<SEC-DOCUMENT>0000930413-18-001716.txt : 20180503
<SEC-HEADER>0000930413-18-001716.hdr.sgml : 20180503
<ACCEPTANCE-DATETIME>20180503161026
ACCESSION NUMBER:		0000930413-18-001716
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180331
FILED AS OF DATE:		20180503
DATE AS OF CHANGE:		20180503
EFFECTIVENESS DATE:		20180503

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:		18803850

	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>c91124_nq.htm
<TEXT>
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<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

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

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

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 80%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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


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


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

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

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

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

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

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">(Name and address of
agent for service)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of reporting period:<U> March 31, 2018</U></P>

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

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

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

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

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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 22pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; background-color: #00649D">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%; border-left: White 1px solid">&nbsp;</TD>
    <TD STYLE="width: 86%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-left: White 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #00649D">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: White 1px solid">&nbsp;</TD>
    <TD><FONT STYLE="color: white">StoneCastle Financial Corp.</FONT></TD>
    <TD STYLE="border-left: White 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #00649D">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: White 1px solid">&nbsp;</TD>
    <TD><FONT STYLE="font: 15pt Arial, Helvetica, Sans-Serif; color: White">Schedule
    of Investments (unaudited)</FONT></TD>
    <TD STYLE="border-left: White 1px solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #00649D">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; color: rgb(0,100,157); border-top: rgb(0,100,157) 1px solid">As of March 31, 2018</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #00649D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; border-bottom: Black 1px solid; padding-left: 10pt; vertical-align: bottom; text-align: center"><FONT STYLE="color: #231F20"><B>Company<SUP>(1)</SUP></B></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; text-align: center">Investment</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="color: #231F20"><B># of</B></FONT><BR> <FONT STYLE="color: #231F20"><B>Shares/Par</B></FONT><BR> <FONT STYLE="color: #231F20"><B>Amount ($)<SUP>(2)</SUP></B></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="color: #231F20"><B>Fair Value<SUP>(3)</SUP></B></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; vertical-align: top"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Term
    Loans &ndash; 16.7%</U></B></FONT></TD><TD>&nbsp;</TD>
    <TD>&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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: left"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Banking
    &ndash; 16.7%</B></FONT></TD><TD>&nbsp;</TD>
    <TD>&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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 8%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 26%; color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; vertical-align: top">American Capital Bancorp</TD><TD STYLE="width: 3%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 33%; color: #231F20; text-align: left">Subordinated Term Loan, 9.00%, 4/1/2023</TD><TD STYLE="width: 3%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 2%; color: #231F20; text-align: right">$</TD><TD STYLE="width: 6%; color: #231F20; text-align: right">7,000,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: right">$</TD><TD STYLE="width: 8%; color: #231F20; text-align: right">7,026,250</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; vertical-align: top">Baraboo Bancorporation, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Senior Secured Term Loan, 10.50%, 12/28/2026</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">13,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">13,146,250</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-left: 10pt; text-indent: -10pt; vertical-align: top">Big Poppy Holdings, Inc.</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">Subordinated Term Loan, 6.50%, 4/1/2028</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: right">3,500,000</TD><TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: right">3,469,375</TD><TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">Total Term Loans <BR>
(Cost $23,500,000)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">23,641,875</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; vertical-align: top"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Debt
    Securities &ndash; 5.7%</U></B></FONT></TD><TD>&nbsp;</TD>
    <TD>&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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: left"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Banking
    &ndash; 5.7%</B></FONT></TD><TD>&nbsp;</TD>
    <TD>&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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; vertical-align: top">MMCapS Funding I, Ltd. / MMCapS Funding I, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left"><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">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="color: #231F20"></FONT> <FONT STYLE="color: #231F20">4,446,824</FONT></TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">3,646,396</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-left: 10pt; text-indent: -10pt; vertical-align: top">Preferred Term Securities, Ltd. / Preferred Term Securities, Inc.</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid"><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">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">4,435,141</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&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">4,468,404</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">Total Debt Securities <BR>
(Cost $8,045,364)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">8,114,800</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; vertical-align: top"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Trust
    Preferred Securities &ndash; 17.7%</U></B></FONT></TD><TD>&nbsp;</TD>
    <TD>&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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: left"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Banking
    &ndash; 17.7%</B></FONT></TD><TD>&nbsp;</TD>
    <TD>&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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; vertical-align: top">Capital City TPS LLC</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left"><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">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">1,903,832</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,910,971</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; vertical-align: top">Central Trust Company Capital Trust I</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Junior Subordinated Debt (Trust Preferred Security), 10.25%, 7/25/2031</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">2,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">2,538,750</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; vertical-align: top">First Alliance Capital Trust I</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Junior Subordinated Debt (Trust Preferred Security), 10.25%, 7/25/2031</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">6,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">6,600,750</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; vertical-align: top">First CitizensTPS LLC</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left"><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">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">2,221,137</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">2,240,572</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; vertical-align: top">M&amp;T TPS LLC</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="color: #231F20">Trust Preferred Security, Series 2015-1</FONT> <FONT STYLE="color: #231F20">9.74%, Note, 9/30/2030, 144A<SUP>(4)</SUP></FONT></TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">2,538,442</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">2,573,345</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt; vertical-align: top">Mercantil TPS LLC</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left"><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">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">4,759,579</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">4,813,125</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; padding-left: 10pt; text-indent: -10pt; vertical-align: top">National Bank of Indianapolis TPS LLC</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="color: #231F20">Trust Preferred Security, Series 2015-1</FONT> <FONT STYLE="color: #231F20">9.74%, Note, 9/30/2030, 144A<SUP>(4)</SUP></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">4,283,622</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&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">4,321,104</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">Total Trust Preferred Securities <BR>
(Cost $25,238,815)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">24,998,617</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #00649D">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="color: rgb(0,100,157)">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 46%"><FONT STYLE="color: rgb(0,100,157)">StoneCastle Financial Corp. <B>|</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; text-align: right"><FONT STYLE="color: rgb(0,100,157)">See notes to Schedule
    of Investments</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>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; vertical-align: bottom; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="color: #231F20"><B>Company<SUP>(1)</SUP></B></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: center"><B>Investment</B></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="color: #231F20"><B># of</B></FONT><BR> <FONT STYLE="color: #231F20"><B>Shares/Par</B></FONT><BR> <FONT STYLE="color: #231F20"><B>Amount ($)<SUP>(2)</SUP></B></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="color: #231F20"><B>Fair Value<SUP>(3)</SUP></B></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Credit
    Securitizations &ndash; 32.3%</U></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-indent: -10pt; padding-left: 10pt; vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt"><B>Banking
    &ndash; 32.3%</B></FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 8%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 26%; color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Community Funding CLO, Ltd.</TD><TD STYLE="width: 3%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 33%; color: #231F20; text-align: left"><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">&nbsp;</TD>
    <TD STYLE="width: 2%; color: #231F20; text-align: right">$</TD><TD STYLE="width: 6%; color: #231F20; text-align: right">45,500,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 8%; color: #231F20; text-align: right">44,351,125</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top; border-bottom: Black 1px solid">U.S. Capital Funding I, Ltd. / U.S. Capital Funding I, Corp.</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; vertical-align: top"><FONT STYLE="color: #231F20">Subordinate Income Note, 5/1/2034,</FONT> <FONT STYLE="color: #231F20">144A<SUP>(4)(6)</SUP></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">4,700,000</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&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">1,245,500</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">Total Credit Securitizations <BR>
(Cost $46,678,069)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">45,596,625</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Pooled
    Equity Interest &ndash; 12.0%</U></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-indent: -10pt; padding-left: 10pt; vertical-align: top; text-align: left"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Banking
    &ndash; 12.0%</B></FONT></TD><TD>&nbsp;</TD>
    <TD>&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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top; border-bottom: Black 1px solid">Community Funding 2018, LLC.</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="color: #231F20">Preferred
    Shares<SUP>(5) </SUP>(Estimated effective</FONT> <FONT STYLE="color: #231F20">yield 9.90%), 7/15/2028,
    144A<SUP>(4)</SUP></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1px solid">17,600,000</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&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">16,896,000</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">Total Pooled Equity Interest <BR>
(Cost $17,043,533)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">16,896,000</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Preferred
    Stocks &ndash; 25.6%</U></B></FONT></TD><TD>&nbsp;</TD>
    <TD>&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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-indent: -10pt; padding-left: 10pt; vertical-align: top; text-align: left"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Banking
    &ndash; 25.6%</B></FONT></TD><TD>&nbsp;</TD>
    <TD>&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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Chicago Shore Corporation</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left"><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">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">6,400,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">5,616,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Chicago Shore Corporation</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left"><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">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">150,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">131,625</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">First Priority Financial Corporation</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Fixed Rate Cumulative Perpetual Preferred Stock, Series C, 9%</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">428,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">425,860</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">First Western Financial, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Fixed Rate Cumulative Perpetual Preferred Stock, Series A, 9%</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">3,890,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">3,851,100</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">First Western Financial, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Fixed Rate Cumulative Perpetual Preferred Stock, Series C, 9%</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">219,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">216,810</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Katahdin Bankshares Corporation</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Floating Rate Non-Cumulative Preferred Stock, Series D, 8.75%</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">10,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">9,900,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Reliance Bancshares, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Fixed Rate Cumulative Perpetual Preferred Stock, Series A, 9%</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">12,750,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,622,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Tennessee Valley Financial Holdings, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Fixed Rate Cumulative Perpetual Preferred Stock, Series A, 9%</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">100,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">97,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Tennessee Valley Financial Holdings, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Fixed Rate Cumulative Perpetual Preferred Stock, Series B, 9%</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">49,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">47,775</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">The Queensborough Company</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">Fixed Rate Cumulative Perpetual Preferred Stock, Series A, 9%</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">1,218,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,205,820</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top; border-bottom: Black 1px solid">TriState Capital Holdings</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">Fixed / Floating Cumulative Perpetual Preferred Stock, 6.75%</TD><TD STYLE="color: #231F20; 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">80,000</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&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">2,068,000</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">Total Preferred Stocks <BR>
(Cost $37,330,581)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">36,182,990</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Common
    Stocks &ndash; 2.2%</U></B></FONT></TD><TD>&nbsp;</TD>
    <TD>&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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-indent: -10pt; padding-left: 10pt; vertical-align: top; text-align: left"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Banking
    &ndash;     2.2%</B></FONT></TD><TD>&nbsp;</TD>
    <TD>&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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Happy Bancshares, Inc.</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="color: #231F20">Equity Security - Private Placement,</FONT> <FONT STYLE="color: #231F20">144A<SUP>(4)(6)(7)</SUP></FONT></TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">44,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,432,640</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Howard Bancorp, Inc.</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="color: #231F20">Equity Security (HBMD)<SUP>(6)~</SUP></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: right">83,119</TD><TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: right">1,645,753</TD><TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">Total Common Stocks <BR>
(Cost $2,004,317)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">3,078,393</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #00649D">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D">See notes to Schedule of Investments</FONT></TD>
    <TD STYLE="width: 46%; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D"><B>| </B>StoneCastle Financial Corp.</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D">2</FONT></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="color: #231F20"><B>Company<SUP>(1)</SUP></B></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; border-bottom: Black 1px solid; text-align: center"><B>Investment</B></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="color: #231F20"><B># of</B></FONT><BR> <FONT STYLE="color: #231F20"><B>Shares/Par</B></FONT><BR> <FONT STYLE="color: #231F20"><B>Amount ($)<SUP>(2)</SUP></B></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="color: #231F20"><B>Fair Value<SUP>(3)</SUP></B></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Exchange
    Traded Fund &ndash; 14.2%</U></B></FONT></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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Diversified
    Financial Services &ndash; 14.2%</B></FONT></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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 8%; padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 26%; color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; border-bottom: Black 1px solid; vertical-align: top">iShares U.S. Preferred Stock ETF</TD><TD STYLE="width: 3%; color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 33%; color: #231F20; text-align: left; border-bottom: Black 1px solid">iShares U.S. Preferred Stock  Exchange Traded Fund (PFF)</TD><TD STYLE="width: 3%; color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 2%; color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="width: 6%; color: #231F20; text-align: right; border-bottom: Black 1px solid">535,100</TD><TD STYLE="width: 1%; color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; border-bottom: Black 1px solid">$</TD><TD STYLE="width: 8%; color: #231F20; text-align: right; border-bottom: Black 1px solid">20,098,356</TD><TD STYLE="width: 1%; color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">Total Exchange Traded Fund <BR>
(Cost $20,064,987)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">20,098,356</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">Total Long Term Investments <BR>
(Cost $179,905,666)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">178,607,656</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Short-Term
    Investment &ndash; 0.1%</U></B></FONT></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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt; border-bottom: Black 1px solid">Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; border-bottom: Black 1px solid; vertical-align: top; text-align: left">Institutional Share Class</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&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">193,767</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&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">193,767</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">Total Short-Term Investment <BR>
(Cost $193,767)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">193,767</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="color: #231F20"><B>Total Investments</B></FONT> <FONT STYLE="color: #231F20"><B><BR>
(Cost $180,099,433)<SUP>(8)(9)</SUP>&dagger; &mdash; 126.5%</B></FONT></TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">178,801,423</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="color: #231F20"><B>Other assets and liabilities, net &mdash; (26.5)%<SUP>(10)</SUP></B></FONT></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><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; ">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid; ">(37,509,983</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid; ">)</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">Total Net Assets &mdash; 100.0%</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: #231F20; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; color: #231F20; font-weight: bold; text-align: right">141,291,440</TD><TD STYLE="border-bottom: Black 1px solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #00649D">&nbsp;</P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #00649D">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="color: #231F20"><SUP>(1)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="width: 84%; padding-left: 10pt; text-indent: -10pt"><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>
    <TD STYLE="width: 6%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20"><SUP>(2)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: #231F20">$ represents security position traded in par
    amount.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20"><SUP>(3)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><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>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20"><SUP>(4)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: #231F20">Security is exempt from registration under
    Rule 144A of the Securities Act of 1933.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20"><SUP>(5)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: #231F20">The preferred shares are considered an equity
    position. 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. See following page for additional information.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20"><SUP>(6)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: #231F20">Currently non-income producing security.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20"><SUP>(7)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: #231F20">Investments determined using significant unobservable
    inputs (Level 3). (see Note 2). The value of such securities is $1,432,640 or 1.0% of net assets.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20"><SUP>(8)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: #231F20">Investments are income producing assets unless
    otherwise noted by footnote (6).</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20"><SUP>(9)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: #231F20">Cost values reflect accretion of original
    issue discount or market discount, and amortization of premium. </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><SUP>(10)</SUP>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Includes $20,000,000 in bank loans from Texas Capital Bank.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20"><SUP>~</SUP>&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: #231F20">Effective March 1, 2018, Howard Bancorp, Inc. acquired First Mariner Bank. This transacion resulted in an exchange of 50,000 shares (par value $1,000,000) of Priam Capital Fund I, L.P. for 83,119 shares of Howard Bancorp, Inc.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20"><SUP>*</SUP>&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: #231F20">As of March 31, 2018, this investment has
    deferred, undeclared     and compounding dividends of $1,508,404 that will be recognized by StoneCastle Financial Corp. once
    they are declared by Chicago     Shore Corporation.</FONT></TD>
    <TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20"><SUP>**</SUP>&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: #231F20">As of March 31, 2018, this investment has
    deferred,     undeclared and compounding dividends of $35,353 that will be recognized by StoneCastle Financial Corp. once
    they     are declared     by Chicago Shore Corporation.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20"><SUP>&dagger;</SUP>&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: #231F20">As of March 31, 2018, the cost basis of
    investment     securities owned was substantially identical for both book and tax purposes. Gross unrealized depreciation of
    investments     was $3,024,570 and gross unrealized appreciation was $1,726,560, resulting in net unrealized depreciation of
    $1,298,010.</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #00649D">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 46%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D">StoneCastle Financial Corp. <B>|</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D">See notes to Schedule of Investments</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>
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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>Additional Information</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 84%;">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 Financial Statements for additional
    information on StoneCastle Financial Corp&rsquo;s. investment in Community Funding CLO, Ltd.</TD>
    <TD STYLE="width: 6%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">Bank Name</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; text-align: center">Principal Amount</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1px solid">State</TD><TD STYLE="color: #231F20; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">Bank Name</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1px solid">Principal Amount</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1px solid">State</TD>
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 8%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 22%; color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">Progress Financial Corporation</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 7%; color: #231F20; text-align: right">5,500,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 10%; color: #231F20; text-align: right">Alabama</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 21%; color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">Glacier Bancorp, Inc.</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 7%; color: #231F20; text-align: right">7,500,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 10%; color: #231F20; text-align: right">Montana</TD>
    <TD STYLE="width: 6%; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20">8,500,000</FONT></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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">First Citizens 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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">First 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">2,500,000</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; padding-left: 10pt; text-indent: -10pt">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>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; text-indent: -10pt">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; padding-left: 10pt; text-indent: -10pt">Total</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">250,000,000</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>

    <TD STYLE="width: 84%;"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">The
    following is a listing of the underlying unsecured loans that were made by Community Funding 2018, LLC. See Notes to Financial
    Statements for additional information on StoneCastle Financial Corp&rsquo;s. investment in Community Funding 2018, LLC.</FONT></TD>
    <TD STYLE="width: 6%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">Bank Name</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid; text-align: center">Principal Amount</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1px solid">State</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 8%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 25%; color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt">Big Poppy Holdings, Inc.</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 6%; color: #231F20; text-align: right">9,000,000</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">California</TD>
    <TD STYLE="width: 47%; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt">Fidelity Federal Bancorp</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">8,000,000</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="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt">Halbur 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">3,000,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Iowa</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt">Vintage 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">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">Kansas</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt">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">4,500,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">Maryland</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt">Midwest Regional Bank</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">Missouri</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt">Lincoln Park Bancorp (MHC)</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">New Jersey</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt">MidWest Community Financial Corporation</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">Oklahoma</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt">Peoples 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">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">Virginia</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-indent: -10pt; padding-left: 10pt">Total</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">44,000,000</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D">See notes to Schedule of Investments</FONT></TD>
    <TD STYLE="width: 46%; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D"><B>| </B>StoneCastle Financial Corp.</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D">4</FONT></TD></TR>
</TABLE>

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    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%; border-left: White 1px solid">&nbsp;</TD>
    <TD STYLE="width: 86%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-left: White 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #00649D">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: White 1px solid">&nbsp;</TD>
    <TD><FONT STYLE="color: white">Notes to Schedule of Investments (unaudited)</FONT></TD>
    <TD STYLE="border-left: White 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #00649D">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: White 1px solid">&nbsp;</TD>
    <TD><FONT STYLE="font: 15pt Arial, Helvetica, Sans-Serif; color: White">&nbsp;</FONT></TD>
    <TD STYLE="border-left: White 1px solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #00649D">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20"><B>Investment Valuation</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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20">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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20">&bull; Level 1 &mdash; Unadjusted quoted prices in active markets for identical assets or liabilities that
the Company has the ability to access;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20">&bull; Level 2
&mdash; Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either
directly or indirectly. These inputs may include quoted prices for the identical instrument on an active market, prices for
similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data; and</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20">&bull; Level 3 &mdash; Unobservable
inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Company&rsquo;s
own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be
based on the best information available.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20">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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20">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</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 96%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D">StoneCastle Financial Corp. <B>|</B></FONT></TD></TR>
</TABLE>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20">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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8%; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20">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 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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8%; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20">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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20"><B>Credit Securitization and Pooled Equity Interests</B>&ndash;
SCFC may acquire equity or preferred equity in credit securitizations or other structured financings.&nbsp; In valuing such investments,
SCFC attempts to obtain a minimum of two marks provided by recognized industry brokers as a primary source, supplemented by actual
trades executed in the market at or around period-end, as well as the marks provided by a broker who arranges transactions in such
investment vehicles. Any event adversely affecting the value of such credit securitizations and other structured financings, including
events that impact the value of the underlying collateral held by such vehicles, &nbsp;would be magnified to the extent leverage
is utilized.&nbsp; SCFC&rsquo;s investment in credit securitization and other structured financings that utilize leverage may make
it more likely that substantial changes in the Company&rsquo;s net asset value (&ldquo;NAV&rdquo;) will occur.&nbsp;</P>



<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8%; text-align: justify; color: #231F20">&nbsp;&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; text-align: justify; color: #231F20">The Company&rsquo;s assets
measured at fair value subject to the disclosure requirements of ASC 820-10-35 at March 31, 2018, were as follows:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1px solid; padding-left: 5pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid">TOTAL FAIR<BR> VALUE AT 3-31-18</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid">LEVEL 1<BR> QUOTED PRICE</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid">LEVEL 2<BR> SIGNIFICANT<BR> OBSERVABLE INPUTS</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid">LEVEL 3<BR> SIGNIFICANT<BR> UNOBSERVABLE<BR> INPUTS</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 24%; color: #231F20; font-weight: bold; text-align: left; padding-left: 5pt">Term Loans</TD><TD STYLE="width: 3%; color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right">$</TD><TD STYLE="width: 8%; color: #231F20; font-weight: bold; text-align: right">23,641,875</TD><TD STYLE="width: 3%; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 5%; color: #231F20; text-align: right">$</TD><TD STYLE="width: 8%; color: #231F20; text-align: right">&mdash;</TD><TD STYLE="width: 3%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 9%; color: #231F20; text-align: right">$</TD><TD STYLE="width: 8%; color: #231F20; text-align: right">23,641,875</TD><TD STYLE="width: 5%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 5%; color: #231F20; text-align: right">$</TD><TD STYLE="width: 4%; color: #231F20; text-align: right">&mdash;</TD><TD STYLE="width: 5%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 5pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&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: left">&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: left">&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: left">&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; background-color: White">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 5pt">Debt Securities</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">8,114,800</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: left">&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: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">8,114,800</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&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; padding-left: 5pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&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: left">&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: left">&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: left">&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; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 5pt">Trust Preferred Securities</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">24,998,617</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: left">&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: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">24,998,617</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&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; padding-left: 5pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&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: left">&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: left">&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: left">&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; background-color: White">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 5pt">Credit Securitizations</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">45,596,625</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: left">&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: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">45,596,625</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&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; padding-left: 5pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&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: left">&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: left">&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: left">&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; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 5pt">Pooled Equity Interest</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">16,896,000</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: left">&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: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">16,8896,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96%; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D"><B>| </B>StoneCastle Financial Corp.</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D">6</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>
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<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 24%; color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Preferred Stocks</TD><TD STYLE="width: 3%; color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: #231F20; font-weight: bold; text-align: right">36,182,990</TD><TD STYLE="width: 3%; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 5%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: #231F20; text-align: right">&mdash;</TD><TD STYLE="width: 3%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 9%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: #231F20; text-align: right">36,182,990</TD><TD STYLE="width: 5%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 5%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; color: #231F20; text-align: right">&mdash;</TD><TD STYLE="width: 5%; 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: left">&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: left">&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: left">&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: left">&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; background-color: White">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Common Stocks</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">3,078,393</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: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,645,753</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&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: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,432,640</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: left">&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: left">&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: left">&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: left">&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; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Exchanged Traded Fund</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">20,098,356</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: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">20,098,356</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&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: left">&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: left">&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: left">&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: left">&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: left">&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; background-color: White">
    <TD STYLE="color: #231F20; font-weight: bold; text-indent: -10pt; padding-left: 10pt">Short-Term Investments</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">193,767</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: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">193,767</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&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: left">&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-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: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&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">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&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">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&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">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Total Investments in Securities</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">178,801,423</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">21,937,876</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">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">155,430,907</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">1,432,640</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; color: #231F20; 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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; color: #231F20; 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 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: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="color: #231F20; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid">COMMON<BR> STOCK</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid">LIMITED<BR> PARTNERSHIP<BR> INTEREST</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid">TOTAL</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 46%; color: #231F20; font-weight: bold; text-indent: -10pt; padding-left: 10pt">Balance at December 31, 2017</TD><TD STYLE="width: 5%; color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 4%; color: #231F20; font-weight: bold; text-align: right">$</TD><TD STYLE="width: 6%; color: #231F20; font-weight: bold; text-align: right">1,326,160</TD><TD STYLE="width: 3%; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 4%; color: #231F20; font-weight: bold; text-align: right">$</TD><TD STYLE="width: 6%; color: #231F20; font-weight: bold; text-align: right">846,000</TD><TD STYLE="width: 3%; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 4%; color: #231F20; font-weight: bold; text-align: right">$</TD><TD STYLE="width: 6%; color: #231F20; font-weight: bold; text-align: right">2,172,160</TD><TD STYLE="width: 3%; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt">Realized gains including earnings</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">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&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">Unrealized appreciation/(depreciation) on investments</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">106,480</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">106,480</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-indent: -10pt; padding-left: 10pt">Purchases</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">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: #231F20; text-indent: -10pt; padding-left: 10pt">Sales</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">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; text-align: left; text-indent: -10pt; padding-left: 10pt">Transfers in</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">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&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-bottom: 1px">Transfers out</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">&mdash;</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; 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">(846,000</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="color: #231F20; 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">(846,000</TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20; font-weight: bold; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px">Balance at March 31, 2018</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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20"><B> 1,432,640</B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"> </FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid"><B><SUP>(1)</SUP></B></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">&mdash;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1px solid">1,432,640</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; color: #231F20; text-align: justify">The change in unrealized appreciation on Level
3 securities held as of March 31, 2018 was $106,480.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: center">Fair Value at<BR> 3/31/2018</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: #231F20; text-align: center"></TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1px solid">Valuation Techniques</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid">Unobservable Inputs</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid">Assumptions</TD><TD STYLE="color: #231F20; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: center; border-bottom: Black 1px solid">Impact To<BR> Valuation From An<BR> Increase To Input</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; color: #231F20; font-weight: bold">Common</TD><TD STYLE="width: 2%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; color: #231F20; text-align: center">$1,432,640</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 19%; color: #231F20; text-align: left">Prior transaction</TD><TD STYLE="width: 2%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 19%; color: #231F20; text-align: left">Price to book ratio</TD><TD STYLE="width: 2%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; color: #231F20; text-align: right">1.45</TD><TD STYLE="width: 3%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 17%; color: #231F20; text-align: left">Increase in</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; vertical-align: top; text-align: left">Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; vertical-align: top; text-align: left">analysis</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; vertical-align: top">Discount for transaction costs</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right; vertical-align: top">3</TD><TD STYLE="color: #231F20; text-align: left; vertical-align: top">%</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; vertical-align: top">observable input will increase the value</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; color: #231F20; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 6% 0pt 8%; color: #231F20; 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: 0pt 0; color: #00649D">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 8%"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 15%"></DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 83%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20">Value based on price-to-book valuation analysis.</FONT></TD>
    <TD STYLE="width: 6%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding: 0.75pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D">7</FONT></TD>
    <TD STYLE="width: 96%; padding: 0.75pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #00649D">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: 0pt 0"><B>Item 2. Controls and Procedures.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif">(Registrant)</TD>
    <TD STYLE="width: 95%; font: 12pt Times New Roman, Times, Serif; padding-left: 10pt; border-bottom: Black 1px solid">StoneCastle Financial Corp.</TD>
    </TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 5%">By (Signature and Title)*</TD>
    <TD STYLE="width: 95%; border-bottom: Black 1px solid; padding-left: 15pt">/s/ Joshua S. Siegel</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 15pt">Joshua S. Siegel, Chief Executive Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 15pt">&amp; Chairman of the Board</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 15pt">(principal executive officer)</TD>
    </TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">Date</TD>
    <TD STYLE="width: 98%; border-bottom: Black 1px solid; padding-left: 30pt">May 3, 2018</TD>
    </TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 5%">By (Signature and Title)*</TD>
    <TD STYLE="width: 95%; border-bottom: Black 1px solid; padding-left: 15pt">/s/ Joshua S. Siegel</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 15pt">Joshua S. Siegel, Chief Executive Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 15pt">&amp; Chairman of the Board</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 15pt">(principal executive officer)</TD>
    </TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">Date</TD>
    <TD STYLE="width: 98%; border-bottom: Black 1px solid; padding-left: 30pt">May 3, 2018</TD>
    </TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 5%">By (Signature and Title)*</TD>
    <TD STYLE="width: 95%; border-bottom: Black 1px solid; padding-left: 15pt">/s/ Patrick J. Farrell</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 15pt">Patrick J. Farrell, Chief Financial Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 15pt">(principal financial officer)</TD>
    </TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">Date</TD>
    <TD STYLE="width: 98%; border-bottom: Black 1px solid; padding-left: 30pt">May 3, 2018</TD>
    </TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 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: 2%"><SUP>*</SUP></TD>
    <TD STYLE="width: 98%">Print the name and title of each signing officer under his or her signature.</TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c91124_ex99cert.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to Rule 30a-2(a)
under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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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    <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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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&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: 4%; padding-bottom: 1px">Date:&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1px solid">May 3, 2018</TD>
    <TD STYLE="width: 20%; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1px solid">/s/ Joshua S. Siegel</TD>
    <TD STYLE="width: 21%; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>Joshua S. Siegel, Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&amp; Chairman of the Board</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(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>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certification Pursuant to Rule 30a-2(a)
under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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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    <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 -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&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: 4%; padding-bottom: 1px">Date:&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1px solid">May 3, 2018</TD>
    <TD STYLE="width: 20%; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1px solid">/s/ Patrick J. Farrell</TD>
    <TD STYLE="width: 21%; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>Patrick J. Farrell, Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(principal financial officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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