035-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COLONY BANKCORP INC</name>
        <lei>N/A</lei>
        <title>Colony Bankcorp Inc</title>
        <cusip>19623PAA9</cusip>
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          <isin value="US19623PAA93"/>
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        <balance>1000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>925197.550000000000</valUSD>
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        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Columbia Banking System Inc</name>
        <lei>254900CTRJTQZ3BJ2V17</lei>
        <title>Columbia Banking System Inc</title>
        <cusip>197236102</cusip>
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          <isin value="US1972361026"/>
          <ticker value="COLB"/>
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        <balance>25000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>781750.000000000000</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>COMMERCIAL CREDIT INC</name>
        <lei>N/A</lei>
        <title>Commercial Credit Inc</title>
        <cusip>201616AA7</cusip>
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          <isin value="US201616AA73"/>
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        <balance>2500000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2499792.430000000000</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>2030-08-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COMPEER FINANCIAL ACA</name>
        <lei>54930020HTACTODKHT04</lei>
        <title>Compeer Financial ACA</title>
        <cusip>20453QAC6</cusip>
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          <isin value="US20453QAC69"/>
          <ticker value="CMPFIN"/>
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        <balance>1000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1019080.010000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BURKE &amp; HERBERT FIN</name>
        <lei>N/A</lei>
        <title>Burke &amp; Herbert Financial Services Corp</title>
        <cusip>86606GAF8</cusip>
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          <isin value="US86606GAF81"/>
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        <balance>2000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1919870.020000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>100.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1894191.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>3500000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3412500.000000000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>AMERICAN NATIONAL BANK</name>
        <lei>N/A</lei>
        <title>American National Bank/Texas</title>
        <cusip>00180VAA1</cusip>
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          <isin value="US00180VAA17"/>
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        <balance>2500000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2379954.380000000000</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>2030-09-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.608720000000</annualizedRt>
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      <invstOrSec>
        <name>AMUR EQUIPMENT FIN INC</name>
        <lei>UZB5I6J8EKRNMIVXXJ34</lei>
        <title>Amur Equipment Finance Inc</title>
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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>3</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.250000000000</annualizedRt>
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      <invstOrSec>
        <name>ANNALY CAPITAL MGMT</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management Inc</title>
        <cusip>035710870</cusip>
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          <isin value="US0357108705"/>
          <ticker value="NLY"/>
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        <valUSD>1033200.000000000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>ATLANTIC UNION BANKSHARE</name>
        <lei>N/A</lei>
        <title>Atlantic Union Bankshares Corp</title>
        <cusip>04911AAB3</cusip>
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          <isin value="US04911AAB35"/>
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        <invCountry>US</invCountry>
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          <annualizedRt>6.250000000000</annualizedRt>
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      <invstOrSec>
        <name>AVIDBANK HOLDINGS INC</name>
        <lei>54930029UJ8M0B84EE44</lei>
        <title>Avidbank Holdings Inc</title>
        <cusip>05368JAC7</cusip>
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          <isin value="US05368JAC71"/>
          <ticker value="AVBH"/>
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        <balance>6000000.000000000000</balance>
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        <valUSD>5897446.980000000000</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>2029-12-30</maturityDt>
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        <name>AXOS FINANCIAL INC</name>
        <lei>529900D8M56422GK9O25</lei>
        <title>Axos Financial Inc</title>
        <cusip>05465CAC4</cusip>
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        <valUSD>2052500.000000000000</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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        <name>BALLSTON SPA BANCORP INC</name>
        <lei>549300GZP3XCTYS85G65</lei>
        <title>Ballston Spa Bancorp Inc</title>
        <cusip>058701AA1</cusip>
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          <isin value="US058701AA16"/>
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        <balance>3000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2975399.430000000000</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANCINDEPENDENT INC</name>
        <lei>549300UNOFTE8PR7ST03</lei>
        <title>BancIndependent Inc</title>
        <cusip>059452AA0</cusip>
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          <isin value="US059452AA07"/>
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        <balance>4300000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4274633.180000000000</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>2036-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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        <name>BANK OF AMERICA CORP</name>
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      <invstOrSec>
        <name>BANK OF MARIN</name>
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      <invstOrSec>
        <name>Bank7 Corp</name>
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        <name>CB&amp;T HOLDING CORP</name>
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        <name>CB FINANCIAL SERVICES</name>
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        <name>CHEMUNG FINANCIAL CORP</name>
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        <name>WESTERN ALLIANCE BANK</name>
        <lei>SI7YQSVPFZBSQ878IC17</lei>
        <title>Western Alliance Bank</title>
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        <name>WESTERN ALLIANCE BANCORP</name>
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        <title>Western Alliance Bancorp</title>
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        <name>WESTERN CAPITAL CORP</name>
        <lei>N/A</lei>
        <title>Western Capital Corp</title>
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        <name>WHITE RIVER BANCSHARES</name>
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        <issuerCat>CORP</issuerCat>
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        <name>WINTRUST FINANCIAL CORP</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>Wintrust Financial Corp</title>
        <cusip>97650WAG3</cusip>
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          <isin value="US97650WAG33"/>
          <ticker value="WTFC"/>
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          <maturityDt>2029-06-06</maturityDt>
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      <invstOrSec>
        <name>ZIONS BANCORP NA</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>Zions Bancorp NA</title>
        <cusip>98971DAB6</cusip>
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          <isin value="US98971DAB64"/>
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        <balance>2000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1879428.540000000000</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>2029-10-29</maturityDt>
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          <annualizedRt>3.250000000000</annualizedRt>
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      <invstOrSec>
        <name>AGNC Investment Corp</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp</title>
        <cusip>00123Q104</cusip>
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          <isin value="US00123Q1040"/>
          <ticker value="AGNC"/>
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        <curCd>USD</curCd>
        <valUSD>325130.000000000000</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>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp</title>
        <cusip>00123Q500</cusip>
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          <isin value="US00123Q5009"/>
          <ticker value="AGNC"/>
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        <balance>40000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1033200.000000000000</valUSD>
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        <assetCat>EP</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>ALPINE BANKS OF COLORADO</name>
        <lei>N/A</lei>
        <title>Alpine Banks of Colorado</title>
        <cusip>020810AC1</cusip>
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          <isin value="US020810AC12"/>
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        <balance>2100000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2092202.240000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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      <invstOrSec>
        <name>1864 BANCORP INC</name>
        <lei>N/A</lei>
        <title>1864 Bancorp Inc</title>
        <cusip>282926AA2</cusip>
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          <isin value="US282926AA29"/>
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        <balance>2250000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2228282.620000000000</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>2036-03-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERICAN COASTAL INSURAN</name>
        <lei>5299002P9105LJQA8G51</lei>
        <title>American Coastal Insurance Corp</title>
        <cusip>910710AA0</cusip>
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          <isin value="US910710AA09"/>
          <ticker value="UIHC"/>
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        <balance>3670000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3688350.000000000000</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>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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          <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>
        <name>CONNECTONE BANCORP INC</name>
        <lei>549300E2M5ZYAZKUK134</lei>
        <title>ConnectOne Bancorp Inc</title>
        <cusip>20786WAF4</cusip>
        <identifiers>
          <isin value="US20786WAF41"/>
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        <balance>4000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4220000.000000000000</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>2035-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.125000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CORNERSTONE CAPITAL BANC</name>
        <lei>N/A</lei>
        <title>Cornerstone Capital Bancorp Inc</title>
        <cusip>21923NAA7</cusip>
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          <isin value="US21923NAA72"/>
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        <balance>4000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3973128.840000000000</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>2036-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CUSTOMERS BANCORP INC</name>
        <lei>549300WLBCHYKZ53FN68</lei>
        <title>Customers Bancorp Inc</title>
        <cusip>23204GAG5</cusip>
        <identifiers>
          <isin value="US23204GAG55"/>
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        <balance>1000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>958414.180000000000</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>2031-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.875000000000</annualizedRt>
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      <invstOrSec>
        <name>CUSTOMERS BANCORP INC</name>
        <lei>549300WLBCHYKZ53FN68</lei>
        <title>Customers Bancorp Inc</title>
        <cusip>23204GAH3</cusip>
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          <isin value="US23204GAH39"/>
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        <balance>3500000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3504307.380000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DICKINSON FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>Dickinson Financial Corp</title>
        <cusip>25323LAC4</cusip>
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          <isin value="US25323LAC46"/>
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        <balance>3100000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3081454.370000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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      <invstOrSec>
        <name>DIME COMMERCIAL INC</name>
        <lei>N/A</lei>
        <title>Dime Commercial Bancshares Inc</title>
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          <isin value="US25432X2018"/>
          <ticker value="DCOM"/>
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        <curCd>USD</curCd>
        <valUSD>442000.000000000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DIME COMMERCIAL INC</name>
        <lei>N/A</lei>
        <title>Dime Commercial Bancshares Inc</title>
        <cusip>25432XAA0</cusip>
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          <isin value="US25432XAA00"/>
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        <curCd>USD</curCd>
        <valUSD>1203465.860000000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>DMMS Purchaser Inc</name>
        <lei>N/A</lei>
        <title>DMMS Purchaser Inc</title>
        <cusip>N/A</cusip>
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          <other otherDesc="USER DEFINED" value="2615673DUS"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <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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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>EAGLE BANCORP INC</name>
        <lei>549300B47NZODRMG3D47</lei>
        <title>Eagle Bancorp Inc</title>
        <cusip>268948AE6</cusip>
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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>2029-09-30</maturityDt>
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          <annualizedRt>10.000000000000</annualizedRt>
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      <invstOrSec>
        <name>M&amp;T BANK CORPORATION</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp</title>
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        <balance>6000000.000000000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2029-10-30</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MAPLE FINANCIAL HLD INC</name>
        <lei>9845003D9D85D5DIUQ74</lei>
        <title>Maple Financial Holdings Inc</title>
        <cusip>565126AA7</cusip>
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        <balance>2000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1982959.540000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>REVREPO828730AC5</name>
        <lei>N/A</lei>
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        <name>REVREPO49326EEN9</name>
        <lei>N/A</lei>
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        <name>REVREPO82809FAA5</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>REVREPO36166FAF7</name>
        <lei>N/A</lei>
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        <name>REVREPO84046SAF5</name>
        <lei>N/A</lei>
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        <name>REVREPO60040RAE6</name>
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      <invstOrSec>
        <name>REVREPO675234AC2</name>
        <lei>N/A</lei>
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        <name>REVREPO32119CAA2</name>
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        <name>REVREPO60426PAC8</name>
        <lei>N/A</lei>
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        <name>REVREPO843395AB0</name>
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        <name>REVREPO43789TAB9</name>
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        <name>REVREPO453836AJ7</name>
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      <invstOrSec>
        <name>REVREPO519617AA2</name>
        <lei>N/A</lei>
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        <name>VERABANK INC</name>
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        <name>VYSTAR CREDIT UNION</name>
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        <name>GOLDEN PEAR FUND HOLDCO</name>
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        <name>GOLDEN STATE BANK</name>
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        <name>GREEN DOT CORP</name>
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        <name>HANMI FINANCIAL CORP</name>
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        <name>HANMI FINANCIAL CORP</name>
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        <name>HANOVER BANCORP INC</name>
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        <name>HILLTOP HOLDINGS INC</name>
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        <title>Hilltop Holdings Inc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>KEYCORP</name>
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        <name>SOUTHSTATE BANK NA</name>
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        <name>M&amp;T Bank Corp</name>
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        <title>M&amp;T Bank Corp</title>
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      <invstOrSec>
        <name>SOUTHSIDE BANCSHARES INC</name>
        <lei>549300TC83207VQA2K65</lei>
        <title>Southside Bancshares Inc</title>
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          <isin value="US84470PAG46"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SOUTHSTATE BANK CORP</name>
        <lei>549300JZUANXM0YQ4W53</lei>
        <title>SOUTHSTATE BANK CORP</title>
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          <isin value="US84472E1029"/>
          <ticker value="SSB"/>
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      <invstOrSec>
        <name>TPG RE FINANCE TRUST INC</name>
        <lei>N/A</lei>
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          <isin value="US87266M2061"/>
          <ticker value="TRTX"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>TECTONIC FINANCIAL INC</name>
        <lei>N/A</lei>
        <title>Tectonic Financial Inc</title>
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          <isin value="US87877QAA76"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2036-02-15</maturityDt>
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          <annualizedRt>7.250000000000</annualizedRt>
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      <invstOrSec>
        <name>M&amp;T BANK CORPORATION</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp</title>
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          <isin value="US55261F8499"/>
          <ticker value="MTB"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>TEXAS CAPITAL BANCSHARES</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>Texas Capital Bancshares Inc</title>
        <cusip>88224QAC1</cusip>
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          <isin value="US88224QAC15"/>
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        <curCd>USD</curCd>
        <valUSD>3232962.510000000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-27</maturityDt>
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      <invstOrSec>
        <name>TEXAS STATE BNKSHRS INC</name>
        <lei>549300KSLUE7MP08XL09</lei>
        <title>Texas State Bankshares Inc</title>
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          <isin value="US882727AA84"/>
          <ticker value="TXSTBK"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-06-15</maturityDt>
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      <invstOrSec>
        <name>TRINITAS CAPITAL MGMT</name>
        <lei>254900JU042545A6UD08</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-11-01</maturityDt>
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        <name>TRUIST FINANCIAL CORP</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp</title>
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          <isin value="US89832QAK58"/>
          <ticker value="TFC"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>TRUSTMARK CORP</name>
        <lei>5493000HPQ4D2RZ79739</lei>
        <title>Trustmark Corp</title>
        <cusip>898402AB8</cusip>
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          <isin value="US898402AB81"/>
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        <balance>2600000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2537283.550000000000</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>2035-12-01</maturityDt>
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          <annualizedRt>6.000000000000</annualizedRt>
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      <invstOrSec>
        <name>UMB Financial Corp</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB Financial Corp</title>
        <cusip>902788108</cusip>
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          <isin value="US9027881088"/>
          <ticker value="UMBF"/>
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        <valUSD>1253278.000000000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>USBC FINANCIAL HOLDINGS</name>
        <lei>N/A</lei>
        <title>USCB Financial Holdings Inc</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <name>UNITED FIDELITY BK FSB</name>
        <lei>549300RV3BMT6ES6TO70</lei>
        <title>United Fidelity Bank FSB</title>
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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>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>US BANCORP</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp</title>
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        <name>UNIVERSAL INSURANCE HLDS</name>
        <lei>529900GGAZ6WVUCWQM46</lei>
        <title>Universal Insurance Holdings Inc</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2031-06-30</maturityDt>
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        <name>UNIVEST FINANCIAL CORP</name>
        <lei>4WII2HCR8UEWNU03U507</lei>
        <title>Univest Financial Corp</title>
        <cusip>915271AD2</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>UNIVEST FINANCIAL CORP</name>
        <lei>4WII2HCR8UEWNU03U507</lei>
        <title>Univest Financial Corp</title>
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        <valUSD>1575858.350000000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-11-15</maturityDt>
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      <invstOrSec>
        <name>VALLEY NATIONAL BANCORP</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp</title>
        <cusip>919794404</cusip>
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          <isin value="US9197944047"/>
          <ticker value="VLY"/>
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        <balance>60000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1552800.000000000000</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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          <isLoanByFund>N</isLoanByFund>
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        <name>FIRST CITIZENS BANCSHARE</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>First Citizens BancShares Inc/NC</title>
        <cusip>31959X400</cusip>
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          <isin value="US31959X4007"/>
          <ticker value="FCNCA"/>
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        <balance>40000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>992800.000000000000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST CITIZENS BANCSHARE</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>First Citizens BancShares Inc/NC</title>
        <cusip>31959XAF0</cusip>
        <identifiers>
          <isin value="US31959XAF06"/>
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        <balance>3000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2909565.600000000000</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>2040-03-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.254000000000</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>
      <invstOrSec>
        <name>FIRST CITIZENS BANCSHARE</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>First Citizens BancShares Inc/NC</title>
        <cusip>319626305</cusip>
        <identifiers>
          <isin value="US3196263053"/>
          <ticker value="FCNCA"/>
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        <balance>140000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2829400.000000000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCEANFIRST FINANCIAL CP</name>
        <lei>N/A</lei>
        <title>OceanFirst Financial Corp</title>
        <cusip>343873AB1</cusip>
        <identifiers>
          <isin value="US343873AB13"/>
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        <balance>2000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1907032.460000000000</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>2031-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.125000000000</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>
      <invstOrSec>
        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp</title>
        <cusip>64828T706</cusip>
        <identifiers>
          <isin value="US64828T7063"/>
          <ticker value="RITM"/>
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        <balance>200000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4998000.000000000000</valUSD>
        <pctVal>1.1094461822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp</title>
        <cusip>64828T805</cusip>
        <identifiers>
          <isin value="US64828T8053"/>
          <ticker value="RITM"/>
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        <balance>40000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>980000.000000000000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NORTHPOINTE BANCSHARES I</name>
        <lei>549300EYMKMD4WKEKP72</lei>
        <title>Northpointe Bancshares Inc</title>
        <cusip>66661NAG5</cusip>
        <identifiers>
          <isin value="US66661NAG51"/>
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        <balance>1200000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1257461.200000000000</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>2034-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.000000000000</annualizedRt>
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          <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>
        <name>NORTHPOINTE BANCSHARES I</name>
        <lei>549300EYMKMD4WKEKP72</lei>
        <title>Northpointe Bancshares Inc</title>
        <cusip>66661NAJ9</cusip>
        <identifiers>
          <isin value="US66661NAJ90"/>
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        <balance>4000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3951460.480000000000</valUSD>
        <pctVal>0.8771374037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.500000000000</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>
      <invstOrSec>
        <name>NORTHRIM BANCORP INC</name>
        <lei>5493006X7RLLTZ3SG075</lei>
        <title>Northrim BanCorp Inc</title>
        <cusip>666762AE9</cusip>
        <identifiers>
          <isin value="US666762AE91"/>
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        <balance>3600000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3653967.780000000000</valUSD>
        <pctVal>0.8111005609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.875000000000</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>
        <name>NORTHWEST BANCSHARES INC</name>
        <lei>N/A</lei>
        <title>Northwest Bancshares Inc</title>
        <cusip>667339AA3</cusip>
        <identifiers>
          <isin value="US667339AA30"/>
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        <balance>1000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999981.000000000000</valUSD>
        <pctVal>0.2219738101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.557470000000</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>
      <invstOrSec>
        <name>OBSIDIAN INSURANCE HOLD</name>
        <lei>254900TY5RP85WWY5T18</lei>
        <title>Obsidian Insurance Holdings Inc</title>
        <cusip>67449JAC0</cusip>
        <identifiers>
          <isin value="US67449JAC09"/>
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        <balance>5000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4869387.400000000000</valUSD>
        <pctVal>1.0808970109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCEANFIRST FINANCIAL CP</name>
        <lei>N/A</lei>
        <title>OceanFirst Financial Corp</title>
        <cusip>675234AC2</cusip>
        <identifiers>
          <isin value="US675234AC29"/>
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        <balance>5250000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5265330.000000000000</valUSD>
        <pctVal>1.1687875684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.375000000000</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>
        <name>OCONOMOWOC BANCSHARES</name>
        <lei>549300SH0NBQFD15MD48</lei>
        <title>Oconomowoc Bancshares Inc</title>
        <cusip>675626AD7</cusip>
        <identifiers>
          <isin value="US675626AD73"/>
          <other otherDesc="BBGID" value="BBG01WLTVM26"/>
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        <balance>4000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4140408.760000000000</valUSD>
        <pctVal>0.9190797702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.500000000000</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>
        <name>OAKSTARS BANCSHARES INC</name>
        <lei>N/A</lei>
        <title>Oakstar Bancshares Inc</title>
        <cusip>67630PAB7</cusip>
        <identifiers>
          <isin value="US67630PAB76"/>
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        <balance>1000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>982647.450000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.308860000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OLD NATL BANCORP</name>
        <lei>549300MMK90CL5KMVX16</lei>
        <title>Old National Bancorp/IN</title>
        <cusip>68003DAA3</cusip>
        <identifiers>
          <isin value="US68003DAA37"/>
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        <balance>4800000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4765626.620000000000</valUSD>
        <pctVal>1.0578643977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.768000000000</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>
        <name>OLNEY BANCSHARES TX INC</name>
        <lei>N/A</lei>
        <title>Olney Bancshares of Texas Inc</title>
        <cusip>68123AAA4</cusip>
        <identifiers>
          <isin value="US68123AAA43"/>
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        <balance>1000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>986595.670000000000</valUSD>
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        <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>6.990450000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PCAP HOLDINGS LP</name>
        <lei>N/A</lei>
        <title>PCAP Holdings LP</title>
        <cusip>69320NAA5</cusip>
        <identifiers>
          <isin value="US69320NAA54"/>
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        <balance>2000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>.000000000000</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc/The</title>
        <cusip>693475BW4</cusip>
        <identifiers>
          <isin value="US693475BW41"/>
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        <balance>1000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1010619.470000000000</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>2035-01-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.676000000000</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>
      <invstOrSec>
        <name>Patriot National Bancorp Inc</name>
        <lei>549300T1270P6QIGPD23</lei>
        <title>Patriot National Bancorp Inc</title>
        <cusip>70336F203</cusip>
        <identifiers>
          <isin value="US70336F2039"/>
          <ticker value="PNBK"/>
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        <balance>2260759.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2577265.260000000000</valUSD>
        <pctVal>0.5720962592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PENNYMAC MTGE INVESTMENT</name>
        <lei>549300BSSOQO1ZWDUJ97</lei>
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      <invstOrSec>
        <name>PEOPLES FIN SERVICES</name>
        <lei>254900HXI30XMTDCGJ18</lei>
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      <invstOrSec>
        <name>PEOPLESBANCORP MHC</name>
        <lei>N/A</lei>
        <title>PeoplesBancorp MHC</title>
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      <invstOrSec>
        <name>PHENIXFIN CORP</name>
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          <isin value="US71742W3016"/>
          <ticker value="PFX"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pinnacle Financial Partners In</name>
        <lei>N/A</lei>
        <title>Pinnacle Financial Partners Inc</title>
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          <isin value="US72348N1090"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Plumas Bancorp</name>
        <lei>549300O5TKTXYTYP4G59</lei>
        <title>Plumas Bancorp</title>
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          <isin value="US7292731020"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Preferred Bank/Los Angeles CA</name>
        <lei>5493007K6HGI9G0ECX16</lei>
        <title>Preferred Bank/Los Angeles CA</title>
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          <isin value="US7403674044"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PREFERRED BANK LA CALIF</name>
        <lei>5493007K6HGI9G0ECX16</lei>
        <title>Preferred Bank/Los Angeles CA</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prosperity Bancshares Inc</name>
        <lei>N/A</lei>
        <title>Prosperity Bancshares Inc</title>
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          <isin value="US7436061052"/>
          <ticker value="PB"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PROVIDENT FINANCIAL</name>
        <lei>529900JOSO3SXEDVE477</lei>
        <title>Provident Financial Services Inc</title>
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          <isin value="US74386TAA34"/>
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        <balance>4118000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-15</maturityDt>
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      <invstOrSec>
        <name>QUAINT OAK BANCORP INC</name>
        <lei>N/A</lei>
        <title>Quaint Oak Bancorp Inc</title>
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        <balance>1250000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.000000000000</annualizedRt>
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      <invstOrSec>
        <name>RBB BANCORP</name>
        <lei>549300A23FBFZNGET525</lei>
        <title>RBB Bancorp</title>
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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>2031-04-01</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>READYCAP HOLDINGS LLC</name>
        <lei>549300W908MAGNC9E420</lei>
        <title>ReadyCap Holdings LLC</title>
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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>2028-03-01</maturityDt>
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      <invstOrSec>
        <name>REGIONS FINANCIAL CORP</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp</title>
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        <balance>4000000.000000000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-09-06</maturityDt>
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      <invstOrSec>
        <name>RELIABLE COMMUNITY BANKS</name>
        <lei>549300J2M0CK8MCJZS35</lei>
        <title>Reliable Community Bancshares Inc</title>
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        <invCountry>US</invCountry>
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        <name>RENASANT CORP</name>
        <lei>549300OVE6OZHW2UUH81</lei>
        <title>Renasant Corp</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-09-15</maturityDt>
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        <name>RENASANT CORP</name>
        <lei>549300OVE6OZHW2UUH81</lei>
        <title>Renasant Corp</title>
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      <invstOrSec>
        <name>RIVER FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>River Financial Corp</title>
        <cusip>76821PAA9</cusip>
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        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.090450000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>SCRE INTERMEDIATE HOLDCO</name>
        <lei>N/A</lei>
        <title>SCRE Intermediate Holdco LLC</title>
        <cusip>78434LAA3</cusip>
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        <balance>2000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1842500.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SHORE BANCSHARES INC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>SILVER QUEEN FIN SERV</name>
        <lei>549300BB7BBRK8QESH76</lei>
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      <invstOrSec>
        <name>SIMMONS FIRST NTL CORP</name>
        <lei>549300IVR5AJKUVOGN05</lei>
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        <name>PRIMIS FINANCIAL CORP</name>
        <lei>549300JNX3M2EENG1F11</lei>
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          <isin value="US843395AB03"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>PINNACLE BANK TN</name>
        <lei>549300CDOC4F7XSRG390</lei>
        <title>Pinnacle Bank/Nashville TN</title>
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          <isin value="US87164DXY11"/>
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        <curCd>USD</curCd>
        <valUSD>8475004.250000000000</valUSD>
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        <name>REVREPO059452AA0</name>
        <lei>N/A</lei>
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        <name>REVREPO144523AG2</name>
        <lei>N/A</lei>
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        <name>REVREPO947890AK5</name>
        <lei>N/A</lei>
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        <name>REVREPO87164DXY1</name>
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        <name>REVREPO95787WAA6</name>
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        <name>REVREPO18469LAE9</name>
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        <name>REVREPO089380AF6</name>
        <lei>N/A</lei>
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        <name>REVREPO87877QAA7</name>
        <lei>N/A</lei>
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        <name>FIRST BANK/HAMILTON NJ</name>
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        <name>FIRST PARAGOULD BANKSHR</name>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NANO FINANCIAL HOLD</name>
        <lei>5493006Q0M80QTFE3H77</lei>
        <title>Nano Financial Holdings Inc</title>
        <cusip>63010MAB3</cusip>
        <identifiers>
          <isin value="US63010MAB37"/>
        </identifiers>
        <balance>5304500.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1856575.000000000000</valUSD>
        <pctVal>0.4121188567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.000000000000</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>FLAGSTAR BANK NA</name>
        <lei>SS1TRMSN6BRNMOREEV51</lei>
        <title>Flagstar Bank NA</title>
        <cusip>649445AC7</cusip>
        <identifiers>
          <isin value="US649445AC78"/>
        </identifiers>
        <balance>5000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4855355.000000000000</valUSD>
        <pctVal>1.0777821265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.694890000000</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>NEWTEKONE INC</name>
        <lei>549300YLU78IA8GKJ688</lei>
        <title>NewtekOne Inc</title>
        <cusip>652526AC8</cusip>
        <identifiers>
          <isin value="US652526AC82"/>
        </identifiers>
        <balance>2250000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2253405.650000000000</valUSD>
        <pctVal>0.5002065417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.125000000000</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>NEWTEKONE INC</name>
        <lei>549300YLU78IA8GKJ688</lei>
        <title>NewtekOne Inc</title>
        <cusip>652526AE4</cusip>
        <identifiers>
          <isin value="US652526AE49"/>
        </identifiers>
        <balance>750000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>763306.850000000000</valUSD>
        <pctVal>0.1694373491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.375000000000</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>NEXBANK CAPITAL INC</name>
        <lei>549300H29S945S4X7A03</lei>
        <title>NexBank Capital Inc</title>
        <cusip>65341TAE7</cusip>
        <identifiers>
          <isin value="US65341TAE73"/>
        </identifiers>
        <balance>2000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1967833.700000000000</valUSD>
        <pctVal>0.4368158435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.000000000000</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>NEXBANK CAPITAL INC</name>
        <lei>549300H29S945S4X7A03</lei>
        <title>NexBank Capital Inc</title>
        <cusip>65341TAG2</cusip>
        <identifiers>
          <isin value="US65341TAG22"/>
        </identifiers>
        <balance>1500000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1451528.040000000000</valUSD>
        <pctVal>0.3222073314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Variable</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>MS TRANSVERSE INSURANCE</name>
        <lei>N/A</lei>
        <title>MS Transverse Insurance Group LLC</title>
        <cusip>89402HAA7</cusip>
        <identifiers>
          <isin value="US89402HAA77"/>
        </identifiers>
        <balance>5000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5000891.500000000000</valUSD>
        <pctVal>1.1100880317</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <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>GEORGIA BANKING COMPANY, INC</name>
        <lei>N/A</lei>
        <title>GEORGIA BANKING COMPANY, INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GBCPRIV"/>
          <other otherDesc="USER DEFINED" value="GBCPRIV"/>
        </identifiers>
        <balance>50000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1500000.000000000000</valUSD>
        <pctVal>0.3329670415</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-09-28</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>
</edgarSubmission>
