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        <name>FS Rialto Issuer Ltd</name>
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      <invstOrSec>
        <name>Brickstone Boulder Lodge Mezz</name>
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      <invstOrSec>
        <name>Hospitality Investors Trust</name>
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        <name>Government National Mortgage A</name>
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        <name>Freddie Mac - STACR</name>
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        <name>Freddie Mac - STACR</name>
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        <name>BX Trust</name>
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        <name>Avis Budget Rental Car Funding</name>
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        <name>Angel Oak Mortgage Trust</name>
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        <name>Fusion Life Science HQ</name>
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        <name>MetroNet Infrastructure Issuer</name>
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        <name>Verus Securitization Trust</name>
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        <name>MF1 Multifamily Housing Mortga</name>
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        <name>Fannie Mae - CAS</name>
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        <name>Greystone Commercial Real Esta</name>
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        <name>Farmer Mac Agricultural Real E</name>
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      <invstOrSec>
        <name>UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US90278LBD01"/>
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      <invstOrSec>
        <name>PRP Advisors, LLC</name>
        <lei>N/A</lei>
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          <isin value="US69392PAB13"/>
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      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
        <lei>529900ZQNJ23BIJVY871</lei>
        <title>LHOME Mortgage Trust 2024-RTL5</title>
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          <isin value="US50205WAA53"/>
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      <invstOrSec>
        <name>Santander Mortgage Asset Recei</name>
        <lei>N/A</lei>
        <title>Santander Mortgage Asset Receivable Trust 2025-NQM3</title>
        <cusip>80263AAD3</cusip>
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          <isin value="US80263AAD37"/>
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        <balance>1842468.61000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2065-05-25</maturityDt>
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      <invstOrSec>
        <name>The Biltmore Apartments</name>
        <lei>N/A</lei>
        <title>The Biltmore Apartments</title>
        <cusip>000000000</cusip>
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        <assetCat>DBT</assetCat>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>None</couponKind>
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      <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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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust 2024-R01</title>
        <cusip>20753UAJ9</cusip>
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          <isin value="US20753UAJ97"/>
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        <balance>340000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Switch ABS Issuer, LLC</name>
        <lei>N/A</lei>
        <title>Switch ABS Issuer LLC</title>
        <cusip>871044AL7</cusip>
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      <invstOrSec>
        <name>HOMES Trust</name>
        <lei>254900LUV7YA0N50XT86</lei>
        <title>HOMES 2025-NQM1 Trust</title>
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        <curCd>USD</curCd>
        <valUSD>786880.36000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.96100000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR Debt Notes 2016-DNA1</title>
        <cusip>3137G0HZ5</cusip>
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        <name>12000 E 56th</name>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Rojas East</name>
        <lei>N/A</lei>
        <title>Rojas East</title>
        <cusip>000000000</cusip>
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        <name>Trinitas CLO Ltd</name>
        <lei>2549005HDP7QU1IK5W96</lei>
        <title>Trinitas CLO XVIII Ltd</title>
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        <balance>470000.00000000</balance>
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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>
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        <balance>580000.00000000</balance>
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        <name>Freddie Mac - STACR</name>
        <lei>5493000IS4M3TZMRB410</lei>
        <title>Freddie Mac STACR REMIC Trust 2022-DNA3</title>
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      <invstOrSec>
        <name>NRZ Excess Spread Collateraliz</name>
        <lei>N/A</lei>
        <title>NRM FNT1 Excess LLC</title>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
        <cusip>3137H3ST0</cusip>
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      <invstOrSec>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trus</name>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
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        <name>HIH Trust</name>
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      <invstOrSec>
        <name>MF1 Multifamily Housing Mortga</name>
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        <name>Verus Securitization Trust</name>
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        <name>Freddie Mac - STACR</name>
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        <name>JP Morgan Chase Commercial Mor</name>
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        <name>MTN Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>Anker Haus</name>
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        <name>BX Trust</name>
        <lei>N/A</lei>
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        <name>Dwight 2025-FL1 Issuer LLC</name>
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      <invstOrSec>
        <name>ServiceMaster Brands</name>
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        <name>HOMES Trust</name>
        <lei>2549001JI3VOZZFMYK81</lei>
        <title>HOMES 2024-NQM1 Trust</title>
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      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2019-IMC</title>
        <cusip>05608BAS9</cusip>
        <identifiers>
          <isin value="US05608BAS97"/>
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        <balance>1869000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1799296.77000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Atrium Hotel Portfolio Trust</name>
        <lei>N/A</lei>
        <title>Atrium Hotel Portfolio Trust 2017-ATRM</title>
        <cusip>04965JAJ2</cusip>
        <identifiers>
          <isin value="US04965JAJ25"/>
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        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1579937.50000000</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>2036-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.49800000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Cascade MH Asset Trust</name>
        <lei>N/A</lei>
        <title>Cascade MH Asset Trust 2019-MH1</title>
        <cusip>14732FAC6</cusip>
        <identifiers>
          <isin value="US14732FAC68"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>290759.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.98500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38381NUY2</cusip>
        <identifiers>
          <isin value="US38381NUY20"/>
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        <balance>4976410.45000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>476159.87000000</valUSD>
        <pctVal>0.042683815067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.49119000</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>Freddie Mac - STACR</name>
        <lei>549300KB1O80CETXGJ21</lei>
        <title>Freddie Mac STACR Trust 2019-DNA3</title>
        <cusip>35564TBE9</cusip>
        <identifiers>
          <isin value="US35564TBE91"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>843723.60000000</valUSD>
        <pctVal>0.075632879583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.62051000</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 2024-BIO2</title>
        <cusip>05613GAG7</cusip>
        <identifiers>
          <isin value="US05613GAG73"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>998425.10000000</valUSD>
        <pctVal>0.089500596358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.96980000</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>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
        <cusip>3137HKRE6</cusip>
        <identifiers>
          <isin value="US3137HKRE69"/>
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        <balance>3484527.26000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>630544.37000000</valUSD>
        <pctVal>0.056523115400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-25</maturityDt>
          <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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eagle Re Ltd</name>
        <lei>N/A</lei>
        <title>Eagle RE 2023-1 Ltd</title>
        <cusip>26982EAC0</cusip>
        <identifiers>
          <isin value="US26982EAC03"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1026933.40000000</valUSD>
        <pctVal>0.092056130921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-26</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Antares CLO</name>
        <lei>254900BLLG7F7B4DGG41</lei>
        <title>Antares CLO 2018-1 Ltd</title>
        <cusip>03665MAJ0</cusip>
        <identifiers>
          <isin value="US03665MAJ09"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300741.78000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.69549000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Driven Brands Funding, LLC</name>
        <lei>N/A</lei>
        <title>Driven Brands Funding LLC</title>
        <cusip>26209XAH4</cusip>
        <identifiers>
          <isin value="US26209XAH44"/>
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        <balance>990000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1026287.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37200000</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>
        <name>Avilla Enclave</name>
        <lei>N/A</lei>
        <title>Avilla Enclave</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="AVILLAENC"/>
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        <balance>10336406.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10336406.70000000</valUSD>
        <pctVal>0.926573824972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2099-03-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.74098900</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>Freddie Mac - STACR</name>
        <lei>5493000ISOMSKCX2AW62</lei>
        <title>Freddie Mac STACR REMIC Trust 2021-DNA7</title>
        <cusip>35564KNE5</cusip>
        <identifiers>
          <isin value="US35564KNE54"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>530236.60000000</valUSD>
        <pctVal>0.047531349032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.15603000</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>MSWF Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MSWF Commercial Mortgage Trust 2023-1</title>
        <cusip>55376CBN2</cusip>
        <identifiers>
          <isin value="US55376CBN20"/>
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        <balance>1344000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>991249.06000000</valUSD>
        <pctVal>0.088857323408</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2023-BNK46</title>
        <cusip>06541DAL8</cusip>
        <identifiers>
          <isin value="US06541DAL82"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1603386.00000000</valUSD>
        <pctVal>0.143730364143</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>CHIMERA INVESTMENT CORP</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp</title>
        <cusip>16934Q505</cusip>
        <identifiers>
          <isin value="US16934Q5053"/>
          <ticker value="CIM"/>
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        <balance>76166.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1759434.60000000</valUSD>
        <pctVal>0.157718837350</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>
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      </invstOrSec>
      <invstOrSec>
        <name>GoldenTree Loan Management US</name>
        <lei>984500CF2B1A04F63R63</lei>
        <title>GoldenTree Loan Management US CLO 20 Ltd</title>
        <cusip>38139MAE5</cusip>
        <identifiers>
          <isin value="US38139MAE57"/>
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        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>351609.34000000</valUSD>
        <pctVal>0.031518884706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.12549000</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>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2023-V3 Mortgage Trust</title>
        <cusip>08163VAL1</cusip>
        <identifiers>
          <isin value="US08163VAL18"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>400793.90000000</valUSD>
        <pctVal>0.035927875878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>Home Re Ltd</name>
        <lei>N/A</lei>
        <title>Home RE 2023-1 Ltd</title>
        <cusip>43731BAC5</cusip>
        <identifiers>
          <isin value="US43731BAC54"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>535152.15000000</valUSD>
        <pctVal>0.047971987650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Boca Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US096817AJ00"/>
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        <name>Mack Place IOS Portfolio</name>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2025-SPOT</title>
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          <isin value="US12433FAJ75"/>
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      <invstOrSec>
        <name>Willis Engine Securitization T</name>
        <lei>N/A</lei>
        <title>Willis Engine Structured Trust VIII</title>
        <cusip>97063RAB6</cusip>
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          <isin value="US97063RAB69"/>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust 2015-4</title>
        <cusip>46644VBR6</cusip>
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          <isin value="US46644VBR69"/>
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        <name>MF1 Multifamily Housing Mortga</name>
        <lei>N/A</lei>
        <title>MF1 2024-FL16</title>
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        <name>Verus Securitization Trust</name>
        <lei>984500BADC7CFE3B0756</lei>
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        <name>THE 2023-MIC Trust</name>
        <lei>N/A</lei>
        <title>2023-MIC Trust/THE</title>
        <cusip>87256GAA0</cusip>
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        <name>Freddie Mac - STACR</name>
        <lei>549300MHCI0CUXMJQS62</lei>
        <title>Freddie Mac STACR Trust 2019-FTR1</title>
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        <balance>660000.00000000</balance>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC 2020-FACT</title>
        <cusip>126395AN2</cusip>
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          <isin value="US126395AN25"/>
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      <invstOrSec>
        <name>SMR 2022-IND Mortgage Trust</name>
        <lei>N/A</lei>
        <title>SMR 2022-IND Mortgage Trust</title>
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        <name>Blackbird Capital Aircraft</name>
        <lei>N/A</lei>
        <title>Blackbird Capital Aircraft Lease Securitization Ltd 2016-1</title>
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        <name>AGL CLO Ltd.</name>
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        <title>AGL CLO 42 Ltd</title>
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      <invstOrSec>
        <name>Chino Industrial Portfolio</name>
        <lei>N/A</lei>
        <title>Chino Industrial Portfolio</title>
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        <name>Onslow Bay Financial LLC</name>
        <lei>2549006UJL1L84XG2C80</lei>
        <title>OBX 2025-NQM8 Trust</title>
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        <name>Toorak Mortgage Corp.</name>
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      <invstOrSec>
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        <name>Argent Securities Inc.</name>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
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        <name>55 Messina Drive</name>
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        <name>Arbor Realty Commercial Real E</name>
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        <name>Dreyfus Government Cash Management</name>
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        <name>Freddie Mac - SCRT</name>
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        <name>LHOME Mortgage Trust</name>
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        <name>Weaverville Retreat</name>
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        <name>Verus Securitization Trust</name>
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        <name>Wells Fargo Commercial Mortgag</name>
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        <name>Martinique Bay</name>
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        <name>Natixis Commercial Mortgage Se</name>
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        <title>Natixis Commercial Mortgage Securities Trust 2022-RRI</title>
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        <name>JP Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2021-NYMZ</title>
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        <name>Long Beach Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Long Beach Mortgage Loan Trust 2005-1</title>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38383LC73</cusip>
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          <isin value="US38383LC736"/>
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        <balance>1186768.08000000</balance>
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        <curCd>USD</curCd>
        <valUSD>233113.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>2049-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>549300K0XW5MBR2WNZ55</lei>
        <title>Freddie Mac STACR Trust 2019-FTR4</title>
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          <isin value="US35565GAE70"/>
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        <balance>750000.00000000</balance>
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          <maturityDt>2047-11-25</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Invesco CLO Ltd</name>
        <lei>213800YAVR2FVYDIRM63</lei>
        <title>Invesco US CLO 2023-3 Ltd</title>
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        <identifiers>
          <isin value="US46091RAN35"/>
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        <balance>470000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38381PWW9</cusip>
        <identifiers>
          <isin value="US38381PWW93"/>
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        <balance>9667103.71000000</balance>
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        <curCd>USD</curCd>
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      </invstOrSec>
      <invstOrSec>
        <name>Banc of America Commercial Mor</name>
        <lei>N/A</lei>
        <title>Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3</title>
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          <isin value="US06427DAE31"/>
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      <invstOrSec>
        <name>Avilla Suncoast</name>
        <lei>N/A</lei>
        <title>Avilla Suncoast</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="AVILLASUN"/>
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        <balance>8428295.57000000</balance>
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        <valUSD>8428295.57000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2099-03-31</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>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136B8K24</cusip>
        <identifiers>
          <isin value="US3136B8K241"/>
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        <balance>3605859.34000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>513666.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Toorak Mortgage Corp.</name>
        <lei>N/A</lei>
        <title>Toorak Mortgage Trust 2024-RRTL1</title>
        <cusip>89054YAE3</cusip>
        <identifiers>
          <isin value="US89054YAE32"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>302643.30000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>10.33498000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wave USA</name>
        <lei>N/A</lei>
        <title>WAVE 2019-1 LLC</title>
        <cusip>94354KAA8</cusip>
        <identifiers>
          <isin value="US94354KAA88"/>
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        <balance>954978.54000000</balance>
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        <curCd>USD</curCd>
        <valUSD>923666.32000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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          <maturityDt>2044-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KREF 2021-FL2 Ltd</name>
        <lei>54930083ELM2GCMVTQ91</lei>
        <title>KREF 2021-FL2 Ltd</title>
        <cusip>48275RAG2</cusip>
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        <balance>928500.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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      <invstOrSec>
        <name>CKE Restaurants Holdings Inc</name>
        <lei>N/A</lei>
        <title>Hardee's Funding LLC</title>
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          <maturityDt>2054-03-20</maturityDt>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2024-KING</title>
        <cusip>05612RAJ8</cusip>
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      <invstOrSec>
        <name>Hollywood Ave IOS Portfolio</name>
        <lei>N/A</lei>
        <title>Hollywood Ave IOS Portfolio</title>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
        <cusip>3137HCMV1</cusip>
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        <balance>2975723.98000000</balance>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2021-ARIA</title>
        <cusip>05608RAQ8</cusip>
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          <isin value="US05608RAQ83"/>
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        <balance>1500000.00000000</balance>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>549300S7ENI2U7O0XH56</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2015-C28</title>
        <cusip>94989JBH8</cusip>
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        <balance>1500000.00000000</balance>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Corp Trust 2017-375H</title>
        <cusip>36254JAA3</cusip>
        <identifiers>
          <isin value="US36254JAA34"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>967869.40000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-10</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>MF1 Multifamily Housing Mortga</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Freddie Mac - SCRT</name>
        <lei>N/A</lei>
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        <name>Verus Securitization Trust</name>
        <lei>213800WNY873LW1L3M73</lei>
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        <name>Dwight 2025-FL1 Issuer LLC</name>
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      <invstOrSec>
        <name>Bank</name>
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        <name>Freddie Mac - STACR</name>
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      <invstOrSec>
        <name>Santander Mortgage Asset Recei</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CSAIL Commercial Mortgage Trus</name>
        <lei>549300ZAGI6FKGY8O078</lei>
        <title>CSAIL 2015-C3 Commercial Mortgage Trust</title>
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      <invstOrSec>
        <name>100 Friars Boulevard</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2015-JP1</title>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
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        <name>ONNI Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>ONNI Commerical Mortgage Trust 2024-APT</title>
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      <invstOrSec>
        <name>Morgan Stanley Capital Inc</name>
        <lei>N/A</lei>
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        <name>Citigroup Commercial Mortgage</name>
        <lei>N/A</lei>
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        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2021-BNK35</title>
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        <name>Apidos CLO Ltd</name>
        <lei>5493000BLHDFQUOR8F12</lei>
        <title>Apidos CLO XLV Ltd</title>
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        <invCountry>JE</invCountry>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR Securitized Participation Interests Trust 2017-SPI1</title>
        <cusip>3137G1CG0</cusip>
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      <invstOrSec>
        <name>Hospitality Investors Trust</name>
        <lei>N/A</lei>
        <title>HIT Trust 2022-HI32</title>
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          <isin value="US40442AAQ22"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
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      </invstOrSec>
      <invstOrSec>
        <name>ARBOR REALTY TRUST INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>Arbor Realty Trust Inc</title>
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          <isin value="US0389238504"/>
          <ticker value="ABR"/>
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        <balance>45278.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Sapphire Aviation Finance I Li</name>
        <lei>N/A</lei>
        <title>SAPPHIRE AVIATION FINANCE II LTD</title>
        <cusip>80307AAA7</cusip>
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          <isin value="US80307AAA79"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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      <invstOrSec>
        <name>COLT Funding LLC</name>
        <lei>N/A</lei>
        <title>COLT 2022-2 Mortgage Loan Trust</title>
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          <isin value="US19685EAE14"/>
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        <balance>500000.00000000</balance>
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          <maturityDt>2067-02-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>529900WZAMS87JCAOC53</lei>
        <title>Freddie Mac STACR REMIC Trust 2025-DNA1</title>
        <cusip>35564NGA5</cusip>
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          <isin value="US35564NGA54"/>
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        <balance>1580000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <debtSec>
          <maturityDt>2045-01-25</maturityDt>
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      <invstOrSec>
        <name>Memphis Logistics Mezz</name>
        <lei>N/A</lei>
        <title>Memphis Logistics Mezz</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="MEMPHISLOG"/>
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        <balance>14000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14000000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.84257100</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38379FAG4</cusip>
        <identifiers>
          <isin value="US38379FAG46"/>
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        <balance>2451783.15000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>493033.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ellington Financial Mortgage T</name>
        <lei>N/A</lei>
        <title>Ellington Financial Mortgage Trust 2022-1</title>
        <cusip>31573CAE5</cusip>
        <identifiers>
          <isin value="US31573CAE57"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>559219.88000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2067-01-25</maturityDt>
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      <invstOrSec>
        <name>Aimco</name>
        <lei>254900Q0PCRO7XC6LM21</lei>
        <title>AIMCO CLO 16 Ltd</title>
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          <isin value="US00901FAN69"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.97240000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust 2021-R03</title>
        <cusip>20754AAJ2</cusip>
        <identifiers>
          <isin value="US20754AAJ25"/>
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        <balance>695000.00000000</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>2041-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.85603000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trus</name>
        <lei>254900RBHU9OC1RNXD92</lei>
        <title>BRAVO Residential Funding Trust 2024-NQM5</title>
        <cusip>105925AC5</cusip>
        <identifiers>
          <isin value="US105925AC54"/>
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        <balance>753044.34000000</balance>
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        <curCd>USD</curCd>
        <valUSD>759242.87000000</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>2064-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.15800000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2021-BNK35</title>
        <cusip>06540CAQ0</cusip>
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          <isin value="US06540CAQ06"/>
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        <balance>1050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>407046.15000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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          <maturityDt>2064-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.76722900</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust 2021-R01</title>
        <cusip>20754RAJ5</cusip>
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          <isin value="US20754RAJ59"/>
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        <balance>1500000.00000000</balance>
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      <invstOrSec>
        <name>Starwood Mortgage Residential</name>
        <lei>N/A</lei>
        <title>Starwood Mortgage Residential Trust 2021-4</title>
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          <isin value="US85573PAH55"/>
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        <balance>1070000.00000000</balance>
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          <maturityDt>2056-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.67800000</annualizedRt>
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      <invstOrSec>
        <name>SWCH Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>SWCH Commercial Mortgage Trust 2025-DATA</title>
        <cusip>78489CAE9</cusip>
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          <isin value="US78489CAE93"/>
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        <balance>1000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Neighborly Issuer LLC</name>
        <lei>N/A</lei>
        <title>Neighborly Issuer 2023-1</title>
        <cusip>64016NAE7</cusip>
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          <isin value="US64016NAE76"/>
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        <balance>1209000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1226397.03000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2053-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.30800000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CoreVest American Finance Ltd</name>
        <lei>N/A</lei>
        <title>CAFL 2024-RTL1 Issuer LLC</title>
        <cusip>12770DAB0</cusip>
        <identifiers>
          <isin value="US12770DAB01"/>
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        <balance>940000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>962291.16000000</valUSD>
        <pctVal>0.086261485904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.68000000</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>
        <name>Morgan Stanley Capital I Trust</name>
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        <name>Government National Mortgage A</name>
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        <name>Freddie Mac - STACR</name>
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        <name>Onslow Bay Financial LLC</name>
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        <name>BRAVO Residential Funding Trus</name>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
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      <invstOrSec>
        <name>CHS/COMMUNITY HEALTH SYS</name>
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      <invstOrSec>
        <name>Residential Asset Securities C</name>
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      <invstOrSec>
        <name>Aertson Midtown Mezzanine Term Loan</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>FULL HOUSE RESORTS INC</name>
        <lei>5493009DKIWW0H901Y82</lei>
        <title>Full House Resorts Inc</title>
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        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2021-KF117 Mortgage Trust</title>
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        <name>Toorak Mortgage Corp.</name>
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        <title>Toorak Mortgage Trust 2024-RRTL2</title>
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        <name>Congress Commons</name>
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        <name>Apidos CLO Ltd</name>
        <lei>549300QCAOUF4OXOI275</lei>
        <title>Apidos CLO XXVIII</title>
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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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      <invstOrSec>
        <name>KNDR Trust 2021-KIND</name>
        <lei>N/A</lei>
        <title>KIND Trust 2021-KIND</title>
        <cusip>482606AQ3</cusip>
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        <name>Carval CLO LTD</name>
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      <invstOrSec>
        <name>Greystone Commercial Real Esta</name>
        <lei>N/A</lei>
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        <lei>N/A</lei>
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      <invstOrSec>
        <name>BMP Trust</name>
        <lei>N/A</lei>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2023-BNK45</title>
        <cusip>06541BAL2</cusip>
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          <isin value="US06541BAL27"/>
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        <balance>637000.00000000</balance>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>549300EUJICRX5L38Y52</lei>
        <title>Freddie Mac STACR Trust 2019-HQA3</title>
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          <isin value="US35564XBE04"/>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Home Partners of America Trust</name>
        <lei>N/A</lei>
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          <isin value="US43732VAL09"/>
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      <invstOrSec>
        <name>ARBOR REALTY SR INC</name>
        <lei>549300TW7RTL2CI3CN08</lei>
        <title>Arbor Realty SR Inc</title>
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          <isin value="US03881NAJ63"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2024-RTL2</title>
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          <isin value="US50205JAB26"/>
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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>3828 Civic Center</name>
        <lei>N/A</lei>
        <title>3828 Civic Center</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="CIVIC3828"/>
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        <valUSD>8600000.00000000</valUSD>
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        <assetCat>RE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC 2021-INV2 Trust</title>
        <cusip>12659TBW4</cusip>
        <identifiers>
          <isin value="US12659TBW45"/>
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        <balance>34989186.94000000</balance>
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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>Brickstone Boulder Pearl Mezz</name>
        <lei>N/A</lei>
        <title>Brickstone Boulder Pearl Mezz</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BRICPARKR"/>
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        <balance>8100000.00000000</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>3</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MF1 Multifamily Housing Mortga</name>
        <lei>N/A</lei>
        <title>MF1 2020-FL4 Ltd</title>
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        <balance>125276.73000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
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      <invstOrSec>
        <name>BFLD Trust</name>
        <lei>N/A</lei>
        <title>BFLD Commercial Mortgage Trust 2024-UNIV</title>
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          <isin value="US08861RAJ05"/>
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      <invstOrSec>
        <name>The Gates at Marina</name>
        <lei>N/A</lei>
        <title>The Gates at Marina</title>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2024-VLT4</title>
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          <isin value="US05612TAJ43"/>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Chase Commercial Mortgage Securities Trust 2017-FL11</title>
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          <isin value="US46648PAN50"/>
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        <balance>80706.56000000</balance>
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        <debtSec>
          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>BWAY Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BWAY 2013-1515 Mortgage Trust</title>
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          <isin value="US05604FAS48"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Eagle Re Ltd</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>AGL CLO Ltd.</name>
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      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2021-SDMF</title>
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          <isin value="US12434CAQ78"/>
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        <balance>927976.12000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Apollo Aviation Securitization</name>
        <lei>N/A</lei>
        <title>AASET 2024-1</title>
        <cusip>00255JAB6</cusip>
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          <isin value="US00255JAB61"/>
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        <balance>931178.17000000</balance>
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        <curCd>USD</curCd>
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        <debtSec>
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      <invstOrSec>
        <name>MF1 Multifamily Housing Mortga</name>
        <lei>N/A</lei>
        <title>MF1 2021-FL7 Ltd</title>
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          <isin value="US55284AAL26"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
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          <isin value="US35565EAE23"/>
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      <invstOrSec>
        <name>NRZ Excess Spread Collateraliz</name>
        <lei>N/A</lei>
        <title>NRM FHT1 Excess Owner LLC</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>73rd &amp; Washington</name>
        <lei>N/A</lei>
        <title>73rd &amp; Washington</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="73RDWASHN"/>
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        <balance>20914022.14000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2099-03-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Summit at Surprise</name>
        <lei>N/A</lei>
        <title>Summit at Surprise</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <balance>24679014.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24679014.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2099-03-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Nordeast Business Center</name>
        <lei>N/A</lei>
        <title>Nordeast Business Center</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="NORDEASTB"/>
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        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other Units</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>19000000.00000000</valUSD>
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        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>280 Park Avenue Mortgage Trust</name>
        <lei>N/A</lei>
        <title>280 Park Avenue 2017-280P Mortgage Trust</title>
        <cusip>90205FAN0</cusip>
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          <isin value="US90205FAN06"/>
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        <balance>2130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2066062.94000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>2034-09-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Apidos CLO Ltd</name>
        <lei>N/A</lei>
        <title>Apidos Loan Fund 2024-1 Ltd</title>
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      <invstOrSec>
        <name>RAAC Series</name>
        <lei>N/A</lei>
        <title>RAAC Series 2007-SP1 Trust</title>
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          <isin value="US74978AAF75"/>
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        <balance>608498.76000000</balance>
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        <curCd>USD</curCd>
        <valUSD>514679.08000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.77239000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp</title>
        <cusip>00123Q872</cusip>
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          <isin value="US00123Q8722"/>
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        <balance>72596.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1841034.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>Morgan Stanley Capital Inc</name>
        <lei>N/A</lei>
        <title>Morgan Stanley ABS Capital I Inc Trust 2004-HE6</title>
        <cusip>61744CFA9</cusip>
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          <isin value="US61744CFA99"/>
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        <balance>2243485.69000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2108916.93000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.95239000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Sheds on Charlotte</name>
        <lei>N/A</lei>
        <title>The Sheds on Charlotte</title>
        <cusip>000000000</cusip>
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        <valUSD>41200000.00000000</valUSD>
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        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SMRT</name>
        <lei>N/A</lei>
        <title>SMRT 2022-MINI</title>
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          <isin value="US78457JAN28"/>
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        <balance>1650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1637213.16000000</valUSD>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>MSWF Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MSWF Commercial Mortgage Trust 2023-2</title>
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        <balance>950000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>2056-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chase Mortgage Finance Corpora</name>
        <lei>N/A</lei>
        <title>Chase Mortgage Finance Corp</title>
        <cusip>16164AAE5</cusip>
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          <isin value="US16164AAE55"/>
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        <balance>740053.76000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>686294.55000000</valUSD>
        <pctVal>0.061520660390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trinitas CLO Ltd</name>
        <lei>254900KN2E57M5580B74</lei>
        <title>Trinitas CLO XXXII Ltd</title>
        <cusip>89642NAE6</cusip>
        <identifiers>
          <isin value="US89642NAE67"/>
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        <balance>470000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>471504.09000000</valUSD>
        <pctVal>0.042266462692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.02159000</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>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>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1023917.00000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.38600000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MF1 Multifamily Housing Mortga</name>
        <lei>N/A</lei>
        <title>MF1 2024-FL15</title>
        <cusip>58003MAJ5</cusip>
        <identifiers>
          <isin value="US58003MAJ53"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>400990.12000000</valUSD>
        <pctVal>0.035945465387</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.17384000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLT Funding LLC</name>
        <lei>213800IXUWCX6RHIO921</lei>
        <title>COLT 2025-6 Mortgage Loan Trust</title>
        <cusip>19689BAB9</cusip>
        <identifiers>
          <isin value="US19689BAB99"/>
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        <balance>1890750.28000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1908408.38000000</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>2070-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.78300000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRAVO Residential Funding Trus</name>
        <lei>N/A</lei>
        <title>Bravo Residential Funding Trust Series 2025-NQM1</title>
        <cusip>10569MAE3</cusip>
        <identifiers>
          <isin value="US10569MAE30"/>
        </identifiers>
        <balance>686959.32000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>691525.40000000</valUSD>
        <pctVal>0.061989563060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.90800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Agellan Portfolio III</name>
        <lei>N/A</lei>
        <title>Agellan Portfolio III</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="AGELANPF3"/>
        </identifiers>
        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50000000.00000000</valUSD>
        <pctVal>4.482088659362</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2099-03-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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="Other units represent equity interests in privately owned commercial real estate." noteItem="C.2.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-11-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Clarion Partners Real Estate Income 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>
  <documents>XXXX</documents>
</edgarSubmission>
