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      <invstOrSec>
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      <invstOrSec>
        <name>BPR Trust</name>
        <lei>N/A</lei>
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          <isin value="US05592DAA28"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Aertson Midtown Mezzanine Term Loan</name>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Hospitality Investors Trust</name>
        <lei>N/A</lei>
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          <isin value="US40442AAN90"/>
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      <invstOrSec>
        <name>73rd &amp; Washington</name>
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      <invstOrSec>
        <name>Post District</name>
        <lei>N/A</lei>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>UBS Commercial Mortgage Trust 2018-C15</title>
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          <isin value="US90278LBD01"/>
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      <invstOrSec>
        <name>Argent Securities Inc.</name>
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        <name>Freddie Mac - STACR</name>
        <lei>549300KB1O80CETXGJ21</lei>
        <title>Freddie Mac STACR Trust 2019-DNA3</title>
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        <name>Freddie Mac - STACR</name>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
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        <title>GS Mortgage Securities Trust 2015-GC28</title>
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        <name>Freddie Mac - STACR</name>
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        <title>Freddie Mac STACR Trust 2018-HQA2</title>
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        <name>Freddie Mac - STACR</name>
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        <title>Freddie Mac STACR REMIC Trust 2025-DNA1</title>
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        <name>Anker Haus</name>
        <lei>N/A</lei>
        <title>Anker Haus</title>
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        <name>JP Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2020-MKST</title>
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      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2024-RTL4</title>
        <cusip>50205PAC6</cusip>
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          <isin value="US50205PAC68"/>
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        <balance>732000.00000000</balance>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trus</name>
        <lei>254900RBHU9OC1RNXD92</lei>
        <title>BRAVO Residential Funding Trust 2024-NQM5</title>
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      <invstOrSec>
        <name>ONNI Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US682939AG86"/>
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      <invstOrSec>
        <name>The Biltmore Apartments</name>
        <lei>N/A</lei>
        <title>The Biltmore Apartments</title>
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        <assetCat>DBT</assetCat>
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        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Chase Mortgage Finance Corpora</name>
        <lei>N/A</lei>
        <title>Chase Home Lending Mortgage Trust 2024-RPL4</title>
        <cusip>16160NAB7</cusip>
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          <isin value="US16160NAB73"/>
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        <curCd>USD</curCd>
        <valUSD>1321704.12000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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          <maturityDt>2064-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.37500000</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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        <curCd>USD</curCd>
        <valUSD>18500000.00000000</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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      <invstOrSec>
        <name>New York Mortgage Trust</name>
        <lei>N/A</lei>
        <title>NYMT Loan Trust Series 2024-BPL1</title>
        <cusip>62956MAB1</cusip>
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          <isin value="US62956MAB19"/>
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        <balance>530000.00000000</balance>
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        <valUSD>537248.92000000</valUSD>
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      <invstOrSec>
        <name>FIVE POINT OP CO LP/FIVE</name>
        <lei>N/A</lei>
        <title>Five Point Operating Co LP / Five Point Capital Corp</title>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493009ZFZYH4FRCW638</lei>
        <title>Freddie Mac STACR Trust 2019-FTR3</title>
        <cusip>35565EAE2</cusip>
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          <isin value="US35565EAE23"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>853112.32000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.26649000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MF1 Multifamily Housing Mortga</name>
        <lei>N/A</lei>
        <title>MF1 2022-FL10 LLC</title>
        <cusip>55285BAL9</cusip>
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          <isin value="US55285BAL99"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1508834.55000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.54578000</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>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>
        <valUSD>354970.44000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.33969000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493007ZK0X40BI7UF30</lei>
        <title>Freddie Mac STACR REMIC Trust 2020-DNA2</title>
        <cusip>35565KBE7</cusip>
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          <isin value="US35565KBE73"/>
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        <curCd>USD</curCd>
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          <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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      <invstOrSec>
        <name>The Gates at Marina</name>
        <lei>N/A</lei>
        <title>The Gates at Marina</title>
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        <name>SERVICE PROPERTIES TRUST</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>Service Properties Trust</title>
        <cusip>81761LAC6</cusip>
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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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        <assetCat>EP</assetCat>
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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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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Ellington Financial Mortgage T</name>
        <lei>N/A</lei>
        <title>EFMT 2025-INV1</title>
        <cusip>26846XAE0</cusip>
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        <balance>750000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>7.18500000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2017-C42</title>
        <cusip>95001GAU7</cusip>
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        <balance>1500000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2050-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac - SCRT</name>
        <lei>N/A</lei>
        <title>Freddie Mac Seasoned Credit Risk Transfer Trust Series 2021-1</title>
        <cusip>35563PWX3</cusip>
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          <isin value="US35563PWX31"/>
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        <balance>742979.12000000</balance>
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        <name>NRZ Excess Spread Collateraliz</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>GS Mortgage-Backed Securities</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Chino Industrial Portfolio</name>
        <lei>N/A</lei>
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        <name>Summit at Surprise</name>
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        <name>Freddie Mac - STACR</name>
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        <name>Freddie Mac - STACR</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR Debt Notes 2015-DNA3</title>
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      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
        <lei>5299002NGIWITLMXOH85</lei>
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        <name>15550 Export Plaza Drive</name>
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        <name>Memphis Logistics Mezz</name>
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        <name>Fannie Mae - CAS</name>
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        <name>CSAIL Commercial Mortgage Trus</name>
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        <name>BX Trust</name>
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        <name>The Pearl at Boulder Creek</name>
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        <name>Bank5</name>
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        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.80284300</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Congress Commons</name>
        <lei>N/A</lei>
        <title>Congress Commons</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="CONGRDUMM"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other Units</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>34900000.00000000</valUSD>
        <pctVal>3.716083812434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saluda Grade Alternative Mortg</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust 2024-RTL4</title>
        <cusip>79584CAB7</cusip>
        <identifiers>
          <isin value="US79584CAB72"/>
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        <balance>580000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>576545.06000000</valUSD>
        <pctVal>0.061389391535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <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>Mosaic at Largo Station</name>
        <lei>N/A</lei>
        <title>Mosaic at Largo Station</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="MOSAIC"/>
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        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other Units</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>32190000.00000000</valUSD>
        <pctVal>3.427528307228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Boca Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BOCA Commercial Mortgage Trust 2024-BOCA</title>
        <cusip>096817AJ0</cusip>
        <identifiers>
          <isin value="US096817AJ00"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>901264.41000000</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>2041-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.75621000</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>BFLD Trust</name>
        <lei>N/A</lei>
        <title>BFLD Commercial Mortgage Trust 2024-UNIV</title>
        <cusip>08861RAJ0</cusip>
        <identifiers>
          <isin value="US08861RAJ05"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1506144.30000000</valUSD>
        <pctVal>0.160371302361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.95871000</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>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC Trust 2017-CHOP</title>
        <cusip>12651QAU3</cusip>
        <identifiers>
          <isin value="US12651QAU31"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>971564.70000000</valUSD>
        <pctVal>0.103450311014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.79400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000ISU5NYXNHD479</lei>
        <title>Freddie Mac STACR REMIC Trust 2021-DNA5</title>
        <cusip>35564KJB6</cusip>
        <identifiers>
          <isin value="US35564KJB61"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1734718.50000000</valUSD>
        <pctVal>0.184709436589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.83969000</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>THE 2023-MIC Trust</name>
        <lei>N/A</lei>
        <title>2023-MIC Trust/THE</title>
        <cusip>87256GAC6</cusip>
        <identifiers>
          <isin value="US87256GAC69"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>543173.50000000</valUSD>
        <pctVal>0.057836053028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.53160000</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>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>50243.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1131472.36000000</valUSD>
        <pctVal>0.120476966223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Farmer Mac Agricultural Real E</name>
        <lei>N/A</lei>
        <title>FARM 2024-2 Mortgage Trust</title>
        <cusip>307910AE9</cusip>
        <identifiers>
          <isin value="US307910AE93"/>
        </identifiers>
        <balance>662674.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>588453.91000000</valUSD>
        <pctVal>0.062657422616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.59312600</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>NCMF Trust</name>
        <lei>N/A</lei>
        <title>NCMF Trust 2022-MFP</title>
        <cusip>628870AN7</cusip>
        <identifiers>
          <isin value="US628870AN73"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1966794.80000000</valUSD>
        <pctVal>0.209420467583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.44718000</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 Trust 2024-VLT4</title>
        <cusip>05612TAJ4</cusip>
        <identifiers>
          <isin value="US05612TAJ43"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>987853.90000000</valUSD>
        <pctVal>0.105184753204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.20858400</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>549300MHCI0CUXMJQS62</lei>
        <title>Freddie Mac STACR Trust 2019-FTR1</title>
        <cusip>35564PAC2</cusip>
        <identifiers>
          <isin value="US35564PAC23"/>
        </identifiers>
        <balance>660000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>783736.27000000</valUSD>
        <pctVal>0.083450706766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.80417000</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>LHOME Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2024-RTL3</title>
        <cusip>50205GAB8</cusip>
        <identifiers>
          <isin value="US50205GAB86"/>
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        <balance>780000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>788850.19000000</valUSD>
        <pctVal>0.083995226976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.37300000</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>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK44</title>
        <cusip>06540KBS7</cusip>
        <identifiers>
          <isin value="US06540KBS78"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>216187.44000000</valUSD>
        <pctVal>0.023019216224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Variable</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>Eagle Re Ltd</name>
        <lei>N/A</lei>
        <title>Eagle RE 2023-1 Ltd</title>
        <cusip>26982EAG1</cusip>
        <identifiers>
          <isin value="US26982EAG17"/>
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        <balance>920000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>981963.47000000</valUSD>
        <pctVal>0.104557551726</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>
          <annualizedRt>9.53969000</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>Southpark Meadows Mezzanine</name>
        <lei>N/A</lei>
        <title>Southpark Meadows Mezzanine</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SOUTHPARK"/>
        </identifiers>
        <balance>31000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31000000.00000000</valUSD>
        <pctVal>3.300819432248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.01000000</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>THE 2023-MIC Trust</name>
        <lei>N/A</lei>
        <title>2023-MIC Trust/THE</title>
        <cusip>87256GAA0</cusip>
        <identifiers>
          <isin value="US87256GAA04"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1089246.80000000</valUSD>
        <pctVal>0.115980871095</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-05</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Rojas East</name>
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        <name>Credit Suisse Mortgage Trust</name>
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        <name>BX Trust</name>
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        <name>Fusion Life Science HQ</name>
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        <name>Martinique Bay</name>
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        <name>BX Trust</name>
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        <title>BX Commercial Mortgage Trust 2021-VOLT</title>
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        <name>MSWF Commercial Mortgage Trust</name>
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        <name>SMRT</name>
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        <name>HIH Trust</name>
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        <name>BRAVO Residential Funding Trus</name>
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        <name>BX Trust</name>
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        <name>Fannie Mae - CAS</name>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>549300S7ENI2U7O0XH56</lei>
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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>1000000.00000000</balance>
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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>
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          <isin value="US90205FAN06"/>
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      <invstOrSec>
        <name>BMP Trust</name>
        <lei>N/A</lei>
        <title>BMP 2024-MF23</title>
        <cusip>05593JAJ9</cusip>
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          <isin value="US05593JAJ97"/>
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        <balance>1000000.00000000</balance>
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          <maturityDt>2041-06-15</maturityDt>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust 2022-R02</title>
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          <isin value="US20754BAJ08"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1076319.90000000</valUSD>
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      <invstOrSec>
        <name>Dreyfus Government Cash Management</name>
        <lei>5493000Q69I5Q3QZIA91</lei>
        <title>Dreyfus Government Cash Management</title>
        <cusip>262006208</cusip>
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          <isin value="US2620062081"/>
          <ticker value="DGCXX"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MF1 Multifamily Housing Mortga</name>
        <lei>N/A</lei>
        <title>MF1 2024-FL16</title>
        <cusip>55287EAA5</cusip>
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          <isin value="US55287EAA55"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>2039-11-18</maturityDt>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2024-BIO2</title>
        <cusip>05613GAG7</cusip>
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          <isin value="US05613GAG73"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <debtSec>
          <maturityDt>2041-08-13</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
        <lei>529900ZQNJ23BIJVY871</lei>
        <title>LHOME Mortgage Trust 2024-RTL5</title>
        <cusip>50205WAA5</cusip>
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          <isin value="US50205WAA53"/>
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        <balance>1500000.00000000</balance>
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        <debtSec>
          <maturityDt>2039-09-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
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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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          <isin value="US48275RAG20"/>
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        <balance>928500.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <couponKind>Floating</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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      <invstOrSec>
        <name>Chase Mortgage Finance Corpora</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>12000 E 56th</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Avilla Suncoast</name>
        <lei>N/A</lei>
        <title>Avilla Suncoast</title>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2023-BNK46</title>
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      <invstOrSec>
        <name>Freddie Mac - SCRT</name>
        <lei>N/A</lei>
        <title>Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-1</title>
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      <invstOrSec>
        <name>456 Sullivan Avenue</name>
        <lei>N/A</lei>
        <title>456 Sullivan Avenue</title>
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      <invstOrSec>
        <name>Onslow Bay Financial LLC</name>
        <lei>N/A</lei>
        <title>OBX 2021-NQM2 Trust</title>
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      <invstOrSec>
        <name>The Sheds on Charlotte</name>
        <lei>N/A</lei>
        <title>The Sheds on Charlotte</title>
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        <name>Homeward Opportunities Fund I</name>
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      <invstOrSec>
        <name>ARES Commercial Mortgage Trust</name>
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        <name>Brickstone Boulder Pearl Mezz</name>
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        <name>Bank</name>
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        <name>Natixis Commercial Mortgage Se</name>
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      <invstOrSec>
        <name>Jedburg Logistics Park Building 2</name>
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      <invstOrSec>
        <name>CoreVest American Finance Ltd</name>
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        <debtSec>
          <maturityDt>2031-11-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.68000000</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>COLT Funding LLC</name>
        <lei>N/A</lei>
        <title>COLT 2022-2 Mortgage Loan Trust</title>
        <cusip>19685EAE1</cusip>
        <identifiers>
          <isin value="US19685EAE14"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>419074.40000000</valUSD>
        <pctVal>0.044622223325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.96171500</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eagle Re Ltd</name>
        <lei>N/A</lei>
        <title>Eagle RE 2023-1 Ltd</title>
        <cusip>26982EAC0</cusip>
        <identifiers>
          <isin value="US26982EAC03"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1030023.00000000</valUSD>
        <pctVal>0.109674836582</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>
          <annualizedRt>8.28969000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493005LAQ76UDHPEE03</lei>
        <title>Freddie Mac STACR REMIC Trust 2019-HQA4</title>
        <cusip>35565CBE5</cusip>
        <identifiers>
          <isin value="US35565CBE57"/>
        </identifiers>
        <balance>710000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>787168.48000000</valUSD>
        <pctVal>0.083816161781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.05417000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>9845000FE754F4AE7E70</lei>
        <title>Verus Securitization Trust 2024-INV1</title>
        <cusip>92540FAC4</cusip>
        <identifiers>
          <isin value="US92540FAC41"/>
        </identifiers>
        <balance>890498.95000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>896840.01000000</valUSD>
        <pctVal>0.095493772020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.47000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2022-LP2</title>
        <cusip>05610HAN3</cusip>
        <identifiers>
          <isin value="US05610HAN35"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>349713.25000000</valUSD>
        <pctVal>0.037236783590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.42498000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Commercial Mortgage</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2015-GC29</title>
        <cusip>17323VAA3</cusip>
        <identifiers>
          <isin value="US17323VAA35"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1601019.00000000</valUSD>
        <pctVal>0.170473375051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.11000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSWF Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MSWF Commercial Mortgage Trust 2023-1</title>
        <cusip>55376CBN2</cusip>
        <identifiers>
          <isin value="US55376CBN20"/>
        </identifiers>
        <balance>1344000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>972982.21000000</valUSD>
        <pctVal>0.103601244709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <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>Banc of America Commercial Mor</name>
        <lei>N/A</lei>
        <title>Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3</title>
        <cusip>06427DAE3</cusip>
        <identifiers>
          <isin value="US06427DAE31"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>832148.20000000</valUSD>
        <pctVal>0.088605514486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.48966300</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>549300L45M7638EL0H21</lei>
        <title>GS Mortgage Securities Trust 2015-GC30</title>
        <cusip>36250GAX3</cusip>
        <identifiers>
          <isin value="US36250GAX34"/>
        </identifiers>
        <balance>1630000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1287903.91000000</valUSD>
        <pctVal>0.137133492032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.38400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRKCM Trust</name>
        <lei>N/A</lei>
        <title>PRKCM 2024-AFC1 Trust</title>
        <cusip>69380WAF1</cusip>
        <identifiers>
          <isin value="US69380WAF14"/>
        </identifiers>
        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>549098.83000000</valUSD>
        <pctVal>0.058466970589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.34249300</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2021-BNK35</title>
        <cusip>06540CAQ0</cusip>
        <identifiers>
          <isin value="US06540CAQ06"/>
        </identifiers>
        <balance>1050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>380187.05000000</valUSD>
        <pctVal>0.040481574275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.66152400</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>KNDR Trust 2021-KIND</name>
        <lei>N/A</lei>
        <title>KIND Trust 2021-KIND</title>
        <cusip>482606AQ3</cusip>
        <identifiers>
          <isin value="US482606AQ32"/>
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        <balance>991854.77000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>968177.21000000</valUSD>
        <pctVal>0.103089617697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.69000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2021-BNK34</title>
        <cusip>06541JBW0</cusip>
        <identifiers>
          <isin value="US06541JBW09"/>
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        <balance>850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>402211.76000000</valUSD>
        <pctVal>0.042826722364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</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>Fannie Mae - CAS</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Connecticut Avenue Securities</title>
        <cusip>30711X3M4</cusip>
        <identifiers>
          <isin value="US30711X3M42"/>
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        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>377590.43000000</valUSD>
        <pctVal>0.040205091250</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.20417000</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>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>306295.62000000</valUSD>
        <pctVal>0.032613759177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>10.53296900</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>Brickstone Boulder Lodge Mezz</name>
        <lei>N/A</lei>
        <title>Brickstone Boulder Lodge Mezz</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BRICLODGE"/>
        </identifiers>
        <balance>21400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21400000.00000000</valUSD>
        <pctVal>2.278630188713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>18.50079200</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>Saluda Grade Alternative Mortg</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust 2024-RTL5</title>
        <cusip>795935AA3</cusip>
        <identifiers>
          <isin value="US795935AA37"/>
        </identifiers>
        <balance>560000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>564678.13000000</valUSD>
        <pctVal>0.060125824015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.76200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - STACR</name>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>5493005BBCF84ICNQ550</lei>
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      <invstOrSec>
        <name>PRKCM Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Ellington Financial Mortgage T</name>
        <lei>N/A</lei>
        <title>Ellington Financial Mortgage Trust 2022-1</title>
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          <isin value="US31573CAE57"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <debtSec>
          <maturityDt>2067-01-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 2021-230P</title>
        <cusip>61772WAG2</cusip>
        <identifiers>
          <isin value="US61772WAG24"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1429255.95000000</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>2038-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.88256000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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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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        <balance>970000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PRKCM Trust</name>
        <lei>N/A</lei>
        <title>PRKCM 2023-AFC1 Trust</title>
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          <isin value="US693981AC68"/>
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        <balance>290701.86000000</balance>
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        <curCd>USD</curCd>
        <valUSD>292341.88000000</valUSD>
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        <debtSec>
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      <invstOrSec>
        <name>MTN Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MTN Commercial Mortgage Trust 2022-LPFL</title>
        <cusip>62475WAL9</cusip>
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          <isin value="US62475WAL90"/>
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        <balance>500000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Weaverville Retreat</name>
        <lei>N/A</lei>
        <title>Weaverville Retreat</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="WEAVERVIL"/>
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        <balance>1.00000000</balance>
        <units>OU</units>
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        <valUSD>53000000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Rialto Real Estate Fund LP</name>
        <lei>N/A</lei>
        <title>RIAL 2022-FL8 Issuer Ltd</title>
        <cusip>76243NAL0</cusip>
        <identifiers>
          <isin value="US76243NAL01"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>494493.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.81918000</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>
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      </invstOrSec>
      <invstOrSec>
        <name>New Residential Mortgage Loan</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust 2022-NQM4</title>
        <cusip>64831UAC8</cusip>
        <identifiers>
          <isin value="US64831UAC80"/>
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        <balance>783683.59000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>773159.74000000</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>2062-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</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>
        <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>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.98500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Greystone Commercial Real Esta</name>
        <lei>N/A</lei>
        <title>Greystone CRE Notes 2024-HC3</title>
        <cusip>39808MAJ2</cusip>
        <identifiers>
          <isin value="US39808MAJ27"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>746930.99000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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        <name>TWO HARBORS INV CORP</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>Two Harbors Investment Corp</title>
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              <title>TWO HARBORS INVESTMENT CORP</title>
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      <invstOrSec>
        <name>MFA FINANCIAL INC</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA Financial Inc</title>
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          <isin value="US55272X5086"/>
          <ticker value="MFA"/>
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        <securityLending>
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      <invstOrSec>
        <name>Regional Airport Center II</name>
        <lei>N/A</lei>
        <title>Regional Airport Center II</title>
        <cusip>000000000</cusip>
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        <balance>1.00000000</balance>
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        <assetCat>RE</assetCat>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>213800WNY873LW1L3M73</lei>
        <title>Verus Securitization Trust 2024-4</title>
        <cusip>92540GAF5</cusip>
        <identifiers>
          <isin value="US92540GAF54"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>317468.83000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>100 Friars Boulevard</name>
        <lei>N/A</lei>
        <title>100 Friars Boulevard</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="FRBDUMMY1"/>
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        <balance>1.00000000</balance>
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        <valUSD>28800000.00000000</valUSD>
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        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>Cerberus-Outour IOS Portfolio</name>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mor</name>
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      <invstOrSec>
        <name>Tricon Residential</name>
        <lei>N/A</lei>
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          <isin value="US895975AD25"/>
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      <invstOrSec>
        <name>Avilla Enclave</name>
        <lei>N/A</lei>
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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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      <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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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2022-JS2</title>
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          <isin value="US95003GAQ47"/>
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      <invstOrSec>
        <name>MFRA Trust</name>
        <lei>N/A</lei>
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          <isin value="US59319PAA49"/>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>HOMES Trust</name>
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          <isin value="US43761DAE04"/>
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        <curCd>USD</curCd>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>SWCH Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>SWCH Commercial Mortgage Trust 2025-DATA</title>
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          <isin value="US78489CAE93"/>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2021-KF117 Mortgage Trust</title>
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          <isin value="US30320YAE59"/>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2023-V3 Mortgage Trust</title>
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          <isin value="US08163VAL18"/>
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      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
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          <isin value="US50205JAB26"/>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2020-MKST</title>
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          <isin value="US46652DAN57"/>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2025-SPOT</title>
        <cusip>12433FAJ7</cusip>
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          <isin value="US12433FAJ75"/>
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        <balance>1250000.00000000</balance>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2024-CNYN</title>
        <cusip>05612HAG6</cusip>
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          <isin value="US05612HAG65"/>
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        <balance>1352452.75000000</balance>
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      <invstOrSec>
        <name>Natixis Commercial Mortgage Se</name>
        <lei>N/A</lei>
        <title>Natixis Commercial Mortgage Securities Trust 2022-JERI</title>
        <cusip>63875LAS2</cusip>
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          <isin value="US63875LAS25"/>
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        <balance>3000000.00000000</balance>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Commercial Mortgage</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2015-P1</title>
        <cusip>17324DAE4</cusip>
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          <isin value="US17324DAE40"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1014542.75000000</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>2048-09-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Mortgage Loan Trust 2022-A</title>
        <cusip>17330VAA4</cusip>
        <identifiers>
          <isin value="US17330VAA44"/>
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        <balance>589789.38000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>590332.16000000</valUSD>
        <pctVal>0.062857415006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.17000000</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>New York Mortgage Trust</name>
        <lei>N/A</lei>
        <title>NYMT Loan Trust 2022-SP1</title>
        <cusip>62956BAA7</cusip>
        <identifiers>
          <isin value="US62956BAA70"/>
        </identifiers>
        <balance>795671.65000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>812573.31000000</valUSD>
        <pctVal>0.086521218444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>213800WNY873LW1L3M73</lei>
        <title>Verus Securitization Trust 2024-4</title>
        <cusip>92540GAE8</cusip>
        <identifiers>
          <isin value="US92540GAE89"/>
        </identifiers>
        <balance>240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>242742.77000000</valUSD>
        <pctVal>0.025846775879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.64300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>54930066YOFVQE068N73</lei>
        <title>GS Mortgage Securities Trust 2015-GC32</title>
        <cusip>36250PAM7</cusip>
        <identifiers>
          <isin value="US36250PAM77"/>
          <other otherDesc="SEDOL" value="BYSGPS0"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1401877.50000000</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>2048-07-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.34500000</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>
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      </invstOrSec>
      <invstOrSec>
        <name>TPG Real Estate Finance</name>
        <lei>N/A</lei>
        <title>TRTX 2022-FL5 Issuer Ltd</title>
        <cusip>87277JAL5</cusip>
        <identifiers>
          <isin value="US87277JAL52"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>483252.43000000</valUSD>
        <pctVal>0.051455774568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.66918000</annualizedRt>
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          <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-KING</title>
        <cusip>05612RAJ8</cusip>
        <identifiers>
          <isin value="US05612RAJ86"/>
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        <balance>1480509.38000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1477876.59000000</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>2034-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.00713000</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>MF1 Multifamily Housing Mortga</name>
        <lei>N/A</lei>
        <title>MF1 2025-FL17 LLC</title>
        <cusip>55287HAL4</cusip>
        <identifiers>
          <isin value="US55287HAL42"/>
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        <balance>360000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>359133.38000000</valUSD>
        <pctVal>0.038239820628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-02-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.80600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2021-BNK35</title>
        <cusip>06540CCJ4</cusip>
        <identifiers>
          <isin value="US06540CCJ45"/>
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        <balance>3076923.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1007940.59000000</valUSD>
        <pctVal>0.107323544710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.66152400</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>BIG Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BIG Commercial Mortgage Trust 2022-BIG</title>
        <cusip>05551UAF2</cusip>
        <identifiers>
          <isin value="US05551UAF21"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>499557.55000000</valUSD>
        <pctVal>0.053191911889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.75478000</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>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC 2020-FACT</title>
        <cusip>126395AN2</cusip>
        <identifiers>
          <isin value="US126395AN25"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1383258.45000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.79648000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
        <title>Verus Securitization Trust 2022-7</title>
        <cusip>92539NAC0</cusip>
        <identifiers>
          <isin value="US92539NAC02"/>
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        <balance>864037.51000000</balance>
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        <curCd>USD</curCd>
        <valUSD>860483.81000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 2016-BNK2</title>
        <cusip>61690YBY7</cusip>
        <identifiers>
          <isin value="US61690YBY77"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>431068.55000000</valUSD>
        <pctVal>0.045899336982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.48500000</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>CoreVest American Finance Ltd</name>
        <lei>N/A</lei>
        <title>CAFL 2023-RTL1 Issuer LLC</title>
        <cusip>124762AB1</cusip>
        <identifiers>
          <isin value="US124762AB11"/>
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        <balance>580000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>589965.56000000</valUSD>
        <pctVal>0.062818380155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.30000000</annualizedRt>
          <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>Onslow Bay Financial LLC</name>
        <lei>N/A</lei>
        <title>OBX 2022-NQM1 Trust</title>
        <cusip>67114VAB9</cusip>
        <identifiers>
          <isin value="US67114VAB99"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>578050.73000000</valUSD>
        <pctVal>0.061549712335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00100000</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>Ellington Financial Mortgage T</name>
        <lei>N/A</lei>
        <title>Ellington Financial Mortgage Trust 2020-2</title>
        <cusip>31573WAF8</cusip>
        <identifiers>
          <isin value="US31573WAF86"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>466666.70000000</valUSD>
        <pctVal>0.049689758443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.80400000</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"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>543258.50000000</valUSD>
        <pctVal>0.057845103662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.33969000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOMES Trust</name>
        <lei>2549001JI3VOZZFMYK81</lei>
        <title>HOMES 2024-NQM1 Trust</title>
        <cusip>40390TAA8</cusip>
        <identifiers>
          <isin value="US40390TAA88"/>
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        <balance>879624.07000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>884008.82000000</valUSD>
        <pctVal>0.094127531978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.91500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Long Beach Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Long Beach Mortgage Loan Trust 2005-1</title>
        <cusip>542514KC7</cusip>
        <identifiers>
          <isin value="US542514KC79"/>
        </identifiers>
        <balance>157506.24000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>154312.56000000</valUSD>
        <pctVal>0.016430899893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.70959000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Farmer Mac Agricultural Real E</name>
        <lei>N/A</lei>
        <title>FARM 21-1 Mortgage Trust</title>
        <cusip>30768WAC2</cusip>
        <identifiers>
          <isin value="US30768WAC29"/>
        </identifiers>
        <balance>333055.46000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>251697.01000000</valUSD>
        <pctVal>0.026800205859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.24106700</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Onslow Bay Financial LLC</name>
        <lei>N/A</lei>
        <title>OBX 2022-NQM7 Trust</title>
        <cusip>67117DAC4</cusip>
        <identifiers>
          <isin value="US67117DAC48"/>
        </identifiers>
        <balance>462069.82000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>461294.42000000</valUSD>
        <pctVal>0.049117728565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2024-RTL1</title>
        <cusip>50205DAB5</cusip>
        <identifiers>
          <isin value="US50205DAB55"/>
        </identifiers>
        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>661223.55000000</valUSD>
        <pctVal>0.070405791706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.16500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>3828 Civic Center</name>
        <lei>N/A</lei>
        <title>3828 Civic Center</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="CIVIC3828"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other Units</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>8600000.00000000</valUSD>
        <pctVal>0.915711197333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRKCM Trust</name>
        <lei>N/A</lei>
        <title>PRKCM 2023-AFC3 Trust</title>
        <cusip>693984AC0</cusip>
        <identifiers>
          <isin value="US693984AC08"/>
        </identifiers>
        <balance>712626.11000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>720526.78000000</valUSD>
        <pctVal>0.076720283770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.08800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2022-ONL</title>
        <cusip>95003WAN6</cusip>
        <identifiers>
          <isin value="US95003WAN65"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>397159.95000000</valUSD>
        <pctVal>0.042288815505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.92766000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Home Partners of America Trust</name>
        <lei>N/A</lei>
        <title>Home Partners of America 2021-2 Trust</title>
        <cusip>43732VAL0</cusip>
        <identifiers>
          <isin value="US43732VAL09"/>
        </identifiers>
        <balance>480041.92000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>460099.78000000</valUSD>
        <pctVal>0.048990525632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.79900000</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>2025-05-23</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>
