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        <name>Fidus Investment Corporation</name>
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        <name>SOUND POINT CLO XV LTD</name>
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        <name>Ready Capital Corp.</name>
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        <name>X-Caliber Funding Llc</name>
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        <name>PAGAYA AI DEBT TRUST 2024-3</name>
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        <name>Morgan Stanley Capital I Trust 2016-PSQ</name>
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        <name>GOLDENTREE LOAN OPPORTUNITIES XI Ltd/llc</name>
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        <name>Madison Park Funding XIII Ltd.</name>
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        <name>Telos CLO 2014-5 Ltd/Llc</name>
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        <name>Sound Point CLO III Ltd.</name>
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        <name>JMP Credit Advisors CLO IV LTD/LLC</name>
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        <name>Trinity Capital Inc.</name>
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        <name>PennantPark Investment Corporation</name>
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        <name>Monroe</name>
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      <invstOrSec>
        <name>GOLDENTREE LOAN OPPORTUNITIES XI Ltd/llc</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Northwoods Capital Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Capital Southwest Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Generate CLO 2 Ltd</name>
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      <invstOrSec>
        <name>Trinity Capital Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Sound Point CLO XII LTD/LLC</name>
        <lei>549300EBWPUX52MGF160</lei>
        <title>SNDPT 2016-2A DR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sachem Capital Corp</name>
        <lei>N/A</lei>
        <title>SACH 7 3/4</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Charah Solutions Inc</name>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>VERUS SECURITIZATION TRUST 2023-5</name>
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        <title>VERUS 2023-5 A1</title>
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        <name>Wellfleet CLO 2016-1 LLC</name>
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        <name>ACRES Commercial Realty Corp</name>
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        <name>NewtekOne Inc</name>
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        <title>NEWT 8 1/8 02/01/25</title>
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        <name>BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST</name>
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        <name>Halcyon Ln Advisors Fdg 2018-2 Ltd/Llc</name>
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        <name>SHELTER GROWTH CRE 2022-FL4 ISSUER LTD</name>
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        <name>National Funding Inc</name>
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        <name>JMP CREDIT ADVISORS CLO V LTD</name>
        <lei>2549000IZRZZJ8TS9W23</lei>
        <title>JMP 2018-1A D</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL FUNDING MULTIFAMILY MORTGAGE TRUST-PM01</name>
        <lei>N/A</lei>
        <title>MCFMT 2022-PM01 B</title>
        <cusip>14022TAB7</cusip>
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          <isin value="US14022TAB70"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-03-01</maturityDt>
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      <invstOrSec>
        <name>Nexpoint Real Estate Finance Inc</name>
        <lei>N/A</lei>
        <title>NREF 5 3/4 05/01/26</title>
        <cusip>65342VAA9</cusip>
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          <isin value="US65342VAA98"/>
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        <balance>24576000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Saratoga Investment Corp.</name>
        <lei>54930023WJCWPAGSWE41</lei>
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        <cusip>80349AAD1</cusip>
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          <isin value="US80349AAD19"/>
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        <balance>29829000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28493731.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Briggs &amp; Stratton Corporation</name>
        <lei>549300OYTIWYSPR42284</lei>
        <title>BGG 6 7/8 12/15/20</title>
        <cusip>109043AG4</cusip>
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          <isin value="US109043AG42"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21875.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Trinity Capital Inc.</name>
        <lei>549300YGT4SBRQYDVU48</lei>
        <title>TRIN 7</title>
        <cusip>896442506</cusip>
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          <isin value="US8964425065"/>
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        <balance>581027.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>Allegro I CLO Limited</name>
        <lei>N/A</lei>
        <title>ALLEG 2014-1RA C</title>
        <cusip>01751EAJ7</cusip>
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          <isin value="US01751EAJ73"/>
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        <balance>6235000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-21</maturityDt>
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      <invstOrSec>
        <name>Clear Creek CLO Ltd.</name>
        <lei>254900YU962C7CTRM558</lei>
        <title>CLRCK 2015-1A CR</title>
        <cusip>18452LAL2</cusip>
        <identifiers>
          <isin value="US18452LAL27"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8018824.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.53617200</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Elevation CLO 2014-2 Ltd.</name>
        <lei>635400HAVYYWWB139K27</lei>
        <title>AWPT 2014-2A DR</title>
        <cusip>28622QAF8</cusip>
        <identifiers>
          <isin value="US28622QAF81"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4506075.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.79017000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Venture XIII CLO Ltd./Corp.</name>
        <lei>549300ZVVNSDW7WU0O73</lei>
        <title>VENTR 2013-13A CR</title>
        <cusip>92329NAS9</cusip>
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          <isin value="US92329NAS99"/>
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        <balance>1625000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.88283000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Venture XVII CLO Ltd/Llc</name>
        <lei>549300SNYYGJ2M6QEK53</lei>
        <title>VENTR 2014-17A DRR</title>
        <cusip>92329YAS5</cusip>
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        <balance>11895000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.41016900</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 0 1/8 04/15/25</title>
        <cusip>912828ZJ2</cusip>
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          <isin value="US912828ZJ22"/>
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        <balance>37000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Great Elm Capital Corporation</name>
        <lei>549300JTA9ODXNIVFC33</lei>
        <title>GECC 6 3/4</title>
        <cusip>390320406</cusip>
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          <isin value="US3903204069"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL I TRUST</name>
        <lei>N/A</lei>
        <title>MSC 2019-BPR B</title>
        <cusip>61769GAG2</cusip>
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        <balance>10681000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Telos CLO 2013-3 Ltd</name>
        <lei>25490083G97ZZN6SR263</lei>
        <title>TELOS 2013-3A DR</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Eaton Vance Clo 2014-1 Ltd</name>
        <lei>549300FPTLP8I41O7F48</lei>
        <title>EATON 2014-1RA C</title>
        <cusip>27830TAG0</cusip>
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        <balance>670000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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      <invstOrSec>
        <name>Wellfleet CLO 2016-1 LLC</name>
        <lei>N/A</lei>
        <title>WELF 2016-1A CR</title>
        <cusip>94949RAW7</cusip>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>CBAM 2017-1 LTD</name>
        <lei>254900JWJFDB3KD6V066</lei>
        <title>CBAM 2017-1A C</title>
        <cusip>12480VAJ4</cusip>
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        <balance>6692000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-20</maturityDt>
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      <invstOrSec>
        <name>Gs Mortgage Securities Trust 2010-C1</name>
        <lei>N/A</lei>
        <title>GSMS 2010-C1 C</title>
        <cusip>36249KAJ9</cusip>
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        <name>Hudson's Bay Simon JV Trust</name>
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      <invstOrSec>
        <name>HALCYON LOAN ADVISORS FUNDING 2017-2 LTD</name>
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        <name>CFMT 2022-EBO2 LLC</name>
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      <invstOrSec>
        <name>Capital Funding Mortgage Trust 2021-19</name>
        <lei>N/A</lei>
        <title>CFGMS 2021-19 B</title>
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      <invstOrSec>
        <name>LOCKWOOD GROVE CLO LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Voya Clo 2015-1 Ltd</name>
        <lei>54930085W413OSH6FR69</lei>
        <title>VOYA 2015-1A CR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>CANYON CAPITAL CLO LTD</name>
        <lei>N/A</lei>
        <title>CANYC 2012-1RA D</title>
        <cusip>13876JAJ1</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Steel Partners Holdings L.P.</name>
        <lei>5493009U8Z59G5SIZ389</lei>
        <title>SPLP 6</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sachem Capital Corp</name>
        <lei>N/A</lei>
        <title>SACH 6 7/8</title>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Venture XVII CLO Ltd/Llc</name>
        <lei>549300SNYYGJ2M6QEK53</lei>
        <title>VENTR 2014-17A CRR</title>
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          <isin value="US92329YAQ98"/>
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        <balance>395000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Venture XVIII CLO Ltd./LLC</name>
        <lei>549300MWRVTJN0X3KI79</lei>
        <title>VENTR 2014-18A BR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>KKR Financial CLO 2013-1 Ltd.</name>
        <lei>549300ZUUB37M3VWNC17</lei>
        <title>KKR 2013-1A BR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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      <invstOrSec>
        <name>OZLM Funding IV Ltd</name>
        <lei>549300788AI08GTXXH35</lei>
        <title>OZLMF 2013-4A CR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Catamaran CLO Ltd. 2014-1 Ltd.</name>
        <lei>549300C8Q7ISEHHDRH76</lei>
        <title>CRMN 2014-1A BR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-22</maturityDt>
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        <name>Galaxy Clo Xix 2015</name>
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        <title>GALXY 2015-19A BRR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Pennantpark Floating Rate Capital Limited</name>
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        <title>PFLT 4 1/4 04/01/26</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOUND POINT CLO XV LTD</name>
        <lei>549300YVZ0M0XDDYS744</lei>
        <title>SNDPT 2017-1A CR</title>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCAL 2023-MF9 A</title>
        <cusip>98373XBD1</cusip>
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        <balance>5000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dakota Financial Llc</name>
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        <name>Ocp Clo 2017-14 Ltd</name>
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      <invstOrSec>
        <name>Synchronoss Technologies Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JPMBB Commercial Mortgage Securities Trust 2014-C25</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-11-15</maturityDt>
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        <name>Symphony Clo XVII Limited</name>
        <lei>549300X84MR2MGY6OR68</lei>
        <title>SYMP 2016-17A DR</title>
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          <isin value="US87165UAU51"/>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley BAML Trust</name>
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        <title>MSBAM 2013-C9 D</title>
        <cusip>61762DAG6</cusip>
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          <isin value="US61762DAG60"/>
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        <balance>3550000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PARALLEL 2017-1 LTD</name>
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        <title>PARL 2017-1A DR</title>
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          <isin value="US69915XAU00"/>
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        <balance>12295000.00000000</balance>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Allegro CLO VI Ltd</name>
        <lei>635400AREEXNEGDZE419</lei>
        <title>ALLEG 2017-2A C</title>
        <cusip>01749BAC3</cusip>
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          <isin value="US01749BAC37"/>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>octagon investment partners 30 2017-30</name>
        <lei>549300CDNDWWERRAUA43</lei>
        <title>OCT30 2017-1A BR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Mariner Clo 2015-1 Llc</name>
        <lei>549300SC4HK60KIV1S28</lei>
        <title>SPEAK 2015-1A CR2</title>
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          <isin value="US56844XBL29"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>New Residential Mtg LLC / Nrz Fnt Excess LLC</name>
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        <title>NZES 2020-FNT1 A</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Anchorage Capital CLO 2012-1 Ltd.</name>
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        <title>ANCHC 2014-3RA C</title>
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          <isin value="US03330AAE29"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sound Point CLO XVII Limited / Sound Point CLO XVII LLC</name>
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        <cusip>83611GAE1</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Saratoga Investment Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>First American Funds Inc.</name>
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        <title>FRST AM-GV OB-X</title>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Madison Park Funding XXX Ltd</name>
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      <invstOrSec>
        <name>KKR CLO 10 LTD</name>
        <lei>549300N7FISC1W1QKR21</lei>
        <title>KKR 10 DR</title>
        <cusip>48250GAW0</cusip>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Portman Ridge Finance Corporation</name>
        <lei>254900YM5BVQKA01I468</lei>
        <title>PTMN 4 7/8 04/30/26</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-30</maturityDt>
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        <name>CFMT 2022-Ab2 LLC</name>
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        <name>Ramaco Resources Inc.</name>
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        <name>BB-UBS Trust 2012-Show</name>
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        <name>Kkr Financial Clo</name>
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        <name>Morgan Stanley Capital I Trust 2013-ALTM</name>
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        <name>Investcorp CR Mgmt BDC Inc</name>
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        <name>Medallion Finl Cor</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Greystone Sdof Pfd Equity LLC</name>
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        <name>Palmer Square Loan Funding 2021-3 LTD / LLC</name>
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        <name>PennantPark Investment Corporation</name>
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        <name>CBAM 2017-1 LTD</name>
        <lei>254900JWJFDB3KD6V066</lei>
        <title>CBAM 2017-1A D</title>
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        <name>Saratoga Investment Corp.</name>
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        <name>Barings Clo Limited</name>
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        <name>Cutwater Limited</name>
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        <name>Gs Mortgage Securities Trust 2010-C1</name>
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        <name>Jamestown Clo Limited</name>
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        <name>X-Caliber Funding Llc</name>
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        <name>XCAL 2019-IL-1 MORTGAGE TRUST</name>
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        <name>Barings Clo Limited</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>OZLM Funding IV Ltd</name>
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        <name>READY CAPITAL MORTGAGE FINANCING 2023-FL11 LLC</name>
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        <name>Galaxy XXI CLO Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Wellfleet CLO 2017-1 Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Mountain View Clo Ltd</name>
        <lei>549300LS0QHHAUCM4P33</lei>
        <title>MVEW 2017-1A D</title>
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          <isin value="US62432HAG56"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Broadmark Realty Capital Inc</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Gladstone Investment Corporation</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Uirc-Gsa International, Llc</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Horizon Technology Finance Corporation</name>
        <lei>N/A</lei>
        <title>HRZN 4 7/8</title>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Mountain View Clo Ltd</name>
        <lei>549300LS0QHHAUCM4P33</lei>
        <title>MVEW 2017-1A CR</title>
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          <isin value="US62432HAN08"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Gallatin Clo Ix Limited</name>
        <lei>N/A</lei>
        <title>GALL 2018-1A D1</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Atlas Financial Holdings Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>PDOF Msn Issuer LLC</name>
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        <name>GS Mortgage Securities Corp</name>
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        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCALFD 5 03/01/25</title>
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        <name>VERUS SECURITIZATION TRUST 2023-3</name>
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        <title>VERUS 2023-3 A2</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Elevation CLO 2014-2 Ltd.</name>
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        <name>Babcock &amp; Wilcox Enterprises Inc.</name>
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        <name>B. Riley Financial Inc</name>
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        <name>VERUS SECURITIZATION TRUST 2023-1</name>
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        <name>Ares Xl Clo Ltd</name>
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        <name>1828 CLO Ltd/LLC</name>
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        <name>Investco Llc</name>
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        <name>Babcock &amp; Wilcox Enterprises Inc.</name>
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        <name>Ozlm Xxi.. Ltd</name>
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        <name>Hudson's Bay Simon JV Trust</name>
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        <name>Denali Capital Clo Xi Ltd/Llc</name>
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        <name>Finance of America Structured</name>
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        <name>Barings Clo Ltd 2017-I</name>
        <lei>549300TE5WUQQTRVZ282</lei>
        <title>BABSN 2017-1A B1</title>
        <cusip>06760BAE2</cusip>
        <identifiers>
          <isin value="US06760BAE20"/>
        </identifiers>
        <balance>295000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>295060.18000000</valUSD>
        <pctVal>0.019540987709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.28853800</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>Fillmore Pk Clo Ltd / Llc</name>
        <lei>N/A</lei>
        <title>FILPK 2018-1A D</title>
        <cusip>31722PAW6</cusip>
        <identifiers>
          <isin value="US31722PAW68"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3030648.00000000</valUSD>
        <pctVal>0.200711106866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.49017200</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>IMPERIAL FUND MORTGAGE TRUST 2022-NQM7</name>
        <lei>984500DDE091107DY398</lei>
        <title>IMPRL 2022-NQM7 A1</title>
        <cusip>452763AA3</cusip>
        <identifiers>
          <isin value="US452763AA32"/>
        </identifiers>
        <balance>2498197.59000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2519731.55000000</valUSD>
        <pctVal>0.166874578772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.36899800</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>Vinebrook Homes Trust Inc</name>
        <lei>5493007VIZSKYNAKUH78</lei>
        <title>VINBRK 6 1/2</title>
        <cusip>92737L209</cusip>
        <identifiers>
          <isin value="US92737L2097"/>
        </identifiers>
        <balance>124000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2827200.00000000</valUSD>
        <pctVal>0.187237330542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arlington Asset Investment Corp</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>AAIC 6</title>
        <cusip>041356809</cusip>
        <identifiers>
          <isin value="US0413568090"/>
        </identifiers>
        <balance>274443.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6931972.68000000</valUSD>
        <pctVal>0.459084627899</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL I TRUST</name>
        <lei>N/A</lei>
        <title>MSC 2019-BPR C</title>
        <cusip>61769GAJ6</cusip>
        <identifiers>
          <isin value="US61769GAJ67"/>
        </identifiers>
        <balance>8941000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8754740.19000000</valUSD>
        <pctVal>0.579801281398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.97000100</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>FMC GMSR ISSUER TRUST</name>
        <lei>N/A</lei>
        <title>FMMSR 2022-GT1 A</title>
        <cusip>30259RAM7</cusip>
        <identifiers>
          <isin value="US30259RAM79"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1927879.40000000</valUSD>
        <pctVal>0.127677911878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.19000000</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>Nexpoint Real Estate Finance Inc</name>
        <lei>N/A</lei>
        <title>NREF 5 3/4 05/01/26</title>
        <cusip>65342VAB7</cusip>
        <identifiers>
          <isin value="US65342VAB71"/>
        </identifiers>
        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13811337.30000000</valUSD>
        <pctVal>0.914685175181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>Great Elm Capital Corporation</name>
        <lei>549300JTA9ODXNIVFC33</lei>
        <title>GECC 5 7/8</title>
        <cusip>390320604</cusip>
        <identifiers>
          <isin value="US3903206049"/>
        </identifiers>
        <balance>576879.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13879708.74000000</valUSD>
        <pctVal>0.919213219151</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sound Point  Clo Xvi Limited</name>
        <lei>549300ZK5CJ7PM7YBH85</lei>
        <title>SNDPT 2017-2A CR</title>
        <cusip>83610KAN3</cusip>
        <identifiers>
          <isin value="US83610KAN37"/>
        </identifiers>
        <balance>2890000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2892988.26000000</valUSD>
        <pctVal>0.191594297924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.78515800</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>RMF PROPRIETARY ISSUANCE TRUST 2022-2</name>
        <lei>N/A</lei>
        <title>RPIT 2022-2 M3</title>
        <cusip>74970CAD6</cusip>
        <identifiers>
          <isin value="US74970CAD65"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2966269.00000000</valUSD>
        <pctVal>0.196447470724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.75000100</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>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TSY INFL IX 0 3/8 7/15/25</title>
        <cusip>912828XL9</cusip>
        <identifiers>
          <isin value="US912828XL95"/>
        </identifiers>
        <balance>32000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40907345.20000000</valUSD>
        <pctVal>2.709175903660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</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>AMC Entertainment Inc.</name>
        <lei>549300JWRNKNU6N5L017</lei>
        <title>AMC 5 3/4 06/15/25</title>
        <cusip>00165AAH1</cusip>
        <identifiers>
          <isin value="US00165AAH14"/>
        </identifiers>
        <balance>23884000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19681928.81000000</valUSD>
        <pctVal>1.303477578633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-05-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Two Roads Shared Trust</ncom:nameOfApplicant>
      <ncom:signature>Laura Szalyga</ncom:signature>
      <ncom:signerName>Laura Szalyga</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
