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      <invstOrSec>
        <name>Countrywide Home Loans</name>
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      <invstOrSec>
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        <name>Renaissance Home Equity Loan T</name>
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        <name>Freddie Mac - STACR</name>
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        <name>The Huntington National Bank</name>
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        <name>Freddie Mac - SCRT</name>
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        <name>Bear Stearns Alt-A Trust</name>
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      <invstOrSec>
        <name>BX Trust</name>
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      <invstOrSec>
        <name>Bayview Financial Asset Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC 2017-RPL1 Trust</title>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Connecticut Avenue Securities</title>
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          <isin value="US30711XBQ60"/>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000ISONLNOUKGB71</lei>
        <title>Freddie Mac STACR REMIC Trust 2021-DNA6</title>
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      <invstOrSec>
        <name>BSREP Commercial Mortgage Trus</name>
        <lei>N/A</lei>
        <title>BSREP Commercial Mortgage Trust 2021-DC</title>
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          <isin value="US05591UAQ04"/>
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        <balance>3013096.83000000</balance>
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        <curCd>USD</curCd>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>United Wholsale Mortgage LLC</name>
        <lei>N/A</lei>
        <title>UWM Mortgage Trust 2021-1</title>
        <cusip>91824NAY8</cusip>
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          <isin value="US91824NAY85"/>
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        <balance>22116412.88000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Lehman Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Lehman Mortgage Trust 2007-5</title>
        <cusip>52521RAS0</cusip>
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          <isin value="US52521RAS04"/>
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        <balance>2577502.05000000</balance>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Impac CMB Trust</name>
        <lei>N/A</lei>
        <title>Impac CMB Trust Series 2004-8</title>
        <cusip>45254NKQ9</cusip>
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          <isin value="US45254NKQ96"/>
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        <balance>17060.60000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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      <invstOrSec>
        <name>Freddie Mac - SCRT</name>
        <lei>N/A</lei>
        <title>Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-2</title>
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          <isin value="US35563PFX24"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust 2021-R02</title>
        <cusip>20754KAJ0</cusip>
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          <isin value="US20754KAJ07"/>
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        <balance>1500000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
          <maturityDt>2041-11-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC Resecuritization Trust 2006-1R</title>
        <cusip>12638FAB7</cusip>
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          <isin value="US12638FAB76"/>
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        <balance>130518.23000000</balance>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Extended Stay America Trust</name>
        <lei>N/A</lei>
        <title>Extended Stay America Trust 2025-ESH</title>
        <cusip>30227TAG5</cusip>
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          <isin value="US30227TAG58"/>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>DRB PRIME STUDENT LOAN TRUST</name>
        <lei>N/A</lei>
        <title>DRB Prime Student Loan Trust 2017-A</title>
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          <isin value="US23342K1043"/>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>2138008DC17PCNG48R87</lei>
        <title>Verus Securitization Trust 2023-4</title>
        <cusip>92539TAE3</cusip>
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          <isin value="US92539TAE38"/>
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        <balance>1170000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
        <cusip>000000000</cusip>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <name>Western Asset Premier Institutional Government Reserves</name>
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          <isin value="US52470G4947"/>
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        <name>MULTIFAMILY CONNECTICUT AVENUE</name>
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        <name>Citigroup Mortgage Loan Trust</name>
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        <name>National Collegiate Student Lo</name>
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      <invstOrSec>
        <name>ChaseFlex Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>LHOME Mortgage Trust</name>
        <lei>529900ZQNJ23BIJVY871</lei>
        <title>LHOME Mortgage Trust 2024-RTL5</title>
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        <name>HIH Trust</name>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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        <name>Freddie Mac - STACR</name>
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        <title>Freddie Mac STACR Securitized Participation Interests Trust 2017-SPI1</title>
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          <isin value="US3137G1CG08"/>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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      <invstOrSec>
        <name>Countrywide Alternative Loan T</name>
        <lei>N/A</lei>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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      <invstOrSec>
        <name>Farmer Mac Agricultural Real E</name>
        <lei>N/A</lei>
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          <isin value="US307910AE93"/>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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        <name>Natixis Commercial Mortgage Se</name>
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        <name>Elevation CLO Ltd</name>
        <lei>549300IH854FT1JLRT08</lei>
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          <isin value="US28623BAC72"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Countrywide Asset-Backed Certi</name>
        <lei>N/A</lei>
        <title>Countrywide Asset-Backed Certificates</title>
        <cusip>23248AAA9</cusip>
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          <isin value="US23248AAA97"/>
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        <balance>213479.07000000</balance>
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        <curCd>USD</curCd>
        <valUSD>196602.55000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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        <name>Renew Financial</name>
        <lei>N/A</lei>
        <title>Renew 2024-2</title>
        <cusip>75975DAC8</cusip>
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          <isin value="US75975DAC83"/>
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        <balance>828637.60000000</balance>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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          <other otherDesc="INTERNAL" value="RP1032953"/>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>Washington Mutual Mortgage Pas</name>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
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        <name>Morgan Stanley ReRemic Trust</name>
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          <isin value="US61690HAE99"/>
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      <invstOrSec>
        <name>Lehman XS Trust</name>
        <lei>N/A</lei>
        <title>Lehman XS Trust 2006-19</title>
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          <isin value="US52523YAD67"/>
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        <balance>255913.48000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>PRKCM Trust</name>
        <lei>N/A</lei>
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          <isin value="US69380WAF14"/>
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      <invstOrSec>
        <name>Bank</name>
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          <isin value="US06540KBQ13"/>
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      <invstOrSec>
        <name>WAMU Mortgage Pass-Through Cer</name>
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          <isin value="US92922FD965"/>
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      <invstOrSec>
        <name>Bank</name>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Mortgage Loan Trust 2021-J2</title>
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          <isin value="US17329MDX48"/>
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      <invstOrSec>
        <name>Toorak Mortgage Corp.</name>
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          <isin value="US89054YAE32"/>
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        <name>MASTR Adjustable Rate Mortgage</name>
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        <name>New Residential Mortgage Loan</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust 2017-1</title>
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        <name>Countrywide Alternative Loan T</name>
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        <name>Residential Funding Mtg Sec I</name>
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          <isin value="US74957XAM74"/>
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      <invstOrSec>
        <name>Deutsche Mortgage Securities,</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anchor Mortgage Trust</name>
        <lei>254900S7O2LYCU17JI96</lei>
        <title>Anchor Mortgage Trust 2025-RTL1</title>
        <cusip>03290CAB2</cusip>
        <identifiers>
          <isin value="US03290CAB28"/>
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        <balance>1930000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1947166.58000000</valUSD>
        <pctVal>1.458690835805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.35800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>549300EUJICRX5L38Y52</lei>
        <title>Freddie Mac STACR Trust 2019-HQA3</title>
        <cusip>35564XBE0</cusip>
        <identifiers>
          <isin value="US35564XBE04"/>
        </identifiers>
        <balance>1680000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1881830.16000000</valUSD>
        <pctVal>1.409745030101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.48867000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Corp Trust 2000-1</title>
        <cusip>36228FCU8</cusip>
        <identifiers>
          <isin value="US36228FCU84"/>
        </identifiers>
        <balance>7068.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>718.17000000</valUSD>
        <pctVal>0.000538006356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.78886000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Greystone Commercial Real Esta</name>
        <lei>N/A</lei>
        <title>Greystone CRE Notes 2024-HC3</title>
        <cusip>39808MAJ2</cusip>
        <identifiers>
          <isin value="US39808MAJ27"/>
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        <balance>610000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>614419.08000000</valUSD>
        <pctVal>0.460282900572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.08272000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MFA FINANCIAL INC</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA Financial Inc</title>
        <cusip>55272X508</cusip>
        <identifiers>
          <isin value="US55272X5086"/>
          <ticker value="MFA"/>
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        <balance>70049.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1598518.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLIANZ SE</name>
        <lei>529900K9B0N5BT694847</lei>
        <title>Allianz SE</title>
        <cusip>018820AB6</cusip>
        <identifiers>
          <isin value="US018820AB64"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>757206.64000000</valUSD>
        <pctVal>0.567250073991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
        <title>Verus Securitization Trust 2023-3</title>
        <cusip>92539GAE1</cusip>
        <identifiers>
          <isin value="US92539GAE17"/>
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        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1203895.68000000</valUSD>
        <pctVal>0.901880513829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.71296800</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2022-JS2</title>
        <cusip>95003GAQ4</cusip>
        <identifiers>
          <isin value="US95003GAQ47"/>
        </identifiers>
        <balance>2200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1649549.44000000</valUSD>
        <pctVal>1.235735389078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.45390000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>549300BL200YC56BUV20</lei>
        <title>Freddie Mac STACR Trust 2018-DNA3</title>
        <cusip>35563WBE3</cusip>
        <identifiers>
          <isin value="US35563WBE30"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2291974.60000000</valUSD>
        <pctVal>1.716998627266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.73867000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2025-SPOT</title>
        <cusip>12433FAJ7</cusip>
        <identifiers>
          <isin value="US12433FAJ75"/>
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        <balance>1133302.63000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1142523.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MidOcean Credit CLO</name>
        <lei>N/A</lei>
        <title>MidOcean Credit CLO XVIII LLC</title>
        <cusip>59803MAA4</cusip>
        <identifiers>
          <isin value="US59803MAA45"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>598358.46000000</valUSD>
        <pctVal>0.448251326359</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.71755000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="RP1033038"/>
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        <balance>-670000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-670000.00000000</valUSD>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="OXTKY6Q8X53C9ILVV871" name="NOMURA SECURITIES INTERNATIONAL, INC."/>
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          <isTriParty>N</isTriParty>
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          <maturityDt>2026-02-20</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
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              <invstCat>AMBS</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2019-IMC</title>
        <cusip>05608BAQ3</cusip>
        <identifiers>
          <isin value="US05608BAQ32"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1957544.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.69630000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust 2007-S2</title>
        <cusip>46630WBB5</cusip>
        <identifiers>
          <isin value="US46630WBB54"/>
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        <balance>17018.65000000</balance>
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        <curCd>USD</curCd>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Residential Accredit Loans, In</name>
        <lei>N/A</lei>
        <title>RALI Series 2006-QO2 Trust</title>
        <cusip>761118VY1</cusip>
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          <isin value="US761118VY19"/>
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        <balance>165246.43000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2024-KING</title>
        <cusip>05612RAJ8</cusip>
        <identifiers>
          <isin value="US05612RAJ86"/>
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        <balance>1174537.44000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1181955.11000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.43807000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136AATJ4</cusip>
        <identifiers>
          <isin value="US3136AATJ47"/>
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        <balance>829920.75000000</balance>
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        <curCd>USD</curCd>
        <valUSD>88262.74000000</valUSD>
        <pctVal>0.066120716791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.16133000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Corp Trust 2018-LUAU</title>
        <cusip>36256AAS1</cusip>
        <identifiers>
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      <invstOrSec>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>Residential Accredit Loans, In</name>
        <lei>N/A</lei>
        <title>RALI Series 2006-QA4 Trust</title>
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          <isin value="US748939AA32"/>
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      <invstOrSec>
        <name>Adjustable Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Adjustable Rate Mortgage Trust 2005-5</title>
        <cusip>007036LG9</cusip>
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          <isin value="US007036LG93"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Golub Capital Partners CLO, LT</name>
        <lei>N/A</lei>
        <title>Golub Capital Partners CLO 77 B Ltd</title>
        <cusip>38180TAA6</cusip>
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          <isin value="US38180TAA60"/>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
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        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>IndyMac INDX Mortgage Loan Tru</name>
        <lei>N/A</lei>
        <title>IndyMac INDX Mortgage Loan Trust 2005-AR18</title>
        <cusip>45660LVZ9</cusip>
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          <isin value="US45660LVZ92"/>
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        <debtSec>
          <maturityDt>2036-10-25</maturityDt>
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      <invstOrSec>
        <name>CHIMERA INVESTMENT CORP</name>
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        <title>Chimera Investment Corp</title>
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          <isin value="US16934Q3074"/>
          <ticker value="CIM"/>
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        <balance>31752.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Renaissance Home Equity Loan T</name>
        <lei>N/A</lei>
        <title>Renaissance Home Equity Loan Trust 2006-1</title>
        <cusip>759950GX0</cusip>
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          <isin value="US759950GX06"/>
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        <balance>516940.54000000</balance>
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        <curCd>USD</curCd>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC Series 2014-11R</title>
        <cusip>12649FCL0</cusip>
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          <isin value="US12649FCL04"/>
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      <invstOrSec>
        <name>Hospitality Investors Trust</name>
        <lei>N/A</lei>
        <title>HIT Trust 2022-HI32</title>
        <cusip>40442AAN9</cusip>
        <identifiers>
          <isin value="US40442AAN90"/>
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        <balance>1600000.00000000</balance>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>213800W65K5FH3AI2J91</lei>
        <title>Verus Securitization Trust 2023-7</title>
        <cusip>92539YAE2</cusip>
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          <isin value="US92539YAE23"/>
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        <balance>1960000.00000000</balance>
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        <curCd>USD</curCd>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Structured Adjustable Rate Mor</name>
        <lei>N/A</lei>
        <title>Structured Adjustable Rate Mortgage Loan Trust Series 2004-18</title>
        <cusip>863579FR4</cusip>
        <identifiers>
          <isin value="US863579FR48"/>
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        <balance>113492.31000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102513.82000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>NYC Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>NYC Commercial Mortgage Trust 2025-28L</title>
        <cusip>67123JAN9</cusip>
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          <isin value="US67123JAN90"/>
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        <balance>1400000.00000000</balance>
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        <valUSD>1397827.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-05</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493005RUXPCBST1N217</lei>
        <title>Freddie Mac STACR Trust 2018-HQA2</title>
        <cusip>35563XBE1</cusip>
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          <isin value="US35563XBE13"/>
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        <balance>1870000.00000000</balance>
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        <securityLending>
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      <invstOrSec>
        <name>Greenwich Capital Acceptance I</name>
        <lei>213800OU9AJE7513ME91</lei>
        <title>RBS Acceptance Inc</title>
        <cusip>396782EG5</cusip>
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          <isin value="US396782EG53"/>
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        <balance>2191561.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust Series 2024-3</title>
        <cusip>46657QBB6</cusip>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
        <cusip>000000000</cusip>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Merrill Lynch Mortgage Investo</name>
        <lei>N/A</lei>
        <title>Merrill Lynch Mortgage Investors Trust Series 2006-A1</title>
        <cusip>59020U5W1</cusip>
        <identifiers>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
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      <invstOrSec>
        <name>New York Mortgage Trust</name>
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        <name>New Residential Mortgage Loan</name>
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        <title>New Residential Mortgage Loan Trust 2024-RTL1</title>
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        <name>American Home Mortgage Investm</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>New Residential Mortgage Loan</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust 2019-NQM4</title>
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        <name>Freddie Mac - STACR</name>
        <lei>5493009ZFZYH4FRCW638</lei>
        <title>Freddie Mac STACR Trust 2019-FTR3</title>
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      <invstOrSec>
        <name>Adjustable Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Adjustable Rate Mortgage Trust 2005-12</title>
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        <balance>168896.67000000</balance>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgag</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2017-C42</title>
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        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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        <name>CUSHMAN &amp; WAKEFIELD US</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
        <cusip>3137HCN65</cusip>
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      <invstOrSec>
        <name>NRZ Excess Spread Collateraliz</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR Securitized Participation Interests Trust 2018-SPI4</title>
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          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac - SCRT</name>
        <lei>N/A</lei>
        <title>Freddie Mac Seasoned Credit Risk Transfer Trust Series 2021-1</title>
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      <invstOrSec>
        <name>National Collegiate Commutatio</name>
        <lei>N/A</lei>
        <title>National Collegiate VI 2007-4 Class A-3L Commutation Trust</title>
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        <curCd>USD</curCd>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Mortgage Loan Trust 2006-AR5</title>
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          <isin value="US17309FAS74"/>
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        <curCd>USD</curCd>
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        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>New Residential Mortgage Loan</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust 2019-6</title>
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        <curCd>USD</curCd>
        <valUSD>195092.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
          <maturityDt>2059-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Starwood Mortgage Residential</name>
        <lei>N/A</lei>
        <title>Starwood Mortgage Residential Trust 2021-4</title>
        <cusip>85573PAH5</cusip>
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          <isin value="US85573PAH55"/>
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        <balance>2700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1932090.30000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IndyMac INDX Mortgage Loan Tru</name>
        <lei>N/A</lei>
        <title>IndyMac INDX Mortgage Loan Trust 2004-AR13</title>
        <cusip>45660N7J8</cusip>
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          <isin value="US45660N7J87"/>
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        <balance>20801.64000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19136.75000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Multifamily Connecticut Avenue</name>
        <lei>549300HG8ZEWVWVSN227</lei>
        <title>Multifamily Connecticut Avenue Securities Trust 2019-01</title>
        <cusip>62547NAD1</cusip>
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          <isin value="US62547NAD12"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>IndyMac INDX Mortgage Loan Tru</name>
        <lei>N/A</lei>
        <title>IndyMac INDX Mortgage Loan Trust 2005-AR15</title>
        <cusip>45660LVM8</cusip>
        <identifiers>
          <isin value="US45660LVM89"/>
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        <balance>29460.45000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23912.07000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.98282000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortg</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust 2024-RTL4</title>
        <cusip>79584CAB7</cusip>
        <identifiers>
          <isin value="US79584CAB72"/>
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        <balance>1770000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1769639.27000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC Series 2015-2R</title>
        <cusip>12649QBE3</cusip>
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          <isin value="US12649QBE35"/>
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        <balance>2846969.69000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BFLD Trust</name>
        <lei>N/A</lei>
        <title>BFLD Commercial Mortgage Trust 2024-UNIV</title>
        <cusip>08861RAJ0</cusip>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC Trust 2017-CHOP</title>
        <cusip>12651QAU3</cusip>
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          <isin value="US12651QAU31"/>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000ISU5NYXNHD479</lei>
        <title>Freddie Mac STACR REMIC Trust 2021-DNA5</title>
        <cusip>35564KJB6</cusip>
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          <isin value="US35564KJB61"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Countrywide Alternative Loan T</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust 2007-3T1</title>
        <cusip>02149VAU3</cusip>
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          <isin value="US02149VAU35"/>
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        <balance>13037.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13049.11000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac - SCRT</name>
        <lei>N/A</lei>
        <title>Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-2</title>
        <cusip>35563PKR9</cusip>
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          <isin value="US35563PKR90"/>
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        <balance>644341.62000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2058-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Credit-Based Asset Servicing a</name>
        <lei>N/A</lei>
        <title>Credit-Based Asset Servicing and Securitization LLC</title>
        <cusip>14983AAC3</cusip>
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          <isin value="US14983AAC36"/>
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        <balance>3367724.26000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2036-09-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New Residential Mortgage Loan</name>
        <lei>213800CVLC5IFCJL6C96</lei>
        <title>New Residential Mortgage Loan Trust 2024-RTL1</title>
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        <name>CHIMERA INVESTMENT CORP</name>
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          <ticker value="CIM"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Lehman Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>52520CAK1</cusip>
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      <invstOrSec>
        <name>Countrywide Alternative Loan T</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust 2007-23CB</title>
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          <isin value="US02151EAS19"/>
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        <debtSec>
          <maturityDt>2037-09-25</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>549300MHCI0CUXMJQS62</lei>
        <title>Freddie Mac STACR Trust 2019-FTR1</title>
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          <isin value="US35564PAC23"/>
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        <balance>1855000.00000000</balance>
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        <curCd>USD</curCd>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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        <title>Nomura Securities Inc</title>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>Citicorp Mortgage Securities,</name>
        <lei>N/A</lei>
        <title>Citicorp Mortgage Securities Trust Series 2007-8</title>
        <cusip>17312DAL2</cusip>
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          <isin value="US17312DAL29"/>
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      <invstOrSec>
        <name>Eagle Re Ltd</name>
        <lei>N/A</lei>
        <title>Eagle RE 2023-1 Ltd</title>
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          <isin value="US26982EAG17"/>
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        <balance>1290000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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      <invstOrSec>
        <name>Guaranteed Funding (DK) Limite</name>
        <lei>N/A</lei>
        <title>DK 2024-SPT1 Note Backed Trust</title>
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          <isin value="US23292KAA25"/>
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        <balance>836753.51000000</balance>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SEB Funding LLC</name>
        <lei>N/A</lei>
        <title>SEB Funding LLC</title>
        <cusip>78433DAC8</cusip>
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          <isin value="US78433DAC83"/>
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        <balance>1020000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2054-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>213800UBQ9UM61L7TB84</lei>
        <title>Verus Securitization Trust 2025-R1</title>
        <cusip>92541AAE0</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Residential Asset Mortgage Pro</name>
        <lei>N/A</lei>
        <title>RAMP Series 2004-RS4 Trust</title>
        <cusip>7609853J8</cusip>
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          <isin value="US7609853J89"/>
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        <balance>757980.73000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2034-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000ISE4NWBTOSK36</lei>
        <title>Freddie Mac STACR REMIC Trust 2021-HQA4</title>
        <cusip>35564KPP8</cusip>
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          <isin value="US35564KPP83"/>
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        <balance>1650000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>American Home Mortgage Assets</name>
        <lei>N/A</lei>
        <title>American Home Mortgage Assets Trust 2005-2</title>
        <cusip>02660VBH0</cusip>
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        <debtSec>
          <maturityDt>2036-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.24320000</annualizedRt>
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      <invstOrSec>
        <name>ROCC Trust</name>
        <lei>N/A</lei>
        <title>ROCK Trust 2024-CNTR</title>
        <cusip>74970WAJ9</cusip>
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          <isin value="US74970WAJ99"/>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1706949.76000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MASTR Adjustable Rate Mortgage</name>
        <lei>N/A</lei>
        <title>MASTR Adjustable Rate Mortgages Trust 2004-12</title>
        <cusip>576433UC8</cusip>
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          <isin value="US576433UC81"/>
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        <balance>2377.06000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2333.12000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2034-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.16992000</annualizedRt>
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      <invstOrSec>
        <name>Balboa Bay Loan Funding Ltd</name>
        <lei>N/A</lei>
        <title>Balboa Bay Loan Funding 2023-1 Ltd</title>
        <cusip>05766HAF2</cusip>
        <identifiers>
          <isin value="US05766HAF29"/>
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        <balance>640000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>635684.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.28444000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MASTR Reperforming Loan Trust</name>
        <lei>N/A</lei>
        <title>MASTR Reperforming Loan Trust 2005-1</title>
        <cusip>576436AU3</cusip>
        <identifiers>
          <isin value="US576436AU31"/>
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        <balance>34980.05000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25253.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <name>Washington Mutual Mortgage Pas</name>
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        <name>IndyMac INDX Mortgage Loan Tru</name>
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        <name>HSI Asset Loan Obligation</name>
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        <name>280 Park Avenue Mortgage Trust</name>
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        <name>Deutsche Mortgage Securities,</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC Trust 2017-CHOP</title>
        <cusip>12651QAQ2</cusip>
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          <isin value="US12651QAQ29"/>
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        <curCd>USD</curCd>
        <valUSD>1612513.33000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <transCat>Reverse repurchase</transCat>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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        <title>Nomura Securities Inc</title>
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        <assetCat>RA</assetCat>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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            <repurchaseCollateral>
              <principalAmt>221467.61000000</principalAmt>
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              <collateralVal>110789.18000000</collateralVal>
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              <invstCat>AMBS</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2022-LP2</title>
        <cusip>05610HAN3</cusip>
        <identifiers>
          <isin value="US05610HAN35"/>
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        <balance>805000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>806004.80000000</valUSD>
        <pctVal>0.603806488592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.85592000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="RP1032944"/>
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        <balance>-379000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-379000.00000000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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            <repurchaseCollateral>
              <principalAmt>1692097.88000000</principalAmt>
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              <collateralVal>349027.34000000</collateralVal>
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        <securityLending>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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          <other otherDesc="INTERNAL" value="RP1032943"/>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>IndyMac INDA Mortgage Loan Tru</name>
        <lei>N/A</lei>
        <title>IndyMac INDA Mortgage Loan Trust 2005-AR2</title>
        <cusip>45660LY60</cusip>
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          <isin value="US45660LY609"/>
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        <curCd>USD</curCd>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Mortgage Loan Trust 2008-3</title>
        <cusip>17314TAC5</cusip>
        <identifiers>
          <isin value="US17314TAC53"/>
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        <balance>5257265.32000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2395452.70000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="RP1032946"/>
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        <valUSD>-219000.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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          <other otherDesc="INTERNAL" value="RP1032945"/>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
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      <invstOrSec>
        <name>Magnetite CLO Ltd</name>
        <lei>529900728SHVCI48J015</lei>
        <title>Magnetite XXXIX Ltd</title>
        <cusip>559923AE7</cusip>
        <identifiers>
          <isin value="US559923AE78"/>
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        <balance>280000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>279207.88000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
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      <invstOrSec>
        <name>Atrium Hotel Portfolio Trust</name>
        <lei>N/A</lei>
        <title>Atrium Hotel Portfolio Trust 2017-ATRM</title>
        <cusip>04965JAJ2</cusip>
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          <isin value="US04965JAJ25"/>
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        <balance>1388311.00000000</balance>
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        <valUSD>1283493.52000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.09800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Conseco Financial Corp</name>
        <lei>N/A</lei>
        <title>Conseco Finance Corp</title>
        <cusip>393505Z54</cusip>
        <identifiers>
          <isin value="US393505Z544"/>
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        <balance>4595672.85000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1231999.25000000</valUSD>
        <pctVal>0.922933884626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK43</title>
        <cusip>06541QAE5</cusip>
        <identifiers>
          <isin value="US06541QAE52"/>
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        <balance>1500000.00000000</balance>
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      <invstOrSec>
        <name>First Horizon Alternative Mort</name>
        <lei>N/A</lei>
        <title>First Horizon Alternative Mortgage Securities Trust 2005-AA6</title>
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          <isin value="US32051GQA66"/>
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      <invstOrSec>
        <name>Multifamily Structured Credit</name>
        <lei>529900NYZHC090WEXH18</lei>
        <title>Freddie Mac Mscr Trust Mn7</title>
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      <invstOrSec>
        <name>First Horizon Alternative Mort</name>
        <lei>N/A</lei>
        <title>First Horizon Alternative Mortgage Securities Trust 2006-FA6</title>
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          <isin value="US32052FAH91"/>
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        <balance>64242.41000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2036-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage-Backed Securities</name>
        <lei>N/A</lei>
        <title>GS Mortgage-Backed Securities Trust 2022-NQM1</title>
        <cusip>36264EBG8</cusip>
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          <isin value="US36264EBG89"/>
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        <balance>1506764.48000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2062-05-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>549300K0XW5MBR2WNZ55</lei>
        <title>Freddie Mac STACR Trust 2019-FTR4</title>
        <cusip>35565GAE7</cusip>
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          <isin value="US35565GAE70"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Mortgage Loan Trust 2004-UST1</title>
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          <isin value="US17307GKZ09"/>
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        <balance>4705.93000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Bear Mountain Park CLO, Ltd</name>
        <lei>N/A</lei>
        <title>Bear Mountain Park CLO Ltd</title>
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      <invstOrSec>
        <name>Countrywide Alternative Loan T</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust 2006-J8</title>
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      <invstOrSec>
        <name>Residential Accredit Loans, In</name>
        <lei>N/A</lei>
        <title>RALI Series 2006-QA1 Trust</title>
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      <invstOrSec>
        <name>RAAC Series</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Wachovia Mortgage Loan Trust,</name>
        <lei>N/A</lei>
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        <name>Banc of America Funding Corpor</name>
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        <name>Whitebox CLO I Ltd</name>
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        <title>Whitebox Clo V Ltd</title>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
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        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Inc</title>
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        <lei>OXTKY6Q8X53C9ILVV871</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US50205JAB26"/>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2023-V3 Mortgage Trust</title>
        <cusip>08163VAL1</cusip>
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          <isin value="US08163VAL18"/>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARBOR REALTY TRUST INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
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          <isin value="US0389238504"/>
          <ticker value="ABR"/>
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        <valUSD>957527.04000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac Whole Loan Securit</name>
        <lei>N/A</lei>
        <title>Freddie Mac Whole Loan Securities Trust 2015-SC01</title>
        <cusip>3137G1AG2</cusip>
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          <isin value="US3137G1AG26"/>
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        <balance>2169098.60000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>J.P. Morgan Alternative Loan T</name>
        <lei>N/A</lei>
        <title>JP Morgan Alternative Loan Trust 2007-A1</title>
        <cusip>466287AR0</cusip>
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          <isin value="US466287AR06"/>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>REMIC FUNDING TRUST 98-1</name>
        <lei>N/A</lei>
        <title>Redwood Funding Trust 2025-3</title>
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          <isin value="US75806GAA04"/>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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            <repurchaseCollateral>
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      <invstOrSec>
        <name>KNDR Trust 2021-KIND</name>
        <lei>N/A</lei>
        <title>KIND Trust 2021-KIND</title>
        <cusip>482606AS9</cusip>
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          <isin value="US482606AS97"/>
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        <balance>1299329.74000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
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        <name>Natixis Commercial Mortgage Se</name>
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        <name>NYC Commercial Mortgage Trust</name>
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        <name>American Home Mortgage Investm</name>
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          <transCat>Reverse repurchase</transCat>
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              <counterpartyInfo lei="OXTKY6Q8X53C9ILVV871" name="NOMURA SECURITIES INTERNATIONAL, INC."/>
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      <invstOrSec>
        <name>FRESB Multifamily Mortgage Pas</name>
        <lei>N/A</lei>
        <title>FRESB 2018-SB48 Mortgage Trust</title>
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          <isin value="US30296RAJ95"/>
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      <invstOrSec>
        <name>Jamestown CLO Ltd</name>
        <lei>N/A</lei>
        <title>Jamestown CLO XVII Ltd</title>
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          <isin value="US47048UAS78"/>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2021-BNK35</title>
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          <isin value="US06540CCJ45"/>
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        <balance>4703147.00000000</balance>
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      <invstOrSec>
        <name>Provident Bank Home Equity Loa</name>
        <lei>N/A</lei>
        <title>Provident Home Equity Loan Trust 2000-2</title>
        <cusip>743844DA7</cusip>
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          <isin value="US743844DA75"/>
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        <balance>406195.84000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2031-08-25</maturityDt>
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      <invstOrSec>
        <name>GREYSTONE SELECT FINANCI</name>
        <lei>N/A</lei>
        <title>Greystone Select Financial LLC</title>
        <cusip>39808KAB3</cusip>
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          <isin value="US39808KAB35"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-19</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Residential Accredit Loans, In</name>
        <lei>N/A</lei>
        <title>RALI Series 2005-QA3 Trust</title>
        <cusip>76110H2N8</cusip>
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          <couponKind>Variable</couponKind>
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        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2021-KF117 Mortgage Trust</title>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Countrywide Alternative Loan T</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust 2007-OA8</title>
        <cusip>02148GAA1</cusip>
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          <isin value="US02148GAA13"/>
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        <balance>530156.79000000</balance>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Connecticut Avenue Securities</title>
        <cusip>30711XDY7</cusip>
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          <isin value="US30711XDY76"/>
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        <balance>3484915.25000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.23867000</annualizedRt>
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      <invstOrSec>
        <name>ARBOR REALTY SR INC</name>
        <lei>549300TW7RTL2CI3CN08</lei>
        <title>Arbor Realty SR Inc</title>
        <cusip>03881NAL1</cusip>
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          <isin value="US03881NAL10"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>398531.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cent CLO LP</name>
        <lei>2549006YWAD6BJI1C841</lei>
        <title>Columbia Cent CLO 35 Ltd</title>
        <cusip>19739RAJ7</cusip>
        <identifiers>
          <isin value="US19739RAJ77"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>502762.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.82244000</annualizedRt>
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      <invstOrSec>
        <name>Colony American Finance Ltd</name>
        <lei>N/A</lei>
        <title>CAFL 2023-RTL1 Issuer LLC</title>
        <cusip>124762AB1</cusip>
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          <isin value="US124762AB11"/>
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        <balance>1770000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1770000.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.30000000</annualizedRt>
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      <invstOrSec>
        <name>Home Re Ltd</name>
        <lei>N/A</lei>
        <title>Home RE 2023-1 Ltd</title>
        <cusip>43731BAC5</cusip>
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        <balance>1000000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>9.86516000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Countrywide Home Loans</name>
        <lei>N/A</lei>
        <title>CHL Mortgage Pass-Through Trust 2005-HYB9</title>
        <cusip>126670JP4</cusip>
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          <isin value="US126670JP46"/>
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        <balance>59191.92000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55919.65000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.44851000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Loanpal Solar Loan Ltd.</name>
        <lei>N/A</lei>
        <title>Loanpal Solar Loan 2021-1 Ltd</title>
        <cusip>53948PAC2</cusip>
        <identifiers>
          <isin value="US53948PAC23"/>
        </identifiers>
        <balance>615052.87000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>393977.77000000</valUSD>
        <pctVal>0.295142577174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOHO Trust 2021-SOHO</name>
        <lei>N/A</lei>
        <title>Soho Trust 2021-SOHO</title>
        <cusip>83410JAJ7</cusip>
        <identifiers>
          <isin value="US83410JAJ79"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>725549.50000000</valUSD>
        <pctVal>0.543534599167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.69658900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Farmer Mac Agricultural Real E</name>
        <lei>N/A</lei>
        <title>FARM 21-1 Mortgage Trust</title>
        <cusip>30768WAC2</cusip>
        <identifiers>
          <isin value="US30768WAC29"/>
        </identifiers>
        <balance>1429437.89000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1123173.53000000</valUSD>
        <pctVal>0.841408717702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.22692500</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-02-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Western Asset Mortgage Opportunity Fund Inc.</ncom:nameOfApplicant>
      <ncom:signature>Christopher Berarducci</ncom:signature>
      <ncom:signerName>Christopher Berarducci</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
