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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <lei>N/A</lei>
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        <identifiers>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <lei>N/A</lei>
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          <isin value="US06540YBH18"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>WFRBS COML MTG TR 2011-C3</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>UBS COML MTG TR 2012-C1</name>
        <lei>N/A</lei>
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        <cusip>90269GAS0</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SREIT TR 2021-MFP</name>
        <lei>N/A</lei>
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        <cusip>78472UAL2</cusip>
        <identifiers>
          <isin value="US78472UAL26"/>
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        <balance>1405000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1309940.65000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.06500190</annualizedRt>
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      <invstOrSec>
        <name>BANK 2017-BNK4</name>
        <lei>N/A</lei>
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        <cusip>06541FAJ8</cusip>
        <identifiers>
          <isin value="US06541FAJ84"/>
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        <balance>4416000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3152294.04000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03357000</annualizedRt>
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      <invstOrSec>
        <name>BMO 2022-C1 MORTGAGE TRUST</name>
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        <cusip>05609MDC6</cusip>
        <identifiers>
          <isin value="US05609MDC64"/>
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        <balance>1638000.00000000</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>2042-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04069949</annualizedRt>
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      <invstOrSec>
        <name>HUDSON YDS 2019-55HY MTG TR</name>
        <lei>N/A</lei>
        <title>HUDSON YDS 2019-55HY F CSTR 12/10/2041 144A</title>
        <cusip>44421MAN0</cusip>
        <identifiers>
          <isin value="US44421MAN02"/>
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        <balance>1617000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.03040893</annualizedRt>
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      <invstOrSec>
        <name>BBCMS Mortgage Trust 2022-C14</name>
        <lei>N/A</lei>
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        <cusip>07336AAE7</cusip>
        <identifiers>
          <isin value="US07336AAE73"/>
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        <balance>1486000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02946000</annualizedRt>
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      <invstOrSec>
        <name>GS MTG SECS TR 2020-GC45</name>
        <lei>N/A</lei>
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        <cusip>36258YAY4</cusip>
        <identifiers>
          <isin value="US36258YAY41"/>
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        <balance>1764000.00000000</balance>
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        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.03325825</annualizedRt>
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        <name>WFRBS COML MTG TR 2013-C11</name>
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          <isin value="US92937EAJ38"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6</name>
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        <cusip>61761DAU6</cusip>
        <identifiers>
          <isin value="US61761DAU63"/>
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        <name>COMMERCIAL MORTGAGE CD 2016-CD2 MTG TR</name>
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        <title>CD 2016-CD2 D CSTR 11/49</title>
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          <isin value="US12515AAN00"/>
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        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.02863209</annualizedRt>
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        <name>BHP TRUST 2019-BXHP</name>
        <lei>N/A</lei>
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        <cusip>05550TAL3</cusip>
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          <isin value="US05550TAL35"/>
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        <balance>1165500.00000000</balance>
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        <valUSD>1073496.01000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.06812980</annualizedRt>
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      <invstOrSec>
        <name>MOFT TR 2020-ABC</name>
        <lei>N/A</lei>
        <title>MOFT TR 2020-ABC E CSTR 02/01/2042 144A</title>
        <cusip>55317BAL1</cusip>
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          <isin value="US55317BAL18"/>
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        <balance>841000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2020-NNN</name>
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        <name>NATIXIS COML MTG SECS TR 2018-TECH</name>
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        <name>BX TR 2022-LBA6</name>
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          <couponKind>Variable</couponKind>
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        <lei>N/A</lei>
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          <isin value="US065402AJ89"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>AMR HMS 15-SFR2</name>
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        <curCd>USD</curCd>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>JPMCC 2019</name>
        <lei>N/A</lei>
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        <cusip>46651MAQ9</cusip>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATE</name>
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          <couponKind>Variable</couponKind>
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        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2014-C18</name>
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        <name>WFRBS COML MTG TR 2013-C13</name>
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        <name>BBCMS MTG TR 2020-C6</name>
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        <name>OPG TR 2021-PORT</name>
        <lei>N/A</lei>
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          <isin value="US67118AAU97"/>
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        <name>PROGRESS RESIDENTIAL 2020</name>
        <lei>N/A</lei>
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          <isin value="US74333AAQ31"/>
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        <name>GS MTG SECS TR 2019-GSA1</name>
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        <name>WORLDWIDE PLAZA TR 2017-WWP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CAESARS ENTERTAINMENT INC</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BX TR 2022-LBA6</name>
        <lei>N/A</lei>
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        <identifiers>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07144250</annualizedRt>
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      <invstOrSec>
        <name>BX 2021-SOAR</name>
        <lei>N/A</lei>
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        <cusip>05608WAS3</cusip>
        <identifiers>
          <isin value="US05608WAS35"/>
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        <balance>1271369.12000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1165709.07000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06676000</annualizedRt>
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      <invstOrSec>
        <name>NATIXIS COML MTG SECS TR 2019-10K</name>
        <lei>N/A</lei>
        <title>NCMS 2019-10K E VAR 05/15/2039 144A</title>
        <cusip>63874UAL8</cusip>
        <identifiers>
          <isin value="US63874UAL89"/>
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        <balance>984000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>756698.56000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04272420</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>HILTON GRAND VACATIONS BORROWER ESCROW LLC</name>
        <lei>N/A</lei>
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        <cusip>43284MAB4</cusip>
        <identifiers>
          <isin value="US43284MAB46"/>
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        <balance>3200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2641280.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</annualizedRt>
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        <name>PROGRESS RESIDENTIAL 2019-SFR3 TR</name>
        <lei>N/A</lei>
        <title>PROGRESS RESIDENTIAL 2019-SFR3 G TR 4.116% 09/17/2036 144A</title>
        <cusip>74332WAQ6</cusip>
        <identifiers>
          <isin value="US74332WAQ69"/>
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        <balance>998000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>935944.06000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04116000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>DBCCRE 2014-ARCP MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>DBCCRE 2014-ARCP MORTGAGE TRUST VAR 01/10/2034 144A</title>
        <cusip>23305MAJ4</cusip>
        <identifiers>
          <isin value="US23305MAJ45"/>
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        <balance>833000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>765092.26000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05098983</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2011-C3</name>
        <lei>N/A</lei>
        <title>JPMCC 2011-C3 E CSTR 2/46</title>
        <cusip>46635TBD3</cusip>
        <identifiers>
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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>2046-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05709040</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>KENNEDY-WILSON INC</name>
        <lei>5EA4464UK7FM5QNNKL62</lei>
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        <cusip>489399AN5</cusip>
        <identifiers>
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        <balance>2545000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2016912.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1</name>
        <lei>549300DNBJ7A0SEFVK31</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1 D 3% 08/15/2049 144A</title>
        <cusip>95000GAJ3</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>912871.66000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
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      <invstOrSec>
        <name>CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-C3</name>
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        <title>CGCMT 2016-C3 D 3% 11/15/2049 144A</title>
        <cusip>17325GAL0</cusip>
        <identifiers>
          <isin value="US17325GAL05"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
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      <invstOrSec>
        <name>SERVICE PROPERTIES TRUST</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>SERVICE PPTYS TR 7.5% 09/15/2025</title>
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          <isin value="US81761LAA08"/>
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        <balance>1095000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1059412.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07500000</annualizedRt>
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      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2013-LC11</name>
        <lei>N/A</lei>
        <title>JP MORGAN CH CMS 13-LC11 VAR 04/15/2046 144A</title>
        <cusip>46639YAE7</cusip>
        <identifiers>
          <isin value="US46639YAE77"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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          <maturityDt>2046-04-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>ILPT COML MTG TR 2022-LPF2</name>
        <lei>N/A</lei>
        <title>ILPT COML MTG TR 2022-LPF2 D TSFR1M+419.2 10/15/2039 144A</title>
        <cusip>449652AG1</cusip>
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          <isin value="US449652AG10"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.07986250</annualizedRt>
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      <invstOrSec>
        <name>BBCMS MORTGAGE TRUST 2022-C18</name>
        <lei>N/A</lei>
        <title>BBCMS MORTGAGE TRUST 2022-C18 VAR 12/15/2055</title>
        <cusip>054975AK3</cusip>
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          <isin value="US054975AK38"/>
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        <valUSD>1895719.52000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.06148180</annualizedRt>
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      <invstOrSec>
        <name>CUSHMAN and WAKEFIELD US BORROWER LLC</name>
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        <title>CUSHMAN and WAKEFIELD US BORROWER LLC 6.75% 05/15/2028 144A</title>
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          <isin value="US23166MAA18"/>
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        <curCd>USD</curCd>
        <valUSD>654237.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9</name>
        <lei>549300PFVBG5704L7K74</lei>
        <title>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9 E CSTR 05/15/2046 144A</title>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2013-LC11</name>
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        <name>COMM 2018-HCLV MTG TR</name>
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        <name>MORGAN STANLEY BK OF AMER MERRILL LYNCH TR 2013-C12</name>
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        <name>HOME PARTNERS AMER 2021-2 TR</name>
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        <name>GS MTG SECS CORP TR 2019-70P</name>
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        <name>GS MTG SECS TR 2013-GCJ12</name>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2020-NNN</name>
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        <name>HILTON USA TR 2016-HHV</name>
        <lei>N/A</lei>
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        <lei>N/A</lei>
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        <name>TIMES SQUARE HOTEL TR</name>
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          <isin value="US887367AA88"/>
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        <name>BX COML MTG TR 2020-VIVA</name>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <lei>N/A</lei>
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        <name>CREDIT SUISSE COM MTG TR 2021</name>
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        <cusip>12657VAQ5</cusip>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>BENCHMARK 2019-B14 MTG TR</name>
        <lei>N/A</lei>
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        <cusip>08162YBP6</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>PKHL COML MTG TR 2021-MF</name>
        <lei>N/A</lei>
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        <cusip>69356GAU3</cusip>
        <identifiers>
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        <name>DBGS 2018-C1 MTG TR</name>
        <lei>N/A</lei>
        <title>DBGS 2018-C1 D MTG TR CSTR 10/15/2051 144A</title>
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        <identifiers>
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        <name>CRSNT TR 2021-MOON</name>
        <lei>N/A</lei>
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        <name>UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CAPITAL LLC</name>
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          <isin value="US91327AAA07"/>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2013-C10</name>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2022-NXSS</name>
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        <title>J P MORGAN CHASE COML MTG SECS TR 2022-NXSS D TSFR1M+412.9 08/15/2039 144A</title>
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        <name>BANK 2020-BNK30</name>
        <lei>N/A</lei>
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          <isin value="US06541UBJ43"/>
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        <name>BX 2021-BXMF</name>
        <lei>N/A</lei>
        <title>BX 2021-BXMF 1ML+359.02 10/15/2026 144A</title>
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          <isin value="US05609RAS31"/>
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        <name>COMM 2014-CCRE15 MTG TR</name>
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        <name>COMM 2012-CCRE1 MTG TR</name>
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      <invstOrSec>
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        <name>CAESARS ENTERTAINMENT INC</name>
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        <name>JPMDB COML MTG SECS TR 2019</name>
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        <name>BARCLAYS COMMERCIAL MORTGAGE</name>
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        <name>RLJ LODGING TR</name>
        <lei>N/A</lei>
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        <name>BX TR 2022-LBA6</name>
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          <couponKind>Variable</couponKind>
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        <name>PROGRESS RESIDENTIAL 2020-SFR1 TR</name>
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        <name>CITIGROUP COML MTG TR 2022-GC48</name>
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        <name>NATIXIS COML MTG SECS TR 2018-TECH</name>
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        <lei>N/A</lei>
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        <name>WP GLIMCHER MALL TR 15-WPG</name>
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        <name>JPMDB COML MTG SECS TR 2019</name>
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        <name>COMM 2013-LC6 MTG TR</name>
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        <name>FEDERAL NAT MTG ASN GTD REM PA</name>
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          <couponKind>Variable</couponKind>
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        <name>BBCMS MTG TR 2022-C17</name>
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        <name>BENCHMARK 2018-B6 MORTGAGE TRUST</name>
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        <name>ILPT COML MTG TR 2022-LPF2</name>
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        <name>BENCHMARK 2020-B18 MORTGAGE TRUST</name>
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      <invstOrSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2017-C33</name>
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        <cusip>61767CAC2</cusip>
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      <invstOrSec>
        <name>MKT 2020-525M MTG TR</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
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          <isin value="US36191YAN85"/>
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        <valUSD>209655.67000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>HILTON USA TR 2016-HHV</name>
        <lei>N/A</lei>
        <title>HILTON USA TR 2016-HHV VAR 11/05/2038 144A</title>
        <cusip>43300LAN0</cusip>
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          <isin value="US43300LAN01"/>
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        <balance>3079000.00000000</balance>
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          <couponKind>Variable</couponKind>
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        <name>DIAMOND INFRASTRUCTURE FUNDING LLC</name>
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          <isin value="US25265LAE02"/>
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          <couponKind>Fixed</couponKind>
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        <name>MORGAN STANLEY CAP I TR 2012-C4</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>PROVIDENCE PLACE GROUP LTD PARTNERSHIP</name>
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        <cusip>743784AB6</cusip>
        <identifiers>
          <isin value="US743784AB61"/>
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        <curCd>USD</curCd>
        <valUSD>1598621.55000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07750000</annualizedRt>
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      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2018-MP</name>
        <lei>N/A</lei>
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        <cusip>61691DAN7</cusip>
        <identifiers>
          <isin value="US61691DAN75"/>
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        <curCd>USD</curCd>
        <valUSD>1794651.10000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-11</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>WFRBS COML MTG TR 2011-C3</name>
        <lei>N/A</lei>
        <title>WFRBS 2011-C3 E 5% 3/44</title>
        <cusip>92935VAU2</cusip>
        <identifiers>
          <isin value="US92935VAU26"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>DIGITALBRIDGE GROUP INC</name>
        <lei>549300XG87L902AGBO89</lei>
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        <assetCat>EP</assetCat>
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        <name>MERIT SECURITIES CORP</name>
        <lei>N/A</lei>
        <title>MESC 13 M1 VAR 12/33</title>
        <cusip>589962CV9</cusip>
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          <isin value="US589962CV90"/>
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        <curCd>USD</curCd>
        <valUSD>580726.17000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2019-GC41</name>
        <lei>N/A</lei>
        <title>CITIGROUP COML MTG TR 2019-GC41 E 3% 08/10/2056 144A</title>
        <cusip>17328FAC9</cusip>
        <identifiers>
          <isin value="US17328FAC95"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BANK 2018-BNK12</name>
        <lei>N/A</lei>
        <title>BANK 2018-BNK12 D 3% 05/15/2061 144A</title>
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        <identifiers>
          <isin value="US06541KAJ79"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>MHC TR 2021-MHC2</name>
        <lei>N/A</lei>
        <title>MHC TR 2021-MHC2 1ML+240 05/15/2023 144A</title>
        <cusip>55293AAQ0</cusip>
        <identifiers>
          <isin value="US55293AAQ04"/>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>MORGAN STANLEY CAP I TR 2015-MS1</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP I TR 2015 4.163% 5/15/48</title>
        <cusip>61765DAC2</cusip>
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          <isin value="US61765DAC20"/>
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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>
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          <couponKind>Variable</couponKind>
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        <name>CSAIL 2017-C8 COML MTG TR</name>
        <lei>N/A</lei>
        <title>CSAIL 2017-C8 COML MTG TR 4.47% 06/15/2050 144A</title>
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          <isin value="US12595BAK70"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.04586734</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <name>MHP 2022-MHIL MEZZ</name>
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        <name>COMM 2012-CCRE2 MTG TR</name>
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        <name>GS MTG SECS CORP TR 2019</name>
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        <name>UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CAPITAL LLC</name>
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        <name>CITIGROUP COML MTG TR 2022-GC48</name>
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        <name>JPMBB COML MTG SECS TR 2014-C23</name>
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        <name>MERIT 2021</name>
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        <name>BXSC 2022-WSS F</name>
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        <name>FRANKLIN BSP REALTY TRUST INC/DUPE</name>
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          <isin value="US35243J2006"/>
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        <name>REALOGY GROUP LLC / REALOGY CO-ISSUER CORP</name>
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        <name>CITIGROUP COML MTG TR 2019-GC43</name>
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        <name>GS MTG SECS TR 2020-GC47</name>
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        <name>DIGITALBRIDGE GROUP INC</name>
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        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6</name>
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        <name>BANK 2022-BNK43</name>
        <lei>N/A</lei>
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        <name>DIAMONDROCK HOSPITALITY CO</name>
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        <name>MORGAN STANLEY CAP I INC</name>
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        <title>MSC 2011-C2 F CSTR 6/44</title>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05385010</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>UBS COMMERCIAL MORTGAGE TRUST 2018-C8</name>
        <lei>N/A</lei>
        <title>UBS COMMERCIAL MORTGAGE TRUST 2018-C8 CSTR 02/15/2051</title>
        <cusip>90276VAK5</cusip>
        <identifiers>
          <isin value="US90276VAK52"/>
        </identifiers>
        <balance>756000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>653560.94000000</valUSD>
        <pctVal>0.090845132472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04866372</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Stacie M. Smith</ncom:nameOfApplicant>
      <ncom:signature>Stacie M. Smith</ncom:signature>
      <ncom:signerName>Stacie M. Smith</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
