<SEC-DOCUMENT>0000930413-17-003737.txt : 20171109
<SEC-HEADER>0000930413-17-003737.hdr.sgml : 20171109
<ACCEPTANCE-DATETIME>20171109161029
ACCESSION NUMBER:		0000930413-17-003737
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170930
FILED AS OF DATE:		20171109
DATE AS OF CHANGE:		20171109
EFFECTIVENESS DATE:		20171109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			StoneCastle Financial Corp.
		CENTRAL INDEX KEY:			0001578987
		IRS NUMBER:				900934878
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22853
		FILM NUMBER:		171190906

	BUSINESS ADDRESS:	
		STREET 1:		152 WEST 57TH STREET 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-354-6500

	MAIL ADDRESS:	
		STREET 1:		152 WEST 57TH STREET 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c89633_nq.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM N-Q</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED <BR>
MANAGEMENT INVESTMENT COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Investment Company
Act file number<U>&nbsp;811-22853&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">StoneCastle Financial Corp.</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 50%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">152 West 57th Street, 35th Floor<BR>
New York, NY 10019</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices) (Zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Joshua S. Siegel</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">StoneCastle Financial Corp.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">152 West 57th Street, 35th Floor</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, NY 10019</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Copies of Communications to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">John P. Falco, Esq.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pepper Hamilton LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">3000 Two Logan Square / Eighteenth and Arch
Streets</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Philadelphia, PA 19103-2799</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(215) 981-4659</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including area
code:<U> (212) 354-6500</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of fiscal year end:<U> December 31</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of reporting period:<U> September 30, 2017</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Form N-Q is to be used by management investment
companies, other than small business investment companies registered on Form N-5 (&sect;&sect; 239.24 and 274.5 of this chapter),
to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to
rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form
N-Q in its regulatory, disclosure review, inspection, and policymaking roles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A registrant is required to disclose the information
specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection
of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (&ldquo;OMB&rdquo;)
control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions
for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has
reviewed this collection of information under the clearance requirements of 44 U.S.C. &sect; 3507.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 1. Schedule of Investments.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Schedule(s) of Investments is attached herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: #00649E; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30pt; border-right: white 1px solid; padding-top: 15pt; padding-bottom: 15pt">&nbsp;</TD>
    <TD STYLE="font: 21.95pt Arial, Helvetica, Sans-Serif; padding-left: 20pt; padding-top: 15pt; padding-bottom: 15pt; color: White">StoneCastle Financial Corp.<BR>
    <FONT STYLE="font-size: 14.97pt">Schedule of Investments (unaudited)</FONT></TD>
    <TD STYLE="width: 50pt; padding-top: 15pt; padding-bottom: 15pt">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 13.97pt Arial, Helvetica, Sans-Serif; color: rgb(0,100,158); margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right; padding-top: 3pt; width: 50pt">&nbsp;</TD><TD STYLE="text-align: justify; border-top: rgb(0,100,158) 1px solid; padding-top: 3pt">As of September 30, 2017</TD>
</TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 92%; font: 7.98pt Arial, Helvetica, Sans-Serif; margin-left: 50pt">
<TR STYLE="vertical-align: bottom; font-size: 6.98pt">
    <TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt; text-align: center"><FONT STYLE="color: #231F20"><B>Company<SUP>(1)</SUP></B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt"><B>&nbsp;</B></TD>
    <TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt; text-align: center"><B>Investment</B></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: center; font-size: 6.98pt"><FONT STYLE="color: #231F20"><B>#
    of</B></FONT><B> <BR> <FONT STYLE="color: #231F20">Shares/Par </FONT><BR> <FONT STYLE="color: #231F20">Amount ($)<SUP>(2)</SUP></FONT></B></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: center; font-size: 6.98pt"><FONT STYLE="color: #231F20"><B>Fair
    Value<SUP>(3)</SUP></B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt; font-size: 8.98pt; padding-top: 3pt"><U>Term
    Loans &ndash; 29.1%</U></TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: White">
    <TD STYLE="color: #231F20; font-weight: bold; text-indent: -10pt; padding-left: 10pt; font-size: 8.98pt; padding-top: 3pt">Banking &ndash; 29.1%</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 28%; color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt">Baraboo Bancorporation, Inc.</TD><TD STYLE="width: 3%; color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="width: 42%; color: #231F20; text-align: left; padding-top: 3pt">Senior Secured Term Loan, 10.50%, 12/28/2026</TD><TD STYLE="width: 3%; color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="width: 9%; color: #231F20; text-align: right; padding-top: 3pt">13,000,000</TD><TD STYLE="width: 3%; color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="width: 9%; color: #231F20; text-align: right; padding-top: 3pt">13,113,750</TD><TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt">First Community Holdings, Inc.</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">Subordinated Term Loan, 7.50%, 7/1/2027</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">12,500,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">12,375,000</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt">Halbur Bancshares, Inc.</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">Subordinated Term Loan, 8.75%, 10/1/2026</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">3,000,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">3,015,000</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt">Lincoln Park Bancorp</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">Subordinated Term Loan, 8.25%, 1/1/2026</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">5,000,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">5,025,000</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt">MidWest Community Financial Corporation</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">Subordinated Term Loan, 7.25%, 1/1/2026</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">2,500,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">2,475,000</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; border-bottom: Black 1px solid; padding-top: 3pt">Midwest Regional Bank</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">Subordinated Term Loan, 8.625%, 1/1/2027</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">5,000,000</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">5,025,000</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="border-bottom: Black 1px solid; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">Total Term Loans <BR> (Cost $41,000,000)</TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">41,028,750</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: White">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt; font-size: 8.98pt; padding-top: 3pt"><U>Debt
    Securities &ndash; 6.4%</U></TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; font-weight: bold; text-indent: -10pt; padding-left: 10pt; font-size: 8.98pt; padding-top: 3pt">Banking &ndash; 6.4%</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt">MMCapS Funding I, Ltd. / MMCapS Funding
    I, Inc.</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="color: #231F20">Fixed Rate Senior Notes, 8.04%, 6/8/2031,</FONT>
    <FONT STYLE="color: #231F20">144A<SUP>(4)</SUP></FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">6,512,291</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">5,991,308</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; border-bottom: Black 1px solid; padding-top: 3pt">Preferred Term Securities, Ltd. / Preferred
    Term Securities, Inc.</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt"><FONT STYLE="color: #231F20">Fixed Rate Mezzanine Notes, 9.74%,</FONT> <FONT STYLE="color: #231F20">9/15/2030,
    144A<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">3,027,809</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">3,061,872</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1px solid; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">Total Debt Securities <BR> (Cost $8,153,868)</TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">9,053,180</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: rgb(229,255,255)">
    <TD COLSPAN="3" STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt; font-size: 8.98pt; padding-top: 3pt"><U>Trust Preferred Securities &ndash; 28.6%</U></TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: White">
    <TD STYLE="color: #231F20; font-weight: bold; text-indent: -10pt; padding-left: 10pt; font-size: 8.98pt; padding-top: 3pt">Banking &ndash; 28.6%</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt; vertical-align: top">Amboy Capital Trust I</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="color: #231F20">Trust Preferred Security, 9.00%,</FONT> <FONT STYLE="color: #231F20">7/29/2029,
    144A<SUP>(4)</SUP></FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">15,500,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">15,451,950</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt; vertical-align: top">Capital City TPS LLC</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="color: #231F20">Trust Preferred Security, Series 2015-1</FONT> <FONT STYLE="color: #231F20">9.74%,
    Note, 9/30/2030, 144A<SUP>(4)</SUP></FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">1,907,065</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">1,911,833</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt; vertical-align: top">Central Trust Company Capital Trust I</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">Junior Subordinated Debt (Trust Preferred Security), 10.25%, 7/25/2031</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">2,500,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">2,512,500</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt; vertical-align: top">First Alliance Capital Trust I</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">Junior Subordinated Debt (Trust Preferred Security), 10.25%, 7/25/2031</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">6,500,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">6,500,000</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt; vertical-align: top">First Citizens TPS LLC</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="color: #231F20">Trust Preferred Security, Series 2015-1</FONT> <FONT STYLE="color: #231F20">9.74%,
    Note, 9/30/2030, 144A<SUP>(4)</SUP></FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">2,224,910</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">2,236,034</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt; vertical-align: top">M&amp;T TPS LLC</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="color: #231F20">Trust Preferred Security, Series 2015-1</FONT> <FONT STYLE="color: #231F20">9.74%,
    Note, 9/30/2030, 144A<SUP>(4)</SUP></FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">2,542,753</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">2,568,180</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-top: 3pt; vertical-align: top">Mercantil TPS LLC</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="color: #231F20">Trust Preferred Security Series 2015-1</FONT> <FONT STYLE="color: #231F20">9.74%,
    Note, 9/30/2030, 144A<SUP>(4)</SUP></FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">4,767,662</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">4,815,339</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; border-bottom: Black 1px solid; padding-top: 3pt; vertical-align: top">National Bank of Indianapolis TPS LLC</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt"><FONT STYLE="color: #231F20">Trust Preferred Security, Series 2015-1</FONT> <FONT STYLE="color: #231F20">9.74%,
    Note, 9/30/2030, 144A<SUP>(4)</SUP></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">4,290,896</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">4,323,078</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">Total Trust Preferred Securities <BR> (Cost $40,773,736)</TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">40,318,914</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt; width: 50pt"><FONT STYLE="font-size: 8.98pt; color: rgb(0,100,157)">1</FONT></TD>
    <TD STYLE="padding: 0.75pt; width: 44%"><FONT STYLE="color: #00649D">StoneCastle Financial Corp. <B>|</B></FONT></TD>
    <TD STYLE="padding: 0.75pt; width: 44%; text-align: right"><FONT STYLE="color: #00649D">See notes to Schedule of Investments</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: bottom; font-size: 6.98pt">
    <TD STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: center; font-size: 6.98pt"><FONT STYLE="color: #231F20"><B>Company<SUP>(1)</SUP></B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt"><B>&nbsp;</B></TD>
    <TD STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: center; font-size: 6.98pt"><B>Investment</B></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: center; font-size: 6.98pt"><FONT STYLE="color: #231F20"><B>#
    of</B></FONT><B> <BR> <FONT STYLE="color: #231F20">Shares/Par</FONT> <BR> <FONT STYLE="color: #231F20">Amount ($)<SUP>(2)</SUP></FONT></B></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: center; font-size: 6.98pt"><FONT STYLE="color: #231F20"><B>Fair
    Value<SUP>(3)</SUP></B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: 0.05pt; font-size: 8.98pt; padding-top: 3pt"><U>Credit Securitizations
    &ndash; 32.1%</U></TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: White">
    <TD STYLE="color: #231F20; font-weight: bold; text-indent: 0.05pt; font-size: 8.98pt; text-align: left; padding-top: 3pt">Banking &ndash; 32.1%</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 28%; color: #231F20; text-align: left; vertical-align: top; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt">Community Funding CLO, Ltd.</TD><TD STYLE="width: 3%; color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="width: 42%; color: #231F20; text-align: left; text-indent: 0.05pt; padding-top: 3pt; vertical-align: top"><FONT STYLE="color: #231F20">Preferred
    Shares<SUP>(5) </SUP>(Estimated effective</FONT> <FONT STYLE="color: #231F20">yield 10.49%), 144A<SUP>(4)</SUP></FONT></TD><TD STYLE="width: 3%; color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="width: 9%; color: #231F20; text-align: right; padding-top: 3pt">45,500,000</TD><TD STYLE="width: 3%; color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="width: 9%; color: #231F20; text-align: right; padding-top: 3pt">44,135,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; vertical-align: top; padding-left: 10pt; border-bottom: Black 1px solid; padding-top: 3pt">U.S.
    Capital Funding I, Ltd. / U.S. Capital Funding I, Corp.</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt; vertical-align: top"><FONT STYLE="color: #231F20">Subordinate Income Note, Due 5/1/2034,</FONT> <FONT STYLE="color: #231F20">144A<SUP>(4)(6)</SUP></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">4,700,000</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">1,151,500</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; vertical-align: top; padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: 0.05pt; border-bottom: Black 1px solid; padding-top: 3pt">Total Credit Securitizations <BR> (Cost $46,687,059)</TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">45,286,500</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: White">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; font-size: 8.98pt; vertical-align: top; padding-left: 10pt; padding-top: 3pt"><U>Preferred Stocks
    &ndash; 25.3%</U></TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; font-weight: bold; text-indent: -10pt; font-size: 8.98pt; text-align: left; vertical-align: top; padding-left: 10pt; padding-top: 3pt">Banking &ndash; 25.3%</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; vertical-align: top; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt">Chicago Shore Corporation</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: 0.05pt; padding-top: 3pt"><FONT STYLE="color: #231F20">Fixed Rate Cumulative Perpetual Preferred</FONT> <FONT STYLE="color: #231F20">Stock, Series A, 9%<SUP>(6)*</SUP></FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">6,400,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">5,616,000</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; vertical-align: top; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt">Chicago Shore Corporation</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: 0.05pt; padding-top: 3pt"><FONT STYLE="color: #231F20">Fixed Rate Cumulative Perpetual Preferred</FONT> <FONT STYLE="color: #231F20">Stock, Series B, 9%<SUP>(6)**</SUP></FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">150,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">131,625</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; vertical-align: top; padding-left: 10pt; padding-top: 3pt">First Priority Financial Corporation</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: 0.05pt; padding-top: 3pt">Fixed Rate Cumulative Perpetual Preferred Stock, Series C, 9%</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">428,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">423,720</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; vertical-align: top; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt">First United Corporation</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: 0.05pt; padding-top: 3pt">Fixed Rate Cumulative Perpetual Preferred Stock, Series A, 9%</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">5,333,340</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">5,333,340</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; vertical-align: top; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt">First Western Financial, Inc.</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: 0.05pt; padding-top: 3pt">Fixed Rate Cumulative Perpetual Preferred Stock, Series B, 9%</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">131,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">129,690</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; vertical-align: top; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt">First Western Financial, Inc.</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: 0.05pt; padding-top: 3pt">Fixed Rate Cumulative Perpetual Preferred Stock, Series C, 9%</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">219,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">216,810</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; vertical-align: top; padding-left: 10pt; padding-top: 3pt">Katahdin Bankshares Corporation</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: 0.05pt; padding-top: 3pt">Floating Rate Non-Cumulative Preferred Stock, Series D, 8.75%</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">10,000,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">9,900,000</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; vertical-align: top; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt">Reliance Bancshares, Inc.</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: 0.05pt; padding-top: 3pt">Fixed Rate Cumulative Perpetual Preferred Stock, Series A, 9%</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">12,750,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">12,622,500</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; vertical-align: top; padding-left: 10pt; padding-top: 3pt">Tennessee Valley Financial Holdings, Inc.</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: 0.05pt; padding-top: 3pt">Fixed Rate Cumulative Perpetual Preferred Stock, Series A, 9%</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">100,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">97,500</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; vertical-align: top; padding-left: 10pt; padding-top: 3pt">Tennessee Valley Financial Holdings, Inc.</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: 0.05pt; padding-top: 3pt">Fixed Rate Cumulative Perpetual Preferred Stock, Series B, 9%</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">49,000</TD><TD STYLE="color: #231F20; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt">47,775</TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; vertical-align: top; padding-left: 10pt; border-bottom: Black 1px solid; padding-top: 3pt">The Queensborough Company</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: 0.05pt; border-bottom: Black 1px solid; padding-top: 3pt">Fixed Rate Cumulative Perpetual Preferred Stock, Series A, 9%</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">1,218,000</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">1,205,820</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: 0.05pt; border-bottom: Black 1px solid; padding-top: 3pt">Total Preferred Stocks <BR>
(Cost $37,022,126)</TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">35,724,780</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="color: #00649D">See notes to Schedule of Investments</FONT></TD>
    <TD STYLE="width: 44%; text-align: right"><FONT STYLE="color: #00649D"><B>|</B> StoneCastle Financial Corp.</FONT></TD>
    <TD STYLE="width: 50pt; text-align: right; font-size: 8.98pt"><FONT STYLE="font-size: 8.98pt; color: #00649D">2</FONT></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: bottom; font-size: 6.98pt">
    <TD STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: center; font-size: 6.98pt"><FONT STYLE="color: #231F20"><B>Company<SUP>(1)</SUP></B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt"><B>&nbsp;</B></TD>
    <TD STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: center; font-size: 6.98pt"><B>Investment</B></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: center; font-size: 6.98pt"><FONT STYLE="color: #231F20"><B>#
    of</B></FONT><B> <BR> <FONT STYLE="color: #231F20">Shares/Par</FONT> <BR> <FONT STYLE="color: #231F20">Amount ($)<SUP>(2)</SUP></FONT></B></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: center; font-size: 6.98pt"><FONT STYLE="color: #231F20"><B>Fair
    Value<SUP>(3)</SUP></B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; font-size: 6.98pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; font-size: 8.98pt; padding-top: 3pt"><U>Common Stocks &ndash;
    0.9%</U></TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: White">
    <TD STYLE="color: #231F20; font-weight: bold; font-size: 8.98pt; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt">Banking &ndash; 0.9%</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 28%; color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1px solid; padding-top: 3pt">Happy Bancshares, Inc.</TD><TD STYLE="width: 3%; color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="width: 42%; color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt"><FONT STYLE="color: #231F20">Equity Security - Private Placement,</FONT> <FONT STYLE="color: #231F20">144A<SUP>(4)(6)(10)</SUP></FONT></TD><TD STYLE="width: 3%; color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="width: 9%; color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">44,000</TD><TD STYLE="width: 3%; color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">$</TD><TD STYLE="width: 9%; color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">1,303,720</TD><TD STYLE="width: 1%; color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">Total Common Stocks <BR>
(Cost $1,001,000)</TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">1,303,720</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: rgb(229,255,255)">
    <TD COLSPAN="3" STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; font-size: 8.98pt; padding-left: 10pt; padding-top: 3pt"><U>Limited
    Partnership Interest &ndash; 0.6%</U></TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: White">
    <TD STYLE="color: #231F20; font-weight: bold; font-size: 8.98pt; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt">Banking &ndash; 0.6%</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1px solid; padding-top: 3pt">Priam Capital Fund I, L.P.</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: 0.05pt; border-bottom: Black 1px solid; padding-top: 3pt"><FONT STYLE="color: #231F20">Private Placement of Limited Partnership</FONT> <FONT STYLE="color: #231F20">Interest<SUP>(6)(10)+</SUP></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">1,000,000</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">845,500</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: 0.05pt; border-bottom: Black 1px solid; padding-top: 3pt">Total Limited Partnership Interest <BR> (Cost $1,003,317)</TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">845,500</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: 0.05pt; border-bottom: Black 1px solid; padding-top: 3pt">Total Long Term Investments <BR> (Cost $175,641,106)</TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">173,561,344</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8.98pt; background-color: White">
    <TD STYLE="color: #231F20; font-weight: bold; font-size: 8.98pt; padding-left: 10pt; text-indent: -10pt; padding-top: 3pt"><U>Short-Term Investment &ndash; 0.9%</U></TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8.98pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1px solid; padding-top: 3pt">Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; vertical-align: top; border-bottom: Black 1px solid; padding-top: 3pt">Institutional Share Class</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">1,184,440</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">1,184,440</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">Total Short-Term Investment <BR> (Cost $1,184,440)</TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">1,184,440</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt"><B>&nbsp;</B></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt"><B>&nbsp;</B></TD>
    <TD STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: left; padding-top: 3pt"><FONT STYLE="color: #231F20"><B>Total
    Investments</B></FONT><B> <BR> <FONT STYLE="color: #231F20">(Cost $176,825,546)<SUP>(7)(8)</SUP>&dagger; &mdash; 123.9%</FONT></B></TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; padding-top: 3pt"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; padding-top: 3pt"><B>&nbsp;</B></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 3pt"><B>&nbsp;</B></TD>
    <TD STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: left; padding-top: 3pt"><B>&nbsp;</B></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: right; padding-top: 3pt"><B>174,745,784</B></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: left; padding-top: 3pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; padding-top: 3pt"><B>&nbsp;</B></TD><TD STYLE="color: #231F20; padding-bottom: 1px; padding-top: 3pt"><B>&nbsp;</B></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-bottom: 1px; padding-top: 3pt"><FONT STYLE="color: #231F20"><B>Other
    assets and liabilities, net &mdash; (23.9)%<SUP>(9)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1px; padding-top: 3pt"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-top: 3pt"><B>&nbsp;</B></TD><TD STYLE="text-align: right; padding-bottom: 1px; padding-top: 3pt"><B>&nbsp;</B></TD><TD STYLE="color: #231F20; padding-bottom: 1px; padding-top: 3pt"><B>&nbsp;</B></TD>
    <TD STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: left; padding-top: 3pt"><B>&nbsp;</B></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: right; padding-top: 3pt"><B>(33,667,088</B></TD><TD STYLE="color: #231F20; text-align: left; padding-bottom: 1px; padding-top: 3pt"><B>)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">Total Net Assets &mdash; 100.0%</TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid; padding-top: 3pt">141,078,696</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-top: 3pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7.98pt Arial, Helvetica, Sans-Serif; width: 92%; border-collapse: collapse; margin-left: 50pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">(1)</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="color: #231F20">We do not &ldquo;control&rdquo; and are not an &ldquo;affiliate&rdquo;
    of any of our investments, each as defined in the Investment Company Act (the &ldquo;1940 Act&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">(2)</FONT></TD>
    <TD><FONT STYLE="color: #231F20">$ represents security position traded in par amount.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">(3)</FONT></TD>
    <TD><FONT STYLE="color: #231F20">Fair     Value is determined in good faith in accordance with the Company&rsquo;s valuation
    policy and is reviewed and accepted by the         Company&rsquo;s Board of Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">(4)</FONT></TD>
    <TD><FONT STYLE="color: #231F20">Security is exempt from registration under Rule 144A of the Securities Act of 1933.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">(5)</FONT></TD>
    <TD><FONT STYLE="color: #231F20">The preferred shares are considered an equity position in the credit securitization. Equity
    investments are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made
    by the underlying company&rsquo;s securities less contractual payments to debt holders and company expenses. The estimated
    effective yield indicated is based upon a current projection of the amount and timing of these recurring distributions and
    the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted as
    needed. The estimated effective yield may ultimately not be realized.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">(6)</FONT></TD>
    <TD><FONT STYLE="color: #231F20">Currently non-income producing security.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">(7)</FONT></TD>
    <TD><FONT STYLE="color: #231F20">Investments are income producing assets unless otherwise noted by footnote (6).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">(8)</FONT></TD>
    <TD><FONT STYLE="color: #231F20">Cost values reflect accretion of original issue discount or market discount, and amortization
    of premium. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">(9)</FONT></TD>
    <TD><FONT STYLE="color: #231F20">Includes $36,500,000 in bank loans from Texas Capital Bank.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">(10)</FONT></TD>
    <TD><FONT STYLE="color: #231F20">Level 3 Security.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">+</FONT></TD>
    <TD><FONT STYLE="color: #231F20">The
    Limited Partnership is an entity organized solely for the purpose of investing in First Mariner Bank.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">*</FONT></TD>
    <TD><FONT STYLE="color: #231F20">As of September 30, 2017, this investment has deferred, undeclared and compounding dividends
    of $1,164,186 that will be recognized by StoneCastle Financial Corp. once they are declared by Chicago Shore Corporation.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">**</FONT></TD>
    <TD><FONT STYLE="color: #231F20">As of September 30, 2017, this investment has deferred, undeclared and compounding dividends
    of $27,286 that will be recognized by StoneCastle Financial Corp. once they are declared by Chicago Shore Corporation.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #231F20">&dagger;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">As of September 30, 2017, the cost basis of investment securities owned was substantially
    identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,544,859 and gross unrealized
    depreciation was $3,624,621, resulting in net unrealized depreciation of $2,079,762.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 7.98pt Arial, Helvetica, Sans-Serif; color: rgb(0,100,158)">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt; width: 50pt; font-size: 8.98pt"><FONT STYLE="font-size: 8.98pt; color: #00649D">3</FONT></TD>
    <TD STYLE="padding: 0.75pt; width: 44%"><FONT STYLE="color: #00649D">StoneCastle Financial Corp. <B>|</B></FONT></TD>
    <TD STYLE="padding: 0.75pt; width: 44%; text-align: right"><FONT STYLE="color: #00649D">See notes to Schedule of Investments</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="color: #231F20">*</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="color: #231F20">The following is a listing of the underlying unsecured loans, subordinated
    debentures and notes that were made by Community Funding CLO, Ltd. See Notes to Schedule of Investments for additional information
    on StoneCastle Financial Corp&rsquo;s. investment in Community Funding CLO, Ltd.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 92%; font: 7.98pt Arial, Helvetica, Sans-Serif; margin-right: 50pt">
<TR STYLE="vertical-align: bottom; font-size: 6.98pt">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 6.98pt">Bank Name</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; font-size: 6.98pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 6.98pt">Principal Amount</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; font-size: 6.98pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; font-size: 6.98pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 6.98pt">State</TD><TD STYLE="color: #231F20; font-weight: bold; padding-bottom: 1px; font-size: 6.98pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 6.98pt">Bank Name</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; font-size: 6.98pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 6.98pt">Principal Amount</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; font-size: 6.98pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; font-size: 6.98pt">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 6.98pt">State</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 23%; color: #231F20; text-align: left">First Partners Financial, Inc.</TD><TD STYLE="width: 3%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 8%; color: #231F20; text-align: right">5,500,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 8%; color: #231F20; text-align: right">Alabama</TD><TD STYLE="width: 3%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 23%; color: #231F20; text-align: left">InterMountain Bancorp, Inc.</TD><TD STYLE="width: 3%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 8%; color: #231F20; text-align: right">7,500,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 11%; color: #231F20; text-align: right">Montana</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left">Cornerstone Community Bancorp</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">5,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">California</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">First State Holding Co.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">9,350,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Nebraska</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left">Stockmens Bank</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">2,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Colorado</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Highlands Bancorp, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">7,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">New Jersey</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left">Bankwell Financial Group</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">7,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Connecticut</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Country Bank Holding Co., Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">7,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">New York</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left">SBT Bancorp, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">7,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Connecticut</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Pathfinder Bancorp, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">10,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">New York</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left">Biscayne Bancshares, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">7,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Florida</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Quontic Bank Holdings Corporation</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">3,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">New York</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left">Idaho Trust Bancorp</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">5,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Idaho</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">MidWest Community Financial Corp.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">7,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Oklahoma</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left">Bancorp Financial, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Illinois</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Myers Bancshares, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">10,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Oklahoma</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left">Freeport Bancshares, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">3,150,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Illinois</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">First Resource Bank</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">2,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Pennsylvania</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left">Market Street Bancshares, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">7,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Illinois</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Victory Bancorp, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">5,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Pennsylvania</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left">First Internet Bancorp</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">10,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Indiana</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Sandhills Holding Company, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">8,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">South Carolina</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left">Treynor Bancshares, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Iowa</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">First Citizens &nbsp;Bancshares, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">10,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Texas</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left">Freedom Bancshares, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">2,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Kansas</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Happy Bancshares, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">7,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Texas</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left">Williams Holding Company, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Kansas</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Linden Bancshares, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">4,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Texas</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left">CB&amp;T Holding Corp.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Louisiana</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">First National Corporation</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">5,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Virginia</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left">Delmar Bancorp</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">2,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Maryland</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">FS Bancorp. Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">10,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Washington</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-align: left">Citizens Bancshares</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Missouri</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Partnership Community Bancshares</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">7,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Wisconsin</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left">Security State Bancshares, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Missouri</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold">Total</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 3px double">250,000,000</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 7.98pt Arial, Helvetica, Sans-Serif; color: rgb(0,100,158)">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="color: #00649D">See notes to Schedule of Investments</FONT></TD>
    <TD STYLE="width: 44%; text-align: right"><FONT STYLE="color: #00649D"><B>|</B> StoneCastle Financial Corp.</FONT></TD>
    <TD STYLE="width: 50pt; text-align: right; font-size: 8.98pt"><FONT STYLE="font-size: 8.98pt; color: #00649D">4</FONT></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top; color: rgb(0,100,158); font: 20.95pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 30pt; border-right: white 1px solid; font: 20.95pt Arial, Helvetica, Sans-Serif; padding-top: 15pt; padding-bottom: 15pt; color: rgb(0,100,158)">&nbsp;</TD>
    <TD STYLE="font: 20.95pt Arial, Helvetica, Sans-Serif; padding-left: 18pt; padding-top: 15pt; padding-bottom: 15pt; color: White">Notes to Schedule of Investments (unaudited)</TD>
    <TD STYLE="width: 50pt; padding-top: 15pt; padding-bottom: 15pt; color: rgb(0,100,158); font: 20.95pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify"><B><I>Investment
Valuation</I></B>&ndash;The most significant estimates made in the preparation of the financial statements of StoneCastle Financial
Corp. (&ldquo;SCFC&rdquo; or the &ldquo;Company&rdquo;) are the valuation of equity and debt investments and the effective yield
calculation with respect to certain debt securities, as well as the related amounts of unrealized appreciation and depreciation
of investments recorded. The Company believes that there is no single definitive method for determining fair value in good faith.
As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio
investment while employing a consistently applied valuation process for the types of investments that SCFC makes. The Company
is required to specifically fair value each individual investment on a quarterly basis.</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">The Company complies with ASC 820-10, Fair Value Measurements and Disclosure, which establishes a three-level valuation hierarchy for disclosure of fair value measurements.
ASC 820-10 clarified the definition of fair value and requires companies to expand their disclosure about the use of fair value
to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC 820-10 defines fair value
as the price that would be received to sell an asset or paid to transfer a liability (i.e. the &ldquo;exit price&rdquo;) in an
orderly transaction between market participants at the measurement date. ASC 820-10 also establishes the following three-tier
fair value hierarchy:</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">&bull; Level 1 &mdash; Valuations
based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">&bull; Level 2 &mdash; Valuations
based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly; and</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">&bull; Level 3 &mdash;
Valuations based on inputs that are unobservable and significant to the overall fair value measurement.</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">To the extent securities
owned by the Company are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair
value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized
in Level 2 of the fair value hierarchy.</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">The availability
of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors
including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics
particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable
in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the
amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because
of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would
have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by SCFC in determining
fair value is greatest for securities categorized in Level 3. In certain cases, the inputs used to measure fair value may fall
into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy
within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant
to the fair value measurement. The valuation levels are not necessarily an indication of the risk associated with investing in
those securities.</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">Fair value is a market-based measure
considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions
are not readily available, SCFC&rsquo;s</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; font-size: 8.98pt">
    <TD STYLE="text-align: justify; width: 50pt; font-size: 8.98pt"><FONT STYLE="font-size: 8.98pt">5</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 8.98pt"><FONT STYLE="font-size: 7.98pt">StoneCastle Financial Corp. <B>|</B></FONT></TD></TR>
</TABLE>



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<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 50pt 0 0; text-align: justify"> own assumptions
are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. SCFC uses
prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation,
the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified
to a lower level within the fair value hierarchy.</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 50pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 50pt 0 0; text-align: justify">SCFC will determine
fair value of its assets and liabilities in accordance with valuation procedures adopted by its Board of Directors. The Company
may utilize the services of one or more regionally or nationally recognized independent valuation firms to help it determine the
value of each investment for which a market price is not available. SCFC&rsquo;s Board of Directors will also review valuations
of such investments provided by StoneCastle Asset Management LLC, the Advisor to the Company (&ldquo;the Advisor&rdquo;). To the
extent SCFC invests in securities for which market quotations are readily available, such market value will be used to value those
securities. If a market value cannot be obtained or if SCFC&rsquo;s Advisor determines that the value of a security as so obtained
does not represent a fair value as of the measurement date (due to a significant development subsequent to the time its price
is determined or otherwise), fair value shall be determined pursuant to the methodologies established by our Board of Directors.
In making these determinations, the Company may engage an independent valuation firm from time to time to assist in determining
the fair value of our investments. The methods for valuing these investments may include fundamental analysis, discounts from
market prices of similar securities, purchase price of securities, subsequent private transactions in the security or related
securities, or discounts applied to the nature and duration of restrictions on the disposition of the securities, as well as a
combination of these and other factors.</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 50pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 50pt 0 0; text-align: justify">The Company&rsquo;s assets measured
at fair value subject to the disclosure requirements of ASC 820-10-35 at September 30, 2017, were as follows:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 7.98pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 92%; margin-right: 50pt; background-color: #EAF4FB">
<TR STYLE="vertical-align: bottom; font-size: 5.99pt">
    <TD STYLE="border-bottom: Black 1px solid; padding-top: 10pt; font-size: 5.99pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 10pt; font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1px solid; padding-top: 10pt; font-size: 5.99pt">TOTAL FAIR<FONT STYLE="color: #231F20">
    </FONT><BR>
    <FONT STYLE="color: #231F20">VALUE AT 09-30-17</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 10pt; font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid; padding-top: 10pt; font-size: 5.99pt">LEVEL 1 <BR>
    QUOTED PRICE</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 10pt; font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid; padding-top: 10pt; font-size: 5.99pt">LEVEL
    2 <BR>     SIGNIFICANT<BR> OBSERVABLE INPUTS</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 10pt; font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid; padding-top: 10pt; font-size: 5.99pt">LEVEL 3<BR>
    SIGNIFICANT<BR> UNOBSERVABLE<BR> INPUTS</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-top: 10pt; font-size: 5.99pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.98pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 20pt; text-indent: -10pt; width: 36%">Term Loans</TD><TD STYLE="width: 4%; color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 3%; color: #231F20; font-weight: bold; text-align: right">$</TD><TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right">41,028,750</TD><TD STYLE="width: 2%; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 3%; color: #231F20; text-align: right">$</TD><TD STYLE="width: 7%; color: #231F20; text-align: right">&mdash;</TD><TD STYLE="width: 2%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 3%; color: #231F20; text-align: right">$</TD><TD STYLE="width: 7%; color: #231F20; text-align: right">41,028,750</TD><TD STYLE="width: 2%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 3%; color: #231F20; text-align: right">$</TD><TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20">&mdash;</FONT></TD><TD STYLE="width: 2%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.98pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Debt Securities</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">9,053,180</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">9,053,180</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.98pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Trust Preferred Securities</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">40,318,914</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">40,318,914</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.98pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Credit Securitizations</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">45,286,500</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">45,286,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.98pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Preferred Stocks</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">35,724,780</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">35,724,780</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.98pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Common Stocks</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">1,303,720</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,303,720</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.98pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Limited Partnership Interest</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">845,500</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">845,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.98pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Short-Term Investment</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">1,184,440</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,184,440</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.98pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 20pt; text-indent: -10pt; padding-bottom: 1px">Total Investments in Securities</TD><TD STYLE="color: #231F20; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">174,745,784</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">1,184,440</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">171,412,124</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">2,149,220</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 50pt 0 0; text-align: justify">The Level 3 categorized assets listed
above have been valued via the use of a) independent third party valuation firms, or, b) fair valued as determined in good faith
by the Board of Directors, in accordance with procedures established by the Board of Directors.</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 50pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 50pt 0 0; text-align: justify">For fair valuations using significant
unobservable inputs, U.S. generally accepted accounting principles (&ldquo;U.S. GAAP&rdquo;) requires SCFC to present a reconciliation
of the beginning to ending balances for reported</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 7.98pt Arial, Helvetica, Sans-Serif; color: rgb(0,100,158)">
<TR STYLE="vertical-align: top; font-size: 7.98pt">
    <TD STYLE="text-align: right; font-size: 7.98pt">| StoneCastle Financial Corp.</TD>
    <TD STYLE="text-align: right; width: 50pt; font-size: 8.98pt"><FONT STYLE="font-size: 8.98pt">6</FONT></TD></TR>
</TABLE>



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<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify"> fair values that presents changes
attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during
the period. Transfers in and out between levels are based on values at the end of a period. U.S. GAAP also requires SCFC to disclose
amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments
is presented below:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 7.98pt Arial, Helvetica, Sans-Serif; margin-left: 50pt; background-color: rgb(234,244,251)">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 5.99pt">
    <TD STYLE="padding-left: 5pt; font-size: 5.99pt">&nbsp;</TD><TD STYLE="font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 5.99pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 5.99pt">LIMITED</TD><TD STYLE="text-align: center; font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 5.99pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 5.99pt">
    <TD STYLE="padding-left: 5pt; font-size: 5.99pt">&nbsp;</TD><TD STYLE="font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 5.99pt">COMMON</TD><TD STYLE="text-align: center; font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 5.99pt">PARTNERSHIP</TD><TD STYLE="text-align: center; font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 5.99pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 5.99pt">
    <TD STYLE="padding-left: 5pt; font-size: 5.99pt; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-size: 5.99pt; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; font-size: 5.99pt">STOCK</TD><TD STYLE="border-bottom: Black 1px solid; text-align: center; font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; font-size: 5.99pt">INTEREST</TD><TD STYLE="border-bottom: Black 1px solid; text-align: center; font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; font-size: 5.99pt">TOTAL</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-weight: bold; padding-left: 5pt">Balance at December 31, 2016</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 3%; font-weight: bold; text-align: right">$</TD><TD STYLE="width: 4%; font-weight: bold; text-align: right">3,310,256</TD><TD STYLE="width: 3%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 3%; font-weight: bold; text-align: right">$</TD><TD STYLE="width: 4%; font-weight: bold; text-align: right">896,500</TD><TD STYLE="width: 3%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 3%; font-weight: bold; text-align: right">$</TD><TD STYLE="width: 4%; font-weight: bold; text-align: right">4,206,756</TD><TD STYLE="width: 3%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5pt">Realized gains including earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">442,657</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">442,657</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5pt">Unrealized appreciation/(depreciation) on investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">(505,336</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">(51,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">(556,336</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt">Purchases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt">Sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">(1,943,857</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">(1,943,857</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5pt">Transfers in</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5pt; padding-bottom: 1px">Transfers out</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 5pt; padding-bottom: 1px">Balance at September 30, 2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">1,303,720</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; vertical-align: top"><SUP>(1)</SUP></TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">845,500</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; vertical-align: top"><SUP>(1)</SUP></TD><TD STYLE="font-weight: bold; text-decoration: none; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-decoration: none; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-decoration: none; text-align: right">2,149,220</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 5pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-weight: bold; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-decoration: none; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt"><FONT STYLE="color: #231F20">The change in unrealized appreciation
on Level 3 securities held as of September 30, 2017 was $(556,336).</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 7.98pt Arial, Helvetica, Sans-Serif; margin-left: 50pt; background-color: rgb(234,244,251)">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 5.99pt">
    <TD STYLE="font-size: 5.99pt; padding-left: 5pt">&nbsp;</TD><TD STYLE="font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 5.99pt">Fair Value at</TD><TD STYLE="font-size: 5.99pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.99pt">&nbsp;</TD><TD STYLE="font-size: 5.99pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.99pt">&nbsp;</TD><TD STYLE="font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.99pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 5.99pt">
    <TD STYLE="font-size: 5.99pt; border-bottom: Black 1px solid; padding-left: 5pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; font-size: 5.99pt">09/30/2017</TD><TD STYLE="border-bottom: Black 1px solid; font-size: 5.99pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-size: 5.99pt; text-align: center">Valuation Techniques</TD><TD STYLE="border-bottom: Black 1px solid; font-size: 5.99pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-size: 5.99pt">Unobservable Inputs</TD><TD STYLE="border-bottom: Black 1px solid; font-size: 5.99pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; font-size: 5.99pt">Assumptions</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding-left: 5pt">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">&nbsp;</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; text-align: right">&nbsp;</TD><TD STYLE="width: 4%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5pt">Common Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD><TD STYLE="text-align: right">1,303,720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Prior transaction analysis</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Price to book ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.45</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5pt"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Discount for transaction costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1px; padding-left: 5pt">Limited Partnership Interest</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">845,500</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1px">Prior transaction analysis</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1px">Price to book ratio</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1px">0.96</TD><TD STYLE="text-align: left; padding-bottom: 1px">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; padding-left: 5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2,149,220</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px">Discount for transaction costs</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1px">3</TD><TD STYLE="text-align: left; padding-bottom: 1px">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: justify">For more information
with regard to significant accounting policies, see the most recent Company&rsquo;s annual report filed with the Securities and
Exchange Commissions.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: left">&nbsp;</P>

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<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 50pt; text-align: left">&nbsp;</P>

<P STYLE="font: 9.48pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 50pt"><SUP>(1)</SUP> Value
based on price-to-book valuation analysis.</P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt; width: 50pt; font-size: 8.98pt"><FONT STYLE="font: 8.98pt Arial, Helvetica, Sans-Serif; color: rgb(0,100,158)">7
    </FONT></TD>
    <TD STYLE="padding: 0.75pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: rgb(0,100,158)">StoneCastle Financial Corp. <B>|</B></FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Item 2. Controls and Procedures.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">The registrant&rsquo;s principal executive and principal financial officers, or persons performing
similar functions, have concluded that the registrant&rsquo;s disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) (17 CFR 270.30a-3(c))) are effective, as of a date
within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation
of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b)
under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).</TD></TR>                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">There were no changes in the registrant&rsquo;s internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant&rsquo;s last fiscal quarter that
have materially affected, or are reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
reporting.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Item 3. Exhibits.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font: 12pt Times New Roman, Times, Serif">(Registrant)</TD>
    <TD STYLE="width: 82%; font: 12pt Times New Roman, Times, Serif; padding-left: 10pt; border-bottom: Black 1px solid">StoneCastle Financial Corp.</TD>
    <TD STYLE="width: 10%; font: 12pt Times New Roman, Times, Serif; padding-left: 10pt; padding-bottom: 1px">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 20%">By (Signature and Title)*</TD>
    <TD STYLE="width: 70%; border-bottom: Black 1px solid; padding-left: 10pt">/s/ Joshua S. Siegel</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Joshua S. Siegel, Chief Executive Officer <BR>
&amp; Chairman of the Board<BR>
 (principal executive officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">Date</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1px solid; padding-left: 40pt">November 9, 2017</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 20%">By (Signature and Title)*</TD>
    <TD STYLE="width: 70%; border-bottom: Black 1px solid; padding-left: 10pt">/s/ Joshua S. Siegel</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Joshua S. Siegel, Chief Executive Officer <BR>
&amp; Chairman of the Board<BR>
 (principal executive officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">Date</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1px solid; padding-left: 40pt">November 9, 2017</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 20%">By (Signature and Title)*</TD>
    <TD STYLE="width: 70%; border-bottom: Black 1px solid; padding-left: 10pt">/s/ Patrick J. Farrell</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">Patrick J. Farrell, Chief Financial Officer</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">(principal financial officer)</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">Date</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1px solid; padding-left: 40pt">November 9, 2017</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><SUP>*</SUP> Print the name and title of each signing officer under
his or her signature.</P>

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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c89633_ex99-cert.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.CERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Certification Pursuant to Rule 30a-2(a) under
the 1940 Act and Section 302 of the <BR>
Sarbanes-Oxley Act</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Joshua S. Siegel, certify that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-Q of StoneCastle Financial Corp.;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD></TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the schedules of investments included in this report fairly present in all
material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify">The registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>                                                                                                                                      <TR STYLE="vertical-align: top">
<TD></TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report, based on such evaluation; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting
that occurred during the registrant&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially
affect, the registrant&rsquo;s internal control over financial reporting; and</TD></TR>                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify">The registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors
and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>


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    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 18pt">(a)</TD>
    <TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize, and report financial information;
and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant&rsquo;s internal control over financial reporting.</TD></TR>                                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">Date:</TD>
    <TD STYLE="width: 21%; border-bottom: Black 1px solid; padding-left: 10pt">November 9, 2017</TD>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1px solid">/s/ Joshua S. Siegel</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Joshua S. Siegel, Chief Executive Officer <BR>
&amp; Chairman of the Board <BR>
(principal executive officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Certification Pursuant to Rule 30a-2(a)
under the 1940 Act and Section 302 of the <BR>
Sarbanes-Oxley Act</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">I, Patrick J. Farrell, certify that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0; padding-bottom: 12pt"></TD><TD STYLE="width: 18pt; padding-bottom: 12pt">1.</TD><TD STYLE="text-align: justify; padding-bottom: 12pt">I have reviewed this report on Form N-Q of StoneCastle Financial Corp.;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-bottom: 12pt"></TD><TD STYLE="width: 18pt; padding-bottom: 12pt">2.</TD><TD STYLE="text-align: justify; padding-bottom: 12pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-bottom: 12pt"></TD><TD STYLE="width: 18pt; padding-bottom: 12pt">3.</TD><TD STYLE="text-align: justify; padding-bottom: 12pt">Based on my knowledge, the schedules of investments included in this report fairly present in all
material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding-bottom: 12pt"></TD><TD STYLE="width: 18pt; padding-bottom: 12pt">4.</TD><TD STYLE="text-align: justify; padding-bottom: 12pt">The registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

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<TD STYLE="width: 18pt; padding-bottom: 12pt"></TD><TD STYLE="width: 18pt; padding-bottom: 12pt">(a)</TD><TD STYLE="text-align: justify; padding-bottom: 12pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; padding-bottom: 12pt"></TD><TD STYLE="width: 18pt; padding-bottom: 12pt">(b)</TD><TD STYLE="text-align: justify; padding-bottom: 12pt">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; padding-bottom: 12pt"></TD><TD STYLE="width: 18pt; padding-bottom: 12pt">(c)</TD><TD STYLE="text-align: justify; padding-bottom: 12pt">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report, based on such evaluation; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; padding-bottom: 12pt"></TD><TD STYLE="width: 18pt; padding-bottom: 12pt">(d)</TD><TD STYLE="text-align: justify; padding-bottom: 12pt">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting
that occurred during the registrant&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially
affect, the registrant&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify">The registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors
and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>


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<TD STYLE="width: 18pt; padding-bottom: 12pt"></TD><TD STYLE="width: 18pt; padding-bottom: 12pt">(a)</TD><TD STYLE="text-align: justify; padding-bottom: 12pt">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize,
and report financial information; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; padding-bottom: 12pt"></TD><TD STYLE="width: 18pt; padding-bottom: 12pt">(b)</TD><TD STYLE="text-align: justify; padding-bottom: 12pt">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">Date:</TD>
    <TD STYLE="width: 21%; border-bottom: Black 1px solid; padding-left: 10pt">November 9, 2017</TD>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1px solid">/s/ Patrick J. Farrell</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Patrick J. Farrell, Chief Financial Officer<BR>
 (principal financial officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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