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        <name>BPR TRUST 2021-WILL</name>
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        <name>BX TRUST</name>
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        <name>Babcock &amp; Wilcox Enterprises Inc.</name>
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        <name>Babcock &amp; Wilcox Enterprises Inc.</name>
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        <name>Babson CLO 2015-I LLC</name>
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        <name>Bain Capital Credit Clo 2018-2 Limited</name>
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        <name>Battalion CLO VIII Ltd.</name>
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        <title>BATLN 2015-8A BR2</title>
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        <name>Battalion Clo Xii Ltd</name>
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        <name>Betony Clo Ltd.</name>
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        <name>Blue Owl Technology Finance Corp.</name>
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        <name>Bluemountain CLO 2013-2 Ltd.</name>
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        <name>Bluemountain CLO 2015-3 Ltd.</name>
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        <name>Bluemountain CLO 2015-4 Ltd.</name>
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        <name>BLUEMOUNTAIN CLO 2016-3 Ltd.</name>
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        <name>Bluemountain Fuji U.S. CLO I</name>
        <lei>N/A</lei>
        <title>BLUEM 2017-2A B</title>
        <cusip>09629EAG6</cusip>
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          <isin value="US09629EAG61"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>998882.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Bluemountain CLO Ltd.</name>
        <lei>N/A</lei>
        <title>BLUEM 2018-1A C</title>
        <cusip>09629TAJ7</cusip>
        <identifiers>
          <isin value="US09629TAJ79"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249719.75000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.59126200</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Bluemountain CLO 2018-3 LLC</name>
        <lei>N/A</lei>
        <title>BLUEM 2018-2A C</title>
        <cusip>09629VAG8</cusip>
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          <isin value="US09629VAG86"/>
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        <balance>480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>479446.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.78458900</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Bluemountain CLO 2018-3 LTD/LLC</name>
        <lei>N/A</lei>
        <title>BLUEM 2018-3A C</title>
        <cusip>09630AAJ5</cusip>
        <identifiers>
          <isin value="US09630AAJ51"/>
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        <balance>5100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5096822.70000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.74338000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Briggs &amp; Stratton Corporation</name>
        <lei>549300OYTIWYSPR42284</lei>
        <title>BGG 6 7/8 12/15/20</title>
        <cusip>109043AG4</cusip>
        <identifiers>
          <isin value="US109043AG42"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9375.00000000</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>2020-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Broadmark Realty Capital Inc</name>
        <lei>N/A</lei>
        <title>BRMK 5 11/15/26</title>
        <cusip>11135BAA8</cusip>
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          <isin value="US11135BAA89"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1414337.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cbam 2017-4 Limited</name>
        <lei>635400U9D8ZDLM1G7T76</lei>
        <title>CBAM 2017-4A D</title>
        <cusip>12481NAF9</cusip>
        <identifiers>
          <isin value="US12481NAF96"/>
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        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14948325.00000000</valUSD>
        <pctVal>0.688600190099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.11771100</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cbam 2018-6 Ltd / Llc</name>
        <lei>254900FSYLEH1VUJJF28</lei>
        <title>CBAM 2018-6A B2R</title>
        <cusip>12481XAU4</cusip>
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          <isin value="US12481XAU46"/>
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        <balance>690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>690000.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.61771100</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CIFC Funding 2013-IV Ltd</name>
        <lei>N/A</lei>
        <title>CIFC 2013-4A DR2</title>
        <cusip>12549FCA5</cusip>
        <identifiers>
          <isin value="US12549FCA57"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9942590.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.18261800</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CIFC Funding 2017-II, Ltd.</name>
        <lei>2549005S1LQJ8MBPXW05</lei>
        <title>CIFC 2017-2A CR</title>
        <cusip>12550YAS3</cusip>
        <identifiers>
          <isin value="US12550YAS37"/>
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        <balance>1350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1348579.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.38107900</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Comm 2016 Cor1 Mgt</name>
        <lei>N/A</lei>
        <title>COMM 2016-COR1 B</title>
        <cusip>12594MBE7</cusip>
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          <isin value="US12594MBE75"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6475220.50000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-10</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Canyon Capital CLO 2014-1 Ltd.</name>
        <lei>N/A</lei>
        <title>CANYC 2014-1A BR</title>
        <cusip>13875LAS7</cusip>
        <identifiers>
          <isin value="US13875LAS79"/>
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        <balance>665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>663396.02000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.34126000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Canyon Clo 2016-1 Ltd.</name>
        <lei>N/A</lei>
        <title>CANYC 2018-1A B</title>
        <cusip>13877BAC2</cusip>
        <identifiers>
          <isin value="US13877BAC28"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4996475.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.21771100</annualizedRt>
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      <invstOrSec>
        <name>Canyon CLO 2016-1 Ltd / Canyon CLO 2016-1 LLC</name>
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        <title>CANYC 2016-1A BR</title>
        <cusip>13887PAM7</cusip>
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          <isin value="US13887PAM77"/>
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        <balance>290000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.21771100</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Capital Southwest Corporation</name>
        <lei>54930023YZ4YEJEDBO56</lei>
        <title>CSWC 3 3/8 10/01/26</title>
        <cusip>140501AC1</cusip>
        <identifiers>
          <isin value="US140501AC12"/>
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        <balance>6110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5917046.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
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      <invstOrSec>
        <name>Capital Southwest Corporation</name>
        <lei>54930023YZ4YEJEDBO56</lei>
        <title>CSWC 5 1/8 11/15/29</title>
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          <isin value="US140501AE77"/>
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        <balance>10000000.00000000</balance>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-15</maturityDt>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Capital Southwest Corporation</name>
              <title>Capital Southwest Corporation COM</title>
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        <securityLending>
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      <invstOrSec>
        <name>Carbone CLO, Limited / Carbone CLO LLC</name>
        <lei>5493005I53NEC017LN87</lei>
        <title>CRBN 2017-1A B</title>
        <cusip>141312AE8</cusip>
        <identifiers>
          <isin value="US141312AE82"/>
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        <balance>952000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>948482.36000000</valUSD>
        <pctVal>0.043692195172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.33107900</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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        <name>Dryden Senior Loan Fnd</name>
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        <name>Eaton Vance CLO 2015-1 LLC</name>
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        <name>Eaton Vance Clo 2014-1 Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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        <name>Gladstone Investment Corporation</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Great Elm Capital Corporation</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Greystone Sdof Pfd Equity LLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Greywolf CLO V Ltd.</name>
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        <title>GWOLF 2015-1A BR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>HRR FUNDING LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>HC Government Realty Trust Inc.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Hps Loan Management 3-2014 Ltd &amp; Hps Loan Management 3-2014 Llc</name>
        <lei>5493006ZY0SLETMEU160</lei>
        <title>HLM 3A-2014 A2R</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Hps Loan Management 3-2014 Ltd &amp; Hps Loan Management 3-2014 Llc</name>
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        <name>HPS Loan Management 13-2018 Ltd.</name>
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        <name>Halcyon Ln Advisors Fdg 2018-2 Ltd/Llc</name>
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        <name>HALCYON LOAN ADVISORS FUNDING 2017-2 LTD</name>
        <lei>549300IKIM3YK4H3N895</lei>
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        <name>Halcyon Loan Advisors Funding 2017-1 Ltd</name>
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        <title>HLA 2017-1A BR</title>
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        <name>Harbourview Clo VII Ltd.</name>
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        <name>Horizon Technology Finance Corporation</name>
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        <name>HPS LOAN MANAGEMENT 5-2015 LTD</name>
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        <title>HLM 5A-2015 DR3</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>IMPERIAL FUND MORTGAGE TRUST 2022-NQM7</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Investco Llc</name>
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        <name>J P Morgan Chase Commercial Mortgage Securities Trust 2019-MFP</name>
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        <name>Jamestown Clo Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JEFFERSON MILL CLO LTD</name>
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        <title>JEFFM 2015-1A CRR</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KKR Financial CLO 2013-1 Ltd.</name>
        <lei>549300ZUUB37M3VWNC17</lei>
        <title>KKR 2013-1A BR2</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kuvare United States Holdings Inc</name>
        <lei>N/A</lei>
        <title>KUVARE 7 02/17/51</title>
        <cusip>50149XAA2</cusip>
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        <balance>43241000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>LCM XV Limited Partnership</name>
        <lei>549300HV40B88JRNJD93</lei>
        <title>LCM 15A CR</title>
        <cusip>50184NAP7</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Lcm Xxv Ltd/Lcm Xxv Llc</name>
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        <title>LCM 25A C2</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Lcm XVII LP</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Lcm 30 Ltd / Lcm 30 Llc</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Lcm XXIII Ltd/ Lcm XXIII Llc</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Logan Ridge Finance Corporation</name>
        <lei>5493007DZ22O2I4VJ124</lei>
        <title>LRFC 5 1/4 10/30/26</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Mp Clo Iii, Ltd</name>
        <lei>549300FWSFBNCWDD1P18</lei>
        <title>MP3 2013-1A DR</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MP CLO VII LLC</name>
        <lei>5493005EOEZ6JX072G15</lei>
        <title>MP7 2015-1A CRR</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>6.73107800</annualizedRt>
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        <name>MMP Capital LLC</name>
        <lei>N/A</lei>
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        <name>Main Street Capital Corp.</name>
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        <name>Medallion Financial Corp.</name>
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      <invstOrSec>
        <name>Midocean Credit CLO IX</name>
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      <invstOrSec>
        <name>MidOcean Credit CLO III/MidOcean Credit CLO III LLC</name>
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      <invstOrSec>
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        <name>Monroe</name>
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        <name>MORGAN STANLEY CAPITAL I TRUST 2024-BPR2</name>
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        <name>Mountain View CLO IX Ltd.</name>
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        <name>National Funding Inc</name>
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        <name>New Mountain Finance Corporation</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>New Residential Mtg LLC / Nrz Fnt Excess LLC</name>
        <lei>N/A</lei>
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          <isin value="US64830YAA55"/>
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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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      <invstOrSec>
        <name>New Residential Mtg LLC / Nrz Fnt Excess LLC</name>
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        <cusip>64830YAB3</cusip>
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          <isin value="US64830YAB39"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.43700000</annualizedRt>
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      <invstOrSec>
        <name>NewtekOne Inc</name>
        <lei>549300YLU78IA8GKJ688</lei>
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          <isin value="US652526AE49"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4998178.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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          <annualizedRt>8.37500000</annualizedRt>
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        <name>NexBank Capital, Inc.</name>
        <lei>549300H29S945S4X7A03</lei>
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        <valUSD>35820000.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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>65342VAB7</cusip>
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          <isin value="US65342VAB71"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</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>Northwoods Capital Ltd</name>
        <lei>N/A</lei>
        <title>WOODS 2018-12BA CR</title>
        <cusip>66858CAS6</cusip>
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          <isin value="US66858CAS61"/>
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        <balance>12350000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.34928000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OCP CLO 2014-5 Ltd.</name>
        <lei>N/A</lei>
        <title>OCP 2014-5A BR</title>
        <cusip>67102SAQ7</cusip>
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          <isin value="US67102SAQ75"/>
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        <balance>505000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>503727.40000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.34423000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OFS Cap Corp</name>
        <lei>549300XTK3HSWPDBJD13</lei>
        <title>OFS 4 3/4 02/10/26</title>
        <cusip>67103BAA8</cusip>
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          <isin value="US67103BAA89"/>
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        <balance>20270000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>OCP CLO 2014-7 Ltd.</name>
        <lei>N/A</lei>
        <title>OCP 2014-7A B1RR</title>
        <cusip>67107KBD7</cusip>
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          <isin value="US67107KBD72"/>
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        <balance>1500000.00000000</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>2029-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.78107900</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ozlm Vi</name>
        <lei>N/A</lei>
        <title>OZLM 2014-6A B1T</title>
        <cusip>67108LBP7</cusip>
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          <isin value="US67108LBP76"/>
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        <balance>1095000.00000000</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>2031-04-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.27979000</annualizedRt>
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        <name>Ozlm Vi</name>
        <lei>N/A</lei>
        <title>OZLM 2014-6A CT</title>
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          <isin value="US67108LBR33"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-17</maturityDt>
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      <invstOrSec>
        <name>Ozlm Ltd</name>
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        <title>OZLM 2018-22A C</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Ozlm Xviii Limited</name>
        <lei>5493002SZMQH8ZTTHX49</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Ozlm Xxi.. Ltd</name>
        <lei>N/A</lei>
        <title>OZLM 2018-20A B</title>
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        <name>Ows Cre Funding I LLC</name>
        <lei>N/A</lei>
        <title>OWSCRE 2021-MARG A</title>
        <cusip>67114QAA2</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Octagon Investment Partners XXII Ltd.</name>
        <lei>549300MQ9W5DWZ8QX450</lei>
        <title>OCT22 2014-1A CRR</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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          <maturityDt>2030-01-22</maturityDt>
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        <name>Octagon Investment Partners XIV Ltd / Octagon Investment Partners XIV LLC</name>
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        <title>OCT14 2012-1A BRR</title>
        <cusip>67590ABV3</cusip>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500345.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Saranac CLO VII Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Saratoga Investment Corp.</name>
        <lei>54930023WJCWPAGSWE41</lei>
        <title>SAR 6</title>
        <cusip>80349A802</cusip>
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          <isin value="US80349A8027"/>
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        <balance>971809.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Saratoga Investment Corp.</name>
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          <isin value="US80349AAD19"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Saratoga Investment Corp.</name>
        <lei>54930023WJCWPAGSWE41</lei>
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          <isin value="US80349AAF66"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Shackleton 2014-V-R Clo Ltd / Llc</name>
        <lei>549300OM5GJJFIKCOZ48</lei>
        <title>SHACK 2014-5RA C</title>
        <cusip>81881JAG7</cusip>
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          <isin value="US81881JAG76"/>
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        <balance>2750000.00000000</balance>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Shackleton 2013-Iii Clo Ltd</name>
        <lei>549300S9WB2KLCOJR134</lei>
        <title>SHACK 2013-3A CR</title>
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          <isin value="US81881QAW69"/>
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        <balance>5000000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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      <invstOrSec>
        <name>Shenergy Co Ltd.</name>
        <lei>N/A</lei>
        <title>SHACK 2013-4RA B</title>
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          <isin value="US81882HAE53"/>
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        <balance>1555000.00000000</balance>
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        <invCountry>CN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-13</maturityDt>
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      <invstOrSec>
        <name>Sound Point CLO V Limited</name>
        <lei>N/A</lei>
        <title>SNDPT 2014-1RA B</title>
        <cusip>83607EAC6</cusip>
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          <isin value="US83607EAC66"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sound Point CLO V Limited</name>
        <lei>N/A</lei>
        <title>SNDPT 2014-1RA C</title>
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          <isin value="US83607EAE23"/>
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        <balance>10500000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-18</maturityDt>
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      <invstOrSec>
        <name>Sound Point CLO II Ltd.</name>
        <lei>549300Q00FJ0WHHYC788</lei>
        <title>SNDPT 2013-1A A3R</title>
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          <isin value="US83608GAS57"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sound Point Clo Ix  Ltd</name>
        <lei>549300W2FX6HEXN27U70</lei>
        <title>SNDPT 2015-2A CRRR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-20</maturityDt>
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      <invstOrSec>
        <name>SOUND POINT CLO XV LTD</name>
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        <title>SNDPT 2017-1A D</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-23</maturityDt>
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        <name>Sound Point CLO XI Ltd</name>
        <lei>N/A</lei>
        <title>SNDPT 2013-3RA C</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>SOUND POINT CLO VII-R</name>
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        <title>SNDPT 2014-3RA C</title>
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        <name>Sound Point  Clo Xvi Limited</name>
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        <name>Sound Point Clo XXII Ltd.</name>
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        <name>Sound Point Clo III Inc.</name>
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        <name>Sound Pt Clo Xxi Ltd / Llc</name>
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        <name>Steel Partners Holdings L.P.</name>
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        <name>Steele Creek Clo 2017 1 Ltd</name>
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        <name>Steele Creek CLO 2014-1 Ltd./LLC</name>
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        <name>Stellus Capital Investment Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Symphony Clo XV LLC</name>
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        <name>Symphony CLO XVI Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Symphony Clo XIX</name>
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        <name>Tci-Symphony Clo 2017-1 Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Thl Credit Wr 2014-3K Clo Ltd</name>
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        <name>Wind River 2015-1 CLO Ltd.</name>
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        <name>Wind River 2015-1 CLO Ltd.</name>
        <lei>549300H4V7OE3OL7II20</lei>
        <title>WINDR 2015-1A DR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Tiaa CLO IV Ltd / Tiaa CLO IV LLC</name>
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        <name>Trinity Capital Inc.</name>
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        <name>Trinity Capital Inc.</name>
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        <name>Uirc-Gsa International, Llc</name>
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        <name>Uirc-Gsa International, Llc</name>
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        <name>American Coastal Insurance Corp.</name>
        <lei>5299002P9105LJQA8G51</lei>
        <title>UIHC 6 1/4 12/15/27</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>United States Treasury Bonds</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury Bonds</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Notes</name>
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          <isin value="US9128287D64"/>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US91282CLV18"/>
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        <balance>25000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Venture XIII CLO Ltd.</name>
        <lei>549300ZVVNSDW7WU0O73</lei>
        <title>VENTR 2013-13A CR</title>
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          <isin value="US92329NAS99"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Venture XXVIII CLO Ltd</name>
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        <title>VENTR 2017-28A C2R</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VENTURE XXX CLO LTD</name>
        <lei>5493001R7OPCYBM5NH78</lei>
        <title>VENTR 2017-30A C</title>
        <cusip>92331NAG1</cusip>
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          <isin value="US92331NAG16"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.46771000</annualizedRt>
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        <name>VERUS SECURITIZATION TRUST 2023-5</name>
        <lei>984500BADC7CFE3B0756</lei>
        <title>VERUS 2023-5 A1</title>
        <cusip>924934AA0</cusip>
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          <isin value="US924934AA00"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VERUS SECURITIZATION TRUST 2023-1</name>
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        <name>VERUS SECURITIZATION TRUST 2023-3</name>
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        <name>Vinebrook Homes Trust Inc</name>
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        <name>Voya CLO 2014-2 Ltd.</name>
        <lei>549300L8S87K3SMP0R77</lei>
        <title>VOYA 2014-2A BRR</title>
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        <name>Voya Clo 2015-1 Ltd</name>
        <lei>54930085W413OSH6FR69</lei>
        <title>VOYA 2015-1A BR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Voya Clo 2015-1 Ltd</name>
        <lei>54930085W413OSH6FR69</lei>
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        <name>Voya CLO 2014-4 Ltd</name>
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        <name>Voya Clo 2016-3 Ltd.</name>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Voya CLO 2013-1 Ltd / Voya CLO 2013-1 LLC</name>
        <lei>N/A</lei>
        <title>INGIM 2013-1A BR</title>
        <cusip>92917CAL6</cusip>
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          <isin value="US92917CAL63"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2497955.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.41770900</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Voya CLO 2018-3 LLC</name>
        <lei>N/A</lei>
        <title>VOYA 2018-3A CR2</title>
        <cusip>92917KAW4</cusip>
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          <isin value="US92917KAW45"/>
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        <balance>950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>948438.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.60610100</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>W &amp; T Offshore Inc.</name>
        <lei>549300Q7EOY2YIO3YK85</lei>
        <title>WTI 10 3/4 02/01/29</title>
        <cusip>92922PAN6</cusip>
        <identifiers>
          <isin value="US92922PAN69"/>
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        <balance>15430000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12181241.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Whitehorse Finance Inc.</name>
        <lei>5493006LP9COIV2ZIB05</lei>
        <title>WHF 4 12/15/26</title>
        <cusip>96524VAB2</cusip>
        <identifiers>
          <isin value="US96524VAB27"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3853109.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wind River 2019-3 Clo Ltd / Llc</name>
        <lei>549300QKM4OHZM4I5C40</lei>
        <title>WINDR 2019-3A CR2</title>
        <cusip>97314JAN5</cusip>
        <identifiers>
          <isin value="US97314JAN54"/>
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        <balance>785000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>777723.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.25610200</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>XCAL 2019-IL-1 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>XCAL 2019-1 A</title>
        <cusip>98370LAA7</cusip>
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          <isin value="US98370LAA70"/>
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        <balance>1328037.87000000</balance>
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        <curCd>USD</curCd>
        <valUSD>458844.39000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00010100</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCALFD 5 09/01/24</title>
        <cusip>98373XAC4</cusip>
        <identifiers>
          <isin value="US98373XAC48"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2965921.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCALFD 5 03/01/25</title>
        <cusip>98373XAX8</cusip>
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          <isin value="US98373XAX84"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1994089.20000000</valUSD>
        <pctVal>0.091858465894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCAL 2023-MF9 A</title>
        <cusip>98373XBD1</cusip>
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          <isin value="US98373XBD12"/>
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        <balance>2868852.46000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2865712.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.58000200</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>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCAL 2024-MSD A</title>
        <cusip>98373XBW9</cusip>
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          <isin value="US98373XBW92"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4006484.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.57364800</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>X-CALI 2020-5 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>XCALI 2020-5 A</title>
        <cusip>98401JAA5</cusip>
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          <isin value="US98401JAA51"/>
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        <balance>1873572.48000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1870295.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.69365000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Z CAPITAL CREDIT PARTNERS CLO 2018-1 LTD</name>
        <lei>N/A</lei>
        <title>ZCCP 2018-1A B</title>
        <cusip>98878CAG1</cusip>
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          <isin value="US98878CAG15"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7017430.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.97214900</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Zais Clo 3 Ltd/Llc</name>
        <lei>549300SYHU0CNKIXQ691</lei>
        <title>ZCLO3 2015-3A BR</title>
        <cusip>98887HAN4</cusip>
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          <isin value="US98887HAN44"/>
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        <balance>2075000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2083041.66000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.16771200</annualizedRt>
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      <invstOrSec>
        <name>ZAIS CLO 7 LTD</name>
        <lei>549300XFDOUEB0QTZS87</lei>
        <title>ZAIS7 2017-2A C</title>
        <cusip>98887VAE3</cusip>
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          <isin value="US98887VAE39"/>
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        <balance>12400000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.96771000</annualizedRt>
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      <invstOrSec>
        <name>ZAIS CLO 11 LIMITED</name>
        <lei>549300FPW2E2MXLOFH93</lei>
        <title>ZAIS 2018-11A CR</title>
        <cusip>98887YAS6</cusip>
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          <isin value="US98887YAS63"/>
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        <balance>8825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8849514.09000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.71946800</annualizedRt>
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      <invstOrSec>
        <name>Zais Matrix CDO I</name>
        <lei>N/A</lei>
        <title>ZAIS 2020-14A DR2</title>
        <cusip>98888BBQ8</cusip>
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          <isin value="US98888BBQ86"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4989175.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.55610100</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shelf Drilling North Sea Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>SHLFNS 9 7/8 11/22/28</title>
        <cusip>G23639AB6</cusip>
        <identifiers>
          <isin value="NO0013220285"/>
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        <balance>14900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13931500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.87500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>B. RILEY FIN 7R WARRANT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="RILYWRRNT"/>
        </identifiers>
        <balance>351012.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>110393.27000000</valUSD>
        <pctVal>0.005085307330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>B. Riley Financial Inc Com Warrants</issuerName>
                <issueTitle>B. Riley Financial Inc Com Warrants</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>351012.00000000</shareNo>
            <exercisePrice>10.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2032-04-01</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1228.55000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SpecialTransportHolding</name>
        <lei>N/A</lei>
        <title>SpecialTransportHolding</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="STHOLDING"/>
        </identifiers>
        <balance>3242.01220000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9659929.37000000</valUSD>
        <pctVal>0.444988264606</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>
      <invstOrSec>
        <name>Synchronoss First Ln TL</name>
        <lei>N/A</lei>
        <title>Synchronoss First Ln TL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="SYNCHTECH"/>
        </identifiers>
        <balance>25000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24500000.00000000</valUSD>
        <pctVal>1.128601676605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03650000</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>2025-05-28</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>
