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      </invstOrSec>
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        <name>MFA Financial Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BrightSpire Capital Inc</name>
        <lei>549300BOIFLLMVU37752</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ready Capital Corp</name>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Invesco Mortgage Capital Inc</name>
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        <name>BLACKROCK CASH FUNDS</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Claros Mortgage Trust Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Redwood Trust Inc</name>
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        <name>Arbor Realty Trust Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Angel Oak Mortgage REIT Inc</name>
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        <name>Annaly Capital Management Inc</name>
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        <name>Advanced Flower Capital Inc</name>
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        <name>Dynex Capital Inc</name>
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        <name>Orchid Island Capital Inc</name>
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        <name>PennyMac Mortgage Investment T</name>
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        <name>Ladder Capital Corp</name>
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        <name>KKR Real Estate Finance Trust</name>
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        <name>Nexpoint Real Estate Finance I</name>
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        <name>New York Mortgage Trust Inc</name>
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        <name>Blackstone Mortgage Trust Inc</name>
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        <name>AG Mortgage Investment Trust I</name>
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          <ticker value="MITT"/>
        </identifiers>
        <balance>354245.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2674549.75000000</valUSD>
        <pctVal>0.481314835816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Starwood Property Trust Inc</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>Starwood Property Trust Inc</title>
        <cusip>85571B105</cusip>
        <identifiers>
          <isin value="US85571B1052"/>
          <ticker value="STWD"/>
        </identifiers>
        <balance>2934890.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58903242.30000000</valUSD>
        <pctVal>10.60029053364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGNC Investment Corp</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp</title>
        <cusip>00123Q104</cusip>
        <identifiers>
          <isin value="US00123Q1040"/>
          <ticker value="AGNC"/>
        </identifiers>
        <balance>8738122.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>80303341.18000000</valUSD>
        <pctVal>14.45147523450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Seven Hills Realty Trust</name>
        <lei>549300ESBDZ3SA3OEX38</lei>
        <title>Seven Hills Realty Trust</title>
        <cusip>81784E101</cusip>
        <identifiers>
          <isin value="US81784E1010"/>
          <ticker value="SEVN"/>
        </identifiers>
        <balance>183309.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2212539.63000000</valUSD>
        <pctVal>0.398171000091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Franklin BSP Realty Trust Inc</name>
        <lei>549300LH3QNZK9Y1KC93</lei>
        <title>Franklin BSP Realty Trust Inc</title>
        <cusip>35243J101</cusip>
        <identifiers>
          <isin value="US35243J1016"/>
          <ticker value="FBRT"/>
        </identifiers>
        <balance>1022760.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10933304.40000000</valUSD>
        <pctVal>1.967569162704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Two Harbors Investment Corp</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>Two Harbors Investment Corp</title>
        <cusip>90187B804</cusip>
        <identifiers>
          <isin value="US90187B8046"/>
          <ticker value="TWO"/>
        </identifiers>
        <balance>1303192.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14035377.84000000</valUSD>
        <pctVal>2.525821619390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>





      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-08-25</ncom:dateSigned>
      <ncom:nameOfApplicant>iShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort</ncom:signature>
      <ncom:signerName>Chuck Pulsfort</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
