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      </invstOrSec>
      <invstOrSec>
        <name>Hospitality Investors Trust</name>
        <lei>N/A</lei>
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          <isin value="US40442AAQ22"/>
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        <balance>253520.62000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256587.15000000</valUSD>
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      <invstOrSec>
        <name>Congress Commons</name>
        <lei>N/A</lei>
        <title>Congress Commons</title>
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        <assetCat>RE</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>549300EUJICRX5L38Y52</lei>
        <title>Freddie Mac STACR Trust 2019-HQA3</title>
        <cusip>35564XBE0</cusip>
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          <isin value="US35564XBE04"/>
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        <curCd>USD</curCd>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>AGL CLO Ltd.</name>
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          <isin value="US00791YAE86"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
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      <invstOrSec>
        <name>Fusion Life Science HQ</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Nordeast Business Center</name>
        <lei>N/A</lei>
        <title>Nordeast Business Center</title>
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        <assetCat>RE</assetCat>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
        <title>Verus Securitization Trust 2022-7</title>
        <cusip>92539NAC0</cusip>
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          <isin value="US92539NAC02"/>
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        <balance>838710.89000000</balance>
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        <curCd>USD</curCd>
        <valUSD>844917.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York Mortgage Trust</name>
        <lei>N/A</lei>
        <title>NYMT Loan Trust 2022-SP1</title>
        <cusip>62956BAA7</cusip>
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          <isin value="US62956BAA70"/>
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        <balance>777145.90000000</balance>
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        <curCd>USD</curCd>
        <valUSD>797274.76000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>NRZ Excess Spread Collateraliz</name>
        <lei>N/A</lei>
        <title>NRM FNT1 Excess LLC</title>
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          <isin value="US62956YAA73"/>
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        <balance>505447.88000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <debtSec>
          <maturityDt>2031-11-25</maturityDt>
          <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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          <isin value="US105925AC54"/>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2021-XL2</title>
        <cusip>05609KAA7</cusip>
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          <isin value="US05609KAA79"/>
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        <valUSD>371916.24000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>100 Friars Boulevard</name>
        <lei>N/A</lei>
        <title>100 Friars Boulevard</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="FRBDUMMY1"/>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30700000.00000000</valUSD>
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        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>BRAVO Residential Funding Trus</name>
        <lei>N/A</lei>
        <title>Bravo Residential Funding Trust Series 2025-NQM1</title>
        <cusip>10569MAE3</cusip>
        <identifiers>
          <isin value="US10569MAE30"/>
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        <balance>712423.84000000</balance>
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        <curCd>USD</curCd>
        <valUSD>716716.48000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2064-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.90800000</annualizedRt>
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      <invstOrSec>
        <name>Ellington Financial Mortgage T</name>
        <lei>N/A</lei>
        <title>EFMT 2025-INV1</title>
        <cusip>26846XAE0</cusip>
        <identifiers>
          <isin value="US26846XAE04"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>744332.18000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Mosaic at Largo Station</name>
        <lei>N/A</lei>
        <title>Mosaic at Largo Station</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="MOSAIC"/>
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        <balance>1.00000000</balance>
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        <valUSD>32005000.00000000</valUSD>
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        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

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      <invstOrSec>
        <name>MF1 Multifamily Housing Mortga</name>
        <lei>N/A</lei>
        <title>MF1 2025-FL19 LLC</title>
        <cusip>55287KAJ2</cusip>
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          <isin value="US55287KAJ25"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <name>MF1 Multifamily Housing Mortga</name>
        <lei>N/A</lei>
        <title>MF1 2024-FL16</title>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>529900WZAMS87JCAOC53</lei>
        <title>Freddie Mac STACR REMIC Trust 2025-DNA1</title>
        <cusip>35564NGA5</cusip>
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          <isin value="US35564NGA54"/>
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        <balance>1580000.00000000</balance>
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        <valUSD>1580949.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>549300K0XW5MBR2WNZ55</lei>
        <title>Freddie Mac STACR Trust 2019-FTR4</title>
        <cusip>35565GAE7</cusip>
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          <isin value="US35565GAE70"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>827222.10000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Atrium Hotel Portfolio Trust</name>
        <lei>N/A</lei>
        <title>Atrium Hotel Portfolio Trust 2017-ATRM</title>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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      <invstOrSec>
        <name>The Pearl at Boulder Creek</name>
        <lei>N/A</lei>
        <title>The Pearl at Boulder Creek</title>
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          <other otherDesc="INTERNAL" value="PEARLCRK"/>
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      <invstOrSec>
        <name>Greystone Commercial Real Esta</name>
        <lei>N/A</lei>
        <title>Greystone CRE Notes 2025-FL4 LLC</title>
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          <isin value="US39810MAA71"/>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
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          <isin value="US20754RAJ59"/>
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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="US46652DAQ88"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
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          <couponKind>Floating</couponKind>
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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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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>New Residential Mortgage Loan</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust 2022-NQM4</title>
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          <isin value="US64831UAC80"/>
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      <invstOrSec>
        <name>MF1 Multifamily Housing Mortga</name>
        <lei>N/A</lei>
        <title>MF1 2021-FL7 Ltd</title>
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          <isin value="US55284AAL26"/>
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        <name>Jedburg Logistics Park Building 2</name>
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        <name>MSWF Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MSWF Commercial Mortgage Trust 2023-2</title>
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          <isin value="US55361AAE47"/>
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        <name>Apollo Aviation Securitization</name>
        <lei>N/A</lei>
        <title>AASET 2024-1</title>
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        <name>3828 Civic Center</name>
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        <name>Memphis Logistics Mezz</name>
        <lei>N/A</lei>
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        <name>Avilla Enclave</name>
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        <name>Rialto Real Estate Fund LP</name>
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      <invstOrSec>
        <name>Chase Mortgage Finance Corpora</name>
        <lei>N/A</lei>
        <title>Chase Home Lending Mortgage Trust 2024-RPL4</title>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Starwood Mortgage Residential</name>
        <lei>N/A</lei>
        <title>Starwood Mortgage Residential Trust 2021-4</title>
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        <name>Credit Suisse Mortgage Trust</name>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
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        <name>MFRA Trust</name>
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        <name>FIVE POINT OP CO LP/FIVE</name>
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        <name>Toorak Mortgage Corp.</name>
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        <name>Bank</name>
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        <name>Weaverville Retreat</name>
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        <name>SMR 2022-IND Mortgage Trust</name>
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        <name>GS Mortgage Securities Trust</name>
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        <name>Homeward Opportunities Fund I</name>
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        <name>Verus Securitization Trust</name>
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        <name>Verus Securitization Trust</name>
        <lei>9845000FE754F4AE7E70</lei>
        <title>Verus Securitization Trust 2024-INV1</title>
        <cusip>92540FAC4</cusip>
        <identifiers>
          <isin value="US92540FAC41"/>
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        <balance>824284.77000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>832629.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2069-03-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2024-RTL4</title>
        <cusip>50205PAC6</cusip>
        <identifiers>
          <isin value="US50205PAC68"/>
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        <balance>732000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>735165.46000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.79200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2023-BNK46</title>
        <cusip>06541DAL8</cusip>
        <identifiers>
          <isin value="US06541DAL82"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1592459.20000000</valUSD>
        <pctVal>0.155204311200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Apidos CLO Ltd</name>
        <lei>5493000BLHDFQUOR8F12</lei>
        <title>Apidos CLO XLV Ltd</title>
        <cusip>03770MAS2</cusip>
        <identifiers>
          <isin value="US03770MAS26"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501250.00000000</valUSD>
        <pctVal>0.048852844072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.01000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Opteum Mortgage Acceptance Cor</name>
        <lei>N/A</lei>
        <title>Opteum Mortgage Acceptance Corp Trust 2006-1</title>
        <cusip>68383NDW0</cusip>
        <identifiers>
          <isin value="US68383NDW02"/>
          <other otherDesc="SEDOL" value="BYNW947"/>
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        <balance>897313.32000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>860116.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.03368000</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>
        <name>Eagle Re Ltd</name>
        <lei>N/A</lei>
        <title>Eagle RE 2023-1 Ltd</title>
        <cusip>26982EAC0</cusip>
        <identifiers>
          <isin value="US26982EAC03"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1026599.80000000</valUSD>
        <pctVal>0.100054503648</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>8.25517000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HOMES Trust</name>
        <lei>254900LUV7YA0N50XT86</lei>
        <title>HOMES 2025-NQM1 Trust</title>
        <cusip>43761DAE0</cusip>
        <identifiers>
          <isin value="US43761DAE04"/>
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        <balance>821687.20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>825083.23000000</valUSD>
        <pctVal>0.080414289041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.96100000</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>HOMES Trust</name>
        <lei>2549001JI3VOZZFMYK81</lei>
        <title>HOMES 2024-NQM1 Trust</title>
        <cusip>40390TAA8</cusip>
        <identifiers>
          <isin value="US40390TAA88"/>
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        <balance>807090.78000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>812481.02000000</valUSD>
        <pctVal>0.079186052033</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR Debt Notes 2016-DNA1</title>
        <cusip>3137G0HZ5</cusip>
        <identifiers>
          <isin value="US3137G0HZ50"/>
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        <balance>511436.39000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>534772.21000000</valUSD>
        <pctVal>0.052119986811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.41965000</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>RAAC Series</name>
        <lei>N/A</lei>
        <title>RAAC Series 2007-SP1 Trust</title>
        <cusip>74978AAF7</cusip>
        <identifiers>
          <isin value="US74978AAF75"/>
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        <balance>608498.76000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>473512.38000000</valUSD>
        <pctVal>0.046149479234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.93368000</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>SEB Funding LLC</name>
        <lei>N/A</lei>
        <title>SEB Funding LLC</title>
        <cusip>78433DAC8</cusip>
        <identifiers>
          <isin value="US78433DAC83"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1023971.60000000</valUSD>
        <pctVal>0.099798353933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.38600000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Santander Mortgage Asset Recei</name>
        <lei>N/A</lei>
        <title>Santander Mortgage Asset Receivable Trust 2025-NQM3</title>
        <cusip>80263AAD3</cusip>
        <identifiers>
          <isin value="US80263AAD37"/>
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        <balance>1910000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1919907.93000000</valUSD>
        <pctVal>0.187118130149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.85200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2024-CNYN</title>
        <cusip>05612HAG6</cusip>
        <identifiers>
          <isin value="US05612HAG65"/>
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        <balance>1342790.08000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1347811.85000000</valUSD>
        <pctVal>0.131360483085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.00185000</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>
        <name>PRKCM Trust</name>
        <lei>N/A</lei>
        <title>PRKCM 2023-AFC3 Trust</title>
        <cusip>693984AC0</cusip>
        <identifiers>
          <isin value="US693984AC08"/>
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        <balance>670177.32000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>676862.47000000</valUSD>
        <pctVal>0.065968392429</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FULL HOUSE RESORTS INC</name>
        <lei>5493009DKIWW0H901Y82</lei>
        <title>Full House Resorts Inc</title>
        <cusip>359678AC3</cusip>
        <identifiers>
          <isin value="US359678AC31"/>
          <other otherDesc="SEDOL" value="BNKTVG0"/>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1555790.72000000</valUSD>
        <pctVal>0.151630526589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</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>LHOME Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2024-RTL2</title>
        <cusip>50205JAB2</cusip>
        <identifiers>
          <isin value="US50205JAB26"/>
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        <balance>440000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>444539.57000000</valUSD>
        <pctVal>0.043325730268</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.89700000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THE 2023-MIC Trust</name>
        <lei>N/A</lei>
        <title>2023-MIC Trust/THE</title>
        <cusip>87256GAC6</cusip>
        <identifiers>
          <isin value="US87256GAC69"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>546537.05000000</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>2038-12-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.86301100</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>CoreVest American Finance Ltd</name>
        <lei>N/A</lei>
        <title>CAFL 2024-RTL1 Issuer LLC</title>
        <cusip>12770DAB0</cusip>
        <identifiers>
          <isin value="US12770DAB01"/>
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        <balance>940000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>952298.96000000</valUSD>
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        <name>Freddie Mac</name>
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        <name>15550 Export Plaza Drive</name>
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        <name>Chino Industrial Portfolio</name>
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        <name>LHOME Mortgage Trust</name>
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        <name>Home Re Ltd</name>
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        <name>MF1 Multifamily Housing Mortga</name>
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        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38383LC73</cusip>
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          <isin value="US38383LC736"/>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000IS4M3TZMRB410</lei>
        <title>Freddie Mac STACR REMIC Trust 2022-DNA3</title>
        <cusip>35564KWG0</cusip>
        <identifiers>
          <isin value="US35564KWG02"/>
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        <balance>1700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1901898.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.05517000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>UBS Commercial Mortgage Trust 2018-C15</title>
        <cusip>90278LBD0</cusip>
        <identifiers>
          <isin value="US90278LBD01"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>618922.27000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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          <maturityDt>2051-12-15</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK44</title>
        <cusip>06540KBQ1</cusip>
        <identifiers>
          <isin value="US06540KBQ13"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>768432.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PRP Advisors, LLC</name>
        <lei>N/A</lei>
        <title>PRPM 2025-RCF3 LLC</title>
        <cusip>69392PAB1</cusip>
        <identifiers>
          <isin value="US69392PAB13"/>
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        <balance>730000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>715361.24000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2023-XL3</title>
        <cusip>12434GAA3</cusip>
        <identifiers>
          <isin value="US12434GAA31"/>
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        <balance>1074013.22000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1078439.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.07318000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aimco</name>
        <lei>254900Q0PCRO7XC6LM21</lei>
        <title>AIMCO CLO 16 Ltd</title>
        <cusip>00901FAN6</cusip>
        <identifiers>
          <isin value="US00901FAN69"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501550.00000000</valUSD>
        <pctVal>0.048882082682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.92979000</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>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>588052.20000000</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>2030-12-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NRZ Excess Spread Collateraliz</name>
        <lei>N/A</lei>
        <title>NRM FHT1 Excess Owner LLC</title>
        <cusip>64832EAA7</cusip>
        <identifiers>
          <isin value="US64832EAA73"/>
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        <balance>696731.13000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>700288.99000000</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>2032-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.54500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2020-MKST</title>
        <cusip>46652DAN5</cusip>
        <identifiers>
          <isin value="US46652DAN57"/>
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        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>166.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.17648000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust 2021-R03</title>
        <cusip>20754AAJ2</cusip>
        <identifiers>
          <isin value="US20754AAJ25"/>
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        <balance>695000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.80517000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CSAIL Commercial Mortgage Trus</name>
        <lei>549300ZAGI6FKGY8O078</lei>
        <title>CSAIL 2015-C3 Commercial Mortgage Trust</title>
        <cusip>12635FAZ7</cusip>
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          <isin value="US12635FAZ71"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.41858400</annualizedRt>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC Trust 2017-CHOP</title>
        <cusip>12651QAU3</cusip>
        <identifiers>
          <isin value="US12651QAU31"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>967987.50000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2021-SDMF</title>
        <cusip>12434CAQ7</cusip>
        <identifiers>
          <isin value="US12434CAQ78"/>
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        <balance>941920.54000000</balance>
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        <curCd>USD</curCd>
        <valUSD>930958.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.36348000</annualizedRt>
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      <invstOrSec>
        <name>MF1 Multifamily Housing Mortga</name>
        <lei>N/A</lei>
        <title>MF1 2025-FL17 LLC</title>
        <cusip>55287HAL4</cusip>
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          <isin value="US55287HAL42"/>
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        <balance>360000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>357031.33000000</valUSD>
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        <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>7.80460000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Avis Budget Rental Car Funding</name>
        <lei>IHXLB8SL0QWSSG2VG640</lei>
        <title>Avis Budget Rental Car Funding AESOP LLC</title>
        <cusip>05377RKK9</cusip>
        <identifiers>
          <isin value="US05377RKK94"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1016148.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.43000000</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>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
        <cusip>3137HKRE6</cusip>
        <identifiers>
          <isin value="US3137HKRE69"/>
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        <balance>3550138.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>725493.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dwight 2025-FL1 Issuer LLC</name>
        <lei>N/A</lei>
        <title>Dwight 2025-FL1 Issuer LLC</title>
        <cusip>233636AL3</cusip>
        <identifiers>
          <isin value="US233636AL38"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>749045.78000000</valUSD>
        <pctVal>0.073003524575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.24100000</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-RTL1</title>
        <cusip>50205DAB5</cusip>
        <identifiers>
          <isin value="US50205DAB55"/>
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        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>656472.44000000</valUSD>
        <pctVal>0.063981138651</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SMR 2022-IND Mortgage Trust</name>
        <lei>N/A</lei>
        <title>SMR 2022-IND Mortgage Trust</title>
        <cusip>78458MAL8</cusip>
        <identifiers>
          <isin value="US78458MAL81"/>
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        <balance>824109.43000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>810152.23000000</valUSD>
        <pctVal>0.078959083425</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>10.31176000</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>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>550398.75000000</valUSD>
        <pctVal>0.053642981169</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>8.43555700</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>529900XX8WXEM4FBIH80</lei>
        <title>Freddie Mac STACR REMIC Trust 2025-DNA2</title>
        <cusip>35564NJA2</cusip>
        <identifiers>
          <isin value="US35564NJA28"/>
        </identifiers>
        <balance>1150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1152927.56000000</valUSD>
        <pctVal>0.112366663970</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.80517000</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>Hospitality Investors Trust</name>
        <lei>N/A</lei>
        <title>HIT Trust 2022-HI32</title>
        <cusip>40442AAN9</cusip>
        <identifiers>
          <isin value="US40442AAN90"/>
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        <balance>845068.73000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>856759.41000000</valUSD>
        <pctVal>0.083501513943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.53926000</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>549300KB1O80CETXGJ21</lei>
        <title>Freddie Mac STACR Trust 2019-DNA3</title>
        <cusip>35564TBE9</cusip>
        <identifiers>
          <isin value="US35564TBE91"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>859157.25000000</valUSD>
        <pctVal>0.083735212304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.56965000</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>ARES Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>ARES1 2024-IND2</title>
        <cusip>04021EAA4</cusip>
        <identifiers>
          <isin value="US04021EAA47"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1503450.00000000</valUSD>
        <pctVal>0.146529293606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.75476000</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>Angel Oak Mortgage Trust</name>
        <lei>254900GRN1I3WMM1H095</lei>
        <title>Angel Oak Mortgage Trust 2025-6</title>
        <cusip>034937AC6</cusip>
        <identifiers>
          <isin value="US034937AC60"/>
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        <balance>885488.38000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>890259.92000000</valUSD>
        <pctVal>0.086766541756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.92000000</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"/>
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        <balance>240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>243877.78000000</valUSD>
        <pctVal>0.023768824257</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>Verus Securitization Trust</name>
        <lei>213800RZ8QGNZ38DSP77</lei>
        <title>Verus Securitization Trust 2024-8</title>
        <cusip>92540PAE8</cusip>
        <identifiers>
          <isin value="US92540PAE88"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1001884.60000000</valUSD>
        <pctVal>0.097645710009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.03200000</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>LHOME Mortgage Trust</name>
        <lei>5299002NGIWITLMXOH85</lei>
        <title>LHOME Mortgage Trust 2025-RTL1</title>
        <cusip>50205UAC5</cusip>
        <identifiers>
          <isin value="US50205UAC53"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501094.40000000</valUSD>
        <pctVal>0.048837678979</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.02300000</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>280 Park Avenue Mortgage Trust</name>
        <lei>N/A</lei>
        <title>280 Park Avenue 2017-280P Mortgage Trust</title>
        <cusip>90205FAN0</cusip>
        <identifiers>
          <isin value="US90205FAN06"/>
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        <balance>2130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2053312.55000000</valUSD>
        <pctVal>0.200120015634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.73089000</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>Switch ABS Issuer, LLC</name>
        <lei>N/A</lei>
        <title>Switch ABS Issuer LLC</title>
        <cusip>871044AL7</cusip>
        <identifiers>
          <isin value="US871044AL72"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>988091.90000000</valUSD>
        <pctVal>0.096301445425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.03600000</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>Tricon Residential</name>
        <lei>N/A</lei>
        <title>Tricon Residential 2024-SFR4 Trust</title>
        <cusip>895975AD2</cusip>
        <identifiers>
          <isin value="US895975AD25"/>
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        <balance>990000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>980150.39000000</valUSD>
        <pctVal>0.095527449715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</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>Summit at Surprise</name>
        <lei>N/A</lei>
        <title>Summit at Surprise</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SUMMITSUR"/>
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        <balance>23874278.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23874278.00000000</valUSD>
        <pctVal>2.326835671763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2099-03-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>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>
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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>217399.95000000</valUSD>
        <pctVal>0.021188241114</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>
        </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"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>906192.27000000</valUSD>
        <pctVal>0.088319340979</pctVal>
        <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>8.74879000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <name>Fannie Mae - CAS</name>
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      <invstOrSec>
        <name>Avilla Suncoast</name>
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      <invstOrSec>
        <name>PRKCM Trust</name>
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      <invstOrSec>
        <name>Santander Mortgage Asset Recei</name>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mor</name>
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        <name>Freddie Mac - STACR</name>
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        <name>Regional Airport Center II</name>
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        <name>Wave USA</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
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        <name>COLT Funding LLC</name>
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        <name>Toorak Mortgage Corp.</name>
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        <name>BX Trust</name>
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        <title>BX Commercial Mortgage Trust 2024-KING</title>
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        <name>Brickstone Boulder Pearl Mezz</name>
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        <name>MSWF Commercial Mortgage Trust</name>
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        <name>Saluda Grade Alternative Mortg</name>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mor</name>
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        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2021-NYMZ</title>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortg</name>
        <lei>N/A</lei>
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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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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
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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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          <isin value="US58003UAA60"/>
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        <name>CIFC Funding Ltd</name>
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          <isin value="US17181TAN19"/>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>Brickstone Boulder Lodge Mezz</name>
        <lei>N/A</lei>
        <title>Brickstone Boulder Lodge Mezz</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>18.50079200</annualizedRt>
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      <invstOrSec>
        <name>Willis Engine Securitization T</name>
        <lei>N/A</lei>
        <title>Willis Engine Structured Trust VIII</title>
        <cusip>97063RAB6</cusip>
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          <isin value="US97063RAB69"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2050-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.07000000</annualizedRt>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2021-BNK34</title>
        <cusip>06541JBW0</cusip>
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          <isin value="US06541JBW09"/>
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        <curCd>USD</curCd>
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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>Neuberger Berman CLO Ltd</name>
        <lei>549300FC7JRIZ6YLHK36</lei>
        <title>Neuberger Berman Loan Advisers CLO 48 Ltd</title>
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        <name>ARBOR REALTY TRUST INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>Arbor Realty Trust Inc</title>
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        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2022-JS2</title>
        <cusip>95003GAQ4</cusip>
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          <isin value="US95003GAQ47"/>
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        <balance>750000.00000000</balance>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2015-GC29</title>
        <cusip>17323VAA3</cusip>
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          <isin value="US17323VAA35"/>
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        <balance>1100000.00000000</balance>
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        <name>New York Mortgage Trust</name>
        <lei>N/A</lei>
        <title>NYMT Loan Trust Series 2024-BPL1</title>
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        <name>Bank5</name>
        <lei>N/A</lei>
        <title>BANK5 2024-5YR12</title>
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        <name>Southpark Meadows Mezzanine</name>
        <lei>N/A</lei>
        <title>Southpark Meadows Mezzanine</title>
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          <couponKind>Floating</couponKind>
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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>
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          <isin value="US14732FAC68"/>
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        <balance>300000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2044-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.98500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HIH Trust</name>
        <lei>N/A</lei>
        <title>HIH Trust 2024-61P</title>
        <cusip>40444VAL5</cusip>
        <identifiers>
          <isin value="US40444VAL53"/>
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        <balance>1477880.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1473973.60000000</valUSD>
        <pctVal>0.143656463735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.74876000</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>Fannie Mae - CAS</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust 2024-R01</title>
        <cusip>20753UAJ9</cusip>
        <identifiers>
          <isin value="US20753UAJ97"/>
        </identifiers>
        <balance>340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>352375.90000000</valUSD>
        <pctVal>0.034343271616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>8.30517000</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 2024-FL15</title>
        <cusip>58003MAJ5</cusip>
        <identifiers>
          <isin value="US58003MAJ53"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>401263.64000000</valUSD>
        <pctVal>0.039107970148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.35260000</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>5493005BBCF84ICNQ550</lei>
        <title>GS Mortgage Securities Corp II</title>
        <cusip>36269JAL2</cusip>
        <identifiers>
          <isin value="US36269JAL26"/>
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        <balance>1050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1099016.31000000</valUSD>
        <pctVal>0.107112363940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.26335800</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-Backed Securities</name>
        <lei>N/A</lei>
        <title>GS Mortgage-Backed Securities Trust 2024-RPL4</title>
        <cusip>362948AA9</cusip>
        <identifiers>
          <isin value="US362948AA98"/>
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        <balance>917586.48000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>892779.44000000</valUSD>
        <pctVal>0.087012099298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.90000000</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>BFLD Trust</name>
        <lei>N/A</lei>
        <title>BFLD Commercial Mortgage Trust 2024-UNIV</title>
        <cusip>08861RAJ0</cusip>
        <identifiers>
          <isin value="US08861RAJ05"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1503361.35000000</valUSD>
        <pctVal>0.146520653597</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>7.95129000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2025-SPOT</title>
        <cusip>12433FAJ7</cusip>
        <identifiers>
          <isin value="US12433FAJ75"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1244535.13000000</valUSD>
        <pctVal>0.121294923986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.00194000</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-NQM1 Trust</title>
        <cusip>67114VAB9</cusip>
        <identifiers>
          <isin value="US67114VAB99"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>569819.18000000</valUSD>
        <pctVal>0.055535735760</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>
          <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>349769.39000000</valUSD>
        <pctVal>0.034089235852</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>8.41756000</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>Argent Securities Inc.</name>
        <lei>N/A</lei>
        <title>Argent Securities Inc Asset-Backed Pass-Through Certificates Series 2003-W7</title>
        <cusip>040104BF7</cusip>
        <identifiers>
          <isin value="US040104BF78"/>
          <other otherDesc="SEDOL" value="BZ0BVS2"/>
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        <balance>220596.22000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>206444.47000000</valUSD>
        <pctVal>0.020120497760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.18378100</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>Greystone Commercial Real Esta</name>
        <lei>N/A</lei>
        <title>Greystone CRE Notes 2024-HC3</title>
        <cusip>39808MAJ2</cusip>
        <identifiers>
          <isin value="US39808MAJ27"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>747267.60000000</valUSD>
        <pctVal>0.072830219537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.64436000</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>Freddie Mac - STACR</name>
        <lei>5493009ZFZYH4FRCW638</lei>
        <title>Freddie Mac STACR Trust 2019-FTR3</title>
        <cusip>35565EAE2</cusip>
        <identifiers>
          <isin value="US35565EAE23"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>874517.60000000</valUSD>
        <pctVal>0.085232263244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>9.23645000</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>26982EAG1</cusip>
        <identifiers>
          <isin value="US26982EAG17"/>
        </identifiers>
        <balance>920000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>977224.74000000</valUSD>
        <pctVal>0.095242309918</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>9.50517000</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>408466.05000000</valUSD>
        <pctVal>0.039809931669</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>5.09191500</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>Dwight 2025-FL1 Issuer LLC</name>
        <lei>N/A</lei>
        <title>Dwight 2025-FL1 Issuer LLC</title>
        <cusip>233636AA7</cusip>
        <identifiers>
          <isin value="US233636AA72"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999915.80000000</valUSD>
        <pctVal>0.097453826758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.96200000</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>984500BADC7CFE3B0756</lei>
        <title>Verus Securitization Trust 2023-5</title>
        <cusip>924934AE2</cusip>
        <identifiers>
          <isin value="US924934AE22"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2011638.80000000</valUSD>
        <pctVal>0.196058407234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.02241100</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>Anchor Mortgage Trust</name>
        <lei>254900S7O2LYCU17JI96</lei>
        <title>Anchor Mortgage Trust 2025-RTL1</title>
        <cusip>03290CAB2</cusip>
        <identifiers>
          <isin value="US03290CAB28"/>
        </identifiers>
        <balance>1470000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1473651.33000000</valUSD>
        <pctVal>0.143625054646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.35800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Long Beach Mortgage Loan Trust</name>
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        <name>Freddie Mac - STACR</name>
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      <invstOrSec>
        <name>Aertson Midtown Mezzanine Term Loan</name>
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      <invstOrSec>
        <name>Ellington Financial Mortgage T</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
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          <isin value="US20754CAF68"/>
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      <invstOrSec>
        <name>CHIMERA INVESTMENT CORP</name>
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        <title>Chimera Investment Corp</title>
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      <invstOrSec>
        <name>12000 E 56th</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>MTN Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MTN Commercial Mortgage Trust 2022-LPFL</title>
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          <isin value="US62475WAL90"/>
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      <invstOrSec>
        <name>PRKCM Trust</name>
        <lei>N/A</lei>
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          <isin value="US69380WAB00"/>
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      <invstOrSec>
        <name>AGL CLO Ltd.</name>
        <lei>254900LDCU83O7QV9777</lei>
        <title>AGL CLO 35 Ltd</title>
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          <isin value="US00852KAD63"/>
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      <invstOrSec>
        <name>Cerberus-Outour IOS Portfolio</name>
        <lei>N/A</lei>
        <title>Cerberus-Outour IOS Portfolio</title>
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        <name>Freddie Mac - STACR</name>
        <lei>5493000ISA3AUOXQEF68</lei>
        <title>Freddie Mac STACR REMIC Trust 2022-DNA2</title>
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          <isin value="US35564KRN18"/>
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        <name>KREF 2021-FL2 Ltd</name>
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        <title>KREF 2021-FL2 Ltd</title>
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        <name>SERVICE PROPERTIES TRUST</name>
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        <title>Service Properties Trust</title>
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        <name>TWO HARBORS INV CORP</name>
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        <name>73rd &amp; Washington</name>
        <lei>N/A</lei>
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        <name>The Biltmore Apartments</name>
        <lei>N/A</lei>
        <title>The Biltmore Apartments</title>
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      <invstOrSec>
        <name>Natixis Commercial Mortgage Se</name>
        <lei>N/A</lei>
        <title>Natixis Commercial Mortgage Securities Trust 2022-JERI</title>
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      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2019-IMC</title>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley Capital Inc</name>
        <lei>N/A</lei>
        <title>Morgan Stanley ABS Capital I Inc Trust 2004-HE6</title>
        <cusip>61744CFA9</cusip>
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          <isin value="US61744CFA99"/>
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        <balance>2262137.87000000</balance>
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        <curCd>USD</curCd>
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        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>5.11368000</annualizedRt>
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      <invstOrSec>
        <name>Natixis Commercial Mortgage Se</name>
        <lei>N/A</lei>
        <title>Natixis Commercial Mortgage Securities Trust 2022-RRI</title>
        <cusip>63875JAN8</cusip>
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          <isin value="US63875JAN81"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1497553.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
          <maturityDt>2035-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.50476000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac - SCRT</name>
        <lei>N/A</lei>
        <title>Freddie Mac Seasoned Credit Risk Transfer Trust Series 2021-1</title>
        <cusip>35563PWX3</cusip>
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          <isin value="US35563PWX31"/>
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        <balance>742659.52000000</balance>
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        <curCd>USD</curCd>
        <valUSD>546570.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2060-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>13.41576400</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>549300MHCI0CUXMJQS62</lei>
        <title>Freddie Mac STACR Trust 2019-FTR1</title>
        <cusip>35564PAC2</cusip>
        <identifiers>
          <isin value="US35564PAC23"/>
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        <balance>660000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2048-01-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Commercial Mortgage</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2015-P1</title>
        <cusip>17324DAA2</cusip>
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          <isin value="US17324DAA28"/>
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        <balance>740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>711592.51000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2048-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2015-JP1</title>
        <cusip>46590KAL8</cusip>
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          <isin value="US46590KAL89"/>
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        <balance>1500000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <debtSec>
          <maturityDt>2049-01-15</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FS Rialto Issuer Ltd</name>
        <lei>N/A</lei>
        <title>FS Rialto 2025-FL10 Issuer LLC</title>
        <cusip>30340KAJ0</cusip>
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          <isin value="US30340KAJ07"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
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          <maturityDt>2042-08-19</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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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSMC 2021-INV2 Trust</title>
        <cusip>12659TBW4</cusip>
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          <isin value="US12659TBW45"/>
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        <balance>35590756.91000000</balance>
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        <curCd>USD</curCd>
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        <debtSec>
          <maturityDt>2056-11-25</maturityDt>
          <couponKind>Variable</couponKind>
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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>
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          <isin value="US307910AE93"/>
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        <balance>641584.69000000</balance>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000ISU5NYXNHD479</lei>
        <title>Freddie Mac STACR REMIC Trust 2021-DNA5</title>
        <cusip>35564KJB6</cusip>
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          <isin value="US35564KJB61"/>
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      <invstOrSec>
        <name>Rojas East</name>
        <lei>N/A</lei>
        <title>Rojas East</title>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
        <title>Verus Securitization Trust 2022-6</title>
        <cusip>92539AAA2</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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          <isin value="US00123Q8722"/>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136B8K24</cusip>
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        <balance>3674300.19000000</balance>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493005RUXPCBST1N217</lei>
        <title>Freddie Mac STACR Trust 2018-HQA2</title>
        <cusip>35563XBE1</cusip>
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          <isin value="US35563XBE13"/>
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        <balance>880000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>2048-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15.41965000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR Securitized Participation Interests Trust 2017-SPI1</title>
        <cusip>3137G1CG0</cusip>
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          <isin value="US3137G1CG08"/>
        </identifiers>
        <balance>152786.44000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>122683.46000000</valUSD>
        <pctVal>0.011956979434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.11507200</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>MF1 Multifamily Housing Mortga</name>
        <lei>N/A</lei>
        <title>MF1 2022-FL10 LLC</title>
        <cusip>55285BAL9</cusip>
        <identifiers>
          <isin value="US55285BAL99"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1506054.60000000</valUSD>
        <pctVal>0.146783143218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>10.54658000</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>529900ZQNJ23BIJVY871</lei>
        <title>LHOME Mortgage Trust 2024-RTL5</title>
        <cusip>50205WAA5</cusip>
        <identifiers>
          <isin value="US50205WAA53"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1496913.60000000</valUSD>
        <pctVal>0.145892242773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.32300000</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>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"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1399083.90000000</valUSD>
        <pctVal>0.136357561318</pctVal>
        <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>5.87514000</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>JP Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Chase Commercial Mortgage Securities Trust 2017-FL11</title>
        <cusip>46648PAN5</cusip>
        <identifiers>
          <isin value="US46648PAN50"/>
        </identifiers>
        <balance>80706.56000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>80010.43000000</valUSD>
        <pctVal>0.007797979173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.46400000</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>BMP Trust</name>
        <lei>N/A</lei>
        <title>BMP 2024-MF23</title>
        <cusip>05593JAJ9</cusip>
        <identifiers>
          <isin value="US05593JAJ97"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999663.50000000</valUSD>
        <pctVal>0.097429237087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.70081000</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>HSI Asset Securitization Corpo</name>
        <lei>N/A</lei>
        <title>HSI Asset Securitization Corp Trust 2005-I1</title>
        <cusip>40430HCN6</cusip>
        <identifiers>
          <isin value="US40430HCN61"/>
        </identifiers>
        <balance>407507.96000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>378819.81000000</valUSD>
        <pctVal>0.036920548846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.21368000</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>BWAY Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BWAY 2013-1515 Mortgage Trust</title>
        <cusip>05604FAS4</cusip>
        <identifiers>
          <isin value="US05604FAS48"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>869068.60000000</valUSD>
        <pctVal>0.084701192626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.05784800</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>549300S7ENI2U7O0XH56</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2015-C28</title>
        <cusip>94989JBH8</cusip>
        <identifiers>
          <isin value="US94989JBH86"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1326135.75000000</valUSD>
        <pctVal>0.129247886311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.25325500</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>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK43</title>
        <cusip>06541QAE5</cusip>
        <identifiers>
          <isin value="US06541QAE52"/>
        </identifiers>
        <balance>2125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1446681.51000000</valUSD>
        <pctVal>0.140996521157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>479957.92000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>462647.23000000</valUSD>
        <pctVal>0.045090539626</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>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2021-VOLT</title>
        <cusip>05609VAA3</cusip>
        <identifiers>
          <isin value="US05609VAA35"/>
        </identifiers>
        <balance>1211035.16000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1207630.33000000</valUSD>
        <pctVal>0.117698107148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.12624000</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>The Gates at Marina</name>
        <lei>N/A</lei>
        <title>The Gates at Marina</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="GATMARINA"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other Units</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>28831250.00000000</valUSD>
        <pctVal>2.809952240714</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>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"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>848403.30000000</valUSD>
        <pctVal>0.082687110474</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>4.63322900</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>Fannie Mae - CAS</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust 2022-R02</title>
        <cusip>20754BAJ0</cusip>
        <identifiers>
          <isin value="US20754BAJ08"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1076577.40000000</valUSD>
        <pctVal>0.104925422152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.95517000</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>BIG Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BIG Commercial Mortgage Trust 2022-BIG</title>
        <cusip>05551UAF2</cusip>
        <identifiers>
          <isin value="US05551UAF21"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>499245.30000000</valUSD>
        <pctVal>0.048657461934</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>9.74736000</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>2025-08-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Clarion Partners Real Estate Income Fund Inc.</ncom:nameOfApplicant>
      <ncom:signature>Christopher Berarducci</ncom:signature>
      <ncom:signerName>Christopher Berarducci</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
