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        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE SER S 4.1% PFD PERP</title>
        <cusip>74460W396</cusip>
        <identifiers>
          <isin value="US74460W3960"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1712000.00000000</valUSD>
        <pctVal>0.030750266323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXTRA SPACE STORAGE LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
        <title>EXTRA SPACE STORAGE LP 5.4% 02/01/2034</title>
        <cusip>30225VAS6</cusip>
        <identifiers>
          <isin value="US30225VAS60"/>
        </identifiers>
        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15418447.35000000</valUSD>
        <pctVal>0.276940048074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05400000</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>SELF COMMERCIAL MORTGAGE TRUST 2024-STRG</name>
        <lei>N/A</lei>
        <title>SELF COMMERCIAL MORTGAGE TRUST 2024-STRG E TSFR1M+418.849 11/15/2034 144A</title>
        <cusip>81631WAJ5</cusip>
        <identifiers>
          <isin value="US81631WAJ53"/>
        </identifiers>
        <balance>6546000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6554139.95000000</valUSD>
        <pctVal>0.117722867396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08220660</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS CORP TR 2023-SHIP</name>
        <lei>N/A</lei>
        <title>GS MTG SECS CORP TR 2023-SHIP 7.68138% 09/10/2038 144A</title>
        <cusip>36270GAJ0</cusip>
        <identifiers>
          <isin value="US36270GAJ04"/>
        </identifiers>
        <balance>13500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13540798.35000000</valUSD>
        <pctVal>0.243214459983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-09-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07433600</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>SERITAGE GROWTH PPTYS</name>
        <lei>5493003CJFC2MM82WB25</lei>
        <title>SERITAGE GROWTH PPTYS SER A 7% PERP PFD</title>
        <cusip>81752R308</cusip>
        <identifiers>
          <isin value="US81752R3084"/>
        </identifiers>
        <balance>91986.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2160751.14000000</valUSD>
        <pctVal>0.038810556666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXTRA SPACE STORAGE LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
        <title>EXTRA SPACE STORAGE LP 5.4% 06/15/2035</title>
        <cusip>30225VAU1</cusip>
        <identifiers>
          <isin value="US30225VAU17"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10234697.50000000</valUSD>
        <pctVal>0.183831585200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05400000</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>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-SFR2</name>
        <lei>N/A</lei>
        <title>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-SFR2 4% 09/04/2039 144A</title>
        <cusip>64830RAJ1</cusip>
        <identifiers>
          <isin value="US64830RAJ14"/>
        </identifiers>
        <balance>2900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2789507.68000000</valUSD>
        <pctVal>0.050104032751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</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 CAP I TR 2020-L4</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 3.536% 02/15/2053</title>
        <cusip>61770KBC8</cusip>
        <identifiers>
          <isin value="US61770KBC80"/>
        </identifiers>
        <balance>2765000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2460388.80000000</valUSD>
        <pctVal>0.044192529707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03536000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSWF COMMERCIAL MORTGAGE TRUST 23-2</name>
        <lei>N/A</lei>
        <title>MSWF COMMERCIAL MORTGAGE TRUST 23-2 B 7.252% 12/15/2056</title>
        <cusip>55361AAY0</cusip>
        <identifiers>
          <isin value="US55361AAY01"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10727858.00000000</valUSD>
        <pctVal>0.192689538889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07110295</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>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE SER M 4.125% PFD PERP</title>
        <cusip>74460W537</cusip>
        <identifiers>
          <isin value="US74460W5379"/>
        </identifiers>
        <balance>28000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>482507.20000000</valUSD>
        <pctVal>0.008666603331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WP CAREY INC</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>WP CAREY INC 2.25% 04/01/2033</title>
        <cusip>92936UAH2</cusip>
        <identifiers>
          <isin value="US92936UAH23"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4180142.30000000</valUSD>
        <pctVal>0.075082061328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02250000</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>EQUINIX INC</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>EQUINIX INC</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <isin value="US29444U7000"/>
        </identifiers>
        <balance>114100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>96529741.00000000</valUSD>
        <pctVal>1.733828997586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS COML MTG TR 2012-C1</name>
        <lei>N/A</lei>
        <title>UBSCM 2012-C1 F CSTR 5/10/45 144A</title>
        <cusip>90269GAS0</cusip>
        <identifiers>
          <isin value="US90269GAS03"/>
        </identifiers>
        <balance>2221350.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>760649.11000000</valUSD>
        <pctVal>0.013662478219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CUBESMART LP</name>
        <lei>549300MPHKO3I3FJRA97</lei>
        <title>CUBESMART LP 4.375% 02/15/2029</title>
        <cusip>22966RAE6</cusip>
        <identifiers>
          <isin value="US22966RAE62"/>
        </identifiers>
        <balance>12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12018667.08000000</valUSD>
        <pctVal>0.215874540631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04375000</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 2022-BNK41</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK41 CSTR 04/15/2065</title>
        <cusip>06540MCA1</cusip>
        <identifiers>
          <isin value="US06540MCA18"/>
        </identifiers>
        <balance>4433000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3975301.17000000</valUSD>
        <pctVal>0.071402786035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03915783</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>VICI PROPERTIES LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI PROPERTIES LP 5.625% 04/01/2035</title>
        <cusip>925650AK9</cusip>
        <identifiers>
          <isin value="US925650AK98"/>
        </identifiers>
        <balance>20000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20399522.20000000</valUSD>
        <pctVal>0.366408142825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05625000</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>COSTAR GROUP INC</name>
        <lei>984500Q1D53D08E2E698</lei>
        <title>COSTAR GROUP INC 2.8% 07/15/2030 144A</title>
        <cusip>22160NAA7</cusip>
        <identifiers>
          <isin value="US22160NAA72"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1830117.64000000</valUSD>
        <pctVal>0.032871848617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02800000</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 2025-DIME</name>
        <lei>N/A</lei>
        <title>BX TRUST 2025-DIME VAR 02/15/2035 144A</title>
        <cusip>05613UAJ0</cusip>
        <identifiers>
          <isin value="US05613UAJ07"/>
        </identifiers>
        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14990661.00000000</valUSD>
        <pctVal>0.269256318990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07032170</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>BMO 2023-5C1 MTG TR</name>
        <lei>N/A</lei>
        <title>BMO 2023-5C1 MTG TR 7.25502% 08/15/2056</title>
        <cusip>055986AF0</cusip>
        <identifiers>
          <isin value="US055986AF05"/>
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        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3698636.55000000</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>2056-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07354681</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6</name>
        <lei>N/A</lei>
        <title>MORGAN STAN BAML TR-2012-C6 F CSTR 11/15/2045 144A</title>
        <cusip>61761DAU6</cusip>
        <identifiers>
          <isin value="US61761DAU63"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>350150.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04489368</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE MORTGAGE TRUST 2021</name>
        <lei>N/A</lei>
        <title>CREDIT SUISSE MORTGAGE TRUST 2021-BRIT A TSFR1M+357.368 92 05/09/2026 144A</title>
        <cusip>12658RAA8</cusip>
        <identifiers>
          <isin value="US12658RAA86"/>
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        <balance>7569763.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7464714.66000000</valUSD>
        <pctVal>0.134078249896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07606680</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CUBESMART LP</name>
        <lei>549300MPHKO3I3FJRA97</lei>
        <title>CUBESMART LP 5.125% 11/01/2035</title>
        <cusip>22966RAK2</cusip>
        <identifiers>
          <isin value="US22966RAK23"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9960261.40000000</valUSD>
        <pctVal>0.178902272604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAFEHOLD GL HOLDINGS LLC</name>
        <lei>54930012UY5Z4Q8NL108</lei>
        <title>SAFEHOLD GL HOLDINGS LLC 2.8% 06/15/2031</title>
        <cusip>78646UAA7</cusip>
        <identifiers>
          <isin value="US78646UAA79"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6446284.95000000</valUSD>
        <pctVal>0.115785618579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02800000</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 2021-VOLT</name>
        <lei>N/A</lei>
        <title>BX 2021-VOLT F TSFR1M+251.448 09/15/2036 144A</title>
        <cusip>05609VAQ8</cusip>
        <identifiers>
          <isin value="US05609VAQ86"/>
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        <balance>9688281.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9679198.49000000</valUSD>
        <pctVal>0.173853931871</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>Variable</couponKind>
          <annualizedRt>0.06546650</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RHP HOTEL PPTYS LP and RHP FIN CORP</name>
        <lei>N/A</lei>
        <title>RHP HOTEL PPTYS LP and RHP FIN CORP 6.5% 04/01/2032 144A</title>
        <cusip>749571AK1</cusip>
        <identifiers>
          <isin value="US749571AK15"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8229784.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06500000</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>EXTRA SPACE STORAGE INC</name>
        <lei>N/A</lei>
        <title>EXTRA SPACE STORAGE INC</title>
        <cusip>30225T102</cusip>
        <identifiers>
          <isin value="US30225T1025"/>
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        <balance>144449.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19289719.46000000</valUSD>
        <pctVal>0.346474305313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLACKSTONE CQP HOLDCO LP</name>
        <lei>549300LPL012JY5D4B69</lei>
        <title>CQP HOLDCO TERM B 1LN 12/31/2030</title>
        <cusip>12657QAE3</cusip>
        <identifiers>
          <isin value="US12657QAE35"/>
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        <balance>9900312.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9913677.60000000</valUSD>
        <pctVal>0.178065552828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06001500</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>ROCC 2024-CNTR E</name>
        <lei>N/A</lei>
        <title>ROCC 2024-CNTR E 8.81906% 11/13/2041 144A</title>
        <cusip>74970WAJ9</cusip>
        <identifiers>
          <isin value="US74970WAJ99"/>
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        <balance>13372000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14106277.92000000</valUSD>
        <pctVal>0.253371380181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08819060</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>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9</name>
        <lei>549300PFVBG5704L7K74</lei>
        <title>MSBAM 13-C9 D CSTR 5/15/46</title>
        <cusip>61762DAG6</cusip>
        <identifiers>
          <isin value="US61762DAG60"/>
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        <balance>2231000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2043392.09000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03924389</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE 4% PFD PERP</title>
        <cusip>74460W420</cusip>
        <identifiers>
          <isin value="US74460W4208"/>
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        <balance>45700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>763647.00000000</valUSD>
        <pctVal>0.013716325132</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>RITHM CAPITAL CORP SER C 6.375%/VAR PFD PERP</title>
        <cusip>64828T508</cusip>
        <identifiers>
          <isin value="US64828T5083"/>
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        <balance>1024554.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25101573.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>SREIT TR 2021-MFP</name>
        <lei>N/A</lei>
        <title>SREIT TR 2021-MFP G TSFR1M+308.828 38 11/15/2038 144A</title>
        <cusip>78472UAN8</cusip>
        <identifiers>
          <isin value="US78472UAN81"/>
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        <balance>3249671.99000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3244093.60000000</valUSD>
        <pctVal>0.058269125103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07120450</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP 5.45% 02/15/2034</title>
        <cusip>03027XCH1</cusip>
        <identifiers>
          <isin value="US03027XCH17"/>
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        <balance>29000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30079183.09000000</valUSD>
        <pctVal>0.540270380142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05450000</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>ARMADA HOFFLER PROPERTIES INC</name>
        <lei>549300WQRSIV6XZT9313</lei>
        <title>ARMADA HOFFLER PPTYS INC SER A 6.75% PFD PERP</title>
        <cusip>04208T207</cusip>
        <identifiers>
          <isin value="US04208T2078"/>
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        <balance>255050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5430014.50000000</valUSD>
        <pctVal>0.097531771036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER</name>
        <lei>N/A</lei>
        <title>PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER 7% 02/01/2030 144A</title>
        <cusip>70052LAD5</cusip>
        <identifiers>
          <isin value="US70052LAD55"/>
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        <balance>3115000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3189978.05000000</valUSD>
        <pctVal>0.057297123015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07000000</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>COMM 2017-COR2</name>
        <lei>N/A</lei>
        <title>COMM 2017-COR2 D 3% 09/10/2050 144A</title>
        <cusip>12595EAN5</cusip>
        <identifiers>
          <isin value="US12595EAN58"/>
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        <balance>2769000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2475646.60000000</valUSD>
        <pctVal>0.044466584271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</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>VASA TR 2021-VASA</name>
        <lei>N/A</lei>
        <title>VASA TR 2021-VASA F TSFR1M+401.448 04/15/2060 144A</title>
        <cusip>92230AAL0</cusip>
        <identifiers>
          <isin value="US92230AAL08"/>
        </identifiers>
        <balance>6685000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5689718.48000000</valUSD>
        <pctVal>0.102196471124</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>Variable</couponKind>
          <annualizedRt>0.08047480</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>PENNYMAC MORTGAGE INVESTMENT TRUST</name>
        <lei>549300BSSOQO1ZWDUJ97</lei>
        <title>PENNYMAC MTG INVT TR 6.75% PERP PFD</title>
        <cusip>70931T509</cusip>
        <identifiers>
          <isin value="US70931T5092"/>
        </identifiers>
        <balance>217700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4103645.00000000</valUSD>
        <pctVal>0.073708047106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMH PPTYS INC</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
        <title>UMH PPTYS INC 6.75% SER D PFD PERP</title>
        <cusip>903002509</cusip>
        <identifiers>
          <isin value="US9030025095"/>
        </identifiers>
        <balance>844525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19027148.25000000</valUSD>
        <pctVal>0.341758105175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCG TRUST 2025-SNIP</name>
        <lei>N/A</lei>
        <title>SCG TRUST 2025-SNIP 7.65% 09/15/2042 144A</title>
        <cusip>78398JAJ3</cusip>
        <identifiers>
          <isin value="US78398JAJ34"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3018917.10000000</valUSD>
        <pctVal>0.054224593944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.07432170</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>DYNEX CAPITAL INC</name>
        <lei>5CIJ4S9HAEBWILA19B65</lei>
        <title>DYNEX CAP INC 6.9%/VAR PFD PERP C</title>
        <cusip>26817Q878</cusip>
        <identifiers>
          <isin value="US26817Q8785"/>
        </identifiers>
        <balance>298683.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7706021.40000000</valUSD>
        <pctVal>0.138412506041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLP CAP LP / GLP FING II INC</name>
        <lei>N/A</lei>
        <title>GLP CAP LP / GLP FING II INC 4% 01/15/2030</title>
        <cusip>361841AP4</cusip>
        <identifiers>
          <isin value="US361841AP42"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2906036.40000000</valUSD>
        <pctVal>0.052197075493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</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>EG GLOBAL FINANCE PLC</name>
        <lei>549300TL8Q5207VYET27</lei>
        <title>EG GLOBAL FINANCE PLC 12% 11/30/2028 144A</title>
        <cusip>28228PAC5</cusip>
        <identifiers>
          <isin value="US28228PAC59"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10953110.00000000</valUSD>
        <pctVal>0.196735426149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12000000</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>SAFEHOLD GL HOLDINGS LLC</name>
        <lei>54930012UY5Z4Q8NL108</lei>
        <title>SAFEHOLD GL HOLDINGS LLC 2.85% 01/15/2032</title>
        <cusip>78646UAB5</cusip>
        <identifiers>
          <isin value="US78646UAB52"/>
        </identifiers>
        <balance>18250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16211903.88000000</valUSD>
        <pctVal>0.291191800185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02850000</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>CBL and ASSOCS LTD PARTNERSHIP</name>
        <lei>549300VS75TWHD9JTH89</lei>
        <title>CBL and ASSOCS LP 5.25% 12/31/2049</title>
        <cusip>12505JAA1</cusip>
        <identifiers>
          <isin value="US12505JAA16"/>
        </identifiers>
        <balance>11371000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1.14000000</valUSD>
        <pctVal>0.000000020476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EASTERLY GOVERNMENT PROPERTIES INC</name>
        <lei>549300ERMCEFC6S8HL77</lei>
        <title>EASTERLY GOVERNMENT PROPERTIES INC</title>
        <cusip>27616P301</cusip>
        <identifiers>
          <isin value="US27616P3010"/>
        </identifiers>
        <balance>341480.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7382797.60000000</valUSD>
        <pctVal>0.132606888090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="887046.98000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>LXP INDUSTRIAL TRUST</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LXP INDUSTRIAL TRUST REIT</title>
        <cusip>529043101</cusip>
        <identifiers>
          <isin value="US5290431015"/>
        </identifiers>
        <balance>2898774.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27509365.26000000</valUSD>
        <pctVal>0.494112329514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VICI PROPERTIES LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI PROPERTIES LP 5.125% 05/15/2032</title>
        <cusip>925650AD5</cusip>
        <identifiers>
          <isin value="US925650AD55"/>
        </identifiers>
        <balance>29000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29233065.17000000</valUSD>
        <pctVal>0.525072744990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</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>BRIXMOR PROPERTY GROUP INC</name>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>BRIXMOR PPTY GROUP INC</title>
        <cusip>11120U105</cusip>
        <identifiers>
          <isin value="US11120U1051"/>
        </identifiers>
        <balance>230300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6024648.00000000</valUSD>
        <pctVal>0.108212342584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WFRBS COML MTG TR 2011-C3</name>
        <lei>N/A</lei>
        <title>WFRBS 2011-C3 D CSTR 3/44</title>
        <cusip>92935VAS7</cusip>
        <identifiers>
          <isin value="US92935VAS79"/>
        </identifiers>
        <balance>503529.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>181280.76000000</valUSD>
        <pctVal>0.003256093253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06049660</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>GLP CAP LP / GLP FING II INC</name>
        <lei>N/A</lei>
        <title>GLP CAP LP / GLP FING II INC 5.25% 02/15/2033</title>
        <cusip>361841AV1</cusip>
        <identifiers>
          <isin value="US361841AV10"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9993950.00000000</valUSD>
        <pctVal>0.179507373902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</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>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC 5% 01/11/2028</title>
        <cusip>22822VBA8</cusip>
        <identifiers>
          <isin value="US22822VBA89"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3040838.28000000</valUSD>
        <pctVal>0.054618333502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>VORNADO REALTY TRUST SER N 5.25% PERP PFD</title>
        <cusip>929042810</cusip>
        <identifiers>
          <isin value="US9290428104"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1782000.00000000</valUSD>
        <pctVal>0.032007578614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2022-LBA6</name>
        <lei>N/A</lei>
        <title>BX TR 2022-LBA6 TSFR1M+420 01/15/2039 144A</title>
        <cusip>12433EAS0</cusip>
        <identifiers>
          <isin value="US12433EAS00"/>
        </identifiers>
        <balance>11340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11338782.08000000</valUSD>
        <pctVal>0.203662715386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08232170</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>DIGITALBRIDGE GROUP INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DIGITALBRIDGE GROUP INC</title>
        <cusip>25401T603</cusip>
        <identifiers>
          <isin value="US25401T6038"/>
        </identifiers>
        <balance>510888.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6043805.04000000</valUSD>
        <pctVal>0.108556433753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGREE LP</name>
        <lei>549300DXY3G299V1BO77</lei>
        <title>AGREE LP 2.9% 10/01/2030</title>
        <cusip>008513AA1</cusip>
        <identifiers>
          <isin value="US008513AA19"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1399226.36000000</valUSD>
        <pctVal>0.025132350009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02900000</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>KIMCO REALTY CORP</name>
        <lei>254900ARY41P4V1JL861</lei>
        <title>KIMCO REALTY CORP 5.125% PERP PFD</title>
        <cusip>49446R737</cusip>
        <identifiers>
          <isin value="US49446R7373"/>
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        <balance>49000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1019690.00000000</valUSD>
        <pctVal>0.018315268146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CENTURY CMNTYS INC</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>CENTURY COMMUNITIES INC 3.875% 08/15/2029 144A</title>
        <cusip>156504AM4</cusip>
        <identifiers>
          <isin value="US156504AM47"/>
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        <balance>13005000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12194623.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03875000</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>AMERICAN HOMES 4 RENT LP</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>AMERICAN HOMES 4 RENT LP 5.5% 07/15/2034</title>
        <cusip>02666TAH0</cusip>
        <identifiers>
          <isin value="US02666TAH05"/>
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        <balance>47000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48501.86000000</valUSD>
        <pctVal>0.000871171210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</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>WFRBS COML MTG TR 2013-C13</name>
        <lei>N/A</lei>
        <title>WFRBS COML MTG TR 2013-C13 D CSTR 05/15/2045 144A</title>
        <cusip>92937UAJ7</cusip>
        <identifiers>
          <isin value="US92937UAJ79"/>
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        <balance>3046470.64000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2795197.74000000</valUSD>
        <pctVal>0.050206235357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03955494</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>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE 5.35% 08/01/2053</title>
        <cusip>74460WAH0</cusip>
        <identifiers>
          <isin value="US74460WAH07"/>
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        <balance>8500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8404270.88000000</valUSD>
        <pctVal>0.150954186806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05350000</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>MCR 2024-TWA MTG TR</name>
        <lei>N/A</lei>
        <title>MCR 2024-TWA MTG TR 10.114% 06/12/2039 144A</title>
        <cusip>582923AF5</cusip>
        <identifiers>
          <isin value="US582923AF53"/>
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        <balance>5500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5637364.15000000</valUSD>
        <pctVal>0.101256103372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10382000</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>TANGER PROPERTIES LP</name>
        <lei>PQPGJDNFN35EXH363L31</lei>
        <title>TANGER PROPERTIES LP 2.75% 09/01/2031</title>
        <cusip>875484AL1</cusip>
        <identifiers>
          <isin value="US875484AL13"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4492342.25000000</valUSD>
        <pctVal>0.080689673249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02750000</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>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE 5.15% SER F PFD PERP</title>
        <cusip>74460W685</cusip>
        <identifiers>
          <isin value="US74460W6856"/>
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        <balance>25800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>569922.00000000</valUSD>
        <pctVal>0.010236713366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT CORP SER H PFD PERP</title>
        <cusip>00123Q831</cusip>
        <identifiers>
          <isin value="US00123Q8318"/>
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        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7608000.00000000</valUSD>
        <pctVal>0.136651884455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TERRENO RLTY CORP</name>
        <lei>N/A</lei>
        <title>TERRENO REALTY CORP</title>
        <cusip>88146M101</cusip>
        <identifiers>
          <isin value="US88146M1018"/>
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        <balance>62628.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3577937.64000000</valUSD>
        <pctVal>0.064265499601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP 5.4% 01/31/2035</title>
        <cusip>03027XCM0</cusip>
        <identifiers>
          <isin value="US03027XCM02"/>
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        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15450996.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05400000</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>LGI HOMES INC</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI HOMES INC</title>
        <cusip>50187T106</cusip>
        <identifiers>
          <isin value="US50187T1060"/>
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        <balance>24600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1003926.00000000</valUSD>
        <pctVal>0.018032121418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HILTON GRAND VACATIONS BORROWER LLC</name>
        <lei>254900HF0EZ734FDVY79</lei>
        <title>HILTON GRAND VACATIONS TERM B 1LN 01/17/2031</title>
        <cusip>43283LAK7</cusip>
        <identifiers>
          <isin value="US43283LAK70"/>
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        <balance>3950150.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3932058.31000000</valUSD>
        <pctVal>0.070626074901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05964610</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>GS MTG SECS TR 2012-GCJ9</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2012-GCJ9 VAR 11/10/2045 144A</title>
        <cusip>36192PAK2</cusip>
        <identifiers>
          <isin value="US36192PAK21"/>
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        <balance>4217448.49000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4109060.06000000</valUSD>
        <pctVal>0.073805310270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04587857</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>POSTAL REALTY TRUST INC</name>
        <lei>5493007B7ZZSIJRGWC41</lei>
        <title>POSTAL REALTY TRUST INC</title>
        <cusip>73757R102</cusip>
        <identifiers>
          <isin value="US73757R1023"/>
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        <balance>878500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13010585.00000000</valUSD>
        <pctVal>0.233690977670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PROLOGIS LP</name>
        <lei>GL16H1DHB0QSHP25F723</lei>
        <title>PROLOGIS LP 5% 03/15/2034</title>
        <cusip>74340XCJ8</cusip>
        <identifiers>
          <isin value="US74340XCJ81"/>
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        <balance>15574000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15847122.48000000</valUSD>
        <pctVal>0.284639741073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>ENBRIDGE INC</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBRIDGE INC SER L 4/VAR PFD PERP</title>
        <cusip>29250N790</cusip>
        <identifiers>
          <isin value="CA29250N7909"/>
        </identifiers>
        <balance>111400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2684740.00000000</valUSD>
        <pctVal>0.048222237154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROLOGIS LP</name>
        <lei>GL16H1DHB0QSHP25F723</lei>
        <title>PROLOGIS LP 5.25% 03/15/2054</title>
        <cusip>74340XCK5</cusip>
        <identifiers>
          <isin value="US74340XCK54"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7771865.92000000</valUSD>
        <pctVal>0.139595179245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</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 CORP TRUST 2025-800D</name>
        <lei>N/A</lei>
        <title>GS MORTGAGE SECURITIES CORP TRUST 2025-800D B TSFR1M+315 11/17/2029 144A</title>
        <cusip>36273XAJ0</cusip>
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          <isin value="US36273XAJ00"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4003978.40000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07481040</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WELLTOWER INC</name>
        <lei>254900F33BIAR82QTA19</lei>
        <title>WELLTOWER INC</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <isin value="US95040Q1040"/>
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        <balance>460100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>83296504.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP 7.125%/VAR PERP</title>
        <cusip>29273VAM2</cusip>
        <identifiers>
          <isin value="US29273VAM28"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6172981.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PEBBLEBROOK HOTEL TRUST</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>PEBBLEBROOK HOTEL TR SER F 6.3% PERP PFD</title>
        <cusip>70509V704</cusip>
        <identifiers>
          <isin value="US70509V7047"/>
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        <balance>281697.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5371961.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SIMON PROPERTY GROUP LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>SIMON PROPERTY GROUP LP 4.75% 09/26/2034</title>
        <cusip>828807DY0</cusip>
        <identifiers>
          <isin value="US828807DY06"/>
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        <balance>18000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17886579.12000000</valUSD>
        <pctVal>0.321271653944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</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>WFRBS COML MTG TR 2013-C11</name>
        <lei>N/A</lei>
        <title>WFRBS 2013-C11 E VAR 3/45</title>
        <cusip>92937EAL8</cusip>
        <identifiers>
          <isin value="US92937EAL83"/>
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        <balance>4727000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3322147.89000000</valUSD>
        <pctVal>0.059671105363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04202130</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>BENCHMARK 2022-B35 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2022-B35 MTG TR 4.59391% 05/15/2055</title>
        <cusip>08163RBV7</cusip>
        <identifiers>
          <isin value="US08163RBV78"/>
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        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5843617.50000000</valUSD>
        <pctVal>0.104960744402</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04590879</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>KIMCO REALTY CORP</name>
        <lei>254900ARY41P4V1JL861</lei>
        <title>KIMCO REALTY CORPORATION</title>
        <cusip>49446R109</cusip>
        <identifiers>
          <isin value="US49446R1095"/>
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        <balance>771700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15943322.00000000</valUSD>
        <pctVal>0.286367638772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2014-DSTY</name>
        <lei>N/A</lei>
        <title>JPMCC 2014-DSTY E CSTR 06/27</title>
        <cusip>46642MAN8</cusip>
        <identifiers>
          <isin value="US46642MAN83"/>
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        <balance>8161000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20239.28000000</valUSD>
        <pctVal>0.000363529935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03804600</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>JP MORGAN CHASE COML MTG SECS TR 2012-CIBX</name>
        <lei>N/A</lei>
        <title>JP MORGAN CHASE CMS TR 12-CIBX 4.0% 06/15/2045 144A</title>
        <cusip>46637WAS2</cusip>
        <identifiers>
          <isin value="US46637WAS26"/>
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        <balance>8192000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6947600.79000000</valUSD>
        <pctVal>0.124790055257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</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>RHP HOTEL PPTYS LP and RHP FIN CORP</name>
        <lei>N/A</lei>
        <title>RHP HOTEL PPTYS LP and RHP FIN CORP 6.5% 06/15/2033 144A</title>
        <cusip>749571AL9</cusip>
        <identifiers>
          <isin value="US749571AL97"/>
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        <balance>5575000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5754052.28000000</valUSD>
        <pctVal>0.103352009373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06500000</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>KITE REALTY GROUP TRUST</name>
        <lei>N/A</lei>
        <title>KITE REALTY GROUP TRUST</title>
        <cusip>49803T300</cusip>
        <identifiers>
          <isin value="US49803T3005"/>
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        <balance>558100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12356334.00000000</valUSD>
        <pctVal>0.221939580186</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COMM 2018-HCLV MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2018-HCLV MTG TR TSFR1M+319.601 09/15/2033 144A</title>
        <cusip>20048KAL1</cusip>
        <identifiers>
          <isin value="US20048KAL17"/>
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        <balance>4265000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>227708.35000000</valUSD>
        <pctVal>0.004090007246</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07378010</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>HILTON DOMESTIC OPERATING CO INC</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OPERATING CO INC 5.875% 03/15/2033 144A</title>
        <cusip>432833AR2</cusip>
        <identifiers>
          <isin value="US432833AR23"/>
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        <balance>3800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3895109.59000000</valUSD>
        <pctVal>0.069962416618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05875000</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>EXTENDED STAY AMERICA TRUST 2025-ESH</name>
        <lei>N/A</lei>
        <title>EXTENDED STAY AMERICA TRUST 2025-ESH E TSFR1M+335 10/15/2042 144A</title>
        <cusip>30227TAJ9</cusip>
        <identifiers>
          <isin value="US30227TAJ97"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8065000.00000000</valUSD>
        <pctVal>0.144860337556</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLADSTONE COMMERCIAL CORP</name>
        <lei>529900EVVV534W8R0T32</lei>
        <title>GLADSTONE COMMERCIAL CORP SER E 6.625% PFD 12/31/2049</title>
        <cusip>376536702</cusip>
        <identifiers>
          <isin value="US3765367020"/>
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        <balance>157675.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3535073.50000000</valUSD>
        <pctVal>0.063495590886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SBA COMMUNICATIONS CORP</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA COMMUNICATIONS CORP 3.875% 02/15/2027</title>
        <cusip>78410GAD6</cusip>
        <identifiers>
          <isin value="US78410GAD60"/>
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        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6921689.60000000</valUSD>
        <pctVal>0.124324648719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03875000</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>ACADIA REALTY TRUST</name>
        <lei>254900C5XLB1YYJQSH07</lei>
        <title>ACADIA RLTY TR REIT</title>
        <cusip>004239109</cusip>
        <identifiers>
          <isin value="US0042391096"/>
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        <balance>280626.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5351537.82000000</valUSD>
        <pctVal>0.096122203974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
        <lei>549300147YMUQB3GW319</lei>
        <title>INVITATION HOMES OPERATING PARTNERSHIP LP 4.875% 02/01/2035</title>
        <cusip>46188BAG7</cusip>
        <identifiers>
          <isin value="US46188BAG77"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4949724.30000000</valUSD>
        <pctVal>0.088904988581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</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 COMMERCIAL MORTGAGE TRUST 2021-PAC</name>
        <lei>N/A</lei>
        <title>BX COMMERCIAL MORTGAGE TRUST 2021-PAC G TSFR1M+306.058 21 10/15/2036 144A</title>
        <cusip>05609PAS7</cusip>
        <identifiers>
          <isin value="US05609PAS74"/>
        </identifiers>
        <balance>17232000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17167784.95000000</valUSD>
        <pctVal>0.308360957589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07092580</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>BFLD COML MTG TR 2024-UNIV</name>
        <lei>N/A</lei>
        <title>BFLD COML MTG TR 2024-UNIV TSFR1M+269.09 11/15/2029 144A</title>
        <cusip>08861RAG6</cusip>
        <identifiers>
          <isin value="US08861RAG65"/>
        </identifiers>
        <balance>7035000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7065778.13000000</valUSD>
        <pctVal>0.126912709859</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>Variable</couponKind>
          <annualizedRt>0.06723070</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>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC 5.1% 05/01/2033</title>
        <cusip>22822VBC4</cusip>
        <identifiers>
          <isin value="US22822VBC46"/>
        </identifiers>
        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30383604.30000000</valUSD>
        <pctVal>0.545738273414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05100000</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>TWO HARBORS INVESTMENT COR</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>TWO HARBORS INVT CORP 8.125% SER A PERP PFD</title>
        <cusip>90187B200</cusip>
        <identifiers>
          <isin value="US90187B2007"/>
        </identifiers>
        <balance>363526.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8457432.39000000</valUSD>
        <pctVal>0.151909052805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROLOGIS LP</name>
        <lei>GL16H1DHB0QSHP25F723</lei>
        <title>PROLOGIS LP 5.125% 01/15/2034</title>
        <cusip>74340XCH2</cusip>
        <identifiers>
          <isin value="US74340XCH26"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5136251.20000000</valUSD>
        <pctVal>0.092255310924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</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>Phillips Edison Grocery Center Operating Partnership I LP</name>
        <lei>549300WUPIVS6ZE0ZI51</lei>
        <title>Phillips Edison Grocery Center Operating Partnership I LP 5.75% 07/15/2034</title>
        <cusip>71845JAB4</cusip>
        <identifiers>
          <isin value="US71845JAB44"/>
        </identifiers>
        <balance>21507000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22464294.85000000</valUSD>
        <pctVal>0.403494771847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05750000</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>PKHL COML MTG TR 2021-MF</name>
        <lei>N/A</lei>
        <title>PKHL COML MTG TR 2021-MF G TSFR1M+446.448 07/15/2038 144A</title>
        <cusip>69356GAS8</cusip>
        <identifiers>
          <isin value="US69356GAS84"/>
        </identifiers>
        <balance>5944000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2630020.88000000</valUSD>
        <pctVal>0.047239393981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08497480</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>SUN COMMUNITIES INC</name>
        <lei>549300H5GEOJYN41ZG57</lei>
        <title>SUN COMMUNITIES INC - REIT</title>
        <cusip>866674104</cusip>
        <identifiers>
          <isin value="US8666741041"/>
        </identifiers>
        <balance>323900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41005740.00000000</valUSD>
        <pctVal>0.736528870200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2022-BNK42</name>
        <lei>N/A</lei>
        <title>BANK 2017-BNK4 2.5% 06/15/2055 144A</title>
        <cusip>06541MAL8</cusip>
        <identifiers>
          <isin value="US06541MAL81"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1455346.00000000</valUSD>
        <pctVal>0.026140348768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</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>AMERICOLD REALTY OPERATING PARTNERSHIP LP</name>
        <lei>549300FKD9KVWNHSUU79</lei>
        <title>AMERICOLD REALTY OPERATING PARTNERSHIP LP 5.409% 09/12/2034</title>
        <cusip>03063UAA9</cusip>
        <identifiers>
          <isin value="US03063UAA97"/>
        </identifiers>
        <balance>24400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23997605.69000000</valUSD>
        <pctVal>0.431035494210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05409000</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>LAS VEGAS SANDS CORP</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>LAS VEGAS SANDS CORP 6% 06/14/2030</title>
        <cusip>517834AN7</cusip>
        <identifiers>
          <isin value="US517834AN73"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10454547.40000000</valUSD>
        <pctVal>0.187780442079</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06000000</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>NATIONAL HEALTHCARE PROPERTIES INC</name>
        <lei>549300Z2NSUGF5NF2Y30</lei>
        <title>HEALTHCARE TRUST INC 7.125% PERP PFD</title>
        <cusip>42226B303</cusip>
        <identifiers>
          <isin value="US42226B3033"/>
        </identifiers>
        <balance>190000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3334500.00000000</valUSD>
        <pctVal>0.059892969074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2022-LBA6</name>
        <lei>N/A</lei>
        <title>BX TR 2022-LBA6 TSFR1M+335 01/15/2039 144A</title>
        <cusip>12433EAQ4</cusip>
        <identifiers>
          <isin value="US12433EAQ44"/>
        </identifiers>
        <balance>6200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6188440.10000000</valUSD>
        <pctVal>0.111154311448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07382170</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>SIMON PROPERTY GROUP LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>SIMON PROPERTY GROUP LP 5.125% 10/01/2035</title>
        <cusip>828807EA1</cusip>
        <identifiers>
          <isin value="US828807EA11"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5065816.60000000</valUSD>
        <pctVal>0.090990192520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</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>IRON MOUNTAIN INC</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MTN INC 5.25% 07/15/2030 144A</title>
        <cusip>46284VAJ0</cusip>
        <identifiers>
          <isin value="US46284VAJ08"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4976695.50000000</valUSD>
        <pctVal>0.089389434599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</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>BRIXMOR OPERATING PARTNERSHIP LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>BRIXMOR OPERATING PARTNERSHIP LP 4.05% 07/01/2030</title>
        <cusip>11120VAJ2</cusip>
        <identifiers>
          <isin value="US11120VAJ26"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3926320.40000000</valUSD>
        <pctVal>0.070523012833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04050000</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>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC 5.8% 03/01/2034</title>
        <cusip>22822VBE0</cusip>
        <identifiers>
          <isin value="US22822VBE02"/>
        </identifiers>
        <balance>36000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37914856.92000000</valUSD>
        <pctVal>0.681011651810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05800000</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>EXTRA SPACE STORAGE LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
        <title>EXTRA SPACE STORAGE LP 2.55% 06/01/2031</title>
        <cusip>30225VAF4</cusip>
        <identifiers>
          <isin value="US30225VAF40"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1801164.44000000</valUSD>
        <pctVal>0.032351802699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02550000</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>SAUL CENTERS INC</name>
        <lei>N/A</lei>
        <title>SAUL CENTERS INC 6.125% SER D PFD PERP</title>
        <cusip>804395804</cusip>
        <identifiers>
          <isin value="US8043958045"/>
        </identifiers>
        <balance>57775.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1231763.00000000</valUSD>
        <pctVal>0.022124439425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NNN REIT INC</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>NNN REIT INC</title>
        <cusip>637417106</cusip>
        <identifiers>
          <isin value="US6374171063"/>
        </identifiers>
        <balance>86800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3511928.00000000</valUSD>
        <pctVal>0.063079860577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2023-BNK46</name>
        <lei>N/A</lei>
        <title>BANK 2023-BNK46 A4 5.745% 08/15/2056</title>
        <cusip>06541DBH6</cusip>
        <identifiers>
          <isin value="US06541DBH61"/>
        </identifiers>
        <balance>1409000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1492542.57000000</valUSD>
        <pctVal>0.026808458835</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>0.05745000</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>AGREE REALTY CORP</name>
        <lei>N/A</lei>
        <title>AGREE REALTY CORP 4.375% PERP PFD</title>
        <cusip>008492209</cusip>
        <identifiers>
          <isin value="US0084922097"/>
        </identifiers>
        <balance>259800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4569882.00000000</valUSD>
        <pctVal>0.082082411545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HILTON GRAND VACATIONS BORROWER LLC / HILTON GRAND VACATIONS BORROWER INC</name>
        <lei>N/A</lei>
        <title>HILTON GRAND VACATIONS BORROWER LLC / HILTON GRAND VACATIONS BORROWER INC 4.875% 07/01/2031 144A</title>
        <cusip>43284MAB4</cusip>
        <identifiers>
          <isin value="US43284MAB46"/>
        </identifiers>
        <balance>18265000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16886779.72000000</valUSD>
        <pctVal>0.303313652881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT LP</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>AMERICAN HOMES 4 RENT LP 3.625% 04/15/2032</title>
        <cusip>02666TAE7</cusip>
        <identifiers>
          <isin value="US02666TAE73"/>
        </identifiers>
        <balance>27000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25354195.83000000</valUSD>
        <pctVal>0.455402029313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03625000</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>SABRA HEALTH CARE LP</name>
        <lei>549300OVKLRFSIQG0H81</lei>
        <title>SABRA HEALTH CARE LP 3.9% 10/15/2029</title>
        <cusip>78572XAG6</cusip>
        <identifiers>
          <isin value="US78572XAG60"/>
        </identifiers>
        <balance>989000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>961175.68000000</valUSD>
        <pctVal>0.017264257093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03900000</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>SOTHERLY HOTELS INC</name>
        <lei>549300IYTT21F61LSR10</lei>
        <title>SOTHERLY HOTELS INC SER C 7.875% PERP PFD</title>
        <cusip>83600C400</cusip>
        <identifiers>
          <isin value="US83600C4006"/>
        </identifiers>
        <balance>107000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1806160.00000000</valUSD>
        <pctVal>0.032441530971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX 2024-CNYN</name>
        <lei>N/A</lei>
        <title>BX 2024-CNYN E TSFR1M+368.86 04/05/2029 144A</title>
        <cusip>05612HAJ0</cusip>
        <identifiers>
          <isin value="US05612HAJ05"/>
        </identifiers>
        <balance>13370166.10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13327328.09000000</valUSD>
        <pctVal>0.239380191673</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>Variable</couponKind>
          <annualizedRt>0.07720810</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>COMM 2015-DC1 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2015-DC1 MTG TR VAR 02/10/2048</title>
        <cusip>12629NAL9</cusip>
        <identifiers>
          <isin value="US12629NAL91"/>
        </identifiers>
        <balance>2590000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2293445.00000000</valUSD>
        <pctVal>0.041193951254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04289331</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>KENNEDY-WILSON INC</name>
        <lei>5EA4464UK7FM5QNNKL62</lei>
        <title>KENNEDY-WILSON INC 4.75% 02/01/2030</title>
        <cusip>489399AN5</cusip>
        <identifiers>
          <isin value="US489399AN56"/>
        </identifiers>
        <balance>8130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7508701.25000000</valUSD>
        <pctVal>0.134868319614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</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 MORTGAGE TRUST 2016-BNK1</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1 D 3% 08/15/2049 144A</title>
        <cusip>95000GAJ3</cusip>
        <identifiers>
          <isin value="US95000GAJ31"/>
        </identifiers>
        <balance>6979000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3882707.33000000</valUSD>
        <pctVal>0.069739652133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</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>CUBESMART</name>
        <lei>N/A</lei>
        <title>CUBESMART</title>
        <cusip>229663109</cusip>
        <identifiers>
          <isin value="US2296631094"/>
        </identifiers>
        <balance>231100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8705537.00000000</valUSD>
        <pctVal>0.156365409601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HILTON GRAND VACATIONS BORROWER LLC</name>
        <lei>254900HF0EZ734FDVY79</lei>
        <title>HILTON GRAND VACATIONS TERM B 1LN 08/02/2028</title>
        <cusip>43283LAH4</cusip>
        <identifiers>
          <isin value="US43283LAH42"/>
        </identifiers>
        <balance>671620.08000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>669873.87000000</valUSD>
        <pctVal>0.012032009290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-02</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05964610</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>BROOKFIELD PROPERTY PARTNERS LP</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>BROOKFIELD PROPERTY PARTN LP 5.75% PFD PERP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG162491648"/>
        </identifiers>
        <balance>43000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>592110.00000000</valUSD>
        <pctVal>0.010635245439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT CORP SER G 7.75%/VAR PFD PERP</title>
        <cusip>00123Q856</cusip>
        <identifiers>
          <isin value="US00123Q8565"/>
        </identifiers>
        <balance>320000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7904000.00000000</valUSD>
        <pctVal>0.141968519286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL NET LEASE INC</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE INC SER B 6.875% PFD PERP</title>
        <cusip>379378409</cusip>
        <identifiers>
          <isin value="US3793784097"/>
        </identifiers>
        <balance>294000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6515040.00000000</valUSD>
        <pctVal>0.117020569571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD</name>
        <lei>N/A</lei>
        <title>PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD 3% 12/26/2070 144A</title>
        <cusip>74167UAE7</cusip>
        <identifiers>
          <isin value="US74167UAE73"/>
        </identifiers>
        <balance>13870000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11763147.00000000</valUSD>
        <pctVal>0.211284990099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-12-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</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>FIRST INDUSTRIAL REALTY TRUST INC</name>
        <lei>N/A</lei>
        <title>FIRST INDUSTRIAL REALTY TRUST</title>
        <cusip>32054K103</cusip>
        <identifiers>
          <isin value="US32054K1034"/>
        </identifiers>
        <balance>438400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24234752.00000000</valUSD>
        <pctVal>0.435295022359</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VENTAS INC</name>
        <lei>ORQTRC074CWLT3DKHT41</lei>
        <title>VENTAS INC REIT</title>
        <cusip>92276F100</cusip>
        <identifiers>
          <isin value="US92276F1003"/>
        </identifiers>
        <balance>607686.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44841149.94000000</valUSD>
        <pctVal>0.805418985337</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL MEDICAL REIT INC</name>
        <lei>549300HFRIPQDYU3GU60</lei>
        <title>GLOBAL MEDICAL REIT INC SER A 7.5% PFD PERP</title>
        <cusip>37957W203</cusip>
        <identifiers>
          <isin value="US37957W2035"/>
        </identifiers>
        <balance>150848.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3694267.52000000</valUSD>
        <pctVal>0.066354970858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>2518000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1510.80000000</valUSD>
        <pctVal>0.000027136391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2046-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03250000</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>EQUINIX INC</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>EQUINIX INC 3.9% 04/15/2032</title>
        <cusip>29444UBU9</cusip>
        <identifiers>
          <isin value="US29444UBU97"/>
        </identifiers>
        <balance>28000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26919948.16000000</valUSD>
        <pctVal>0.483525452879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03900000</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>TWO HARBORS INVESTMENT COR</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>TWO HARBORS INV CORP 7.625% SER B PFD PERP</title>
        <cusip>90187B309</cusip>
        <identifiers>
          <isin value="US90187B3096"/>
        </identifiers>
        <balance>776859.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17370567.24000000</valUSD>
        <pctVal>0.312003252813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CUSHMAN and WAKEFIELD US BORROWER LLC</name>
        <lei>549300870CMN3WI5IF97</lei>
        <title>CUSHMAN and WAKEFIELD US BORROWER LLC 6.75% 05/15/2028 144A</title>
        <cusip>23166MAA1</cusip>
        <identifiers>
          <isin value="US23166MAA18"/>
        </identifiers>
        <balance>11165000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11253795.25000000</valUSD>
        <pctVal>0.202136215587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUDSON PACIFIC PROPERTIES INC</name>
        <lei>N/A</lei>
        <title>HUDSON PACIFIC PROPERTIES INC 4.75% PFD PERP C</title>
        <cusip>444097307</cusip>
        <identifiers>
          <isin value="US4440973075"/>
        </identifiers>
        <balance>686200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10289569.00000000</valUSD>
        <pctVal>0.184817165363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT LP</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>AMERICAN HOMES 4 RENT LP 2.375% 07/15/2031</title>
        <cusip>02666TAC1</cusip>
        <identifiers>
          <isin value="US02666TAC18"/>
        </identifiers>
        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7984676.61000000</valUSD>
        <pctVal>0.143417600620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02375000</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>CONSOLIDATED COMMUNICATIONS LLC / FIDIUM FIBER FIN HOLDCO LLC</name>
        <lei>N/A</lei>
        <title>CONSOLIDATED COMMUNICATIONS LLC / FIDIUM FIBER FIN HOLDCO LLC 9.408% 05/20/2055 144A</title>
        <cusip>209031AC7</cusip>
        <identifiers>
          <isin value="US209031AC71"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7319269.30000000</valUSD>
        <pctVal>0.131465817912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.09408000</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>BRIXMOR OPERATING PARTNERSHIP LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>BRIXMOR OPERATING PARTNERSHIP LP 4.85% 02/15/2033</title>
        <cusip>11120VAP8</cusip>
        <identifiers>
          <isin value="US11120VAP85"/>
        </identifiers>
        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44882.06000000</valUSD>
        <pctVal>0.000806153795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04850000</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>PRM7 TRUST 2025-PRM7</name>
        <lei>N/A</lei>
        <title>PRM7 TRUST 2025-PRM7 VAR 11/10/2042 144A</title>
        <cusip>74290HAC0</cusip>
        <identifiers>
          <isin value="US74290HAC07"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3936000.00000000</valUSD>
        <pctVal>0.070696873976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04807480</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 TR 2025-OMG</name>
        <lei>N/A</lei>
        <title>BX TR 2025-OMG VAR 10/15/2027 144A</title>
        <cusip>05619HAL8</cusip>
        <identifiers>
          <isin value="US05619HAL87"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000800.00000000</valUSD>
        <pctVal>0.035937577604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07750000</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>J P MORGAN CHASE COML MTG SECS TR 2013-LC11</name>
        <lei>N/A</lei>
        <title>JP MORGAN CH CMS 13-LC11 E CSTR 04/15/2046 144A</title>
        <cusip>46639YAC1</cusip>
        <identifiers>
          <isin value="US46639YAC12"/>
        </identifiers>
        <balance>472000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15443.84000000</valUSD>
        <pctVal>0.000277396140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03250000</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>BBCMS MTG TR 2023-C22</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2023-C22 7.363626% 11/15/2056</title>
        <cusip>05554FAF2</cusip>
        <identifiers>
          <isin value="US05554FAF27"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11091649.00000000</valUSD>
        <pctVal>0.199223808828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07368527</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>GLADSTONE COMMERCIAL CORP</name>
        <lei>529900EVVV534W8R0T32</lei>
        <title>GLADSTONE COMMERCIAL CORP SER G 6% PFD PERP</title>
        <cusip>376536884</cusip>
        <identifiers>
          <isin value="US3765368846"/>
        </identifiers>
        <balance>391000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7847370.00000000</valUSD>
        <pctVal>0.140951353643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICOLD REALTY OPERATING PARTNERSHIP LP</name>
        <lei>549300FKD9KVWNHSUU79</lei>
        <title>AMERICOLD REALTY OPERATING PARTNERSHIP LP 5.6% 05/15/2032</title>
        <cusip>03063UAB7</cusip>
        <identifiers>
          <isin value="US03063UAB70"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10113906.80000000</valUSD>
        <pctVal>0.181661990460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05600000</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>IRON MOUNTAIN INC</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MTN INC 6.25% 01/15/2033 144A</title>
        <cusip>46284VAQ4</cusip>
        <identifiers>
          <isin value="US46284VAQ41"/>
        </identifiers>
        <balance>21385000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21871016.90000000</valUSD>
        <pctVal>0.392838548151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06250000</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>AGREE LP</name>
        <lei>549300DXY3G299V1BO77</lei>
        <title>AGREE LP 5.625% 06/15/2034</title>
        <cusip>008513AE3</cusip>
        <identifiers>
          <isin value="US008513AE31"/>
        </identifiers>
        <balance>7372000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7693958.31000000</valUSD>
        <pctVal>0.138195833593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05625000</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>AMERICAN HOMES 4 RENT LP</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>AMERICAN HOMES 4 RENT LP 4.95% 06/15/2030</title>
        <cusip>02666TAK3</cusip>
        <identifiers>
          <isin value="US02666TAK34"/>
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        <balance>43000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43812.28000000</valUSD>
        <pctVal>0.000786938830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04950000</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>MHC COML MTG TR 2021-MHC</name>
        <lei>N/A</lei>
        <title>MHC 2021 MHC G TSFR1M+331.544 9 04/15/2026 144A</title>
        <cusip>55316VAN4</cusip>
        <identifiers>
          <isin value="US55316VAN47"/>
        </identifiers>
        <balance>19680800.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19693100.50000000</valUSD>
        <pctVal>0.353719675879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07347442</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>BANK5 2023-5YR3</name>
        <lei>N/A</lei>
        <title>BANK5 2023-5YR3 AS 7.293% 09/15/2056</title>
        <cusip>06211EAP6</cusip>
        <identifiers>
          <isin value="US06211EAP60"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1602633.15000000</valUSD>
        <pctVal>0.028785862255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07559001</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 10.033% 06/25/2054 144A</title>
        <cusip>871044AJ2</cusip>
        <identifiers>
          <isin value="US871044AJ27"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8199576.00000000</valUSD>
        <pctVal>0.147277538398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10033000</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>REXFORD INDUSTRIAL REALTY LP</name>
        <lei>549300028US163ELJN70</lei>
        <title>REXFORD INDUSTRIAL REALTY LP 2.15% 09/01/2031</title>
        <cusip>76169XAB0</cusip>
        <identifiers>
          <isin value="US76169XAB01"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4361955.85000000</valUSD>
        <pctVal>0.078347724344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02150000</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>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE</title>
        <cusip>74460D109</cusip>
        <identifiers>
          <isin value="US74460D1090"/>
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        <balance>117100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32619376.00000000</valUSD>
        <pctVal>0.585896319684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2018-HCLV MTG TR</name>
        <lei>N/A</lei>
        <title>COMM MORTGAGE TRUST 2018-HCLV G TSFR1M+520.234 069/15/2033</title>
        <cusip>20048KAN7</cusip>
        <identifiers>
          <isin value="US20048KAN72"/>
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        <balance>4265000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78433.35000000</valUSD>
        <pctVal>0.001408788785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09384337</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2022-B36 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2022-B36 MTG TR 2.5% 07/15/2055 144A</title>
        <cusip>08163QAN8</cusip>
        <identifiers>
          <isin value="US08163QAN88"/>
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        <balance>3828000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2722638.59000000</valUSD>
        <pctVal>0.048902956626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</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>MORGAN STANLEY BK OF AMER MERRILL LYNCH TR 2013-C12</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY BNK AML TR13-C12 4.94% 10/15/2046</title>
        <cusip>61762XAC1</cusip>
        <identifiers>
          <isin value="US61762XAC11"/>
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        <balance>5670988.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5278839.18000000</valUSD>
        <pctVal>0.094816419779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04858954</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>EPR PROPERTIES</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR PPTYS 5.75% PFD PERP</title>
        <cusip>26884U505</cusip>
        <identifiers>
          <isin value="US26884U5056"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>991500.00000000</valUSD>
        <pctVal>0.017808930525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2019-B14 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2019-B14 MTG TR VAR 12/15/2062 144A</title>
        <cusip>08162YBM3</cusip>
        <identifiers>
          <isin value="US08162YBM30"/>
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        <balance>3427000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17135.00000000</valUSD>
        <pctVal>0.000307772087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2062-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03404110</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>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT CORP 7/VAR PFD PERP</title>
        <cusip>00123Q500</cusip>
        <identifiers>
          <isin value="US00123Q5009"/>
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        <balance>653202.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16656651.00000000</valUSD>
        <pctVal>0.299180171906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK5 2023-5YR3</name>
        <lei>N/A</lei>
        <title>BANK5 2023-5YR3 CSTR 09/15/2056</title>
        <cusip>06211EAU5</cusip>
        <identifiers>
          <isin value="US06211EAU55"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2103310.40000000</valUSD>
        <pctVal>0.037778828832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07559001</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>NATIONAL STORAGE AFFILIATES TRUST</name>
        <lei>529900FS06O8GOYNR108</lei>
        <title>NATIONAL STORAGE AFFILIATES SER A 6% PFD PERP</title>
        <cusip>637870205</cusip>
        <identifiers>
          <isin value="US6378702053"/>
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        <balance>546375.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12506523.75000000</valUSD>
        <pctVal>0.224637229025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STWD TR 2021-LIH</name>
        <lei>N/A</lei>
        <title>STWD TR 2021-LIH TSFR1M+424.7 11/15/2036 144A</title>
        <cusip>78486EAU2</cusip>
        <identifiers>
          <isin value="US78486EAU29"/>
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        <balance>9177000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9123024.56000000</valUSD>
        <pctVal>0.163864155895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08347000</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 TR 2025-IND3</name>
        <lei>N/A</lei>
        <title>ARES TR 2025-IND3 E TSFR1M+355 04/15/2027 144A</title>
        <cusip>039955AL3</cusip>
        <identifiers>
          <isin value="US039955AL32"/>
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        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7008724.10000000</valUSD>
        <pctVal>0.125887927956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07582170</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>REALTY INCOME CORP</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>REALTY INCOME CORP 3.4% 01/15/2030</title>
        <cusip>756109CC6</cusip>
        <identifiers>
          <isin value="US756109CC68"/>
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        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6780923.45000000</valUSD>
        <pctVal>0.121796262853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2022-BNK44</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK44 5.745654% 11/15/2055</title>
        <cusip>06540KAR0</cusip>
        <identifiers>
          <isin value="US06540KAR05"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5192432.50000000</valUSD>
        <pctVal>0.093264417196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05935084</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>HUDSON PACIFIC PROPERTIES LP</name>
        <lei>5493007NTUGLGZ8T3526</lei>
        <title>HUDSON PACIFIC PROPERTIES LP 4.65% 04/01/2029</title>
        <cusip>44409MAB2</cusip>
        <identifiers>
          <isin value="US44409MAB28"/>
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        <balance>6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5523993.48000000</valUSD>
        <pctVal>0.099219784274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04650000</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>EXTRA SPACE STORAGE LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
        <title>EXTRA SPACE STORAGE LP 5.35% 01/15/2035</title>
        <cusip>30225VAT4</cusip>
        <identifiers>
          <isin value="US30225VAT44"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8174697.92000000</valUSD>
        <pctVal>0.146830688173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05350000</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>NXPT COML MTG TR</name>
        <lei>N/A</lei>
        <title>NXPT COML MTG TR 6.92673% 11/05/2041 144A</title>
        <cusip>67119YAJ1</cusip>
        <identifiers>
          <isin value="US67119YAJ10"/>
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        <balance>18754000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18950660.07000000</valUSD>
        <pctVal>0.340384254763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06703290</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>PRM TR 2025-PRM6</name>
        <lei>N/A</lei>
        <title>PRM TR 2025-PRM6 E VAR 07/05/2033 144A</title>
        <cusip>74277DAJ1</cusip>
        <identifiers>
          <isin value="US74277DAJ19"/>
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        <balance>12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11976450.00000000</valUSD>
        <pctVal>0.215116254151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06583130</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>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
        <lei>549300147YMUQB3GW319</lei>
        <title>INVITATION HOMES OPERATING PARTNERSHIP LP 4.15% 04/15/2032</title>
        <cusip>46188BAD4</cusip>
        <identifiers>
          <isin value="US46188BAD47"/>
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        <balance>35000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33862714.20000000</valUSD>
        <pctVal>0.608228668270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04150000</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>NNN REIT INC</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>NNN REIT INC 5.6% 10/15/2033</title>
        <cusip>637417AS5</cusip>
        <identifiers>
          <isin value="US637417AS53"/>
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        <balance>4689000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4907440.16000000</valUSD>
        <pctVal>0.088145497596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05600000</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>CONE TR 2024-DFW1</name>
        <lei>N/A</lei>
        <title>CONE TR 2024-DFW1 E TSFR1M+388.79 08/15/2026 144A</title>
        <cusip>20682AAN0</cusip>
        <identifiers>
          <isin value="US20682AAN00"/>
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        <balance>10200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10187420.34000000</valUSD>
        <pctVal>0.182982411566</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>Variable</couponKind>
          <annualizedRt>0.07920650</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>VENTAS RLTY LTD PARTNERSHIP</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
        <title>VENTAS RLTY LTD PARTNERSHIP 5.625% 07/01/2034</title>
        <cusip>92277GAX5</cusip>
        <identifiers>
          <isin value="US92277GAX51"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5224227.85000000</valUSD>
        <pctVal>0.093835512687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05625000</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>PEBBLEBROOK HOTEL TRUST</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD</title>
        <cusip>70509V605</cusip>
        <identifiers>
          <isin value="US70509V6056"/>
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        <balance>372994.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7144327.08000000</valUSD>
        <pctVal>0.128323575006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VASA TR 2021-VASA</name>
        <lei>N/A</lei>
        <title>VASA TR 2021-VASA G TSFR1M+511.448 04/15/2060 144A</title>
        <cusip>92230AAN6</cusip>
        <identifiers>
          <isin value="US92230AAN63"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>568893.76000000</valUSD>
        <pctVal>0.010218244526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09147480</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>MORGAN STANLEY CAPITAL I TRUST 2017-H1</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST 2017-H1 4.281% 06/15/2050</title>
        <cusip>61691JBA1</cusip>
        <identifiers>
          <isin value="US61691JBA16"/>
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        <balance>2470594.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2320129.64000000</valUSD>
        <pctVal>0.041673250195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04281000</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>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC 2.1% 04/01/2031</title>
        <cusip>22822VAW1</cusip>
        <identifiers>
          <isin value="US22822VAW19"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7891135.74000000</valUSD>
        <pctVal>0.141737456540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02100000</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>BRES COML MTG TR 2025-ATCAP</name>
        <lei>N/A</lei>
        <title>BRES COML MTG TR 2025-ATCAP TSFR1M+364.076 11/15/2042 144A</title>
        <cusip>05619GAJ5</cusip>
        <identifiers>
          <isin value="US05619GAJ58"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9974604.00000000</valUSD>
        <pctVal>0.179159888708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07640760</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>AMERICOLD REALTY TRUST</name>
        <lei>549300R7N1V5YV8MWH02</lei>
        <title>AMERICOLD REALTY TRUST</title>
        <cusip>03064D108</cusip>
        <identifiers>
          <isin value="US03064D1081"/>
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        <balance>888800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11456632.00000000</valUSD>
        <pctVal>0.205779488999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR</name>
        <lei>N/A</lei>
        <title>CD 2017-CD4 D 3.3% 05/10/2050 144A</title>
        <cusip>12515DAF1</cusip>
        <identifiers>
          <isin value="US12515DAF15"/>
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        <balance>2769000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2365197.28000000</valUSD>
        <pctVal>0.042482737305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03300000</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>MFA FINANCIAL INC</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA FINANCIAL 7.5% PFD PERP</title>
        <cusip>55272X409</cusip>
        <identifiers>
          <isin value="US55272X4097"/>
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        <balance>211532.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4463325.20000000</valUSD>
        <pctVal>0.080168480483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2014-UBS2 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2014-UBS2 D MTG TR CSTR 03/10/2047 144A</title>
        <cusip>12591UAP8</cusip>
        <identifiers>
          <isin value="US12591UAP84"/>
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        <balance>1906197.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>838745.75000000</valUSD>
        <pctVal>0.015065219153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04680904</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>CITIGROUP COMMERCIAL MORTGAGE TRUST 2023-SMRT</name>
        <lei>N/A</lei>
        <title>CITIGROUP COMMERCIAL MORTGAGE TRUST 2023-SMRT C 6.43808% 06/10/2028 144A</title>
        <cusip>17291NAE1</cusip>
        <identifiers>
          <isin value="US17291NAE13"/>
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        <balance>9750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9872678.40000000</valUSD>
        <pctVal>0.177329141427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05852422</annualizedRt>
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      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HILTON DOMESTIC OPERATING CO INC</name>
        <lei>5493003EG7H0N1E4XV50</lei>
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        <cusip>432833AL5</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>HOME PARTNERS AMER 2021-1 TR</name>
        <lei>N/A</lei>
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        <cusip>437300AL0</cusip>
        <identifiers>
          <isin value="US437300AL06"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GLOBAL NET LEASE INC</name>
        <lei>549300NUYANCT5SU8Z65</lei>
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          <isin value="US3793783008"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ</name>
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        <cusip>91825CAG0</cusip>
        <identifiers>
          <isin value="US91825CAG06"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5099670.50000000</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>
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      <invstOrSec>
        <name>WP GLIMCHER MALL TR 15-WPG</name>
        <lei>N/A</lei>
        <title>JPMDB 2015-WPG PR1 CSTAR 6/5/35 144A</title>
        <cusip>92939VAL8</cusip>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SUMMIT HOTEL PROPERTIES INC</name>
        <lei>254900OBQWJK6X20LS71</lei>
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        <cusip>866082605</cusip>
        <identifiers>
          <isin value="US8660826053"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HOME PARTNERS AMER 2021-3 TR</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS AMER 2021-3 TR 4.242% 01/17/2041 144A</title>
        <cusip>43730XAG9</cusip>
        <identifiers>
          <isin value="US43730XAG97"/>
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        <curCd>USD</curCd>
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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>Fixed</couponKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DIGITAL REALTY TRUST INC</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>DIGITAL RLTY TR INC SER L 5.2% PERP PFD</title>
        <cusip>253868822</cusip>
        <identifiers>
          <isin value="US2538688225"/>
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        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK 2017-BNK8</name>
        <lei>N/A</lei>
        <title>BANK 2017-BNK8 E 2.8% 11/15/2050 144A</title>
        <cusip>06650AAW7</cusip>
        <identifiers>
          <isin value="US06650AAW71"/>
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        <balance>11374393.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5678111.77000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02800000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COMM 2012-CCRE1 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2012-CR1 D CSTR 5/45</title>
        <cusip>12624BAL0</cusip>
        <identifiers>
          <isin value="US12624BAL09"/>
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        <curCd>USD</curCd>
        <valUSD>1043455.61000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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        <name>GLP CAP LP / GLP FING II INC</name>
        <lei>N/A</lei>
        <title>GLP CAP LP / GLP FING II INC 4% 01/15/2031</title>
        <cusip>361841AQ2</cusip>
        <identifiers>
          <isin value="US361841AQ25"/>
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        <curCd>USD</curCd>
        <valUSD>1912939.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CAESARS ENTERTAINMENT INC</name>
        <lei>5299000BKFWWVND5L441</lei>
        <title>CAESARS ENTERTAINMENT TERM B1 1LN 02/06/2031</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US12768EAH99"/>
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        <balance>4368475.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4322606.01000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06214610</annualizedRt>
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      <invstOrSec>
        <name>EXTENDED STAY AMERICA TRUST 2025-ESH</name>
        <lei>N/A</lei>
        <title>EXTENDED STAY AMERICA TRUST 2025-ESH F TSFR1M+410 10/15/2042 144A</title>
        <cusip>30227TAL4</cusip>
        <identifiers>
          <isin value="US30227TAL44"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.08250000</annualizedRt>
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        <name>SUNSTONE HOTEL INVS INC NEW</name>
        <lei>529900ZQ2V52V96ATF67</lei>
        <title>SUNSTONE HOTEL INVS INC SER I 5.7% PERP PFD</title>
        <cusip>867892887</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>ARBOR REALTY TRUST INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>ARBOR REALTY TRUST INC SER F 6.25%/VAR PFD PERP</title>
        <cusip>038923850</cusip>
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          <isin value="US0389238504"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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        <name>CHOICE HOTELS INTERNATIONAL INC</name>
        <lei>5493003CYRY5RFGTIR97</lei>
        <title>CHOICE HOTELS INTERNATIONAL INC 5.85% 08/01/2034</title>
        <cusip>169905AH9</cusip>
        <identifiers>
          <isin value="US169905AH91"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7118959.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05850000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VICI PROPERTIES LP / VICI NOTE CO INC</name>
        <lei>N/A</lei>
        <title>VICI PROPERTIES LP / VICI NOTE CO INC 4.625% 12/01/2029 144A</title>
        <cusip>92564RAB1</cusip>
        <identifiers>
          <isin value="US92564RAB15"/>
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        <balance>26000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25784544.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04625000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2022-C17</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2022-C17 C 5.45% 09/15/2055</title>
        <cusip>054976AL9</cusip>
        <identifiers>
          <isin value="US054976AL93"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1921490.80000000</valUSD>
        <pctVal>0.034513057148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05450000</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>ESSEX PORTFOLIO LP</name>
        <lei>5493003GN3O58H286O74</lei>
        <title>ESSEX PORTFOLIO LP 2.55% 06/15/2031</title>
        <cusip>29717PAZ0</cusip>
        <identifiers>
          <isin value="US29717PAZ09"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1799017.38000000</valUSD>
        <pctVal>0.032313238057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02550000</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>REGENCY CENTERS CORP(REIT)</name>
        <lei>529900053A7X7FJ97S58</lei>
        <title>REGENCY CENTERS CORP(REIT) 5.875% PERP PFD</title>
        <cusip>758849871</cusip>
        <identifiers>
          <isin value="US7588498714"/>
        </identifiers>
        <balance>69225.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1628172.00000000</valUSD>
        <pctVal>0.029244580969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MORTGAGE TRUST 2023-C21</name>
        <lei>N/A</lei>
        <title>BBCMS MORTGAGE TRUST 2023-C21 6.506144% 09/15/2056</title>
        <cusip>05553WAJ8</cusip>
        <identifiers>
          <isin value="US05553WAJ80"/>
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        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7363829.20000000</valUSD>
        <pctVal>0.132266185198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06505728</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>REGENCY CENTERS CORP(REIT)</name>
        <lei>529900053A7X7FJ97S58</lei>
        <title>REGENCY CENTERS CORP REIT SER A 6.25% PFD PERP</title>
        <cusip>758849889</cusip>
        <identifiers>
          <isin value="US7588498896"/>
        </identifiers>
        <balance>281325.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6661776.00000000</valUSD>
        <pctVal>0.119656183519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BRIXMOR OPERATING PARTNERSHIP LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>BRIXMOR OPERATING PARTNERSHIP LP 4.125% 05/15/2029</title>
        <cusip>11120VAH6</cusip>
        <identifiers>
          <isin value="US11120VAH69"/>
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        <balance>1872000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1854657.21000000</valUSD>
        <pctVal>0.033312618659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04125000</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>MORGAN STANLEY CAP I TR 2011-C3</name>
        <lei>N/A</lei>
        <title>MSC 2011-C3 G CSTR 07/49</title>
        <cusip>61760RAS1</cusip>
        <identifiers>
          <isin value="US61760RAS13"/>
        </identifiers>
        <balance>5049500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4754790.98000000</valUSD>
        <pctVal>0.085403673450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05105432</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>HOME PARTNERS AMER 2019-2 TR</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS AMER 2019-2 TR 3.866% 10/19/2039 144A</title>
        <cusip>43732TAL5</cusip>
        <identifiers>
          <isin value="US43732TAL52"/>
        </identifiers>
        <balance>2747553.84000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2657306.31000000</valUSD>
        <pctVal>0.047729484074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03866000</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>BOSTON PPTY LTD PARTNERSHIP</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
        <title>BOSTON PPTYS LTD PARTNERSHIP 6.75% 12/01/2027</title>
        <cusip>10112RBG8</cusip>
        <identifiers>
          <isin value="US10112RBG83"/>
        </identifiers>
        <balance>37000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38704.31000000</valUSD>
        <pctVal>0.000695191495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</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>SABRA HEALTH CARE LP</name>
        <lei>549300OVKLRFSIQG0H81</lei>
        <title>SABRA HEALTH CARE LP 3.2% 12/01/2031</title>
        <cusip>78574MAA1</cusip>
        <identifiers>
          <isin value="US78574MAA18"/>
        </identifiers>
        <balance>14000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12707789.36000000</valUSD>
        <pctVal>0.228252282243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03200000</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>FORESTAR GROUP INC</name>
        <lei>549300BC2UB0GHV60V70</lei>
        <title>FORESTAR GROUP INC 5% 03/01/2028 144A</title>
        <cusip>346232AE1</cusip>
        <identifiers>
          <isin value="US346232AE19"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4988746.50000000</valUSD>
        <pctVal>0.089605889891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR</name>
        <lei>N/A</lei>
        <title>COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR CSTR 05/10/2050</title>
        <cusip>12515DAV6</cusip>
        <identifiers>
          <isin value="US12515DAV64"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2768824.80000000</valUSD>
        <pctVal>0.049732535048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04349700</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>MPT OPER PARTNERSHIP LP / MPT FIN CORP</name>
        <lei>N/A</lei>
        <title>MPT OPER PARTNERSHIP LP/CORP 8.5% 02/15/2032 144A</title>
        <cusip>55342UAQ7</cusip>
        <identifiers>
          <isin value="US55342UAQ76"/>
        </identifiers>
        <balance>6285000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6584687.66000000</valUSD>
        <pctVal>0.118271553271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08500000</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>CEDAR REALTY TRUST INC</name>
        <lei>54930056URX93R2RSN82</lei>
        <title>CEDAR RLTY TR I 7.25% PFD PERP</title>
        <cusip>150602407</cusip>
        <identifiers>
          <isin value="US1506024074"/>
        </identifiers>
        <balance>31436.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>581880.36000000</valUSD>
        <pctVal>0.010451504695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2023-C22</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2023-C22 VAR 11/15/2056</title>
        <cusip>05554FAJ4</cusip>
        <identifiers>
          <isin value="US05554FAJ49"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10977617.00000000</valUSD>
        <pctVal>0.197175611182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07368527</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>BBCMS MTG TR 2020-C6</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2020-C6 3.045% 02/15/2053</title>
        <cusip>05492TAJ9</cusip>
        <identifiers>
          <isin value="US05492TAJ97"/>
        </identifiers>
        <balance>1129000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>925767.02000000</valUSD>
        <pctVal>0.016628260758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03045000</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>CTR PARTNERSHIP LP / CARETRUST CAP CORP</name>
        <lei>N/A</lei>
        <title>CTR PARTNERSHIP LP / CARETRUST CAP CORP 3.875% 06/30/2028 144A</title>
        <cusip>126458AE8</cusip>
        <identifiers>
          <isin value="US126458AE87"/>
        </identifiers>
        <balance>21865000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21436247.03000000</valUSD>
        <pctVal>0.385029383845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03875000</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>KENNEDY-WILSON INC</name>
        <lei>5EA4464UK7FM5QNNKL62</lei>
        <title>KENNEDY-WILSON INC 5% 03/01/2031</title>
        <cusip>489399AM7</cusip>
        <identifiers>
          <isin value="US489399AM73"/>
        </identifiers>
        <balance>6960000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6424649.54000000</valUSD>
        <pctVal>0.115397011909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OPEN TR 2023-AIR</name>
        <lei>N/A</lei>
        <title>OPEN TR 2023-AIR TSFR1M+668.387 10/15/2028 144A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UDR INC</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BENCHMARK 2023-B39 C MTG TR</name>
        <lei>N/A</lei>
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        <cusip>081925AG4</cusip>
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          <couponKind>Fixed</couponKind>
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        <name>BOSTON PPTY LTD PARTNERSHIP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JP MORGAN CHASE COML MTG SECS TR 2012-CIBX</name>
        <lei>N/A</lei>
        <title>JPMCC 2012-CBX E CSTR 6/45</title>
        <cusip>46637WAQ6</cusip>
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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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        <name>TAYLOR MORRISON COMMUNITIES INC</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02900000</annualizedRt>
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        <name>TRICON RESIDENTIAL 2021-SFR1 TR</name>
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        <cusip>89614YAH9</cusip>
        <identifiers>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2958815.10000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BENCHMARK 2022-B36 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2022-B36 MTG TR 5.2895% 07/15/2055 144A</title>
        <cusip>08163QBP2</cusip>
        <identifiers>
          <isin value="US08163QBP28"/>
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        <curCd>USD</curCd>
        <valUSD>1844040.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>EXTRA SPACE STORAGE LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
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        <cusip>30225VAK3</cusip>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5212105.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
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        <name>SMRT 2022-MINI</name>
        <lei>N/A</lei>
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        <cusip>78457JAQ5</cusip>
        <identifiers>
          <isin value="US78457JAQ58"/>
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        <balance>14615000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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        <name>BX TR 2022-VAMF</name>
        <lei>N/A</lei>
        <title>BX TR 2022-VAMF TSFR1M+329.9 01/15/2039 144A</title>
        <cusip>05609TAL4</cusip>
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          <isin value="US05609TAL44"/>
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        <curCd>USD</curCd>
        <valUSD>4338095.26000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>MHP 2022-MHIL F</name>
        <lei>N/A</lei>
        <title>MHP 2022-MHIL F TSFR1M+395.75 01/15/2027 144A</title>
        <cusip>55293DAN1</cusip>
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          <isin value="US55293DAN12"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.07989670</annualizedRt>
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        <name>WELLTOWER OP LLC</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
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        <cusip>95041AAG3</cusip>
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          <isin value="US95041AAG31"/>
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        <curCd>USD</curCd>
        <valUSD>14273187.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP 5.65% 03/15/2033</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05650000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>GLOBAL NET LEASE INC</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE INC 7.5% PFD PERP</title>
        <cusip>379378508</cusip>
        <identifiers>
          <isin value="US3793785086"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17380549.56000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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        <name>WEYERHAEUSER CO</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>WEYERHAEUSER CO</title>
        <cusip>962166104</cusip>
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          <isin value="US9621661043"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3392500.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC 5.6% 06/01/2029</title>
        <cusip>22822VBD2</cusip>
        <identifiers>
          <isin value="US22822VBD29"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
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        <fairValLevel>2</fairValLevel>
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        <name>PENNYMAC MORTGAGE INVESTMENT TRUST</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SUMIT 2022-BVUE MTG TR</name>
        <lei>N/A</lei>
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        <cusip>865592AJ8</cusip>
        <identifiers>
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        <fairValLevel>2</fairValLevel>
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        <name>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
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        <cusip>22822VAF8</cusip>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
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      <invstOrSec>
        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
        <title>GSMS 2011-GC5 D 5.47 8/44</title>
        <cusip>36191YAL2</cusip>
        <identifiers>
          <isin value="US36191YAL20"/>
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        <balance>2733635.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2008612.12000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>BBCMS MORTGAGE TRUST 2023-C21</name>
        <lei>N/A</lei>
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        <cusip>05553WAH2</cusip>
        <identifiers>
          <isin value="US05553WAH25"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7472754.10000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06505728</annualizedRt>
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      <invstOrSec>
        <name>MFA FINANCIAL INC</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
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        <cusip>55272X508</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>BENCHMARK 2021-B28 MTG TR</name>
        <lei>N/A</lei>
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        <cusip>08163GAU4</cusip>
        <identifiers>
          <isin value="US08163GAU40"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>440220.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02223700</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2011-GC5 4.5% 08/10/2044 144A</title>
        <cusip>36191YAQ1</cusip>
        <identifiers>
          <isin value="US36191YAQ17"/>
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        <balance>7897000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23691.00000000</valUSD>
        <pctVal>0.000425528364</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRI POINTE HOMES INC</name>
        <lei>N/A</lei>
        <title>TRI POINTE HOMES INC 5.25% 06/01/2027</title>
        <cusip>87265HAF6</cusip>
        <identifiers>
          <isin value="US87265HAF64"/>
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        <balance>11458000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11502078.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT CORP SER F 6.125%/VAR PFD PERP</title>
        <cusip>00123Q872</cusip>
        <identifiers>
          <isin value="US00123Q8722"/>
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        <balance>930100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23122286.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>WELLTOWER OP LLC</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>WELLTOWER OP LLC 4.125% 03/15/2029</title>
        <cusip>95040QAH7</cusip>
        <identifiers>
          <isin value="US95040QAH74"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2998487.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04125000</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>JP MORGAN CHASE COML MTG SECS TR 2012-CIBX</name>
        <lei>N/A</lei>
        <title>JPMCC 2012-CBX G 4.0% 6/45 144A</title>
        <cusip>46637WAU7</cusip>
        <identifiers>
          <isin value="US46637WAU71"/>
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        <balance>4044000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2670198.20000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAFEHOLD GL HOLDINGS LLC</name>
        <lei>54930012UY5Z4Q8NL108</lei>
        <title>SAFEHOLD GL HOLDINGS LLC 6.1% 04/01/2034</title>
        <cusip>785931AA4</cusip>
        <identifiers>
          <isin value="US785931AA40"/>
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        <curCd>USD</curCd>
        <valUSD>23635225.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06100000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>KIMCO REALTY CORP</name>
        <lei>254900ARY41P4V1JL861</lei>
        <title>KIMCO REALTY CORP SER M 5.25% PFD PERP</title>
        <cusip>49446R711</cusip>
        <identifiers>
          <isin value="US49446R7118"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1236368.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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        <name>FEDERAL REALTY INVESTMENT TR</name>
        <lei>549300FHEI1SLVZ0RB48</lei>
        <title>FEDERAL REALTY INVESTMENT TR</title>
        <cusip>313745101</cusip>
        <identifiers>
          <isin value="US3137451015"/>
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        <balance>148200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14255358.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CBL and ASSOCS LTD PARTNERSHIP</name>
        <lei>549300VS75TWHD9JTH89</lei>
        <title>CBL and ASSOCS LP 4.6% 12/31/2049</title>
        <cusip>12505JAB9</cusip>
        <identifiers>
          <isin value="US12505JAB98"/>
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        <balance>18229000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1.82000000</valUSD>
        <pctVal>0.000000032690</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04600000</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>VICI PPTYS INC</name>
        <lei>254900RKH6RY9KCJQH63</lei>
        <title>VICI PPTYS INC</title>
        <cusip>925652109</cusip>
        <identifiers>
          <isin value="US9256521090"/>
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        <balance>1675200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50239248.00000000</valUSD>
        <pctVal>0.902377485912</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>REXFORD INDL RLTY INC</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>REXFORD INDL RLTY INC SER B 5.875% PERP PFD</title>
        <cusip>76169C308</cusip>
        <identifiers>
          <isin value="US76169C3088"/>
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        <balance>148400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3368680.00000000</valUSD>
        <pctVal>0.060506896704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
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        <name>TRICON RESIDENTIAL 2023-SFR1 TRUST</name>
        <lei>N/A</lei>
        <title>TRICON RESIDENTIAL 2023-SFR1 TRUST 8.25% 07/17/2040 144A</title>
        <cusip>89616WAE8</cusip>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2057176.20000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07977000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>REALTY INCOME CORP</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>REALTY INCOME CORP 4% 07/15/2029</title>
        <cusip>756109CB8</cusip>
        <identifiers>
          <isin value="US756109CB85"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2985417.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LINEAGE OP LP</name>
        <lei>254900CSRDL1G4SRQE89</lei>
        <title>LINEAGE OP LP 5.25% 07/15/2030 144A</title>
        <cusip>53567YAA7</cusip>
        <identifiers>
          <isin value="US53567YAA73"/>
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        <balance>10500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10636208.94000000</valUSD>
        <pctVal>0.191043374751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AGREE LP</name>
        <lei>549300DXY3G299V1BO77</lei>
        <title>AGREE LP 4.8% 10/01/2032</title>
        <cusip>008513AD5</cusip>
        <identifiers>
          <isin value="US008513AD57"/>
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        <balance>1288000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1302531.74000000</valUSD>
        <pctVal>0.023395559520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ANNALY CAPITAL MANAGEMENT INC</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>ANNALY CAPITAL MANAGEMENT INC 6.5%/VAR PFD PERP</title>
        <cusip>035710862</cusip>
        <identifiers>
          <isin value="US0357108622"/>
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        <balance>1069599.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26836238.91000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CUSHMAN and WAKEFIELD US BORROWER LLC</name>
        <lei>549300870CMN3WI5IF97</lei>
        <title>CUSHMAN and WAKEFIELD TERM B2 1LN 01/31/2030</title>
        <cusip>23340DAX0</cusip>
        <identifiers>
          <isin value="US23340DAX03"/>
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        <balance>2215791.43800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2224100.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06464610</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PEBBLEBROOK HOTEL TRUST</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>PEBBLEBROOK HOTEL TR SER H 5.7% PERP PFD</title>
        <cusip>70509V886</cusip>
        <identifiers>
          <isin value="US70509V8862"/>
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        <balance>717200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12464936.00000000</valUSD>
        <pctVal>0.223890246321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WFRBS COML MTG TR 2011-C4</name>
        <lei>N/A</lei>
        <title>WFRBS 2011-C4 G 5% 06/15/44</title>
        <cusip>92936CBD0</cusip>
        <identifiers>
          <isin value="US92936CBD02"/>
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        <balance>3955000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1271718.78000000</valUSD>
        <pctVal>0.022842109330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>0.05000000</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>EQUITY RESIDENTIAL</name>
        <lei>5493008RACSH5EP3PI59</lei>
        <title>EQUITY RESIDENTIAL REIT</title>
        <cusip>29476L107</cusip>
        <identifiers>
          <isin value="US29476L1070"/>
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        <balance>338300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20108552.00000000</valUSD>
        <pctVal>0.361181851270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>XHR LP</name>
        <lei>549300M88BPT83ZL2164</lei>
        <title>XHR LP 4.875% 06/01/2029 144A</title>
        <cusip>98372MAC9</cusip>
        <identifiers>
          <isin value="US98372MAC91"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9775309.00000000</valUSD>
        <pctVal>0.175580230807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</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>MORGAN STANLEY CAP I TR 2016-BNK2</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP I TR 2016-BNK2 3% 11/15/2049 144A</title>
        <cusip>61690YAC6</cusip>
        <identifiers>
          <isin value="US61690YAC66"/>
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        <balance>2966000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2146804.15000000</valUSD>
        <pctVal>0.038560046353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</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>WILLIAMS SCOTSMAN INC</name>
        <lei>549300DAKDS8SCO1OT57</lei>
        <title>WILLIAMS SCOTSMAN INC 6.625% 06/15/2029 144A</title>
        <cusip>96949VAM5</cusip>
        <identifiers>
          <isin value="US96949VAM54"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5147855.00000000</valUSD>
        <pctVal>0.092463733787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT CORP 6.875/VAR PERP PFD</title>
        <cusip>00123Q609</cusip>
        <identifiers>
          <isin value="US00123Q6098"/>
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        <balance>673972.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16552752.32000000</valUSD>
        <pctVal>0.297313984943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PROLOGIS LP</name>
        <lei>GL16H1DHB0QSHP25F723</lei>
        <title>PROLOGIS LP 5.25% 06/15/2053</title>
        <cusip>74340XCF6</cusip>
        <identifiers>
          <isin value="US74340XCF69"/>
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        <balance>15500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15073610.35000000</valUSD>
        <pctVal>0.270746222380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</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 2025-ROIC</name>
        <lei>N/A</lei>
        <title>BX TRUST 2025-ROIC TSFR1M+294.129 03/15/2030 144A</title>
        <cusip>05593VAN3</cusip>
        <identifiers>
          <isin value="US05593VAN38"/>
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        <balance>23408702.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23262398.11000000</valUSD>
        <pctVal>0.417829986682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06973460</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>LGI HOMES INC</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI HOMES INC 7% 11/15/2032 144A</title>
        <cusip>50187TAK2</cusip>
        <identifiers>
          <isin value="US50187TAK25"/>
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        <balance>3905000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3747394.20000000</valUSD>
        <pctVal>0.067309211254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2022-LBA6</name>
        <lei>N/A</lei>
        <title>BX TR 2022-LBA6 E TSFR1M+270 01/15/2039 144A</title>
        <cusip>12433EAN1</cusip>
        <identifiers>
          <isin value="US12433EAN13"/>
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        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14972035.50000000</valUSD>
        <pctVal>0.268921775132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06732170</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>GLP CAP LP / GLP FING II INC</name>
        <lei>N/A</lei>
        <title>GLP CAP LP / GLP FING II INC 5.3% 01/15/2029</title>
        <cusip>361841AL3</cusip>
        <identifiers>
          <isin value="US361841AL38"/>
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        <balance>19193000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19557091.21000000</valUSD>
        <pctVal>0.351276730850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05300000</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>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>VORNADO REALTY TRUST SER M 5.25% PFD PERP</title>
        <cusip>929042828</cusip>
        <identifiers>
          <isin value="US9290428286"/>
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        <balance>275004.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4922571.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>REALTY INCOME CORP</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>REALTY INCOME CORP 5.125% 02/15/2034</title>
        <cusip>756109CG7</cusip>
        <identifiers>
          <isin value="US756109CG72"/>
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        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3585825.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2021-BNK38</name>
        <lei>N/A</lei>
        <title>BANK 2021-BNK38 3.21677%/VAR 12/15/2064</title>
        <cusip>06540EBC6</cusip>
        <identifiers>
          <isin value="US06540EBC66"/>
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        <balance>3505000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2932170.14000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03325260</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>REGENCY CTRS LP</name>
        <lei>5493008PTR2GAOYBXW28</lei>
        <title>REGENCY CTRS LP 5.25% 01/15/2034</title>
        <cusip>75884RBB8</cusip>
        <identifiers>
          <isin value="US75884RBB87"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5149437.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BMO 2023-C5 MTG TR</name>
        <lei>N/A</lei>
        <title>BMO 2023-C5 B MTG TR CSTR 06/15/2056</title>
        <cusip>055988AJ8</cusip>
        <identifiers>
          <isin value="US055988AJ82"/>
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        <balance>4750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5024208.95000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06694591</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CREST CLARENDON STR 02 1 LTD</name>
        <lei>N/A</lei>
        <title>CREST CLARENDON STR 02 1 LTD 3ML+47 12/28/2035 144A</title>
        <cusip>226063204</cusip>
        <identifiers>
          <isin value="US2260632045"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.05000000</valUSD>
        <pctVal>0.000000000898</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06063170</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>FONTAINEBLEAU MIAMI BEACH BEACH MTG TR 2024-FBLU</name>
        <lei>N/A</lei>
        <title>FONTAINEBLEAU MIAMI BEACH BEACH MTG TR 2024-FBLU TSFR1M+570 12/15/2029 144A</title>
        <cusip>34461WAN0</cusip>
        <identifiers>
          <isin value="US34461WAN02"/>
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        <balance>3126000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3158721.72000000</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>2039-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09682170</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX TR 2025-TAIL</name>
        <lei>N/A</lei>
        <title>BX TR 2025-TAIL E TSFR1M+330 06/15/2035 144A</title>
        <cusip>123912AJ6</cusip>
        <identifiers>
          <isin value="US123912AJ63"/>
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        <balance>4500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4496878.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07332170</annualizedRt>
          <isDefault>N</isDefault>
          <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>AGREE LP</name>
        <lei>549300DXY3G299V1BO77</lei>
        <title>AGREE LP 2.6% 06/15/2033</title>
        <cusip>008513AC7</cusip>
        <identifiers>
          <isin value="US008513AC74"/>
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        <balance>6100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5255617.75000000</valUSD>
        <pctVal>0.094399325645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02600000</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>BX 2024 VLT4</name>
        <lei>N/A</lei>
        <title>BX 2024 VLT4 F TSFR1M+393.788 07/15/2029 144A</title>
        <cusip>05612TAL9</cusip>
        <identifiers>
          <isin value="US05612TAL98"/>
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        <balance>8250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8259959.40000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07970047</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>BX COMMERCIAL MORTGAGE TRUST 2025-SPOT</name>
        <lei>N/A</lei>
        <title>BX TRUST 2025-SPOT E TSFR1M+344.054 04/15/2040 144A</title>
        <cusip>12433FAJ7</cusip>
        <identifiers>
          <isin value="US12433FAJ75"/>
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        <balance>18718712.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18812305.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07722350</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>CARETRUST REIT INC</name>
        <lei>5493001NVXE2B9GPLU96</lei>
        <title>CARETRUST REIT INC</title>
        <cusip>14174T107</cusip>
        <identifiers>
          <isin value="US14174T1079"/>
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        <balance>284800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9868320.00000000</valUSD>
        <pctVal>0.177250857572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
        <lei>549300147YMUQB3GW319</lei>
        <title>INVITATION HOMES OPERATING PARTNERSHIP LP 5.5% 08/15/2033</title>
        <cusip>46188BAF9</cusip>
        <identifiers>
          <isin value="US46188BAF94"/>
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        <balance>33000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34365305.04000000</valUSD>
        <pctVal>0.617256005993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SHR TR 2024-LXRY</name>
        <lei>N/A</lei>
        <title>SHR TR 2024-LXRY D TSFR1M+350 10/15/2041 144A</title>
        <cusip>784234AG1</cusip>
        <identifiers>
          <isin value="US784234AG17"/>
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        <balance>9376000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9381860.00000000</valUSD>
        <pctVal>0.168513255611</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>Variable</couponKind>
          <annualizedRt>0.07632170</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>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE 4% PERP PFD</title>
        <cusip>74460W461</cusip>
        <identifiers>
          <isin value="US74460W4612"/>
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        <balance>47800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>797304.00000000</valUSD>
        <pctVal>0.014320858843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX TR 2025-OMG</name>
        <lei>N/A</lei>
        <title>BX TR 2025-OMG E TSFR1M+295 10/15/2027 144A</title>
        <cusip>05619HAJ3</cusip>
        <identifiers>
          <isin value="US05619HAJ32"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9004500.00000000</valUSD>
        <pctVal>0.161735264665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07100000</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>SIMON PROPERTY GROUP LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>SIMON PROPERTY GROUP LP 6.65% 01/15/2054</title>
        <cusip>828807DX2</cusip>
        <identifiers>
          <isin value="US828807DX23"/>
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        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17075407.65000000</valUSD>
        <pctVal>0.306701713093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06650000</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>GLP CAP LP / GLP FING II INC</name>
        <lei>N/A</lei>
        <title>GLP CAP LP / GLP FING II INC 6.75% 12/01/2033</title>
        <cusip>361841AS8</cusip>
        <identifiers>
          <isin value="US361841AS80"/>
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        <balance>19500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21097557.00000000</valUSD>
        <pctVal>0.378945967593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</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 TR 2019-OC11</name>
        <lei>N/A</lei>
        <title>BX TR 2019-OC11 4.075457% 12/09/2041 144A</title>
        <cusip>05606FAN3</cusip>
        <identifiers>
          <isin value="US05606FAN33"/>
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        <balance>32521000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29857465.06000000</valUSD>
        <pctVal>0.536287968652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03943990</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>GS MTG SECS CORP TR 2023-SHIP</name>
        <lei>N/A</lei>
        <title>GS MTG SECS CORP TR 2023-SHIP CSTR 09/15/2038 144A</title>
        <cusip>36270GAG6</cusip>
        <identifiers>
          <isin value="US36270GAG64"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8992094.40000000</valUSD>
        <pctVal>0.161512440189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-09-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06070620</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>MSJP 2015-HAUL</name>
        <lei>N/A</lei>
        <title>MSJP 2015-HAUL E 5.012% 09/05/2047 144A</title>
        <cusip>553697AN3</cusip>
        <identifiers>
          <isin value="US553697AN33"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1298827.05000000</valUSD>
        <pctVal>0.023329017345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04851000</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>WELLS FARGO COML MTG TR 2019-C52</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COML MTG TR 2019-C52 3.561% 08/15/2052</title>
        <cusip>95002MBC2</cusip>
        <identifiers>
          <isin value="US95002MBC29"/>
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        <balance>883000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>748573.93000000</valUSD>
        <pctVal>0.013445588615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03561000</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>EXTRA SPACE STORAGE LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
        <title>EXTRA SPACE STORAGE LP 2.35% 03/15/2032</title>
        <cusip>30225VAG2</cusip>
        <identifiers>
          <isin value="US30225VAG23"/>
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        <balance>12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10427954.40000000</valUSD>
        <pctVal>0.187302789139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02350000</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>AMERICAN HOMES 4 RENT LP</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>AMERICAN HOMES 4 RENT LP 5.25% 03/15/2035</title>
        <cusip>02666TAJ6</cusip>
        <identifiers>
          <isin value="US02666TAJ60"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10148961.10000000</valUSD>
        <pctVal>0.182291621921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</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>KIMCO REALTY OP LLC</name>
        <lei>549300EA7I6T15IBYS12</lei>
        <title>KIMCO REALTY OP LLC 6.4% 03/01/2034</title>
        <cusip>49447BAA1</cusip>
        <identifiers>
          <isin value="US49447BAA17"/>
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        <balance>3424000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3777262.30000000</valUSD>
        <pctVal>0.067845690244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06400000</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>ANNALY CAPITAL MANAGEMENT INC</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>ANNALY CAPITAL MANAGEMENT INC 6.95%/VAR PERP PFD</title>
        <cusip>035710870</cusip>
        <identifiers>
          <isin value="US0357108705"/>
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        <balance>1374443.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34965829.92000000</valUSD>
        <pctVal>0.628042396176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2024-OMNI</name>
        <lei>N/A</lei>
        <title>J P MORGAN CHASE COML MTG SECS TR 2024-OMNI VAR 10/05/2039 144A</title>
        <cusip>46593JAJ3</cusip>
        <identifiers>
          <isin value="US46593JAJ34"/>
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        <balance>6544000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6423815.51000000</valUSD>
        <pctVal>0.115382031392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05797150</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>EQUINIX INC</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>EQUINIX INC 3% 07/15/2050</title>
        <cusip>29444UBJ4</cusip>
        <identifiers>
          <isin value="US29444UBJ43"/>
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        <balance>11000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7208314.63000000</valUSD>
        <pctVal>0.129472894050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</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 AMER MERRILL LYNCH COML MTG TR 2016-UBS10</name>
        <lei>N/A</lei>
        <title>BACM 2016-UBS10 CSTR 06/49</title>
        <cusip>06054MAK9</cusip>
        <identifiers>
          <isin value="US06054MAK99"/>
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        <balance>3030000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2920011.00000000</valUSD>
        <pctVal>0.052448081727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04979448</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>DIGITAL REALTY TRUST INC</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>DIGITAL RLTY TR INC 5.25% PFD PERP</title>
        <cusip>253868855</cusip>
        <identifiers>
          <isin value="US2538688555"/>
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        <balance>80800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1836584.00000000</valUSD>
        <pctVal>0.032987994816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRAEMAR HOTELS and RESORTS INC</name>
        <lei>549300JDUUEBN868C776</lei>
        <title>BRAEMAR HOTELS and RESORTS INC SER D 8.25% PFD PERP</title>
        <cusip>10482B309</cusip>
        <identifiers>
          <isin value="US10482B3096"/>
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        <balance>173050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3581269.75000000</valUSD>
        <pctVal>0.064325349642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IRON MOUNTAIN INC</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MTN INC 4.875% 09/15/2027 144A</title>
        <cusip>46284VAC5</cusip>
        <identifiers>
          <isin value="US46284VAC54"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2990680.20000000</valUSD>
        <pctVal>0.053717413923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</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>WHARF 2025-DC E</name>
        <lei>N/A</lei>
        <title>WHARF 2025-DC E 7.85642% 07/15/2040 144A</title>
        <cusip>92987LAL1</cusip>
        <identifiers>
          <isin value="US92987LAL18"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10240946.00000000</valUSD>
        <pctVal>0.183943818284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07724100</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>SITE CENTERS CORP</name>
        <lei>W2AVA6SODOQ1LCYJQR54</lei>
        <title>SITE CENTERS CORP</title>
        <cusip>82981J851</cusip>
        <identifiers>
          <isin value="US82981J8514"/>
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        <balance>296459.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2173044.47000000</valUSD>
        <pctVal>0.039031364593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WULF COMPUTE LLC</name>
        <lei>N/A</lei>
        <title>WULF COMPUTE LLC 7.75% 10/15/2030 144A</title>
        <cusip>982911AA7</cusip>
        <identifiers>
          <isin value="US982911AA70"/>
        </identifiers>
        <balance>11085000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11515928.71000000</valUSD>
        <pctVal>0.206844553032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07750000</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>ESSEX PORTFOLIO LP</name>
        <lei>5493003GN3O58H286O74</lei>
        <title>ESSEX PORTFOLIO LP 5.5% 04/01/2034</title>
        <cusip>29717PBA4</cusip>
        <identifiers>
          <isin value="US29717PBA49"/>
        </identifiers>
        <balance>22077000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22961048.30000000</valUSD>
        <pctVal>0.412417260681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</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>RLJ LODGING TRUST LP</name>
        <lei>549300RX5I8Z6I6LDZ74</lei>
        <title>RLJ LODGING TRUST LP 4% 09/15/2029 144A</title>
        <cusip>74965LAB7</cusip>
        <identifiers>
          <isin value="US74965LAB71"/>
        </identifiers>
        <balance>4835000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4565807.51000000</valUSD>
        <pctVal>0.082009227169</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</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>AMERICAN HOMES 4 RENT LP</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>AMERICAN HOMES 4 RENT LP 5.5% 02/01/2034</title>
        <cusip>02666TAG2</cusip>
        <identifiers>
          <isin value="US02666TAG22"/>
        </identifiers>
        <balance>25000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25814213.50000000</valUSD>
        <pctVal>0.463664684609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</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>SELF COMMERCIAL MORTGAGE TRUST 2024-STRG</name>
        <lei>N/A</lei>
        <title>SELF COMMERCIAL MORTGAGE TRUST 2024-STRG TSFR1M+294.03 11/15/2034 144A</title>
        <cusip>81631WAG1</cusip>
        <identifiers>
          <isin value="US81631WAG15"/>
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        <balance>5597000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5603960.43000000</valUSD>
        <pctVal>0.100656118976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06972470</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>MARRIOTT OWNERSHIP RESORTS INC</name>
        <lei>BW4532OH033VURR0IT68</lei>
        <title>MARRIOTT OWNERSHIP RESORTS INC 4.5% 06/15/2029 144A</title>
        <cusip>57164PAH9</cusip>
        <identifiers>
          <isin value="US57164PAH91"/>
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        <balance>15960000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15379922.63000000</valUSD>
        <pctVal>0.276248082303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</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>MSWF COML MTG TR 2023-1</name>
        <lei>N/A</lei>
        <title>MSWF COML MTG TR 2023-1 5.752% 05/15/2056</title>
        <cusip>55376CAJ2</cusip>
        <identifiers>
          <isin value="US55376CAJ27"/>
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        <balance>13861000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14686374.04000000</valUSD>
        <pctVal>0.263790837063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05752000</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>JPMDB COML MTG SECS TR 2018-C8</name>
        <lei>N/A</lei>
        <title>JPMDB COML MTG SECS TR 2018-C8 CSTR 06/15/2051 144A</title>
        <cusip>46591AAG0</cusip>
        <identifiers>
          <isin value="US46591AAG04"/>
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        <balance>1698000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1332384.94000000</valUSD>
        <pctVal>0.023931770882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03414408</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>ERP OPERATING LP</name>
        <lei>DX5HQV5MLU50FEWZ5072</lei>
        <title>ERP OPERATING LP 4.65% 09/15/2034</title>
        <cusip>26884ABP7</cusip>
        <identifiers>
          <isin value="US26884ABP75"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4958387.40000000</valUSD>
        <pctVal>0.089060591754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04650000</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>REXFORD INDL RLTY INC</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>REXFORD INDL RLTY INC SER C 5.625% PERP PFD</title>
        <cusip>76169C407</cusip>
        <identifiers>
          <isin value="US76169C4078"/>
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        <balance>317525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7006347.89000000</valUSD>
        <pctVal>0.125845247412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STWD TR 2021-LIH</name>
        <lei>N/A</lei>
        <title>STWD TR 2021-LIH TSFR1M+295 11/15/2036 144A</title>
        <cusip>78486EAQ1</cusip>
        <identifiers>
          <isin value="US78486EAQ17"/>
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        <balance>4985000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4978832.56000000</valUSD>
        <pctVal>0.089427819625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07050000</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>VICI PROPERTIES LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI PROPERTIES LP 5.75% 04/01/2034</title>
        <cusip>925650AF0</cusip>
        <identifiers>
          <isin value="US925650AF04"/>
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        <balance>575000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>594498.69000000</valUSD>
        <pctVal>0.010678150143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05750000</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>WP CAREY INC</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>WP CAREY INC 3.85% 07/15/2029</title>
        <cusip>92936UAF6</cusip>
        <identifiers>
          <isin value="US92936UAF66"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2947458.09000000</valUSD>
        <pctVal>0.052941075493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03850000</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>DYNEX CAPITAL INC</name>
        <lei>5CIJ4S9HAEBWILA19B65</lei>
        <title>DYNEX CAP INC</title>
        <cusip>26817Q886</cusip>
        <identifiers>
          <isin value="US26817Q8868"/>
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        <balance>1145600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15167744.00000000</valUSD>
        <pctVal>0.272437013740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HOME PARTNERS AMER 2021-2 TR</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS AMER 2021-2 TR 4.505% 12/17/2026 144A</title>
        <cusip>43732VAN6</cusip>
        <identifiers>
          <isin value="US43732VAN64"/>
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        <balance>27644030.68400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26993154.75000000</valUSD>
        <pctVal>0.484840360670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04505000</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>BX 2025-LUNR A</name>
        <lei>N/A</lei>
        <title>BX 2025-LUNR E TSFR1M+395 06/15/2030 144A</title>
        <cusip>05594CAN4</cusip>
        <identifiers>
          <isin value="US05594CAN48"/>
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        <balance>3822340.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3841747.93000000</valUSD>
        <pctVal>0.069003955604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07982170</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>VORNADO RLTY SR L 5.4% PFD PRP</title>
        <cusip>929042844</cusip>
        <identifiers>
          <isin value="US9290428443"/>
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        <balance>388600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6884049.00000000</valUSD>
        <pctVal>0.123648563161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MACERICH CO</name>
        <lei>529900PSWCB5KI0JYU46</lei>
        <title>MACERICH COMPANY</title>
        <cusip>554382101</cusip>
        <identifiers>
          <isin value="US5543821012"/>
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        <balance>281500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4827725.00000000</valUSD>
        <pctVal>0.086713685447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC 5.2% 02/15/2049</title>
        <cusip>22822VAM3</cusip>
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          <isin value="US22822VAM37"/>
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        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13815258.75000000</valUSD>
        <pctVal>0.248144209046</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SABRA HEALTH CARE REIT INC</name>
        <lei>549300E3BC7GU7TAZ621</lei>
        <title>SABRA HEALTHCARE REIT INC</title>
        <cusip>78573L106</cusip>
        <identifiers>
          <isin value="US78573L1061"/>
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        <balance>666075.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11869456.50000000</valUSD>
        <pctVal>0.213194479256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KENNEDY-WILSON INC</name>
        <lei>5EA4464UK7FM5QNNKL62</lei>
        <title>KENNEDY-WILSON INC 4.75% 03/01/2029</title>
        <cusip>489399AL9</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX TRUST 2024-FNX</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US05593TAL26"/>
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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>J P MORGAN CHASE COML MTG SECS TR 2020-NNN</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04625400</annualizedRt>
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      <invstOrSec>
        <name>EQUINIX EUROPE 2 FINANCING CORP LLC</name>
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        <cusip>29390XAA2</cusip>
        <identifiers>
          <isin value="US29390XAA28"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5185302.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
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      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-C65</name>
        <lei>N/A</lei>
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        <cusip>95004WAH8</cusip>
        <identifiers>
          <isin value="US95004WAH88"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7226473.10000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05967000</annualizedRt>
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      <invstOrSec>
        <name>GS MTG SECS CORP TR 2018-RIVR</name>
        <lei>N/A</lei>
        <title>GS MTG SECS CORP TR 2018-RIVR G TSFR1M+264.7 07/15/2035 144A</title>
        <cusip>36255WAN5</cusip>
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          <isin value="US36255WAN56"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3465.28000000</valUSD>
        <pctVal>0.000062241987</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06929000</annualizedRt>
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      <invstOrSec>
        <name>BX TR 2025-VLT6</name>
        <lei>N/A</lei>
        <title>BX TR 2025-VLT6 F TSFR1M+393.966 03/15/2030 144A</title>
        <cusip>12433KAL1</cusip>
        <identifiers>
          <isin value="US12433KAL17"/>
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        <balance>15000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14650519.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07971820</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>SUN CMNTYS OPER LTD PRTNRSHP</name>
        <lei>549300PUNBPJCGT6X741</lei>
        <title>SUN CMNTYS OPER LTD PRTNRSHP 4.2% 04/15/2032</title>
        <cusip>866677AH0</cusip>
        <identifiers>
          <isin value="US866677AH07"/>
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        <balance>18439000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17973326.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04200000</annualizedRt>
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        <name>AMERICAN HOMES 4 RENT LP</name>
        <lei>549300N4PXZ37U8QKI55</lei>
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        <cusip>02666TAF4</cusip>
        <identifiers>
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        <balance>8500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6834696.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04300000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC</title>
        <cusip>22822V101</cusip>
        <identifiers>
          <isin value="US22822V1017"/>
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        <balance>263910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23809960.20000000</valUSD>
        <pctVal>0.427665080196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HILTON USA TR 2016-HHV</name>
        <lei>N/A</lei>
        <title>HILT 2016-HHV F CSTR 11/38 144A</title>
        <cusip>43300LAQ3</cusip>
        <identifiers>
          <isin value="US43300LAQ32"/>
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        <balance>20270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19761279.76000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04193500</annualizedRt>
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        <name>LXP INDUSTRIAL TRUST</name>
        <lei>549300S4MH2ICXDBFV43</lei>
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        <cusip>529043AE1</cusip>
        <identifiers>
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        <balance>4422000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4056909.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02700000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>KITE REALTY GROUP LP</name>
        <lei>549300X6R2GYI8Y3OD81</lei>
        <title>KITE REALTY GROUP LP 5.2% 08/15/2032</title>
        <cusip>49803XAG8</cusip>
        <identifiers>
          <isin value="US49803XAG88"/>
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        <curCd>USD</curCd>
        <valUSD>18365072.22000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05200000</annualizedRt>
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        <name>GLOBAL NET LEASE INC / GLOBAL NET LEASE OPERATING PARTNERSHIP LP</name>
        <lei>N/A</lei>
        <title>GLOBAL NET LEASE INC / GLOBAL NET LEASE OPERATING PARTNERSHIP LP 3.75% 12/15/2027 144A</title>
        <cusip>37892AAA8</cusip>
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          <isin value="US37892AAA88"/>
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        <curCd>USD</curCd>
        <valUSD>4920312.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03750000</annualizedRt>
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      <invstOrSec>
        <name>BX TR 2021-ACNT</name>
        <lei>N/A</lei>
        <title>BX TR 2021-ACNT TSFR1M+340.948 3 11/15/2026 144A</title>
        <cusip>05609QAN6</cusip>
        <identifiers>
          <isin value="US05609QAN60"/>
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        <balance>12155704.62000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12095563.06000000</valUSD>
        <pctVal>0.217255715785</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07441480</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPMCC 2021-MHC</name>
        <lei>N/A</lei>
        <title>JPMCC 2021-MHC F TSFR1M+306.448 04/15/2038 144A</title>
        <cusip>466330AQ0</cusip>
        <identifiers>
          <isin value="US466330AQ04"/>
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        <balance>7500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7504687.50000000</valUSD>
        <pctVal>0.134796226225</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07347480</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CUBESMART LP</name>
        <lei>549300MPHKO3I3FJRA97</lei>
        <title>CUBESMART LP 2.5% 02/15/2032</title>
        <cusip>22966RAJ5</cusip>
        <identifiers>
          <isin value="US22966RAJ59"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8837951.30000000</valUSD>
        <pctVal>0.158743782842</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAPITAL LLC</name>
        <lei>N/A</lei>
        <title>UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAPITAL LLC 6.5% 02/15/2029 144A</title>
        <cusip>91327BAA8</cusip>
        <identifiers>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BBCMS MTG TR 2022-C16</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>TIMES SQUARE HOTEL TR</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>OMEGA HEALTHCARE INVESTORS INC</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2020-VIVA</name>
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        <cusip>12433XAJ8</cusip>
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          <isin value="US12433XAJ81"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>REALTY INCOME CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>EPR PROPERTIES</name>
        <lei>549300YSSXFHMPOWZ492</lei>
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        <cusip>26884UAE9</cusip>
        <identifiers>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8074662.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04950000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>RITHM CAPITAL CORP</title>
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          <isin value="US64828T2015"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4231118.03000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>CREDIT SUISSE COM MTG TR 2021</name>
        <lei>N/A</lei>
        <title>CREDIT SUISSE COM MTG TR 2021-SOP2 F STEP 06/15/2034 144A</title>
        <cusip>12657VAQ5</cusip>
        <identifiers>
          <isin value="US12657VAQ59"/>
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        <balance>7120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3427985.23000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BENCHMARK 2019-B14 MTG TR</name>
        <lei>N/A</lei>
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        <cusip>08162YBP6</cusip>
        <identifiers>
          <isin value="US08162YBP60"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INVITATION HOMES INC</name>
        <lei>N/A</lei>
        <title>INVITATION HOMES INC</title>
        <cusip>46187W107</cusip>
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          <isin value="US46187W1071"/>
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        <curCd>USD</curCd>
        <valUSD>60559095.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER</name>
        <lei>N/A</lei>
        <title>PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER 4.875% 05/15/2029 144A</title>
        <cusip>70052LAC7</cusip>
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          <isin value="US70052LAC72"/>
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        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6798791.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>MILLROSE PROPERTIES INC REIT</name>
        <lei>N/A</lei>
        <title>MILLROSE PROPERTIES INC REIT 6.25% 09/15/2032 144A</title>
        <cusip>601137AB8</cusip>
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          <isin value="US601137AB81"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5023900.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06250000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>VENTAS RLTY LTD PARTNERSHIP</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
        <title>VENTAS RLTY LTD PARTNERSHIP 2.5% 09/01/2031</title>
        <cusip>92277GAW7</cusip>
        <identifiers>
          <isin value="US92277GAW78"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1345370.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MHP 2022-MHIL F</name>
        <lei>N/A</lei>
        <title>MHP 2022-MHIL F TSFR1M+325.92 01/15/2027 144A</title>
        <cusip>55293DAL5</cusip>
        <identifiers>
          <isin value="US55293DAL55"/>
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        <balance>3444000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3440771.25000000</valUSD>
        <pctVal>0.061801771200</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07291370</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLP CAP LP / GLP FING II INC</name>
        <lei>N/A</lei>
        <title>GLP CAP LP / GLP FING II INC 5.625% 09/15/2034</title>
        <cusip>361841AT6</cusip>
        <identifiers>
          <isin value="US361841AT63"/>
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        <balance>17000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17187442.00000000</valUSD>
        <pctVal>0.308714029740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>GLOBAL NET LEASE INC</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE INC 7.375% PFD PERP E</title>
        <cusip>379378607</cusip>
        <identifiers>
          <isin value="US3793786076"/>
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        <balance>379839.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8907224.55000000</valUSD>
        <pctVal>0.159988041538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX COML MTG TR 2024-XL4</name>
        <lei>N/A</lei>
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        <cusip>05611VAJ0</cusip>
        <identifiers>
          <isin value="US05611VAJ08"/>
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        <balance>4640175.92000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4648406.20000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>BPR COML MTG TR 2024-PK</name>
        <lei>N/A</lei>
        <title>BPR COML MTG TR 2024-PARK C VAR 11/05/2039 144A</title>
        <cusip>05593UAG0</cusip>
        <identifiers>
          <isin value="US05593UAG04"/>
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        <balance>5597000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5707767.43000000</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>2039-11-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06183320</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ELME COMMUNITIES</name>
        <lei>549300DI34BGS8LVKW95</lei>
        <title>ELME COMMUNITIES</title>
        <cusip>939653101</cusip>
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          <isin value="US9396531017"/>
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        <balance>668747.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11000888.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CURBLINE PROPERTIES CORP</name>
        <lei>529900PGR41LH0I81I15</lei>
        <title>CURBLINE PROPERTIES CORP</title>
        <cusip>23128Q101</cusip>
        <identifiers>
          <isin value="US23128Q1013"/>
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        <balance>592918.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13672689.08000000</valUSD>
        <pctVal>0.245583429068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EXTRA SPACE STORAGE LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
        <title>EXTRA SPACE STORAGE LP 5.9% 01/15/2031</title>
        <cusip>30225VAR8</cusip>
        <identifiers>
          <isin value="US30225VAR87"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9559849.41000000</valUSD>
        <pctVal>0.171710230939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KIMCO REALTY OP LLC</name>
        <lei>549300EA7I6T15IBYS12</lei>
        <title>KIMCO REALTY OP LLC 4.6% 02/01/2033</title>
        <cusip>49446RBA6</cusip>
        <identifiers>
          <isin value="US49446RBA68"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8961506.55000000</valUSD>
        <pctVal>0.160963033335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04600000</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>CHIMERA INVESTMENT CORP</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>CHIMERA INVESTMENT CORP SER C 7.75/VAR PERP PFD</title>
        <cusip>16934Q505</cusip>
        <identifiers>
          <isin value="US16934Q5053"/>
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        <balance>773686.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17067513.16000000</valUSD>
        <pctVal>0.306559915389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>BANK 2020-BNK30</name>
        <lei>N/A</lei>
        <title>BANK 2020-BN30 MCDG CSTR 12/53</title>
        <cusip>06541UBJ4</cusip>
        <identifiers>
          <isin value="US06541UBJ43"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1018326.00000000</valUSD>
        <pctVal>0.018290768518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03015504</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>HILTON DOMESTIC OPERATING CO INC</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OPERATING CO INC 5.75% 09/15/2033 144A</title>
        <cusip>432833AS0</cusip>
        <identifiers>
          <isin value="US432833AS06"/>
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        <balance>12510000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12744562.50000000</valUSD>
        <pctVal>0.228912786827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05750000</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>UDR INC</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR INC 5.125% 09/01/2034</title>
        <cusip>90265EAW0</cusip>
        <identifiers>
          <isin value="US90265EAW03"/>
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        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15228038.55000000</valUSD>
        <pctVal>0.273520000580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</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>MID-AMERICA APT CMNTYS INC</name>
        <lei>549300FQZKFR5YNSHZ21</lei>
        <title>MID AMERICA APT CMNTY INC</title>
        <cusip>59522J103</cusip>
        <identifiers>
          <isin value="US59522J1034"/>
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        <balance>23106.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2962882.38000000</valUSD>
        <pctVal>0.053218120484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLP CAP LP / GLP FING II INC</name>
        <lei>N/A</lei>
        <title>GLP CAP LP / GLP FING II INC 6.25% 09/15/2054</title>
        <cusip>361841AU3</cusip>
        <identifiers>
          <isin value="US361841AU37"/>
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        <balance>22000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21897821.00000000</valUSD>
        <pctVal>0.393319992785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06250000</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>ELP COMMERCIAL MORTGAGE TRUST 2021-ELP</name>
        <lei>N/A</lei>
        <title>ELP COMMERCIAL MORTGAGE TRUST 2021-ELP TSFR1M+372.938 49 11/15/2036 144A</title>
        <cusip>26863LAS3</cusip>
        <identifiers>
          <isin value="US26863LAS34"/>
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        <balance>15320346.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15223806.88000000</valUSD>
        <pctVal>0.273443992998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07762380</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>ENBRIDGE INC</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBRIDGE INC SER 1 4% PFD PERP</title>
        <cusip>29250N717</cusip>
        <identifiers>
          <isin value="CA29250N7172"/>
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        <balance>498275.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12157910.00000000</valUSD>
        <pctVal>0.218375566842</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP 5.9% 11/15/2033</title>
        <cusip>03027XCF5</cusip>
        <identifiers>
          <isin value="US03027XCF50"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8556535.68000000</valUSD>
        <pctVal>0.153689106871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05900000</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>MHP COML MTG TR 2021-STOR</name>
        <lei>N/A</lei>
        <title>MERIT 2021-STOR F TSFR1M+231.448 07/15/2038 144A</title>
        <cusip>55293BAM7</cusip>
        <identifiers>
          <isin value="US55293BAM72"/>
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        <balance>3182000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3171061.88000000</valUSD>
        <pctVal>0.056957358257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06347480</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UMH PPTYS INC</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
        <title>UMH PROPERTIES INC</title>
        <cusip>903002103</cusip>
        <identifiers>
          <isin value="US9030021037"/>
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        <balance>910823.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13243366.42000000</valUSD>
        <pctVal>0.237872105392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT CORP SER E 6.5%/VAR PFD PERP</title>
        <cusip>00123Q807</cusip>
        <identifiers>
          <isin value="US00123Q8078"/>
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        <balance>1152034.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28962134.76000000</valUSD>
        <pctVal>0.520206400210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>PEBBLEBROOK HOTEL TRUST</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>PEBBLEBROOK HOTEL TRUST 6.375% PERP PFD</title>
        <cusip>70509V803</cusip>
        <identifiers>
          <isin value="US70509V8037"/>
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        <balance>666800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12642528.00000000</valUSD>
        <pctVal>0.227080083527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DTP COML MTG TR 2023-STE2</name>
        <lei>N/A</lei>
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        <name>GS MTG SECS TR 2012-GCJ9</name>
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        <name>PROLOGIS LP</name>
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        <name>BMO 2023-C7 MTG TR</name>
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        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
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        <name>REALTY INCOME CORP</name>
        <lei>549300CUWDAUZSH43859</lei>
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        <assetCat>EC</assetCat>
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        <name>SWCH COML MTG TR 2025-DATA</name>
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        <cusip>78489CAF6</cusip>
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        <name>GAMING AND LEISURE PROPERTIES INC</name>
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        <name>RIDE 2025-SHRE</name>
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          <couponKind>Variable</couponKind>
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        <name>CROWN CASTLE INC</name>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2013-LC11</name>
        <lei>N/A</lei>
        <title>JP MORGAN CH CMS 13-LC11 D CSTR 04/15/2046</title>
        <cusip>46639YAX5</cusip>
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        <name>SUMMIT HOTEL PROPERTIES INC</name>
        <lei>254900OBQWJK6X20LS71</lei>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>SG COML MTG SECS TR 2020-COVE</name>
        <lei>N/A</lei>
        <title>SG COMMERCIAL MORTGAGE SECURITIES TRUST 2020-COVE F CSTR 03/15/2037 144A</title>
        <cusip>78397FAL7</cusip>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>LAMAR MEDIA CORP</name>
        <lei>N/A</lei>
        <title>LAMAR MEDIA CORP 4% 02/15/2030</title>
        <cusip>513075BT7</cusip>
        <identifiers>
          <isin value="US513075BT73"/>
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        <balance>5875000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5637524.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</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>CHIMERA INVESTMENT CORP</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>CHIMERA INVESTMENT CORP SER B 8%/VAR PREF PERP</title>
        <cusip>16934Q406</cusip>
        <identifiers>
          <isin value="US16934Q4064"/>
        </identifiers>
        <balance>626604.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15038496.00000000</valUSD>
        <pctVal>0.270115512325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LXP INDUSTRIAL TRUST</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LEXINGTON RLTY 6.5 CV PFD PERPPAR=50</title>
        <cusip>529043309</cusip>
        <identifiers>
          <isin value="US5290433094"/>
        </identifiers>
        <balance>440102.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20769468.74000000</valUSD>
        <pctVal>0.373052976137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBRE SERVICES INC</name>
        <lei>549300CTE3HOMEUMM603</lei>
        <title>CBRE SERVICES INC 5.5% 06/15/2035</title>
        <cusip>12505BAK6</cusip>
        <identifiers>
          <isin value="US12505BAK61"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5158667.25000000</valUSD>
        <pctVal>0.092657939141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</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>BBCMS MTG TR 2020-C7</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2020-C7 CSTR 04/15/2053</title>
        <cusip>05492VAL9</cusip>
        <identifiers>
          <isin value="US05492VAL99"/>
        </identifiers>
        <balance>2067000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1757864.03000000</valUSD>
        <pctVal>0.031574057875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03699442</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>SAUL CENTERS INC</name>
        <lei>N/A</lei>
        <title>SAUL CENTERS INC 6% SER E PFD PERP</title>
        <cusip>804395879</cusip>
        <identifiers>
          <isin value="US8043958797"/>
        </identifiers>
        <balance>76841.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1672828.57000000</valUSD>
        <pctVal>0.030046684603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITAL REALTY TRUST INC</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>DIGITAL RLTY TR INC SER K 5.85% PERP PFD</title>
        <cusip>253868830</cusip>
        <identifiers>
          <isin value="US2538688308"/>
        </identifiers>
        <balance>42600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1031346.00000000</valUSD>
        <pctVal>0.018524628604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CTO REALTY GROWTH INC</name>
        <lei>254900ZQ99OFO1WXS678</lei>
        <title>CTO REALTY GROWTH INC 6.375% PFD PERP</title>
        <cusip>22948Q200</cusip>
        <identifiers>
          <isin value="US22948Q2003"/>
        </identifiers>
        <balance>120000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2504400.00000000</valUSD>
        <pctVal>0.044983041460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASHFORD HOSPITALITY TRUST INC</name>
        <lei>N/A</lei>
        <title>ASHFORD HOSPITALITY TRUST INC SER H 7.5% PFD PERP</title>
        <cusip>044103802</cusip>
        <identifiers>
          <isin value="US0441038025"/>
        </identifiers>
        <balance>23951.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>341301.75000000</valUSD>
        <pctVal>0.006130326932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT 5.875% SER G PFD PERP</title>
        <cusip>02665T876</cusip>
        <identifiers>
          <isin value="US02665T8760"/>
        </identifiers>
        <balance>439881.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10843066.65000000</valUSD>
        <pctVal>0.194758871056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SREIT TR 2021-MFP2</name>
        <lei>N/A</lei>
        <title>SREIT TR 2021-MFP2 TSFR1M+402.998 55 11/15/2036 144A</title>
        <cusip>85236WCU8</cusip>
        <identifiers>
          <isin value="US85236WCU80"/>
        </identifiers>
        <balance>10872000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10846072.45000000</valUSD>
        <pctVal>0.194812860046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08061980</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>BFLD TRUST 2025-EWEST</name>
        <lei>N/A</lei>
        <title>BFLD TRUST 2025-EWEST VAR 06/15/2042 144A</title>
        <cusip>05494JAJ9</cusip>
        <identifiers>
          <isin value="US05494JAJ97"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5021938.50000000</valUSD>
        <pctVal>0.090202071456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07032170</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>BBCMS MTG TR 2025-C32</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2025-C32 5.72% 02/15/2062</title>
        <cusip>07337AAD8</cusip>
        <identifiers>
          <isin value="US07337AAD81"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5344716.50000000</valUSD>
        <pctVal>0.095999682124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05720000</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>BRIXMOR OPERATING PARTNERSHIP LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>BRIXMOR OPERATING PARTNERSHIP LP 5.5% 02/15/2034</title>
        <cusip>11120VAM5</cusip>
        <identifiers>
          <isin value="US11120VAM54"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10313206.00000000</valUSD>
        <pctVal>0.185241723800</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</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>KITE REALTY GROUP LP</name>
        <lei>549300X6R2GYI8Y3OD81</lei>
        <title>KITE REALTY GROUP LP 5.5% 03/01/2034</title>
        <cusip>49803XAE3</cusip>
        <identifiers>
          <isin value="US49803XAE31"/>
        </identifiers>
        <balance>14007000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14448887.51000000</valUSD>
        <pctVal>0.259525198018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</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 2021-VOLT</name>
        <lei>N/A</lei>
        <title>BX 2021-VOLT G TSFR1M+296.448 09/15/2023 144A</title>
        <cusip>05609VAS4</cusip>
        <identifiers>
          <isin value="US05609VAS43"/>
        </identifiers>
        <balance>4844140.62000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4771478.51000000</valUSD>
        <pctVal>0.085703408258</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>Variable</couponKind>
          <annualizedRt>0.06996650</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>ESSEX PORTFOLIO LP</name>
        <lei>5493003GN3O58H286O74</lei>
        <title>ESSEX PORTFOLIO LP 2.65% 03/15/2032</title>
        <cusip>29717PAV9</cusip>
        <identifiers>
          <isin value="US29717PAV94"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2678157.45000000</valUSD>
        <pctVal>0.048104003997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02650000</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>PKHL COML MTG TR 2021-MF</name>
        <lei>N/A</lei>
        <title>PKHL COMML MTG 2021-MF E TSFR1M+271.448 07/15/2038 144A</title>
        <cusip>69356GAN9</cusip>
        <identifiers>
          <isin value="US69356GAN97"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>279891.00000000</valUSD>
        <pctVal>0.005027291350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06747480</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>CBRE SERVICES INC</name>
        <lei>549300CTE3HOMEUMM603</lei>
        <title>CBRE SERVICES INC 5.95% 08/15/2034</title>
        <cusip>12505BAG5</cusip>
        <identifiers>
          <isin value="US12505BAG59"/>
        </identifiers>
        <balance>16750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17911195.93000000</valUSD>
        <pctVal>0.321713811341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05950000</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>KNDR TR 2021-KIND</name>
        <lei>N/A</lei>
        <title>KNDR 2021-KIND F TSFR1M+406.448 08/15/2026 144A</title>
        <cusip>482606AS9</cusip>
        <identifiers>
          <isin value="US482606AS97"/>
        </identifiers>
        <balance>7096720.85200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6949316.99000000</valUSD>
        <pctVal>0.124820880962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>RETAIL VALUE INC</name>
        <lei>549300VO5RB7323N1Z31</lei>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2019-IMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TEXAS COML MTG TR 2025-TWR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BX COML MTG TR 2024-XL5</name>
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        <name>RLJ LODGING TR</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CAPITAL TR RE CDO 05-1 LTD COR</name>
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        <fairValLevel>3</fairValLevel>
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        <name>SBA SENIOR FINANCE II LLC</name>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.05720000</annualizedRt>
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        <name>AMERICAN HOMES 4 RENT LP</name>
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        <cusip>02666TAD9</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>TWO HARBORS INVESTMENT COR</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MIRA TR 2023-MILE</name>
        <lei>N/A</lei>
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        <name>WP GLIMCHER MALL TR 15-WPG</name>
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        <curCd>USD</curCd>
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        <name>PROLOGIS LP</name>
        <lei>GL16H1DHB0QSHP25F723</lei>
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        <cusip>74340XCR0</cusip>
        <identifiers>
          <isin value="US74340XCR08"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>IRON MOUNTAIN INC</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MTN INC 4.5% 02/15/2031 144A</title>
        <cusip>46284VAN1</cusip>
        <identifiers>
          <isin value="US46284VAN10"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4316161.05000000</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>
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        <name>WELLS FARGO COML MTG TR 2016-NXS6</name>
        <lei>549300CFP9NBBMZH1008</lei>
        <title>WELLS FARGO COML MTG TR 2016-NXS6 D 3.059% 11/15/2049 144A</title>
        <cusip>95000KAJ4</cusip>
        <identifiers>
          <isin value="US95000KAJ43"/>
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        <balance>2314000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1967332.49000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03059000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARBOR REALTY TRUST INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>ARBOR REALTY TRUST INC SER D 6.375% PERP PFD</title>
        <cusip>038923876</cusip>
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          <isin value="US0389238769"/>
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        <balance>126100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2235753.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANK 2022-BNK42</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK42 C CSTR 06/15/2055</title>
        <cusip>06541MCF9</cusip>
        <identifiers>
          <isin value="US06541MCF95"/>
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        <balance>6500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT LP</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MFA FINANCIAL INC</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PENNYMAC MORTGAGE INVESTMENT TRUST</name>
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        <cusip>70931T400</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FEDERAL NAT MTG ASN GTD REM PA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNW 2002-W1 3B3 CSTR 2/42</title>
        <cusip>31392CMZ4</cusip>
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          <isin value="US31392CMZ40"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
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        <identifiers>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
        <title>GSMS 2011-GC5 C 5.47 8/44</title>
        <cusip>36191YAJ7</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
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        <cusip>64828T409</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ELLINGTON FINANCIAL INC</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>ELLINGTON FINANCIAL INC 6.75/VAR PFD PERP</title>
        <cusip>28852N208</cusip>
        <identifiers>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5362342.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SUN CMNTYS OPER LTD PRTNRSHP</name>
        <lei>549300PUNBPJCGT6X741</lei>
        <title>SUN CMNTYS OPER LTD PRTNRSHP 2.7% 07/15/2031</title>
        <cusip>866677AE7</cusip>
        <identifiers>
          <isin value="US866677AE75"/>
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        <balance>18000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16321713.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02700000</annualizedRt>
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      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2023-SMRT</name>
        <lei>N/A</lei>
        <title>CITIGROUP COML MTG TR 2023-SMRT 6.09935% 06/10/2028 144A</title>
        <cusip>17291NAC5</cusip>
        <identifiers>
          <isin value="US17291NAC56"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5105079.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05852422</annualizedRt>
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      <invstOrSec>
        <name>BBCMS MTG TR 2022-C17</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2022-C17 D 2.5% 09/15/2055 144A</title>
        <cusip>054976AR6</cusip>
        <identifiers>
          <isin value="US054976AR63"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1488715.20000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
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      <invstOrSec>
        <name>BBCMS MTG TR 2023-5C23</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2023-5C23 7.7032% 12/15/2056</title>
        <cusip>05493QAD7</cusip>
        <identifiers>
          <isin value="US05493QAD79"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2677164.75000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07703207</annualizedRt>
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        <name>VENTAS RLTY LTD PARTNERSHIP</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
        <title>VENTAS RLTY LTD PARTNERSHIP 5.7% 09/30/2043</title>
        <cusip>92277GAB3</cusip>
        <identifiers>
          <isin value="US92277GAB32"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3015280.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05700000</annualizedRt>
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      <invstOrSec>
        <name>GS MTG SECS CORP TR 2024-RVR</name>
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        <title>GS MTG SECS CORP TR 2024-RVR A VAR 08/10/2029 144A</title>
        <cusip>36272JAA1</cusip>
        <identifiers>
          <isin value="US36272JAA16"/>
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        <balance>4300000.00000000</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>
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      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2011-C3</name>
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        <title>MSC 2011-C3 E CSTR 7/15/49 144A</title>
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          <isin value="US61760RAN26"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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        <name>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
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        <cusip>22822VAT8</cusip>
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          <isin value="US22822VAT89"/>
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        <curCd>USD</curCd>
        <valUSD>12473640.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02250000</annualizedRt>
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        <name>KNDR TR 2021-KIND</name>
        <lei>N/A</lei>
        <title>KNDR 2021-KIND F TSFR1M+241.448 08/15/2038 144A</title>
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          <isin value="US482606AN01"/>
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        <curCd>USD</curCd>
        <valUSD>5861861.67000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06450000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WINDSTREAM SERVICES LLC</name>
        <lei>549300L3SXBFJVGRCF66</lei>
        <title>UNITI GROUP TERM B 1LN 10/6/2032</title>
        <cusip>97381JAK9</cusip>
        <identifiers>
          <isin value="US97381JAK97"/>
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        <balance>9740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9618250.00000000</valUSD>
        <pctVal>0.172759199219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07964610</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>GLOBAL PARTNERS LP</name>
        <lei>549300PCHWTW9P4DU444</lei>
        <title>GLOBAL PARTNERS LP SER B 9.5% PERP PFD</title>
        <cusip>37946R307</cusip>
        <identifiers>
          <isin value="US37946R3075"/>
        </identifiers>
        <balance>67800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1768902.00000000</valUSD>
        <pctVal>0.031772317523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Phillips Edison Grocery Center Operating Partnership I LP</name>
        <lei>549300WUPIVS6ZE0ZI51</lei>
        <title>Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031</title>
        <cusip>71845JAA6</cusip>
        <identifiers>
          <isin value="US71845JAA60"/>
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        <balance>16500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14689450.05000000</valUSD>
        <pctVal>0.263846087137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02625000</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>MPT OPER PARTNERSHIP LP / MPT FIN CORP</name>
        <lei>N/A</lei>
        <title>MPT OPER PARTNERSHIP LP/CORP 3.5% 03/15/2031</title>
        <cusip>55342UAM6</cusip>
        <identifiers>
          <isin value="US55342UAM62"/>
        </identifiers>
        <balance>16000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11297049.60000000</valUSD>
        <pctVal>0.202913133100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03500000</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 MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
        <title>GSMS 2011-GC5 E CSTR 8/44</title>
        <cusip>36191YAN8</cusip>
        <identifiers>
          <isin value="US36191YAN85"/>
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        <balance>8138000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2158824.23000000</valUSD>
        <pctVal>0.038775946271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05167237</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>OMEGA HEALTHCARE INVESTORS INC</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE INVESTORS INC 3.25% 04/15/2033</title>
        <cusip>681936BN9</cusip>
        <identifiers>
          <isin value="US681936BN99"/>
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        <balance>18000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15888371.40000000</valUSD>
        <pctVal>0.285380637846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03250000</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>PROVIDENCE PLACE GROUP LTD PARTNERSHIP</name>
        <lei>N/A</lei>
        <title>PPGLP 2000-C1 A2 7.75% 7/28</title>
        <cusip>743784AB6</cusip>
        <identifiers>
          <isin value="US743784AB61"/>
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        <balance>1799134.17000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1833903.88000000</valUSD>
        <pctVal>0.032939855561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <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 2024 VLT4</name>
        <lei>N/A</lei>
        <title>BX 2024 VLT4 E TSFR1M+288.94 07/15/2029 144A</title>
        <cusip>05612TAJ4</cusip>
        <identifiers>
          <isin value="US05612TAJ43"/>
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        <balance>14200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14200000.00000000</valUSD>
        <pctVal>0.255054779083</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>Variable</couponKind>
          <annualizedRt>0.06921574</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>DIGITALBRIDGE GROUP INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DIGITALBRIDGE GROUP INC 7.15% SER I PERP PFD</title>
        <cusip>25401T405</cusip>
        <identifiers>
          <isin value="US25401T4058"/>
        </identifiers>
        <balance>861892.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18401394.20000000</valUSD>
        <pctVal>0.330518558627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUITY LIFESTYLE PROPERTIES INC</name>
        <lei>529900PEQG66LENB6798</lei>
        <title>EQUITY LIFESTYLE PPTYS INC</title>
        <cusip>29472R108</cusip>
        <identifiers>
          <isin value="US29472R1086"/>
        </identifiers>
        <balance>1195596.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>72991135.80000000</valUSD>
        <pctVal>1.311037888486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WP CAREY INC</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>WP CAREY INC 5.375% 06/30/2034</title>
        <cusip>92936UAM1</cusip>
        <identifiers>
          <isin value="US92936UAM18"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7187775.56000000</valUSD>
        <pctVal>0.129103979405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05375000</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>Fidelity Revere Street Trust</name>
        <lei>549300BDV45LJNXBZC55</lei>
        <title>Fidelity Securities Lending Cash Central Fund</title>
        <cusip>31635A303</cusip>
        <identifiers>
          <isin value="US31635A3032"/>
        </identifiers>
        <balance>934254.82800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>934348.25000000</valUSD>
        <pctVal>0.016782393414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="934348.25000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-1CHI</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-1CHI D VAR 07/15/2035 144A</title>
        <cusip>95003PAG6</cusip>
        <identifiers>
          <isin value="US95003PAG63"/>
        </identifiers>
        <balance>5250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5301212.18000000</valUSD>
        <pctVal>0.095218274749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06932106</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>GLADSTONE LAND CORP</name>
        <lei>54930002B3Q17H38FG74</lei>
        <title>GLADSTONE LAND CORP SER D 5% PFD 01/31/26</title>
        <cusip>376549507</cusip>
        <identifiers>
          <isin value="US3765495078"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>746100.00000000</valUSD>
        <pctVal>0.013401152864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MHC TR 2021-MHC2</name>
        <lei>N/A</lei>
        <title>MHC TR 2021-MHC2 TSFR1M+251.448 05/15/2023 144A</title>
        <cusip>55293AAQ0</cusip>
        <identifiers>
          <isin value="US55293AAQ04"/>
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        <balance>2400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2399250.00000000</valUSD>
        <pctVal>0.043094378782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06546480</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>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>
        <identifiers>
          <isin value="US61765DAC20"/>
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        <balance>5193000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4369286.34000000</valUSD>
        <pctVal>0.078479391704</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>0.04288888</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>VICI PROPERTIES LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI PROPERTIES LP 6.125% 04/01/2054</title>
        <cusip>925650AG8</cusip>
        <identifiers>
          <isin value="US925650AG86"/>
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        <balance>23532000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23741740.95000000</valUSD>
        <pctVal>0.426439753032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06125000</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 COML MTG TR 2024-VLT5</name>
        <lei>N/A</lei>
        <title>BX COML MTG TR 2024-VLT5 B CSTR 11/13/2046 144A</title>
        <cusip>05614JAC9</cusip>
        <identifiers>
          <isin value="US05614JAC99"/>
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        <balance>6547000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6711082.22000000</valUSD>
        <pctVal>0.120541802326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05994873</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>CD 2017-CD3 MTG TR</name>
        <lei>N/A</lei>
        <title>CD 2017-CD3 D 3.25% 02/10/2050 144A</title>
        <cusip>12515GAM9</cusip>
        <identifiers>
          <isin value="US12515GAM96"/>
        </identifiers>
        <balance>3353000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>163804.78000000</valUSD>
        <pctVal>0.002942196618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>UDR INC</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR INC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL NET LEASE INC</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE INC 4.5% 09/30/2028 144A</title>
        <cusip>02608AAA7</cusip>
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          <isin value="US02608AAA79"/>
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        <curCd>USD</curCd>
        <valUSD>13146795.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS COML MTG TR 2012-C1</name>
        <lei>N/A</lei>
        <title>UBSCM 2012-C1 E CSTR 05/45</title>
        <cusip>90269GAQ4</cusip>
        <identifiers>
          <isin value="US90269GAQ47"/>
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        <balance>4699074.49000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4252756.39000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>WILLSCOT HOLDINGS CORP</name>
        <lei>549300HJ4VIXF476Q166</lei>
        <title>WILLSCOT HOLDINGS CORP</title>
        <cusip>971378104</cusip>
        <identifiers>
          <isin value="US9713781048"/>
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        <balance>58900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1281075.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SBA COMMUNICATIONS CORP</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
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        <cusip>78410GAG9</cusip>
        <identifiers>
          <isin value="US78410GAG91"/>
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        <balance>25000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23632305.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03125000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT SER H 6.25% PERP PFD</title>
        <cusip>02665T868</cusip>
        <identifiers>
          <isin value="US02665T8687"/>
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        <balance>411648.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10217103.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CREST DARTMOUTH STR 03 1 LTD</name>
        <lei>N/A</lei>
        <title>CRST DRTMTH ST 2003-1 0% PFD 144A</title>
        <cusip>226065209</cusip>
        <identifiers>
          <isin value="US2260652092"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12.20000000</valUSD>
        <pctVal>0.000000219131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SUMIT 2022-BVUE MTG TR</name>
        <lei>N/A</lei>
        <title>SUMI TRUST CORE RMBS 2022-BVUE F CSTR 02/12/2041 144A</title>
        <cusip>865592AN9</cusip>
        <identifiers>
          <isin value="US865592AN94"/>
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        <balance>3211000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2317232.28000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02892490</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>PRM5 TR 2025-PRM5</name>
        <lei>N/A</lei>
        <title>PRM5 TR 2025-PRM5 E CSTR 03/10/2033 144A</title>
        <cusip>693980AJ3</cusip>
        <identifiers>
          <isin value="US693980AJ39"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10020259.00000000</valUSD>
        <pctVal>0.179979925746</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>0.06867760</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NNN REIT INC</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>NNN REIT INC 3.5% 04/15/2051</title>
        <cusip>637417AQ9</cusip>
        <identifiers>
          <isin value="US637417AQ97"/>
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        <balance>12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8515079.40000000</valUSD>
        <pctVal>0.152944485580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ESSEX PROPERTY TRUST INC</name>
        <lei>549300TR2H2VEFX0NC60</lei>
        <title>ESSEX PROPERTY TRUST INC</title>
        <cusip>297178105</cusip>
        <identifiers>
          <isin value="US2971781057"/>
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        <balance>94600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23817442.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MSWF COMMERCIAL MORTGAGE TRUST 23-2</name>
        <lei>N/A</lei>
        <title>MSWF COMMERCIAL MORTGAGE TRUST 23-2 6.491% 12/15/2056</title>
        <cusip>55361AAX2</cusip>
        <identifiers>
          <isin value="US55361AAX28"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10906107.00000000</valUSD>
        <pctVal>0.195891176869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06491000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SOTHERLY HOTELS INC</name>
        <lei>549300IYTT21F61LSR10</lei>
        <title>SOTHERLY HOTELS INC SER B 8% PERP PFD</title>
        <cusip>83600C301</cusip>
        <identifiers>
          <isin value="US83600C3016"/>
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        <balance>67250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1115005.00000000</valUSD>
        <pctVal>0.020027278447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC 3.8% 02/15/2028</title>
        <cusip>22822VAK7</cusip>
        <identifiers>
          <isin value="US22822VAK70"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1977941.40000000</valUSD>
        <pctVal>0.035527000480</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>0.03800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>HILTON DOMESTIC OPERATING CO INC</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OPERATING CO INC 3.625% 02/15/2032 144A</title>
        <cusip>432833AN1</cusip>
        <identifiers>
          <isin value="US432833AN19"/>
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        <balance>17765000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16366334.37000000</valUSD>
        <pctVal>0.293965619517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03625000</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>RLJ LODGING TRUST LP</name>
        <lei>549300RX5I8Z6I6LDZ74</lei>
        <title>RLJ LODGING TRUST LP 3.75% 07/01/2026 144A</title>
        <cusip>74965LAA9</cusip>
        <identifiers>
          <isin value="US74965LAA98"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3969436.80000000</valUSD>
        <pctVal>0.071297452542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03750000</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>CUSHMAN and WAKEFIELD US BORROWER LLC</name>
        <lei>549300870CMN3WI5IF97</lei>
        <title>CUSHMAN and WAKEFIELD TERM B3 1LN 01/31/2030</title>
        <cusip>23340DAW2</cusip>
        <identifiers>
          <isin value="US23340DAW20"/>
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        <balance>1940775.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1944016.09000000</valUSD>
        <pctVal>0.034917647490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06714610</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>M/I HOMES INC</name>
        <lei>5299005M71FH9CCSFB69</lei>
        <title>M/I HOMES INC 3.95% 02/15/2030</title>
        <cusip>55305BAV3</cusip>
        <identifiers>
          <isin value="US55305BAV36"/>
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        <balance>17070000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16255976.08000000</valUSD>
        <pctVal>0.291983407596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03950000</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>MORGAN STANLEY CAP I TR 2011-C2</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
        <title>MSC 2011-C2 XB CSTR 6/44 144A</title>
        <cusip>617459AF9</cusip>
        <identifiers>
          <isin value="US617459AF91"/>
        </identifiers>
        <balance>26307750.23170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>95065.69000000</valUSD>
        <pctVal>0.001707532293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00535596</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>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC 2.5% 07/15/2031</title>
        <cusip>22822VAY7</cusip>
        <identifiers>
          <isin value="US22822VAY74"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4453281.75000000</valUSD>
        <pctVal>0.079988084009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</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>DIGITALBRIDGE GROUP INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DIGITALBRIDGE GROUP INC 7.125% SER J PFD PERP</title>
        <cusip>25401T306</cusip>
        <identifiers>
          <isin value="US25401T3068"/>
        </identifiers>
        <balance>1171346.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24609979.46000000</valUSD>
        <pctVal>0.442034709465</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RITHM PROPERTY TRUST INC</name>
        <lei>5493004ID2QQWNGDYC18</lei>
        <title>RITHM PROPERTY TRUST INC</title>
        <cusip>38983D300</cusip>
        <identifiers>
          <isin value="US38983D3008"/>
        </identifiers>
        <balance>1275264.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3404954.88000000</valUSD>
        <pctVal>0.061158451739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="30787.77000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MPT OPER PARTNERSHIP LP / MPT FIN CORP</name>
        <lei>N/A</lei>
        <title>MPT OPER PARTNERSHIP LP/CORP 4.625% 08/01/2029</title>
        <cusip>55342UAJ3</cusip>
        <identifiers>
          <isin value="US55342UAJ34"/>
        </identifiers>
        <balance>19835000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16217328.07000000</valUSD>
        <pctVal>0.291289227339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04625000</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>Phillips Edison Grocery Center Operating Partnership I LP</name>
        <lei>549300WUPIVS6ZE0ZI51</lei>
        <title>Phillips Edison Grocery Center Operating Partnership I LP 4.95% 01/15/2035</title>
        <cusip>71845JAC2</cusip>
        <identifiers>
          <isin value="US71845JAC27"/>
        </identifiers>
        <balance>16021000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15841557.27000000</valUSD>
        <pctVal>0.284539780974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04950000</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>WP CAREY INC</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>WP CAREY INC 2.45% 02/01/2032</title>
        <cusip>92936UAJ8</cusip>
        <identifiers>
          <isin value="US92936UAJ88"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1759129.88000000</valUSD>
        <pctVal>0.031596794571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02450000</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>BROOKFIELD PROPERTY PARTNERS LP</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>BROOKFIELD PROPERTY PARTN LP 6.5% PERP PFD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG162491499"/>
        </identifiers>
        <balance>34125.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>512557.50000000</valUSD>
        <pctVal>0.009206354924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2011-C3</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP I TR 2011-C3 F CSTR 07/15/2049 144A</title>
        <cusip>61760RAQ5</cusip>
        <identifiers>
          <isin value="US61760RAQ56"/>
        </identifiers>
        <balance>5624050.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5371833.85000000</valUSD>
        <pctVal>0.096486753231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05105432</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>SBA COMMUNICATIONS CORP</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA COMMUNICATIONS CORP</title>
        <cusip>78410G104</cusip>
        <identifiers>
          <isin value="US78410G1040"/>
        </identifiers>
        <balance>50900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9746332.00000000</valUSD>
        <pctVal>0.175059757403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBL and ASSOCS LTD PARTNERSHIP</name>
        <lei>549300VS75TWHD9JTH89</lei>
        <title>CBL and ASSOCS LP 5.95% 12/15/2026</title>
        <cusip>12505JAD5</cusip>
        <identifiers>
          <isin value="US12505JAD54"/>
        </identifiers>
        <balance>10317000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1.03000000</valUSD>
        <pctVal>0.000000018500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05950000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP 5.55% 07/15/2033</title>
        <cusip>03027XCD0</cusip>
        <identifiers>
          <isin value="US03027XCD03"/>
        </identifiers>
        <balance>18250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19107634.66000000</valUSD>
        <pctVal>0.343203770212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05550000</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>NATIONAL HEALTHCARE PROPERTIES INC</name>
        <lei>549300Z2NSUGF5NF2Y30</lei>
        <title>HEALTHCARE TRUST INC SER A 7.375% PFD PERP</title>
        <cusip>42226B204</cusip>
        <identifiers>
          <isin value="US42226B2043"/>
        </identifiers>
        <balance>364800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6593760.00000000</valUSD>
        <pctVal>0.118434507051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>RITHM CAPITAL CORP SER D 7%/VAR PFD PERP</title>
        <cusip>64828T706</cusip>
        <identifiers>
          <isin value="US64828T7063"/>
        </identifiers>
        <balance>151200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3720986.64000000</valUSD>
        <pctVal>0.066834889115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MHP 2022-MHIL MEZZ</name>
        <lei>N/A</lei>
        <title>MHP 2022-MHIL MEZZ SOFR+500 01/09/2027</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="IGA539000"/>
        </identifiers>
        <balance>13324090.09000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12990987.84000000</valUSD>
        <pctVal>0.233338981239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09032170</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>Phillips Edison Grocery Center Operating Partnership I LP</name>
        <lei>549300WUPIVS6ZE0ZI51</lei>
        <title>Phillips Edison Grocery Center Operating Partnership I LP 5.25% 08/15/2032</title>
        <cusip>71845JAD0</cusip>
        <identifiers>
          <isin value="US71845JAD00"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10227517.00000000</valUSD>
        <pctVal>0.183702611901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</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>EASTGROUP PROPERTIES INC</name>
        <lei>31TIGQQZC4P6JMHKSW85</lei>
        <title>EASTGROUP PPTYS INC</title>
        <cusip>277276101</cusip>
        <identifiers>
          <isin value="US2772761019"/>
        </identifiers>
        <balance>49900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8709047.00000000</valUSD>
        <pctVal>0.156428454831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NNN REIT INC</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>NNN REIT INC 5.5% 06/15/2034</title>
        <cusip>637417AT3</cusip>
        <identifiers>
          <isin value="US637417AT37"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4146250.28000000</valUSD>
        <pctVal>0.074473306280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</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>LGI HOMES INC</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI HOMES INC 4% 07/15/2029 144A</title>
        <cusip>50187TAF3</cusip>
        <identifiers>
          <isin value="US50187TAF30"/>
        </identifiers>
        <balance>13310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11953790.86000000</valUSD>
        <pctVal>0.214709259648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LXP INDUSTRIAL TRUST</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LXP INDUSTRIAL TRUST 2.375% 10/01/2031</title>
        <cusip>529537AA0</cusip>
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        <balance>7500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6513928.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02375000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2024-BPR2</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
        <title>MORGAN STANLEY CAP I TR 2024-BPR2 7.291% 05/05/2029 144A</title>
        <cusip>61776EAA1</cusip>
        <identifiers>
          <isin value="US61776EAA10"/>
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        <balance>8870931.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9346719.06000000</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>2029-05-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07291000</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>BRIXMOR OPERATING PARTNERSHIP LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>BRIXMOR OPERATING PARTNERSHIP LP 2.5% 08/16/2031</title>
        <cusip>11120VAL7</cusip>
        <identifiers>
          <isin value="US11120VAL71"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8016603.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9</name>
        <lei>549300PFVBG5704L7K74</lei>
        <title>MSBAM 2013 - C9 C 4.2117% 5/46</title>
        <cusip>61762DBB6</cusip>
        <identifiers>
          <isin value="US61762DBB64"/>
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        <balance>3302000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3066046.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03836389</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VENTAS RLTY LTD PARTNERSHIP</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
        <title>VENTAS RLTY LTD PARTNERSHIP 4.375% 02/01/2045</title>
        <cusip>92277GAF4</cusip>
        <identifiers>
          <isin value="US92277GAF46"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2564851.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04375000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CAPITAL LLC</name>
        <lei>N/A</lei>
        <title>UNITI GRP/UNITI HLD/CSL 6% 01/15/2030 144A</title>
        <cusip>91327AAB8</cusip>
        <identifiers>
          <isin value="US91327AAB89"/>
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        <balance>18035000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16168342.69000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06000000</annualizedRt>
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      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE SER G 5.05% PFD PERP</title>
        <cusip>74460W669</cusip>
        <identifiers>
          <isin value="US74460W6690"/>
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        <balance>43800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>934692.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HILTON WORLDWIDE FIN LLC / HILTON WORLDWIDE FIN CORP</name>
        <lei>N/A</lei>
        <title>HILTON WORLDWIDE FIN LLC / HILTON WORLDWIDE FIN CORP 4.875% 04/01/2027</title>
        <cusip>432891AK5</cusip>
        <identifiers>
          <isin value="US432891AK52"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3002178.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SIMON PROPERTY GROUP INC</name>
        <lei>529900GQL5X8H7AO3T64</lei>
        <title>SIMON PPTY GROUP INC - REIT</title>
        <cusip>828806109</cusip>
        <identifiers>
          <isin value="US8288061091"/>
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        <balance>46200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8120112.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SIMON PROPERTY GROUP LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>SIMON PROPERTY GROUP LP 5.85% 03/08/2053</title>
        <cusip>828807DV6</cusip>
        <identifiers>
          <isin value="US828807DV66"/>
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        <balance>19000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19610141.87000000</valUSD>
        <pctVal>0.352229605805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-03-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05850000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BXP TR 2021-601L</name>
        <lei>N/A</lei>
        <title>BXP TR 2021-601L VAR 01/15/2044 144A</title>
        <cusip>05607TAL6</cusip>
        <identifiers>
          <isin value="US05607TAL61"/>
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        <balance>5754000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4566009.60000000</valUSD>
        <pctVal>0.082012857029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02775460</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>VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ</name>
        <lei>N/A</lei>
        <title>VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ C VAR 07/13/2044 144A</title>
        <cusip>91825CAE5</cusip>
        <identifiers>
          <isin value="US91825CAE57"/>
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        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7118303.50000000</valUSD>
        <pctVal>0.127856149763</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05838250</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VENTAS RLTY LTD PARTNERSHIP</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
        <title>VENTAS RLTY LTD PARTNERSHIP 4.4% 01/15/2029</title>
        <cusip>92277GAN7</cusip>
        <identifiers>
          <isin value="US92277GAN79"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10024355.80000000</valUSD>
        <pctVal>0.180053510846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04400000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2022-GC48</name>
        <lei>N/A</lei>
        <title>CITIGROUP COML MTG TR 2022-GC48 2.5% 06/15/2055 144A</title>
        <cusip>29426VAM8</cusip>
        <identifiers>
          <isin value="US29426VAM81"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1265169.80000000</valUSD>
        <pctVal>0.022724479143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP</title>
        <cusip>03027X100</cusip>
        <identifiers>
          <isin value="US03027X1000"/>
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        <balance>361100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>64629678.00000000</valUSD>
        <pctVal>1.160852693275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HYATT HOTELS CORP</name>
        <lei>T27JQIMTYSH41TCD5186</lei>
        <title>HYATT HOTELS CORP 5.5% 06/30/2034</title>
        <cusip>448579AS1</cusip>
        <identifiers>
          <isin value="US448579AS18"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5141155.00000000</valUSD>
        <pctVal>0.092343391039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</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>JPMBB COML MTG SECS TR 2014-C23</name>
        <lei>N/A</lei>
        <title>JPMBB 2014-C23 UH5 4.7094% 09/15/2047 144A</title>
        <cusip>46643AAQ6</cusip>
        <identifiers>
          <isin value="US46643AAQ67"/>
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        <balance>8640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8501918.11000000</valUSD>
        <pctVal>0.152708087699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04709400</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>BMO 2023-5C2 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BMO 2023-5C2 MORTGAGE TRUST CSTR 11/15/2056</title>
        <cusip>05610QAF0</cusip>
        <identifiers>
          <isin value="US05610QAF00"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10627448.00000000</valUSD>
        <pctVal>0.190886014215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MHP COML MTG TR 2021-STOR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MPT OPER PARTNERSHIP LP / MPT FIN CORP</name>
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        <name>REXFORD INDL RLTY INC</name>
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        <name>MORGAN STANLEY CAP I TR 2024-NSTB</name>
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        <name>JPMBB COML MTG SECS TR 2014-C26</name>
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        <name>BX COML MTG TR 2021-CIP</name>
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        <name>BX COML MTG TR 2024-KING</name>
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        <name>MORGAN STANLEY CAP I TR 2011-C2</name>
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        <name>SUNSTONE HOTEL INVS INC NEW</name>
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        <name>STWD TR 2021-LIH</name>
        <lei>N/A</lei>
        <title>STWD TR 2021-LIH TSFR1M+359.8 1 11/15/2036 144A</title>
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        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITALBRIDGE GROUP INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DIGITALBRIDGE GROUP INC SER H 7.125% PERP PFD</title>
        <cusip>25401T504</cusip>
        <identifiers>
          <isin value="US25401T5048"/>
        </identifiers>
        <balance>887620.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19154839.60000000</valUSD>
        <pctVal>0.344051646658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL NAT MTG ASN GTD REM PA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNW 2003-W10 2B3 CSTR 6/43</title>
        <cusip>31393DUL3</cusip>
        <identifiers>
          <isin value="US31393DUL36"/>
        </identifiers>
        <balance>29014.01260000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22921.07000000</valUSD>
        <pctVal>0.000411699186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03968330</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>NEW FORTRESS ENERGY INC</name>
        <lei>254900EICTYTCHA5X705</lei>
        <title>NEW FORTRESS ENERGY TERM B 1LN 10/30/2028</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US64439HAC34"/>
        </identifiers>
        <balance>9850500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4399331.81000000</valUSD>
        <pctVal>0.079019056543</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09569890</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>LXP INDUSTRIAL TRUST</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LXP INDUSTRIAL TRUST 6.75% 11/15/2028</title>
        <cusip>529043AF8</cusip>
        <identifiers>
          <isin value="US529043AF83"/>
        </identifiers>
        <balance>247000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>262461.42000000</valUSD>
        <pctVal>0.004714228133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</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>PROLOGIS INC</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>PROLOGIS INC REIT</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <isin value="US74340W1036"/>
        </identifiers>
        <balance>758430.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>94113578.70000000</valUSD>
        <pctVal>1.690430846765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRONTIER COMMUNICATIONS HOLDINGS LLC</name>
        <lei>N/A</lei>
        <title>FRONTIER TERM B 1LN 07/01/2031</title>
        <cusip>35906EAU4</cusip>
        <identifiers>
          <isin value="US35906EAU47"/>
        </identifiers>
        <balance>1424255.44000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1421592.08000000</valUSD>
        <pctVal>0.025534074219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06532170</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 2024-FNX</name>
        <lei>N/A</lei>
        <title>BX TRUST 2024-FNX TSFR1M+393.874 11/15/2026 144A</title>
        <cusip>05593TAN8</cusip>
        <identifiers>
          <isin value="US05593TAN81"/>
        </identifiers>
        <balance>15971308.46000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15913070.68000000</valUSD>
        <pctVal>0.285824276536</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>Variable</couponKind>
          <annualizedRt>0.07970910</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>DIAMONDROCK HOSPITALITY CO</name>
        <lei>529900KKD4BPVBUAQ734</lei>
        <title>DIAMONDROCK HOSPITALITY CO 8.25% PFD PERP</title>
        <cusip>252784400</cusip>
        <identifiers>
          <isin value="US2527844003"/>
        </identifiers>
        <balance>448231.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11357770.13000000</valUSD>
        <pctVal>0.204003771224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AVALONBAY COMMUNITIES INC</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AVALONBAY COMMUNITIES INC REIT</title>
        <cusip>053484101</cusip>
        <identifiers>
          <isin value="US0534841012"/>
        </identifiers>
        <balance>130300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22661776.00000000</valUSD>
        <pctVal>0.407041850092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIMON PROPERTY GROUP LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>SIMON PROPERTY GROUP LP 6.25% 01/15/2034</title>
        <cusip>828807DW4</cusip>
        <identifiers>
          <isin value="US828807DW40"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5489549.45000000</valUSD>
        <pctVal>0.098601114242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06250000</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>RETAINED VANTAGE DATA CTRS ISSUER LLC / VANTAGE DATA CTRS CDA QC4 LTD PARTNERSHIP</name>
        <lei>N/A</lei>
        <title>RETAINED VANTAGE DATA CTRS ISSUER LLC / VANTAGE DATA CTRS CDA QC4 LTD PARTNERSHIP 6% 09/15/2049 144A</title>
        <cusip>76134KAJ3</cusip>
        <identifiers>
          <isin value="US76134KAJ34"/>
        </identifiers>
        <balance>10151000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10230530.04000000</valUSD>
        <pctVal>0.183756730933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05775000</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 CAP I TR 2011-C2</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
        <title>MSC 2011-C2 F CSTR 6/44</title>
        <cusip>617459AL6</cusip>
        <identifiers>
          <isin value="US617459AL69"/>
        </identifiers>
        <balance>2937000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2202808.74000000</valUSD>
        <pctVal>0.039565978629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>CITIGROUP COML MTG TR 2023-PRM3</name>
        <lei>N/A</lei>
        <title>CITIGROUP COML MTG TR 2023-PRM3 VAR 07/10/2028 144A</title>
        <cusip>17331LAC1</cusip>
        <identifiers>
          <isin value="US17331LAC19"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5172089.50000000</valUSD>
        <pctVal>0.092899024283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06359730</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>LAMAR ADVERTISING CO</name>
        <lei>529900Y8WW4MKVPTB543</lei>
        <title>LAMAR ADVERTISING CO CL A</title>
        <cusip>512816109</cusip>
        <identifiers>
          <isin value="US5128161099"/>
        </identifiers>
        <balance>143000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16958370.00000000</valUSD>
        <pctVal>0.304599529152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NCMF TR 2025-MFS</name>
        <lei>N/A</lei>
        <title>NCMF TR 2025-MFS F VAR 06/10/2033 144A</title>
        <cusip>62887TAL8</cusip>
        <identifiers>
          <isin value="US62887TAL89"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5090683.50000000</valUSD>
        <pctVal>0.091436841934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08437000</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>KRE COML MTG TR 2025-AIP4</name>
        <lei>N/A</lei>
        <title>KRE COML MTG TR 2025-AIP4 E TSFR1M+300 03/15/2030 144A</title>
        <cusip>50077KAJ7</cusip>
        <identifiers>
          <isin value="US50077KAJ79"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4975377.50000000</valUSD>
        <pctVal>0.089365761205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07032170</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>WILLIAMS SCOTSMAN INC</name>
        <lei>549300DAKDS8SCO1OT57</lei>
        <title>WILLIAMS SCOTSMAN INC 6.625% 04/15/2030 144A</title>
        <cusip>96949VAN3</cusip>
        <identifiers>
          <isin value="US96949VAN38"/>
        </identifiers>
        <balance>3495000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3614210.96000000</valUSD>
        <pctVal>0.064917026617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06625000</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>VICI PROPERTIES LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI PROPERTIES LP 5.625% 05/15/2052</title>
        <cusip>925650AE3</cusip>
        <identifiers>
          <isin value="US925650AE39"/>
        </identifiers>
        <balance>24333000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23049616.26000000</valUSD>
        <pctVal>0.414008083320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05625000</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="As of March 2025, monthly returns presented in Item B.5.a. have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-11-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
