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      <invstOrSec>
        <name>INDEPENDENCE REALTY TRUST, INC</name>
        <lei>549300Z3L8NU44NQEB29</lei>
        <title>INDEPENDENCE REALTY TRUST IN REIT</title>
        <cusip>45378A106</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="All Others" value="STARSFR03"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>Dreyfus Treasury Obligations Cash Management; Institutional Shares</name>
        <lei>N/A</lei>
        <title>DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A</title>
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        <assetCat>STIV</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2014-5A SUB - CIFC Funding 2014-V Ltd 10/17/2031</title>
        <cusip>12550BAE4</cusip>
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          <isin value="US12550BAE48"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75000.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-17</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>UNITED DEVELOPMENT FUNDING I REIT</title>
        <cusip>910187103</cusip>
        <identifiers>
          <isin value="US9101871039"/>
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        <balance>55029.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AFC GAMMA, INC.</name>
        <lei>5493005G0MGS3E0E7218</lei>
        <title>AFC GAMMA INC REIT</title>
        <cusip>00109K105</cusip>
        <identifiers>
          <isin value="US00109K1051"/>
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        <balance>24109.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>369590.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BLUEROCK RESIDENTIAL GROWTH REIT, INC.</name>
        <lei>549300KWLV0TGICOUU26</lei>
        <title>BLUEROCK RESIDENTIAL GROWTH REIT</title>
        <cusip>09627J102</cusip>
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          <isin value="US09627J1025"/>
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        <balance>28052.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>737487.08000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>IQHQ INC PRIVATE COMPANY</title>
        <cusip>44988Q106</cusip>
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        <curCd>USD</curCd>
        <valUSD>4485740.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS K097 X3</title>
        <cusip>3137FNX88</cusip>
        <identifiers>
          <isin value="US3137FNX881"/>
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        <balance>336832.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38634.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.08605960</annualizedRt>
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      <invstOrSec>
        <name>STAR TRUST</name>
        <lei>N/A</lei>
        <title>STAR 2021-SFR1 TRUST STAR 2021-SFR1 G</title>
        <cusip>85521DAN2</cusip>
        <identifiers>
          <isin value="US85521DAN21"/>
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        <balance>526000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>505924.47000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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          <couponKind>Floating</couponKind>
          <annualizedRt>4.72399920</annualizedRt>
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        <name>MID-AMERICA APARTMENTS, L.P.</name>
        <lei>549300FXWGE3QSYCUJ38</lei>
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        <cusip>59523UAU1</cusip>
        <identifiers>
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        <balance>1700000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
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        <name>Nexpoint Real Estate Finance Inc</name>
        <lei>N/A</lei>
        <title>NEXPOINT REAL ESTATE FINANCE REIT</title>
        <cusip>65342V101</cusip>
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          <isin value="US65342V1017"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>AMSR TRUST</name>
        <lei>N/A</lei>
        <title>AMSR 2020-SFR4 TRUST AMSR 2020-SFR4 G2</title>
        <cusip>66981FAJ9</cusip>
        <identifiers>
          <isin value="US66981FAJ93"/>
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        <balance>526000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>496862.18000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87000000</annualizedRt>
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      <invstOrSec>
        <name>WASHINGTON REAL ESTATE INVESTMENT TRUST</name>
        <lei>549300DI34BGS8LVKW95</lei>
        <title>WASHINGTON REIT REIT</title>
        <cusip>939653101</cusip>
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          <isin value="US9396531017"/>
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        <balance>124320.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2649259.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>GROUND LEASE REIT (GLR)</title>
        <cusip>39949R102</cusip>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2014-4RA SUB - Cifc Funding 2014-IV-R Ltd 10/17/2030</title>
        <cusip>12549WAE2</cusip>
        <identifiers>
          <isin value="US12549WAE21"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>86250.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-17</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CREEK PINE HOLDINGS LLC CREEK PINE HOLDINGS LLC</title>
        <cusip>933JZQ907</cusip>
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          <other otherDesc="All Others" value="933JZQ907"/>
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        <balance>0.00670000</balance>
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        <curCd>USD</curCd>
        <valUSD>9.34000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NEXPOINT STORAGE PARTNERS SERIES A PREFERRED STOCK</title>
        <cusip>N/A</cusip>
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          <other otherDesc="All Others" value="NSPSSTOCK"/>
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        <balance>1280.21000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1793561.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2015-1A SUB - CIFC Funding 2015-I Ltd 01/22/2031</title>
        <cusip>12548NAG8</cusip>
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          <isin value="US12548NAG88"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70625.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UDR, INC.</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR INC MTN 2.100000% 08/01/2032</title>
        <cusip>90265EAT7</cusip>
        <identifiers>
          <isin value="US90265EAT73"/>
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        <balance>1625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1269584.18000000</valUSD>
        <pctVal>3.769528266183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.10000000</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>SAFEHOLD INC.</name>
        <lei>549300MHMP6BIE0XV355</lei>
        <title>SAFEHOLD INC REIT</title>
        <cusip>78645L100</cusip>
        <identifiers>
          <isin value="US78645L1008"/>
        </identifiers>
        <balance>20200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>714474.00000000</valUSD>
        <pctVal>2.121348060947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CADDO TIMBERLAND INVESTMENT PARTNERSHIP LP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="CADDOTIMB"/>
        </identifiers>
        <balance>851292.00200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>885343.68000000</valUSD>
        <pctVal>2.628678018850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NRES REIT SUB II COMMON STOCK</title>
        <cusip>98919V105</cusip>
        <identifiers>
          <isin value="US98919V1052"/>
        </identifiers>
        <balance>100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1547052.75000000</valUSD>
        <pctVal>4.593361481868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>NEXPOINT</ncom:nameOfApplicant>
      <ncom:signature>Stephanie Vitiello</ncom:signature>
      <ncom:signerName>Stephanie Vitiello</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
