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      <regStreet1>520 MADISON AVENUE</regStreet1>
      <regCity>NEW YORK</regCity>
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      <regZipOrPostalCode>10022</regZipOrPostalCode>
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      <repPdEnd>2024-10-31</repPdEnd>
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            <dbtSecRefInstrument>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2020-SDAL</title>
        <cusip>95002GAJ1</cusip>
        <identifiers>
          <isin value="US95002GAJ13"/>
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        <balance>1495000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1481096.50000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.18848000</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>Castlelake Aircraft Securitization Trust</name>
        <lei>N/A</lei>
        <title>Castlelake Aircraft Structured Trust 2017-1R</title>
        <cusip>14856JAC8</cusip>
        <identifiers>
          <isin value="US14856JAC80"/>
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        <balance>718164.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>375815.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2020-SDAL</title>
        <cusip>95002GAE2</cusip>
        <identifiers>
          <isin value="US95002GAE26"/>
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        <balance>2785000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2757428.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>7.18848000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>Countrywide Alternative Loan Trust</title>
        <cusip>02147MAF8</cusip>
        <identifiers>
          <isin value="US02147MAF86"/>
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        <balance>82129.18650000</balance>
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        <curCd>USD</curCd>
        <valUSD>27543.57000000</valUSD>
        <pctVal>0.016502823070</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.95034000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2017-SB38 Mortgage Trust</title>
        <cusip>30305LAQ5</cusip>
        <identifiers>
          <isin value="US30305LAQ59"/>
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        <balance>369962.48000000</balance>
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        <curCd>USD</curCd>
        <valUSD>347468.76000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2017-SB28 Mortgage Trust</title>
        <cusip>30300KAJ8</cusip>
        <identifiers>
          <isin value="US30300KAJ88"/>
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        <balance>1472092.37580000</balance>
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        <curCd>USD</curCd>
        <valUSD>1400107.06000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.25100000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fremf Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2022-K748 Mortgage Trust</title>
        <cusip>30326JAS1</cusip>
        <identifiers>
          <isin value="US30326JAS15"/>
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        <balance>2995082.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1802440.35000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-25</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>Lehman Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Lehman Mortgage Trust</title>
        <cusip>52521RBH3</cusip>
        <identifiers>
          <isin value="US52521RBH30"/>
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        <balance>172061.58300000</balance>
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        <curCd>USD</curCd>
        <valUSD>106037.46000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.77034000</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>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>RP932AAF0</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="P932AAF0"/>
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        <balance>-2012000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-2012000.00000000</valUSD>
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        <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="ES7IP3U3RHIGC71XBU11" name="Royal Bank of Canada"/>
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            <repurchaseCollateral>
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              <invstCat>PLCMO</invstCat>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Jp Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-ACB</title>
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        <identifiers>
          <isin value="US46593EAN58"/>
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        <balance>2963000.00000000</balance>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2022-SB98 Mortgage Trust</title>
        <cusip>30327FAA7</cusip>
        <identifiers>
          <isin value="US30327FAA75"/>
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        <balance>6184825.02000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>RP564BAA7</cusip>
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          <other otherDesc="INTERNAL IDENTIFIER" value="P564BAA7"/>
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      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB Multifamily Structured Pass Through Certificates</title>
        <cusip>30320MAA9</cusip>
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          <isin value="US30320MAA99"/>
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        <balance>2869667.81000000</balance>
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      <invstOrSec>
        <name>Mastr Asset Securitization Trust</name>
        <lei>N/A</lei>
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          <isin value="US57643MMM37"/>
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        <balance>106600.54550000</balance>
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        <valUSD>20274.75000000</valUSD>
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      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2021-SB83 Mortgage Trust</title>
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          <isin value="US30318NAG88"/>
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        <balance>9343329.60900000</balance>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Grand Street Quad</title>
        <cusip>N/A</cusip>
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          <other otherDesc="INTERNAL ID" value="NTST-140"/>
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        <balance>52646750.00000000</balance>
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        <valUSD>16317863.71000000</valUSD>
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        <assetCat>LON</assetCat>
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      </invstOrSec>
      <invstOrSec>
        <name>Smr 2022-ind Mortgage Trust</name>
        <lei>N/A</lei>
        <title>SMR 2022-IND Mortgage Trust</title>
        <cusip>78458MAN4</cusip>
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          <isin value="US78458MAN48"/>
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        <balance>4174761.44600000</balance>
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      <invstOrSec>
        <name>Ncmf Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Fremf Mortgage Trust</name>
        <lei>549300EOT0GWUWJMLC61</lei>
        <title>FREMF 2018-KF44 Mortgage Trust</title>
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      <invstOrSec>
        <name>Fat Brands Twin Peaks Llc</name>
        <lei>N/A</lei>
        <title>FAT Brands Twin Peaks I LLC</title>
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      <invstOrSec>
        <name>Sprite Limited</name>
        <lei>N/A</lei>
        <title>Sprite 2021-1, Ltd.</title>
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      <invstOrSec>
        <name>Multifamily Structured Credit Risk</name>
        <lei>5493000F3M25G6705C67</lei>
        <title>Freddie Mac Mscr Trust Mn6</title>
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      <invstOrSec>
        <name>Jpmorgan Us Treasury Plus Money Market Fund</name>
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      <invstOrSec>
        <name>Thunderbolt Aircraft Lease Limited/ Us Llc</name>
        <lei>N/A</lei>
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          <isin value="US88607AAB52"/>
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      <invstOrSec>
        <name>Castlelake Aircraft Securitization Trust</name>
        <lei>N/A</lei>
        <title>Castlelake Aircraft Structured Trust 2021-1A</title>
        <cusip>14856GAB6</cusip>
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          <isin value="US14856GAB68"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Countrywide Home Loans</name>
        <lei>N/A</lei>
        <title>Countrywide Home Loans Mortgage Pass-Through Trust</title>
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          <isin value="US12543PAF09"/>
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        <curCd>USD</curCd>
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          <maturityDt>2037-02-25</maturityDt>
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      <invstOrSec>
        <name>Bx Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2019-ATL</title>
        <cusip>056058AS9</cusip>
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          <isin value="US056058AS92"/>
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        <balance>1661008.00000000</balance>
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        <curCd>USD</curCd>
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        <debtSec>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>RP291SAL7</cusip>
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          <other otherDesc="INTERNAL IDENTIFIER" value="P291SAL7"/>
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      <invstOrSec>
        <name>Rithm Capital Corp</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp.</title>
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          <isin value="US64828T4094"/>
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      <invstOrSec>
        <name>Jp Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2008-C2</title>
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          <isin value="US46632MCJ71"/>
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      <invstOrSec>
        <name>CSMC 2020-FACT</name>
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        <title>CSMC 2020-FACT E</title>
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          <isin value="US126395AN25"/>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="INTERNAL IDENTIFIER" value="UBS-W108"/>
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        <name>Countrywide Alternative Loan Trust</name>
        <lei>549300NHEJTDVQUV3M53</lei>
        <title>Countrywide Alternative Loan Trust 2006-21CB</title>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
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            <repurchaseCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2023-SB106 Mortgage Trust</title>
        <cusip>35802AAA1</cusip>
        <identifiers>
          <isin value="US35802AAA16"/>
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        <balance>8164452.93000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7129200.30000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
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          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Horizon Aircraft Finance Ii Llc</name>
        <lei>549300KSCDSEIWTVMM32</lei>
        <title>Horizon Aircraft Finance II, Ltd.</title>
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        <identifiers>
          <isin value="US44040HAC60"/>
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        <balance>1039470.16800000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2022-SB100 Mortgage Trust</title>
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          <isin value="US30327XAL47"/>
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        <balance>8840407.52000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2042-05-25</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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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>RP320MAA9</cusip>
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          <other otherDesc="INTERNAL IDENTIFIER" value="P320MAA9"/>
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        <balance>-1546000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-1546000.00000000</valUSD>
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        <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="G5GSEF7VJP5I7OUK5573" name="Barclays Bank PLC"/>
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            <repurchaseCollateral>
              <principalAmt>-1546000.00000000</principalAmt>
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              <invstCat>PLCMO</invstCat>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2023-SB109 Mortgage Trust</title>
        <cusip>30333MAF3</cusip>
        <identifiers>
          <isin value="US30333MAF32"/>
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        <balance>7364913.82000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6398637.13000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2020-SB74 Mortgage Trust</title>
        <cusip>30291SAL7</cusip>
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          <isin value="US30291SAL79"/>
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        <balance>1259202.58000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1199642.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-25</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>Tharaldson Hotel Portfolio Trust</name>
        <lei>N/A</lei>
        <title>THPT 2023-THL Mortgage Trust</title>
        <cusip>87252LAN5</cusip>
        <identifiers>
          <isin value="US87252LAN55"/>
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        <balance>7150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6376370.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2026-12-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.42800000</annualizedRt>
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      <invstOrSec>
        <name>Fat Brands Gfg Royalty Llc</name>
        <lei>N/A</lei>
        <title>FAT Brands GFG Royalty I LLC</title>
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        <identifiers>
          <isin value="US31189WAA53"/>
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        <balance>1346420.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1235474.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Jp Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2022-NLP</title>
        <cusip>466317AS3</cusip>
        <identifiers>
          <isin value="US466317AS33"/>
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        <balance>1386316.98890000</balance>
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        <curCd>USD</curCd>
        <valUSD>1189737.24000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.60796000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fremf Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF Mortgage Trust</title>
        <cusip>30329HAE3</cusip>
        <identifiers>
          <isin value="US30329HAE36"/>
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        <balance>4911527.16000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4924788.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.34407000</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>Hudsons Bay Simon Jv Trust</name>
        <lei>N/A</lei>
        <title>Hudsons Bay Simon JV Trust 2015-HBS</title>
        <cusip>44422PBY7</cusip>
        <identifiers>
          <isin value="US44422PBY79"/>
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        <balance>5152596.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4401347.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.62900000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2021-SB93 Mortgage Trust</title>
        <cusip>30325WAE4</cusip>
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          <isin value="US30325WAE49"/>
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        <balance>4301935.71000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>RP802AAA1</cusip>
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          <other otherDesc="INTERNAL IDENTIFIER" value="P802AAA1"/>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>Hudsons Bay Simon Jv Trust</name>
        <lei>N/A</lei>
        <title>Hudsons Bay Simon JV Trust 2015-HBS</title>
        <cusip>44422PBN1</cusip>
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          <isin value="US44422PBN15"/>
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        <balance>4677207.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4335303.17000000</valUSD>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CRE_MTG_W108_MF_202401</title>
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          <other otherDesc="INTERNAL ID" value="W108-140"/>
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        <balance>13900000.00000000</balance>
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        <valUSD>13900000.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>RP327XAL4</cusip>
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          <other otherDesc="INTERNAL IDENTIFIER" value="P327XAL4"/>
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        <balance>-5229000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-5229000.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
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              <counterpartyInfo lei="G5GSEF7VJP5I7OUK5573" name="Barclays Bank PLC"/>
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            <repurchaseCollateral>
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        <name>Lhome Mortgage Trust</name>
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        <name>N/A</name>
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        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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        <name>Gam Resecuritization Trust</name>
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        <name>Lendingpoint Asset Securitization Trust</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Rithm Capital Corp</name>
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        <title>Rithm Capital Corp.</title>
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        <balance>1690.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40881.10000000</valUSD>
        <pctVal>0.024494049253</pctVal>
        <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>Multifamily Connecticut Avenue Securities</name>
        <lei>254900JAK6X5OPMD5925</lei>
        <title>Multifamily Connecticut Avenue Securities Trust 2023-01</title>
        <cusip>62548NAC2</cusip>
        <identifiers>
          <isin value="US62548NAC20"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5048000.00000000</valUSD>
        <pctVal>3.024526263574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15.09464000</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>Granite Point Mtge Trst</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>Granite Point Mortgage Trust, Inc.</title>
        <cusip>38741L305</cusip>
        <identifiers>
          <isin value="US38741L3050"/>
        </identifiers>
        <balance>35872.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>636728.00000000</valUSD>
        <pctVal>0.381497733508</pctVal>
        <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>Acres Commercial Realty</name>
        <lei>549300RUJWPCMY4JFR46</lei>
        <title>ACRES Commercial Realty Corp.</title>
        <cusip>00489Q300</cusip>
        <identifiers>
          <isin value="US00489Q3002"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1759200.00000000</valUSD>
        <pctVal>1.054030626560</pctVal>
        <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>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2020-SB81 Mortgage Trust</title>
        <cusip>30317QAA5</cusip>
        <identifiers>
          <isin value="US30317QAA58"/>
        </identifiers>
        <balance>2489609.19000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2314091.74000000</valUSD>
        <pctVal>1.386495888262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</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>Multifamily Structured Credit Risk</name>
        <lei>529900NYZHC090WEXH18</lei>
        <title>Freddie Mac Multifamily Structured Credit Risk</title>
        <cusip>35563QAB3</cusip>
        <identifiers>
          <isin value="US35563QAB32"/>
        </identifiers>
        <balance>2300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2294250.00000000</valUSD>
        <pctVal>1.374607642671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.04433000</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>Fat Brands Gfg Royalty Llc</name>
        <lei>N/A</lei>
        <title>FAT Brands GFG Royalty I LLC</title>
        <cusip>31189WAD9</cusip>
        <identifiers>
          <isin value="US31189WAD92"/>
        </identifiers>
        <balance>825165.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>760719.61000000</valUSD>
        <pctVal>0.455787725764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-03-01</ncom:dateSigned>
      <ncom:nameOfApplicant>AXONIC ALTERNATIVE INCOME FUND</ncom:nameOfApplicant>
      <ncom:signature>John R. Kelly</ncom:signature>
      <ncom:signerName>John R. Kelly</ncom:signerName>
      <ncom:title>Treasurer Principal Financial Officer and Principal Accounting Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
