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      <invstOrSec>
        <name>GREAT AJAX CORP</name>
        <lei>5493004ID2QQWNGDYC18</lei>
        <title>GREAT AJAX CORP</title>
        <cusip>38983D300</cusip>
        <identifiers>
          <isin value="US38983D3008"/>
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        <balance>1663364.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14338197.68000000</valUSD>
        <pctVal>0.270051607704</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>
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      </invstOrSec>
      <invstOrSec>
        <name>VB-S1 ISSUER LLC</name>
        <lei>N/A</lei>
        <title>VB-S1 ISSUER LLC 2018-1A F 5.25% 02/15/2048 144A</title>
        <cusip>91823AAJ0</cusip>
        <identifiers>
          <isin value="US91823AAJ07"/>
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        <balance>1354000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1380807.85000000</valUSD>
        <pctVal>0.026006712150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-15</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>
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      </invstOrSec>
      <invstOrSec>
        <name>COMM 2013 CCRE12 MTG TR</name>
        <lei>549300MGZ5FI5VFL1177</lei>
        <title>COMM 2013 CCRE12 D MTG TR CSTR 10/10/2046 144A</title>
        <cusip>12624SAE9</cusip>
        <identifiers>
          <isin value="US12624SAE90"/>
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        <balance>1959000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1135322.78000000</valUSD>
        <pctVal>0.021383143742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05071290</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>SOUTHEAST POWERGEN LLC</name>
        <lei>5493003PEJ398SB1LO34</lei>
        <title>SOUTHEAST POWER TERM B 12/02/21</title>
        <cusip>84148DAB4</cusip>
        <identifiers>
          <isin value="US84148DAB47"/>
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        <balance>1288563.76000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1172593.02000000</valUSD>
        <pctVal>0.022085107019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-02</maturityDt>
          <couponKind>Variable</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>GLOBAL PARTNERS LP / GLP FIN CORP</name>
        <lei>N/A</lei>
        <title>GLOBAL PARTNERS LP / GLP FIN CORP 7% 08/01/2027</title>
        <cusip>37954FAG9</cusip>
        <identifiers>
          <isin value="US37954FAG90"/>
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        <balance>3955000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3826462.50000000</valUSD>
        <pctVal>0.072069193981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</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>CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-C3</name>
        <lei>N/A</lei>
        <title>CGCMT 2016-C3 D 3% 11/15/2049 144A</title>
        <cusip>17325GAL0</cusip>
        <identifiers>
          <isin value="US17325GAL05"/>
        </identifiers>
        <balance>7010000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4223846.76000000</valUSD>
        <pctVal>0.079553695219</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>
          <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>20085000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18154100.41000000</valUSD>
        <pctVal>0.341921914564</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>0.04075457</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>MERITAGE HOMES CORP</name>
        <lei>52990044W9UMFJO2FB97</lei>
        <title>MERITAGE HOMES CORP 5.125% 06/06/2027</title>
        <cusip>59001ABA9</cusip>
        <identifiers>
          <isin value="US59001ABA97"/>
        </identifiers>
        <balance>2181000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2333670.00000000</valUSD>
        <pctVal>0.043953316129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-06</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>URSTADT BIDDLE PPTYS INC</name>
        <lei>549300XXD0YL0AER3Z82</lei>
        <title>URSTADT BIDDLE PPTYS INC SER K 5.875% PFD PERP</title>
        <cusip>917286874</cusip>
        <identifiers>
          <isin value="US9172868740"/>
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        <balance>69225.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1487645.25000000</valUSD>
        <pctVal>0.028018932394</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 TR 2015-STP</name>
        <lei>N/A</lei>
        <title>BBCMS 2015-STP F CSTR 09/28</title>
        <cusip>05547GAL7</cusip>
        <identifiers>
          <isin value="US05547GAL77"/>
        </identifiers>
        <balance>4074000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4042851.42000000</valUSD>
        <pctVal>0.076144753339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04284350</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>CBL and ASSOCS LTD PARTNERSHIP</name>
        <lei>549300VS75TWHD9JTH89</lei>
        <title>CBL and ASSOCS LP 4.6% 10/15/2024</title>
        <cusip>12505JAB9</cusip>
        <identifiers>
          <isin value="US12505JAB98"/>
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        <balance>26459000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6350160.00000000</valUSD>
        <pctVal>0.119601567467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-15</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>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"/>
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        <balance>294000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6909000.00000000</valUSD>
        <pctVal>0.130126993592</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>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>3406963.03000000</valUSD>
        <pctVal>0.064168165635</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>0.04256540</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>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>2251120.30000000</valUSD>
        <pctVal>0.042398540578</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>
        <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"/>
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        <balance>82775.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1907963.75000000</valUSD>
        <pctVal>0.035935386694</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>CAESARS RESORT COLLECTION LLC</name>
        <lei>N/A</lei>
        <title>CAESARS RESORT COLLECTION TERM B 1LN 12/22/2024</title>
        <cusip>12769LAB5</cusip>
        <identifiers>
          <isin value="US12769LAB53"/>
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        <balance>7937374.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7290478.18000000</valUSD>
        <pctVal>0.137311913071</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02911130</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 TR 2015-STP</name>
        <lei>N/A</lei>
        <title>BBCMS TR 2015-STP E CSTR 09/10/2028 144A</title>
        <cusip>05547GAJ2</cusip>
        <identifiers>
          <isin value="US05547GAJ22"/>
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        <balance>8413000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8353255.92000000</valUSD>
        <pctVal>0.157328713211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04284350</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>CSMC 2019-SKLZ</name>
        <lei>N/A</lei>
        <title>CSMC 2019-SKLZ D 1ML+400 01/15/2034 144A</title>
        <cusip>12655GAL1</cusip>
        <identifiers>
          <isin value="US12655GAL14"/>
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        <balance>7788000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7233505.30000000</valUSD>
        <pctVal>0.136238862038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03774750</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>PROGRESS RESIDENTIAL 2018 SFR3 TR</name>
        <lei>N/A</lei>
        <title>PROGRESS RESIDENTIAL 2018-SFR3 F TR 5.368% 10/17/2035 144A</title>
        <cusip>74331MAF3</cusip>
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        <curCd>USD</curCd>
        <valUSD>3503586.95000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COLONY CAPITAL INC</name>
        <lei>549300XG87L902AGBO89</lei>
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          <isin value="US19626G6035"/>
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        <balance>874492.00000000</balance>
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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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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2020</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2020-SOP E 1ML+281 01/15/2035 144A</title>
        <cusip>95002CAJ0</cusip>
        <identifiers>
          <isin value="US95002CAJ09"/>
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        <curCd>USD</curCd>
        <valUSD>2810998.45000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HERSHA HOSPITALITY TR</name>
        <lei>549300DNC58BIN1VO064</lei>
        <title>HERSHA HOSPITALITY TR 6.5% PERP PFD</title>
        <cusip>427825609</cusip>
        <identifiers>
          <isin value="US4278256098"/>
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        <balance>197750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2129767.50000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PENNSYLVANIA REAL EST INVT TR</name>
        <lei>5493001GPBXRIG8WJO70</lei>
        <title>PENNSYLVANIA REAL EST INVT TR 7.2% PERP PFD C</title>
        <cusip>709102602</cusip>
        <identifiers>
          <isin value="US7091026028"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>320067.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CENTURY CMNTYS INC</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
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        <cusip>156504AH5</cusip>
        <identifiers>
          <isin value="US156504AH51"/>
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        <balance>5982000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6155956.56000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05875000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TWO HARBORS INVESTMENT COR</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>TWO HARBORS INVT CORP 7.5% SER E PERP PFD</title>
        <cusip>90187B705</cusip>
        <identifiers>
          <isin value="US90187B7055"/>
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        <balance>491117.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10613038.37000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GREEN ENERGY PARTNERS/STONEWALL LLC</name>
        <lei>549300BHYFK6M9HVNA29</lei>
        <title>PANDA STONEWALL TERM B1 11/13/21</title>
        <cusip>39303NAB7</cusip>
        <identifiers>
          <isin value="US39303NAB73"/>
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        <balance>10875213.09500000</balance>
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        <curCd>USD</curCd>
        <valUSD>9484708.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06500000</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>SERITAGE GROWTH PPTYS</name>
        <lei>5493003CJFC2MM82WB25</lei>
        <title>SERITAGE GROWTH PPTYS SER A 7% PERP PFD</title>
        <cusip>81752R308</cusip>
        <identifiers>
          <isin value="US81752R3084"/>
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        <balance>91986.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1195827.20000000</valUSD>
        <pctVal>0.022522709276</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>PENNYMAC CORP</name>
        <lei>EWN0I878407TKQNXZ933</lei>
        <title>PENNYMAC CORP CONV 5.5% 11/01/2024 144A</title>
        <cusip>70932AAC7</cusip>
        <identifiers>
          <isin value="US70932AAC71"/>
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        <balance>34434000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32623316.00000000</valUSD>
        <pctVal>0.614441168344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>PENNYMAC MORTGAGE INVESTMENT TRUST</name>
              <title>PENNYMAC MORTGAGE INV TRUST</title>
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                <cusip value="70931T103"/>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <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>12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12000000.00000000</valUSD>
        <pctVal>0.226013015358</pctVal>
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        <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>
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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>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>4182713.14000000</valUSD>
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        <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>
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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>UBS-CITIGROUP COML MTG TR 2011-C1</name>
        <lei>N/A</lei>
        <title>UBS-CITIGR COML MTG TR 2011-C1 C CSTR 01/10/2045</title>
        <cusip>90268TAN4</cusip>
        <identifiers>
          <isin value="US90268TAN46"/>
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        <balance>4746000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4450011.91000000</valUSD>
        <pctVal>0.083813384179</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06050317</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>OMEGA HEALTHCARE INVESTORS INC</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE INVESTORS INC 4.5% 04/01/2027</title>
        <cusip>681936BF6</cusip>
        <identifiers>
          <isin value="US681936BF65"/>
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        <balance>2434000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2581243.20000000</valUSD>
        <pctVal>0.048616213250</pctVal>
        <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>0.04500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PEBBLEBROOK HOTEL TR</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>PEBBLEBROOK HOTEL 6.5% PFD PERP</title>
        <cusip>70509V407</cusip>
        <identifiers>
          <isin value="US70509V4077"/>
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        <balance>232046.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4749981.62000000</valUSD>
        <pctVal>0.089463139069</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>REALOGY GROUP LLC / REALOGY CO-ISSUER CORP</name>
        <lei>N/A</lei>
        <title>REALOGY GROUP LLC / REALOGY CO-ISSUER CORP 7.625% 06/15/2025 144A</title>
        <cusip>75606DAJ0</cusip>
        <identifiers>
          <isin value="US75606DAJ00"/>
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        <balance>3025000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3174646.75000000</valUSD>
        <pctVal>0.059792623721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AIRBNB</name>
        <lei>549300HMUDNO0RY56D37</lei>
        <title>AIRBNB TL B 1LN 04/17/2025</title>
        <cusip>00925DAD5</cusip>
        <identifiers>
          <isin value="US00925DAD57"/>
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        <balance>2640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2765400.00000000</valUSD>
        <pctVal>0.052084699389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TWO HARBORS INVESTMENT COR</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>TWO HBRS INVT CORP SR C 7.25/VAR PERP PFD</title>
        <cusip>90187B507</cusip>
        <identifiers>
          <isin value="US90187B5075"/>
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        <balance>899517.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17945364.15000000</valUSD>
        <pctVal>0.337990488603</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>WEYERHAEUSER CO</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>WEYERHAEUSER CO</title>
        <cusip>962166104</cusip>
        <identifiers>
          <isin value="US9621661043"/>
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        <balance>915700.00000000</balance>
        <units>NS</units>
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        <valUSD>25465617.00000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
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        <cusip>36191YAQ1</cusip>
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        <fairValLevel>2</fairValLevel>
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      <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>
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        <fairValLevel>2</fairValLevel>
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        <name>ASHFORD HOSPITALITY TRUST INC</name>
        <lei>N/A</lei>
        <title>ASHFORD HO SR D 8.45% PFD PERP</title>
        <cusip>044103406</cusip>
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          <isin value="US0441034065"/>
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        <name>SOTHERLY HOTELS INC</name>
        <lei>549300IYTT21F61LSR10</lei>
        <title>SOTHERLY HOTELS INC SER B 8% PERP PFD</title>
        <cusip>83600C301</cusip>
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        <name>NATIXIS COML MTG SECS TR 2020-2PAC</name>
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        <cusip>63875DAS0</cusip>
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        <name>BLUEROCK RESIDENTIAL GROWTH REIT INC</name>
        <lei>549300KWLV0TGICOUU26</lei>
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        <cusip>09627J656</cusip>
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          <isin value="US09627J6560"/>
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        <name>MACK-CALI REALTY LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ENERGY TRANSFER OPERATING MLP</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>ENERGY TRANSFER OPERATING MLP 7.125%/VAR PERP</title>
        <cusip>29278NAT0</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>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PEBBLEBROOK HOTEL TR</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD</title>
        <cusip>70509V605</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>7235319.01000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UBS COML MTG TR 2012-C1</name>
        <lei>N/A</lei>
        <title>UBSCM 2012-C1 D CSTR 5/45</title>
        <cusip>90269GAN1</cusip>
        <identifiers>
          <isin value="US90269GAN16"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLOBAL PARTNERS LP / GLP FIN CORP</name>
        <lei>N/A</lei>
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        <cusip>37954FAD6</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>MORGAN STANLEY CAP I TR 2015-MS1</name>
        <lei>N/A</lei>
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        <cusip>61765DAC2</cusip>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>CREST DARTMOUTH STR 03 1 LTD</name>
        <lei>N/A</lei>
        <title>CRST DRTMTH ST 2003-1 0% PFD 144A</title>
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          <isin value="US2260652092"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ</name>
        <lei>N/A</lei>
        <title>JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ 1ML+160 06/15/2032 144A</title>
        <cusip>46649VAJ0</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>0.01774750</annualizedRt>
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      <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>
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          <isin value="US0441038025"/>
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        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>ASHTON WOODS USA LLC/FIN CO</name>
        <lei>N/A</lei>
        <title>ASHTON WOODS USA LLC/FIN CO 9.875% 04/01/2027 144A</title>
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          <isin value="US045086AH86"/>
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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>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LTF MERGER SUB INC</name>
        <lei>N/A</lei>
        <title>LIFE TIME FITNESS TERM B 06/10/2022</title>
        <cusip>50218KAD0</cusip>
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          <isin value="US50218KAD00"/>
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        <curCd>USD</curCd>
        <valUSD>5533853.33000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03750000</annualizedRt>
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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>15190308.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C31</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C31 CSTR 11/15/2049 144A</title>
        <cusip>61766RAJ5</cusip>
        <identifiers>
          <isin value="US61766RAJ59"/>
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        <balance>1483000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>844857.83000000</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>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2011-C3</name>
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        <name>GS MTG SECS TR 2012-GCJ9</name>
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        <name>MORGAN STANLEY CAP I TR 2011-C2</name>
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        <name>AMR HMS 15-SFR2</name>
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        <name>JPMDB COML MTG SECS TR 2016-C4</name>
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        <name>TWO HARBORS INVESTMENT COR</name>
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        <name>ARBOR RLTY TR INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>GRANITE POINT MORTGAGE TRUST INC</name>
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        <name>ISTAR INC</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
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        <name>EQUINIX INC</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD</name>
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        <name>PLAYA RESORTS HLDG B V</name>
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        <title>PLAYA RESORTS TERM B 04/27/2024</title>
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        <name>GREAT AJAX CORP</name>
        <lei>5493004ID2QQWNGDYC18</lei>
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        <name>GS MORTGAGE SECURITIES CORPORATION II</name>
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        <title>GSMS 2012-GC6 D CSTR 1/45</title>
        <cusip>36192BAL1</cusip>
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        <name>ANNALY CAPITAL MANAGEMENT INC</name>
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        <name>READY CAPITAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HOWARD HUGHES CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GS MORTGAGE SECURITIES CORP TRUST 2019-SOHO</name>
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        <name>PROGRESS RESIDENTIAL 2019-SFR1 TR</name>
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        <name>COMM 2012-CCRE2 MTG TR</name>
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          <isin value="US12624KBA34"/>
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      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>LGI HOMES INC</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI HOMES INC 6.875% 07/15/2026 144A</title>
        <cusip>50187TAE6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>ISTAR INC</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC 8.0% PFD PERPEPAR=25</title>
        <cusip>45031U408</cusip>
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          <isin value="US45031U4085"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>ARLINGTON ASSET INVT CORP</name>
        <lei>549300LA9ZT7L8G7IT53</lei>
        <title>ARLINGTON ASSET INVT CORP 8.25% PFD PERP</title>
        <cusip>041356700</cusip>
        <identifiers>
          <isin value="US0413567001"/>
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        <curCd>USD</curCd>
        <valUSD>2845397.50000000</valUSD>
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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>TRI POINTE HLDGS INC</name>
        <lei>N/A</lei>
        <title>WEYERHAEUSER REAL ESTATE CO 5.875% 06/15/2024</title>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>FARMLAND PARTNERS INC</name>
        <lei>549300LB188CHPZ4IL37</lei>
        <title>FARMLAND PARTNERS INC 6% PFD PERP B</title>
        <cusip>31154R208</cusip>
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          <isin value="US31154R2085"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <name>COMM 2013-CCRE10 MTG TR</name>
        <lei>549300YJIXJB9DCDOI21</lei>
        <title>COMM 2013-CCRE10 D MTG TR CSTR 08/10/2046 144A</title>
        <cusip>12626BAW4</cusip>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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        <name>TRI POINTE GROUP INC</name>
        <lei>N/A</lei>
        <title>TRI POINTE GROUP INC 5.25% 06/01/2027</title>
        <cusip>87265HAF6</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>JPMCC COML MTG SECS TR 2016-JP4</name>
        <lei>N/A</lei>
        <title>JPMCC COML MTG SECS TR 2016-JP4 CSTR 12/15/2049 144A</title>
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          <isin value="US46645UAC18"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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        <name>SERVICE PPTYS TR</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>HOSPITALITY PROP TRUST 4.65% 03/15/2024</title>
        <cusip>44106MAS1</cusip>
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          <isin value="US44106MAS17"/>
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        <curCd>USD</curCd>
        <valUSD>3202500.00000000</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>0.04650000</annualizedRt>
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        <name>UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CAPITAL LLC</name>
        <lei>N/A</lei>
        <title>UNITI GRP/UNITI HLD/CSL 7.875% 02/15/2025 144A</title>
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          <isin value="US91327AAA07"/>
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        <curCd>USD</curCd>
        <valUSD>5262500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07875000</annualizedRt>
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      <invstOrSec>
        <name>GS MTG SECS TR 2013-GCJ16</name>
        <lei>N/A</lei>
        <title>GSMS 2013-GC16 D CSTR 11/46</title>
        <cusip>36248GAP5</cusip>
        <identifiers>
          <isin value="US36248GAP54"/>
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        <curCd>USD</curCd>
        <valUSD>3223352.53000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2046-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05310692</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>NEW YORK MTG TR INC</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>NEW YORK MORTGAGE TRUST SER D 8%/VAR PFD PERP</title>
        <cusip>649604881</cusip>
        <identifiers>
          <isin value="US6496048819"/>
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        <balance>317918.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6247088.70000000</valUSD>
        <pctVal>0.117660279524</pctVal>
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        <fairValLevel>1</fairValLevel>
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        <name>INVESCO MORTGAGE CAPITAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WFRBS COML MTG TR 2013-C11</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY CAP I TR 2011-C2</name>
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        <name>EQUITY RESIDENTIAL</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY CAP CITIGROUP TR 2016-SNR</name>
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        <cusip>61691CAL3</cusip>
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        <name>UBS COML MTG TR 2012-C1</name>
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        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13</name>
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        <name>JP MORGAN CHASE COML MTG SECS TR 2012-CIBX</name>
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        <title>JPMCC 2012-CBX C CSTR 6/45</title>
        <cusip>46637WAH6</cusip>
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        <name>INVITATION HOMES TRUST 2018-SFR4</name>
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        <cusip>46187XAL9</cusip>
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        <name>NATIXIS COML MTG SECS TR 2018-FL1</name>
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        <name>ISTAR INC</name>
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        <name>GLADSTONE COMMERCIAL CORP</name>
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        <name>WILLSCOT MOBILE MINI HOLDINGS CORP</name>
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        <name>APARTMENT INVT and MGMT CO</name>
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        <name>PROGRESS RESIDENTIAL 2020-SFR1 TR</name>
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        <name>MFA FINANCIAL INC</name>
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        <name>WELLS FARGO COML MTG TR 2012-LC5</name>
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        <name>LONESTAR II GENERATION HOLDINGS LLC</name>
        <lei>5493008TLUD4K1PDBH71</lei>
        <title>LONESTAR TERM B 1LN 04/10/2026</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>SUMMIT HOTEL PPTYS INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL I TRUST 2019-AGLN</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST 2019-AGLN 1ML+260 03/15/2034 144A</title>
        <cusip>61691TAQ5</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>MOTEL 6 TR 2017-MTL6</name>
        <lei>N/A</lei>
        <title>MOTEL 6 TR 2017-MTL6 1ML+425 08/15/2034 144A</title>
        <cusip>61975FAQ2</cusip>
        <identifiers>
          <isin value="US61975FAQ28"/>
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        <curCd>USD</curCd>
        <valUSD>9789488.33000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>DEUTSCHE FINL CAP SEC LLC</name>
        <lei>N/A</lei>
        <title>DFCS 1997-I M 7.275% 9/27</title>
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          <isin value="US251547AG01"/>
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        <curCd>USD</curCd>
        <valUSD>81619.51000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07275000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>SABRA HEALTH CARE LP</name>
        <lei>549300OVKLRFSIQG0H81</lei>
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        <cusip>78572XAF8</cusip>
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          <isin value="US78572XAF87"/>
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        <balance>7475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7580454.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04800000</annualizedRt>
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        <name>CHIMERA INVESTMENT CORP</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
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        <cusip>16934QAA7</cusip>
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          <isin value="US16934QAA76"/>
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        <curCd>USD</curCd>
        <valUSD>4618951.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>CHIMERA INVESTMENT CORP</title>
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            <currencyInfo convRatio="6.50000000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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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          <isin value="US78397FAL76"/>
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        <curCd>USD</curCd>
        <valUSD>4294611.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03851800</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COLONY CAPITAL INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>COLONY CAPITAL INC 7.125% PERP PFD H</title>
        <cusip>19626G702</cusip>
        <identifiers>
          <isin value="US19626G7025"/>
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        <balance>727701.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14546742.99000000</valUSD>
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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>
        <name>READY CAPITAL CORP</name>
        <lei>549300MYWGZUG7ZUYO87</lei>
        <title>READY CAPITAL CORP PC 7% 08/15/2023</title>
        <cusip>75574U200</cusip>
        <identifiers>
          <isin value="US75574U2006"/>
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        <balance>404062.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9293426.00000000</valUSD>
        <pctVal>0.175036269438</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>ASHTON WOODS USA LLC/FIN CO</name>
        <lei>N/A</lei>
        <title>ASHTON WOODS USA LLC/FIN CO 6.75% 08/01/2025 144A</title>
        <cusip>045086AF2</cusip>
        <identifiers>
          <isin value="US045086AF21"/>
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        <balance>26458000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26854870.00000000</valUSD>
        <pctVal>0.505795845478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</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>
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      <invstOrSec>
        <name>TAYLOR MORRISON CMNTYS INC / MONARCH CMNTYS INC</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TAYLOR MORRISON CMNTY/ MONARCH 5.625% 03/01/2024 144A</title>
        <cusip>877249AD4</cusip>
        <identifiers>
          <isin value="US877249AD49"/>
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        <balance>5434000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5787210.00000000</valUSD>
        <pctVal>0.108998731884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05625000</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>COMM 2013-LC6 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2013-LC6 D MTG TR CSTR 01/10/2046 144A</title>
        <cusip>20048EAE1</cusip>
        <identifiers>
          <isin value="US20048EAE14"/>
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        <balance>8301000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5665488.95000000</valUSD>
        <pctVal>0.106706186755</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.04318071</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>DIGITAL RLTY TR INC</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>DIGITAL REALTY TRUST INC SER C 6.625% PFD PERP</title>
        <cusip>253868848</cusip>
        <identifiers>
          <isin value="US2538688480"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2210791.00000000</valUSD>
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        <assetCat>EP</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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      <invstOrSec>
        <name>PROGRESS RESIDENTIAL 2019-SFR3 TR</name>
        <lei>N/A</lei>
        <title>PROGRESS RESIDENTIAL 2019-SFR3 TR 3.867% 09/17/2036 144A</title>
        <cusip>74332WAL7</cusip>
        <identifiers>
          <isin value="US74332WAL72"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>980786.90000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03867000</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>REDWOOD TRUST INC</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>REDWOOD TRUST INC CONV 4.75% 08/15/2023</title>
        <cusip>758075AC9</cusip>
        <identifiers>
          <isin value="US758075AC90"/>
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        <balance>13195000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11699065.43000000</valUSD>
        <pctVal>0.220345087892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>REDWOOD TRUST INC</name>
              <title>REDWOOD TRUST INC REIT</title>
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          <currencyInfos>
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          <delta>XXXX</delta>
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        <securityLending>
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          <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>10000.00000000</valUSD>
        <pctVal>0.000188344179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>0.00776000</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>LEXINGTON CORP PPTYS TR REIT</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LEXINGTON CORP PPTYS TR REIT 4.4% 06/15/2024</title>
        <cusip>529043AD3</cusip>
        <identifiers>
          <isin value="US529043AD36"/>
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        <balance>2156000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2209032.79000000</valUSD>
        <pctVal>0.041605846824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2013-LC11</name>
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      <invstOrSec>
        <name>ANWORTH MTG ASSET CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HUNT COMPANIES FINANCE TRUST INC</name>
        <lei>5493002OB7SJ4MVQY666</lei>
        <title>HUNT COMPANIES FINANCE TRUST INC</title>
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        <fairValLevel>1</fairValLevel>
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        <name>DCP MIDSTREAM LP</name>
        <lei>52990024YYS3MLGW0E91</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DIVERSIFIED HEALTHCARE TR</name>
        <lei>N/A</lei>
        <title>DIVERSIFIED HEALTHCARE TR</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ</name>
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        <title>JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ E 1ML+300 06/15/2032 144A</title>
        <cusip>46649VAN1</cusip>
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        <debtSec>
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        <name>HOME PARTNERS AMER 2017-1 TR</name>
        <lei>N/A</lei>
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        <cusip>43730TAL7</cusip>
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        <name>COMPASS POWER GENERATION LLC</name>
        <lei>5493001FXZ2XUTES8E29</lei>
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        <cusip>20451VAD5</cusip>
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        <valUSD>8279403.14000000</valUSD>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DBCCRE 2014-ARCP MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>DBCCRE 2014-ARCP MORTGAGE TRUST VAR 01/10/2034 144A</title>
        <cusip>23305MAL9</cusip>
        <identifiers>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>INVESTORS REAL ESTATE TRUST</name>
        <lei>5493002LG2SH9EEHT720</lei>
        <title>INVESTORS REIT 6.625% SER C PFD PERP</title>
        <cusip>461730400</cusip>
        <identifiers>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WF-RBS COML MTG TR 2012-C8</name>
        <lei>N/A</lei>
        <title>WFRBS 2012-C8 E CSTR 8/45</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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        <name>ARMOUR RESIDENTIAL REIT INC</name>
        <lei>549300K0WA0EJUX74V72</lei>
        <title>ARMOUR RESDNTL REIT INC SER C 7% PERP PFD</title>
        <cusip>042315606</cusip>
        <identifiers>
          <isin value="US0423156068"/>
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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>TRI POINTE GROUP INC</name>
        <lei>N/A</lei>
        <title>TRI POINTE GROUP INC 5.7% 06/15/2028</title>
        <cusip>87265HAG4</cusip>
        <identifiers>
          <isin value="US87265HAG48"/>
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        <curCd>USD</curCd>
        <valUSD>3300000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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        <name>NEW RESIDENTIAL INVT CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>NEW RESIDENTIAL INVESTMENT CORP SER C 6.375%/VAR PFD PERP</title>
        <cusip>64828T508</cusip>
        <identifiers>
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        <balance>1130054.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>ADAMS HOMES INC</name>
        <lei>N/A</lei>
        <title>ADAMS HOMES INC 7.5% 02/15/2025 144A</title>
        <cusip>00623PAA9</cusip>
        <identifiers>
          <isin value="US00623PAA93"/>
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        <balance>9530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9339400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>INDEPENDENCE PLAZA TR 2018-INDP</name>
        <lei>N/A</lei>
        <title>INDEPENDENCE PLAZA TR 2018-INDP E 4.996% 07/10/2035 144A</title>
        <cusip>45378YAS3</cusip>
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        <curCd>USD</curCd>
        <valUSD>2779747.90000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>BROOKFIELD OFFICE PPTYS INC</name>
        <lei>36ZUFRRMJERSM4Q0S289</lei>
        <title>BROOKFIELD OFFICE PROPERTIES INC 5.1/VAR SER EE PERP PFD</title>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <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>2359586.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46483844.20000000</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>SHEA HOMES LTD PARTNERSHIP / SHEA HOMES FDG CORP</name>
        <lei>N/A</lei>
        <title>SHEA HOMES LTD PARTNERSHP/CORP 4.75% 02/15/2028 144A</title>
        <cusip>82088KAE8</cusip>
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          <isin value="US82088KAE82"/>
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        <curCd>USD</curCd>
        <valUSD>4516590.75000000</valUSD>
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        <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>0.04750000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
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          <isin value="US00123Q1040"/>
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        <curCd>USD</curCd>
        <valUSD>71475235.20000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COLONY CAPITAL INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>COLONY CAPITAL INC 7.5 PFD PERP G PAR=25</title>
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          <isin value="US19626G4055"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>DTZ US BORROWER LLC</name>
        <lei>N/A</lei>
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        <cusip>23340DAP7</cusip>
        <identifiers>
          <isin value="US23340DAP78"/>
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        <balance>13400194.02000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12780435.05000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02911130</annualizedRt>
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      <invstOrSec>
        <name>TRICON AMERN HOMES 2017-SFR1 TR</name>
        <lei>N/A</lei>
        <title>TRICON AMERN HOMES 2017-SFR1 TR 2017-SFR1 F 5.151% 09/17/2034 144A</title>
        <cusip>89613DAF0</cusip>
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          <isin value="US89613DAF06"/>
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        <balance>8442000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8621980.91000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05151000</annualizedRt>
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      <invstOrSec>
        <name>TERRENO RLTY CORP</name>
        <lei>N/A</lei>
        <title>TERRENO REALTY CORP</title>
        <cusip>88146M101</cusip>
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          <isin value="US88146M1018"/>
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        <balance>119528.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>BROOKFIELD PROPERTY PARTN LP</name>
        <lei>5493004J5Z0TZW83NU62</lei>
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        <cusip>N/A</cusip>
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          <isin value="BMG162491648"/>
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        <balance>43000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST 2019-AHT</name>
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        <title>BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST 2019-AHT 1ML+200 03/15/2034 144A</title>
        <cusip>05525DAJ5</cusip>
        <identifiers>
          <isin value="US05525DAJ54"/>
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        <balance>7168000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
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        <name>AMR HMS 15-SFR2</name>
        <lei>N/A</lei>
        <title>AMERICAN HOMES 4 RENT 2015-SFR2 TR VAR 10/17/2045 144A</title>
        <cusip>02666BAG1</cusip>
        <identifiers>
          <isin value="US02666BAG14"/>
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        <curCd>USD</curCd>
        <valUSD>46.48000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>WHEELER REAL ESTATE INVESTMENT TRUST</name>
        <lei>5493005TOFFG62ETJY29</lei>
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        <identifiers>
          <isin value="US9630256066"/>
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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>2</fairValLevel>
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      <invstOrSec>
        <name>COMM 2013-LC6 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2013-LC6 E MTG TR 3.5% 01/10/2046 144A</title>
        <cusip>20048EAG6</cusip>
        <identifiers>
          <isin value="US20048EAG61"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>SUMMIT HOTEL PPTYS INC</name>
        <lei>N/A</lei>
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        <cusip>866082605</cusip>
        <identifiers>
          <isin value="US8660826053"/>
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        <balance>299093.00000000</balance>
        <units>NS</units>
        <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>GREEN TREE FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>GT 1997-3 M1 7.53% 3/28</title>
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          <isin value="US393505TZ56"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>PENNYMAC MORTGAGE INVESTMENT TRUST</name>
        <lei>549300BSSOQO1ZWDUJ97</lei>
        <title>PENNYMAC MTG INVT TR 8%/VAR SER B PREF PERP</title>
        <cusip>70931T400</cusip>
        <identifiers>
          <isin value="US70931T4004"/>
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        <balance>750421.00000000</balance>
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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>CHIMERA INVESTMENT CORP</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>CHIMERA INVESTMENT CORP</title>
        <cusip>16934Q208</cusip>
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          <isin value="US16934Q2084"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>TWO HARBORS INVESTMENT COR</name>
        <lei>549300ZUIBT6KH4HU823</lei>
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        <cusip>90187BAA9</cusip>
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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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              <title>TWO HBRS INVT CORP</title>
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      <invstOrSec>
        <name>ASHFORD HOSPITALITY TRUST INC</name>
        <lei>N/A</lei>
        <title>ASHFORD HOSPITALITY TRUST SER F 7.375% PFD PERP</title>
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        <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>
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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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      <invstOrSec>
        <name>TAYLOR MORRISON CMNTYS INC / MONARCH CMNTYS INC</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TAYLOR MORRISON CMNTY/ MONARCH 6.625% 07/15/2027 144A</title>
        <cusip>87724RAG7</cusip>
        <identifiers>
          <isin value="US87724RAG74"/>
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        <balance>8573000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9344570.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06625000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VEREIT INC</name>
        <lei>5493002H54FNIBW75H44</lei>
        <title>VEREIT INC 6.7% PFD PERP</title>
        <cusip>92339V209</cusip>
        <identifiers>
          <isin value="US92339V2097"/>
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        <balance>1123811.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28938133.25000000</valUSD>
        <pctVal>0.545032896222</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 2018-AON</name>
        <lei>N/A</lei>
        <title>J P MORGAN CHASE COML MTG SECS TR 2018-AON-F 4.6132% 07/05/2031 144A</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IMT TR 2017-APTS</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GLOBAL MEDICAL REIT INC</name>
        <lei>549300HFRIPQDYU3GU60</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>MONMOUTH REAL ESTATE INVT CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PEBBLEBROOK HOTEL TR</name>
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          <isin value="US70509V5066"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WFRBS COML MTG TR 2011-C5</name>
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          <isin value="US92936JAN46"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>COMM 2012-LC4 MTG TR</name>
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        <cusip>126192AG8</cusip>
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          <isin value="US126192AG86"/>
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        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY CAP I TR 2016-BNK2</name>
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        <cusip>61690YAC6</cusip>
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          <isin value="US61690YAC66"/>
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        <fairValLevel>2</fairValLevel>
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        <name>COMM 2014-CCRE17 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2014-CCRE17 E CSTR 05/10/2047 144A</title>
        <cusip>12631DAJ2</cusip>
        <identifiers>
          <isin value="US12631DAJ28"/>
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        <balance>3098000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1474523.46000000</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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          <couponKind>Variable</couponKind>
          <annualizedRt>0.04847302</annualizedRt>
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      <invstOrSec>
        <name>CGMS COML MTG TR 2017-MDDR</name>
        <lei>N/A</lei>
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        <cusip>125333BC7</cusip>
        <identifiers>
          <isin value="US125333BC73"/>
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        <balance>6131000.00000000</balance>
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        <curCd>USD</curCd>
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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>GLOBAL NET LEASE INC</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE INC SER A 7.25% PFD PERP</title>
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          <isin value="US3793783008"/>
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        <fairValLevel>1</fairValLevel>
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        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP</title>
        <cusip>03027X100</cusip>
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          <isin value="US03027X1000"/>
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        <name>WASHINGTON REAL ESTATE INVS TR</name>
        <lei>549300DI34BGS8LVKW95</lei>
        <title>WASHINGTON REAL ESTATE IVST TR</title>
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        <fairValLevel>1</fairValLevel>
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        <name>EG GLOBAL FINANCE PLC</name>
        <lei>549300TL8Q5207VYET27</lei>
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        <cusip>28228PAA9</cusip>
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          <isin value="US28228PAA93"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>NEW RESIDENTIAL INVT CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
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        <name>SPIRIT REALTY CAPITAL INC</name>
        <lei>549300LTU6LVPZSHMJ25</lei>
        <title>SPIRIT RLTY CAP INC SER A 6% PFD PERP</title>
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        <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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        <name>BLACKSTONE MTG TR INC</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
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          <isin value="US09257WAC47"/>
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        <curCd>USD</curCd>
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              <title>BLACKSTONE MORTGAGE TR CL A</title>
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        <name>SAFEHOLD INC</name>
        <lei>549300MHMP6BIE0XV355</lei>
        <title>SAFEHOLD INC</title>
        <cusip>78645L100</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JERNIGAN CAPITAL INC</name>
        <lei>N/A</lei>
        <title>JERNIGAN CAPITAL INC SER B 7% PERP PFD</title>
        <cusip>476405204</cusip>
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          <isin value="US4764052043"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CORESITE RLTY CORP</name>
        <lei>549300H0YYORITFM2B74</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PUBLIC STORAGE</name>
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      <invstOrSec>
        <name>ENBRIDGE INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TRICON AMERN HOMES 2018-SFR TR</name>
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      <invstOrSec>
        <name>CHIMERA INVESTMENT CORP</name>
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        <name>BROOKFIELD ASSET MGMT INC</name>
        <lei>C6J3FGIWG6MBDGTE8F80</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>DIVERSIFIED HEALTHCARE TR</name>
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        <name>ENBRIDGE INC</name>
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        <name>ARBOR RLTY TR INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WFRBS COML MTG TR 2013-UBS1</name>
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          <isin value="US92938JAN28"/>
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      <invstOrSec>
        <name>ASHFORD HOSPITALITY TRUST INC</name>
        <lei>N/A</lei>
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          <isin value="US0441037035"/>
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        <name>BANK 2017-BNK7</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CAPITAL TR RE CDO 05-1 LTD COR</name>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <name>ANNALY CAPITAL MANAGEMENT INC</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
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        <name>ARAGON JUNIOR MEZZ</name>
        <lei>N/A</lei>
        <title>ARAGON JUNIOR MEZZ 1ML+600 01/15/2025</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="FGF815000"/>
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        <curCd>USD</curCd>
        <valUSD>9452500.00000000</valUSD>
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        <name>MID-AMERICA APT CMNTYS INC</name>
        <lei>549300FQZKFR5YNSHZ21</lei>
        <title>MID AMERICA APT CMNTY INC</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>WFRBS COML MTG TR 2011-C4</name>
        <lei>N/A</lei>
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          <isin value="US92936CBD02"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>TAYLOR MORRISON CMNTYS INC / MONARCH CMNTYS INC</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TAYLOR MORRISON CMNTY/ MONARCH 5.875% 06/15/2027 144A</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT SER E 6.35% PFD PERP</title>
        <cusip>02665T801</cusip>
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          <isin value="US02665T8018"/>
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        <curCd>USD</curCd>
        <valUSD>6504450.75000000</valUSD>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>EXANTAS CAPITAL CORP</name>
        <lei>549300RUJWPCMY4JFR46</lei>
        <title>EXANTAS CP 8.625%/VAR PFD PERP</title>
        <cusip>30068N402</cusip>
        <identifiers>
          <isin value="US30068N4025"/>
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        <curCd>USD</curCd>
        <valUSD>3100874.80000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OMEGA HEALTHCARE INVESTORS INC</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE INVESTORS INC 4.95% 04/01/24</title>
        <cusip>681936BB5</cusip>
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          <isin value="US681936BB51"/>
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        <curCd>USD</curCd>
        <valUSD>3040390.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>WP GLIMCHER MALL TR 15-WPG</name>
        <lei>N/A</lei>
        <title>JPMDB 2015-WPG PR2 CSTR 06/35</title>
        <cusip>92939VAN4</cusip>
        <identifiers>
          <isin value="US92939VAN47"/>
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        <balance>2541000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1898732.77000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03516000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GREEN ENERGY PARTNERS/STONEWALL LLC</name>
        <lei>549300BHYFK6M9HVNA29</lei>
        <title>PANDA STONEWALL TERM B2 DD 11/13/21</title>
        <cusip>39303NAC5</cusip>
        <identifiers>
          <isin value="US39303NAC56"/>
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        <balance>1920379.74000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1674839.99000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PENNSYLVANIA REAL EST INVT TR</name>
        <lei>5493001GPBXRIG8WJO70</lei>
        <title>PENNSYLVANIA REAL EST INVT TR SER D 6.875% PFD PERP</title>
        <cusip>709102701</cusip>
        <identifiers>
          <isin value="US7091027018"/>
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        <balance>150100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>965143.00000000</valUSD>
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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>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C7</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C7 E CSTR 02/15/2046 144A</title>
        <cusip>61690KAN2</cusip>
        <identifiers>
          <isin value="US61690KAN28"/>
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        <balance>989000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>573582.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04237186</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>WASHINGTON PRIME GROUP LP</name>
        <lei>549300K4BNOIQ154O537</lei>
        <title>WASHINGTON PRIME GROUP LP 5.95% 08/15/2024</title>
        <cusip>939648AE1</cusip>
        <identifiers>
          <isin value="US939648AE19"/>
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        <balance>23181000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9098542.50000000</valUSD>
        <pctVal>0.171365752148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06450000</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>GS MTG SECS TR 2012-GCJ7</name>
        <lei>N/A</lei>
        <title>GSMS 2012-GCJ7 D CSTR 5/45</title>
        <cusip>36192KAC1</cusip>
        <identifiers>
          <isin value="US36192KAC18"/>
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        <balance>10078000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8638936.18000000</valUSD>
        <pctVal>0.162709334627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05704128</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>PICASSO FINANCE SUB INC</name>
        <lei>N/A</lei>
        <title>PICASSO FINANCE SUB INC 6.125% 06/15/2025 144A</title>
        <cusip>71953LAA9</cusip>
        <identifiers>
          <isin value="US71953LAA98"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8500000.00000000</valUSD>
        <pctVal>0.160092552545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</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>COMM 2012-CCRE2 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2012-CR2 E CSTR 8/45</title>
        <cusip>12624KAY2</cusip>
        <identifiers>
          <isin value="US12624KAY29"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5218516.00000000</valUSD>
        <pctVal>0.098287711404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04830841</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>CSAIL 2017-CX9 COML MTG TR</name>
        <lei>N/A</lei>
        <title>CSAIL 2017-CX9 D CSTR 09/15/2050 144A</title>
        <cusip>12595FAP7</cusip>
        <identifiers>
          <isin value="US12595FAP71"/>
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        <balance>2539000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1689580.09000000</valUSD>
        <pctVal>0.031822257569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04150838</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>MSCCG TR 2018-SELF</name>
        <lei>N/A</lei>
        <title>MSCCG TR 2018-SELF E 1ML+215 10/15/2028 144A</title>
        <cusip>55358PAN6</cusip>
        <identifiers>
          <isin value="US55358PAN69"/>
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        <balance>5061000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4774784.76000000</valUSD>
        <pctVal>0.089930291774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02324750</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>DBUBS 2011 LC3</name>
        <lei>N/A</lei>
        <title>DBUBS 2011-LC3A D CSTR 8/44</title>
        <cusip>23305YAM1</cusip>
        <identifiers>
          <isin value="US23305YAM12"/>
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        <balance>3945000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2587855.30000000</valUSD>
        <pctVal>0.048740748305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05334868</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>M/I HOMES INC</name>
        <lei>5299005M71FH9CCSFB69</lei>
        <title>M/I HOMES INC 5.625% 08/01/2025</title>
        <cusip>55305BAQ4</cusip>
        <identifiers>
          <isin value="US55305BAQ41"/>
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        <balance>10842000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11275680.00000000</valUSD>
        <pctVal>0.212370869750</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</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>
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      <invstOrSec>
        <name>UMH PPTYS INC</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
        <title>UMH PROPERTIES INC 6.75% SER C PFD PERP</title>
        <cusip>903002400</cusip>
        <identifiers>
          <isin value="US9030024007"/>
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        <balance>430965.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10558642.50000000</valUSD>
        <pctVal>0.198865885792</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>SABRA HEALTH CARE LP</name>
        <lei>549300OVKLRFSIQG0H81</lei>
        <title>SABRA HEALTH CA LP/CAPTL CORP 3.9% 10/15/2029</title>
        <cusip>78572XAG6</cusip>
        <identifiers>
          <isin value="US78572XAG60"/>
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        <balance>989000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>934177.84000000</valUSD>
        <pctVal>0.017594695874</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FORESTAR GROUP INC</name>
        <lei>549300BC2UB0GHV60V70</lei>
        <title>FORESTAR GROUP INC 8% 04/15/2024 144A</title>
        <cusip>346232AD3</cusip>
        <identifiers>
          <isin value="US346232AD36"/>
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        <balance>25132000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26963117.52000000</valUSD>
        <pctVal>0.507834624512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08000000</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>CGMS COML MTG TR 2017-MDDR</name>
        <lei>N/A</lei>
        <title>CGCMT 2017-MDRB E 1ML+387.15 7/22</title>
        <cusip>125333BE3</cusip>
        <identifiers>
          <isin value="US125333BE30"/>
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        <balance>6666000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5644940.12000000</valUSD>
        <pctVal>0.106319161503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04046250</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 INVT CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>NEW RESIDENTIAL INVESTMENT CORP SER B 7.125%/VAR PFD PERP</title>
        <cusip>64828T409</cusip>
        <identifiers>
          <isin value="US64828T4094"/>
        </identifiers>
        <balance>1354712.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27487106.48000000</valUSD>
        <pctVal>0.517703651584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TAUBMAN CENTERS-REIT</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SERVICE PPTYS TR</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GPMT 2018-FL1 LTD / GPMT 2018-FL1 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SABRA HEALTH CARE REIT INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BENCHMARK 2020-B18 MORTGAGE TRUST</name>
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        <name>GAMING AND LEISURE PROPERTIES INC</name>
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        <name>AG MORTGAGE INVESTMENT TR INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ISTAR INC</name>
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        <name>SUNSTONE HOTEL INVS INC NEW</name>
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        <title>SUNSTONE HOTEL INVS 6.95% SER E PRFD PERP</title>
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        <fairValLevel>1</fairValLevel>
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        <name>COLONY NORTHSTAR CREDIT REAL ESTATE INC</name>
        <lei>549300BOIFLLMVU37752</lei>
        <title>COLONY CREDIT REAL ESTATE INC</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>ASHTON WOODS USA LLC/FIN CO</name>
        <lei>N/A</lei>
        <title>ASHTON WOODS USA LLC/FIN CO 6.625% 01/15/2028 144A</title>
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          <couponKind>Fixed</couponKind>
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        <name>FEDERAL NAT MTG ASN GTD REM PA</name>
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        <title>FNW 2002-W1 3B3 CSTR 2/42</title>
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        <name>WELLS FARGO COML MTG TR 2012-LC5</name>
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        <title>WFCM 2012-LC5 D CSTR 10/45</title>
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        <name>CEDAR RLTY TR INC</name>
        <lei>54930056URX93R2RSN82</lei>
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        <name>GRANITE GENERATION LLC</name>
        <lei>549300XXYYGFHXPYVM94</lei>
        <title>GRANITE ENERGY TERM 1LN 11/1/2026</title>
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          <couponKind>Variable</couponKind>
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        <name>PROGRESS RESIDENTIAL 2017-SFR TR</name>
        <lei>N/A</lei>
        <title>PROGRESS RESIDENTIAL 2017-SFR TR 4.836% 12/17/2034 144A</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>WFRBS COML MTG TR 2012-C7</name>
        <lei>N/A</lei>
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          <isin value="US92936TAJ16"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>GS MTG SECS TR 2010-C2</name>
        <lei>N/A</lei>
        <title>GSMS 2010-C2 D CSTR 12/43</title>
        <cusip>36248EAG0</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.05178701</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ISTAR INC</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC 4.25% 08/01/2025</title>
        <cusip>45031UCG4</cusip>
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          <isin value="US45031UCG40"/>
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        <balance>16925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16269156.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04250000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>NATIONAL STORAGE AFFILIATES TRUST</name>
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        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9</name>
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        <name>PROGRESS RESIDENTIAL 2018 SFR3 TR</name>
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        <name>VERITAS-B JUNIOR MEZZ C, LLC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>ARLINGTON ASSET INVT CORP</name>
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        <name>ELLINGTON RESIDENTIAL MTG REIT</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NEXPOINT REAL ESTATE FINANCE</name>
        <lei>N/A</lei>
        <title>NEXPOINT REAL ESTATE FINANCE</title>
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      <invstOrSec>
        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD</name>
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        <title>FHMS K013 X3 IO CSTR 1/43</title>
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        <name>PENNSYLVANIA REAL EST INVT TR</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CHC COML MTG TR 2019-CHC</name>
        <lei>N/A</lei>
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        <cusip>162665AQ6</cusip>
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          <isin value="US162665AQ61"/>
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      <invstOrSec>
        <name>DIVERSIFIED HEALTHCARE TR</name>
        <lei>N/A</lei>
        <title>SENIOR HOUSING PPTYS TR 4.75% 05/01/24</title>
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        <name>DYNEX CAP INC</name>
        <lei>5CIJ4S9HAEBWILA19B65</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>WASHINGTON PRIME GROUP INC</name>
        <lei>549300RWGA2GV6YQYT67</lei>
        <title>WASHINGTON PRIME GROUP INC 6.875% PRFD PERP</title>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY CAP I TR 2011-C2</name>
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        <title>MSC 2011-C2 E CSTR 6/44</title>
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        <name>AGNC INVESTMENT CORP</name>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>GS MTG SECS CORP TR 2016-RENT</name>
        <lei>N/A</lei>
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        <cusip>36251TAA4</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>CAMB COML MTG TR 2019-LIFE</name>
        <lei>N/A</lei>
        <title>CAMB COML MTG TR 2019-LIFE 1ML+325 12/15/2037 144A</title>
        <cusip>12482HAS3</cusip>
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          <isin value="US12482HAS31"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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        <name>JPMBB COML MTG SECS TR 2014-C23</name>
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        <name>ELLINGTON FINANCIAL INC</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>ELLINGTON FINANCIAL INC 6.75/VAR PFD PERP</title>
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        <curCd>USD</curCd>
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        <name>LEHMAN ABS MANUF HSG CNTRCT TR</name>
        <lei>N/A</lei>
        <title>LABMH 2001-B M2 7.17% 3/28</title>
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          <isin value="US52519SAM52"/>
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        <curCd>USD</curCd>
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        <name>ANNALY CAPITAL MANAGEMENT INC</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>ANNALY CAP 7.5 PFD PERP</title>
        <cusip>035710805</cusip>
        <identifiers>
          <isin value="US0357108051"/>
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        <balance>599401.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15044965.10000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>BRAEMAR HOTELS and RESORTS INC</name>
        <lei>549300JDUUEBN868C776</lei>
        <title>BRAEMAR HOTELS and RESORTS INC 5.5% PERP PFD</title>
        <cusip>10482B200</cusip>
        <identifiers>
          <isin value="US10482B2007"/>
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        <balance>98091.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1116275.58000000</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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      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT 2015-SFR1 TR</name>
        <lei>N/A</lei>
        <title>AH4R 2015-SFR1 F 5.885% 4/52 144A</title>
        <cusip>02666AAF5</cusip>
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          <isin value="US02666AAF57"/>
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        <curCd>USD</curCd>
        <valUSD>2011665.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05885000</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>PS BUSINESS PKS INC CALIF</name>
        <lei>N/A</lei>
        <title>PS BUSINESS PARKS INC SER Z 4.875% PFD PERP</title>
        <cusip>69360J552</cusip>
        <identifiers>
          <isin value="US69360J5526"/>
        </identifiers>
        <balance>52000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1325480.00000000</valUSD>
        <pctVal>0.024964644299</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>INVESCO MORTGAGE CAPITAL INC</name>
        <lei>PV3BDP2HFZL2FNXQBL39</lei>
        <title>INVESCO MTG SR A 7.75% PFD PRP</title>
        <cusip>46131B209</cusip>
        <identifiers>
          <isin value="US46131B2097"/>
        </identifiers>
        <balance>121967.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2793044.30000000</valUSD>
        <pctVal>0.052605363689</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>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C7</name>
        <lei>N/A</lei>
        <title>MSBAM 2013-C7 D CSTR 2/15/46</title>
        <cusip>61690KAL6</cusip>
        <identifiers>
          <isin value="US61690KAL61"/>
        </identifiers>
        <balance>4024000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2454522.10000000</valUSD>
        <pctVal>0.046229495090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04237186</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>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"/>
        </identifiers>
        <balance>8440000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7270140.04000000</valUSD>
        <pctVal>0.136928856042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL NAT MTG ASN GTD REM PA</name>
        <lei>N/A</lei>
        <title>FNW 2003-W10 2B3 CSTR 6/43</title>
        <cusip>31393DUL3</cusip>
        <identifiers>
          <isin value="US31393DUL36"/>
        </identifiers>
        <balance>64789.04260000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35825.07000000</valUSD>
        <pctVal>0.000674744341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03910330</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>TRICON AMERN HOMES 2016-SFR1 TR</name>
        <lei>N/A</lei>
        <title>TRICON AMERICAN HOMES 2016-SFR1 F 5.769% 11/17/33 144A</title>
        <cusip>89613BAF4</cusip>
        <identifiers>
          <isin value="US89613BAF40"/>
        </identifiers>
        <balance>7544000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7467249.61000000</valUSD>
        <pctVal>0.140641300065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05769000</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>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
        <lei>549300147YMUQB3GW319</lei>
        <title>INVITATION HOMES TERM B 02/06/2022</title>
        <cusip>46187CAC5</cusip>
        <identifiers>
          <isin value="US46187CAC55"/>
        </identifiers>
        <balance>14975000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14450875.00000000</valUSD>
        <pctVal>0.272173819442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.01866250</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>REALOGY GROUP LLC</name>
        <lei>N/A</lei>
        <title>REALOGY TERM B 02/08/2025</title>
        <cusip>75605NAQ3</cusip>
        <identifiers>
          <isin value="US75605NAQ34"/>
        </identifiers>
        <balance>3919598.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3704020.11000000</valUSD>
        <pctVal>0.069763062833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-08</maturityDt>
          <couponKind>Variable</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>GS MTG SECS CORP TR 2016-RENT</name>
        <lei>N/A</lei>
        <title>GSMS 2016-RENT F CSTR 2/29</title>
        <cusip>36251GAQ7</cusip>
        <identifiers>
          <isin value="US36251GAQ73"/>
        </identifiers>
        <balance>19971000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19269029.34000000</valUSD>
        <pctVal>0.362920952012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04066669</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>OMEGA HEALTHCARE INVESTORS INC</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE INVESTORS INC 4.75% 01/15/2028</title>
        <cusip>681936BK5</cusip>
        <identifiers>
          <isin value="US681936BK50"/>
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        <balance>4567000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4977369.70000000</valUSD>
        <pctVal>0.093745861204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</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>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>1442215.76000000</valUSD>
        <pctVal>0.027163294392</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>
      <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>98875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2393912.06000000</valUSD>
        <pctVal>0.045087940265</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>COLONY CAPITAL INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>COLONY CAPITAL INC</title>
        <cusip>19626G108</cusip>
        <identifiers>
          <isin value="US19626G1085"/>
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        <balance>6411155.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12309417.60000000</valUSD>
        <pctVal>0.231840715756</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>COMM 2018-HCLV MTG TR</name>
        <lei>N/A</lei>
        <title>COMM MORTGAGE TRUST 2018-HCLV G 1ML+505 069/15/2033</title>
        <cusip>20048KAN7</cusip>
        <identifiers>
          <isin value="US20048KAN72"/>
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        <balance>4265000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3094651.59000000</valUSD>
        <pctVal>0.058285961444</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>0.05231077</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>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>3674950.01000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4320819.17000000</valUSD>
        <pctVal>0.081380114119</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>
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      <invstOrSec>
        <name>MARRIOTT OWNERSHIP RESORTS INC / ILG LLC</name>
        <lei>N/A</lei>
        <title>MARRIOTT OWNERSHIP RESORTS INC / ILG LLC 6.5% 09/15/2026</title>
        <cusip>57165PAB1</cusip>
        <identifiers>
          <isin value="US57165PAB13"/>
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        <balance>3955000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4053875.00000000</valUSD>
        <pctVal>0.076352376052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-15</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>BROOKFIELD PROPERTY PARTN LP</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>BROOKFIELD PROPERTY PARTN LP 6.5% PERP PFD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG162491499"/>
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        <balance>34125.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>680111.25000000</valUSD>
        <pctVal>0.012809499532</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Fidelity Revere Street Trust</name>
        <lei>549300BDV45LJNXBZC55</lei>
        <title>Fidelity Cash Central Fund</title>
        <cusip>31635A105</cusip>
        <identifiers>
          <isin value="US31635A1051"/>
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        <balance>449955194.18200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>450090180.74000000</valUSD>
        <pctVal>8.477186577673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</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 5.25% 12/01/2023</title>
        <cusip>12505JAA1</cusip>
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          <isin value="US12505JAA16"/>
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        <balance>11371000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2729040.00000000</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>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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 VAR 11/15/2045 144A</title>
        <cusip>61761DAQ5</cusip>
        <identifiers>
          <isin value="US61761DAQ51"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1710933.40000000</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>2045-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04606657</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GRANITE POINT MORTGAGE TRUST INC</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>GRANITE POINT MORTGAGE TRUST INC CONV 5.625% 12/01/2022 144A</title>
        <cusip>38741LAB3</cusip>
        <identifiers>
          <isin value="US38741LAB36"/>
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        <balance>6694000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5288260.00000000</valUSD>
        <pctVal>0.099601299049</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05625000</annualizedRt>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>GRANITE POINT MORTGAGE TRUST INC</name>
              <title>GRANITE POINT MORTGAGE TRUST INC</title>
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                <cusip value="38741L107"/>
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          <currencyInfos>
            <currencyInfo convRatio="19.72100000" curCd="USD"/>
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          <delta>XXXX</delta>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BROOKFIELD INFRA PARTNERS LP</name>
        <lei>549300WEH5R2OODI7Y90</lei>
        <title>BROOKFIELD INFRA PARTNERS LP 5.35% SER 5 PREF PERP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG162521683"/>
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        <balance>182825.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33945000"/>
        <valUSD>3167993.02000000</valUSD>
        <pctVal>0.059667304590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OFFICE PROPERTIES INCOME TRUST</name>
        <lei>N/A</lei>
        <title>OFFICE PROPERTIES INCOME TRUST 5.875% 05/01/2046 PFD</title>
        <cusip>38376A202</cusip>
        <identifiers>
          <isin value="US38376A2024"/>
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        <balance>200225.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5021643.00000000</valUSD>
        <pctVal>0.094579723040</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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      <invstOrSec>
        <name>GS MTG SECS TR 2013-GCJ16</name>
        <lei>N/A</lei>
        <title>GSMS 2013-GC16 F 3.5% 11/10/2046</title>
        <cusip>36248GAT7</cusip>
        <identifiers>
          <isin value="US36248GAT76"/>
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        <balance>7221000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4485007.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03500000</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>PROGRESS RESIDENTIAL 2018-SFR2</name>
        <lei>N/A</lei>
        <title>PROGRESS RESIDENTIAL 2018-SFR2 F 4.953% 08/17/2035 144A</title>
        <cusip>74332UAL1</cusip>
        <identifiers>
          <isin value="US74332UAL17"/>
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        <balance>5083000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5109647.63000000</valUSD>
        <pctVal>0.096237239022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04953000</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>KKR REAL ESTATE FINANCE TRUST INC</name>
        <lei>549300K23AYZDZ2REL62</lei>
        <title>KKR REAL ESTATE FIN TR INC CONV 6.125% 05/15/2023</title>
        <cusip>48251KAB6</cusip>
        <identifiers>
          <isin value="US48251KAB61"/>
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        <balance>15629000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15335956.25000000</valUSD>
        <pctVal>0.288843809621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06125000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>KKR REAL ESTATE FINANCE TRUST INC</name>
              <title>KKR REAL ESTATE FINANCE TRUST INC</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="48251K100"/>
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          <currencyInfos>
            <currencyInfo convRatio="22.75900000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DYNEX CAP INC</name>
        <lei>5CIJ4S9HAEBWILA19B65</lei>
        <title>DYNEX CAP INC</title>
        <cusip>26817Q886</cusip>
        <identifiers>
          <isin value="US26817Q8868"/>
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        <balance>2072262.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32016447.90000000</valUSD>
        <pctVal>0.603011160910</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>AVALONBAY COMMUNITIES INC</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AVALONBAY COMMUNITIES INC REIT</title>
        <cusip>053484101</cusip>
        <identifiers>
          <isin value="US0534841012"/>
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        <balance>108200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16567584.00000000</valUSD>
        <pctVal>0.312040801419</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>REDWOOD TRUST INC</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>REDWOOD TRUST INC CONV 5.625% 07/15/2024</title>
        <cusip>758075AD7</cusip>
        <identifiers>
          <isin value="US758075AD73"/>
        </identifiers>
        <balance>55436000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47976646.59000000</valUSD>
        <pctVal>0.903612213547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05625000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>REDWOOD TRUST INC</name>
              <title>REDWOOD TRUST INC REIT</title>
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          <currencyInfos>
            <currencyInfo convRatio="18.26000000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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>1299127.00000000</valUSD>
        <pctVal>0.024468300883</pctVal>
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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>0.04606657</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>J P MORGAN CHASE COML MTG SECS TR 2011-C3</name>
        <lei>N/A</lei>
        <title>JPMCC 2011-C3 G CSTR 02/15/2046 144A</title>
        <cusip>46635TBK7</cusip>
        <identifiers>
          <isin value="US46635TBK79"/>
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        <balance>4671000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1061087.72000000</valUSD>
        <pctVal>0.019984969596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04409000</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>NMI HOLDINGS INC</name>
        <lei>529900KNNGFXJX1C3Z08</lei>
        <title>NMI HOLDINGS INC 7.375% 06/01/2025 144A</title>
        <cusip>629209AA5</cusip>
        <identifiers>
          <isin value="US629209AA52"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3261330.00000000</valUSD>
        <pctVal>0.061425252281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07375000</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>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>3713000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2575868.87000000</valUSD>
        <pctVal>0.048514990872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05002629</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 C 5.47 8/44</title>
        <cusip>36191YAJ7</cusip>
        <identifiers>
          <isin value="US36191YAJ73"/>
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        <balance>8899000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8020850.24000000</valUSD>
        <pctVal>0.151068045706</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>0.05388489</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 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"/>
        </identifiers>
        <balance>5037000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3381199.58000000</valUSD>
        <pctVal>0.063682926050</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>
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        <name>GS MORTGAGE SECURITIES CORPORATION II</name>
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      <invstOrSec>
        <name>DBUBS 2011-LC1 MTG TR</name>
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          <isin value="US233050AJ21"/>
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        <valUSD>13460230.15000000</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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      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2014-DSTY</name>
        <lei>N/A</lei>
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          <isin value="US46642MAN83"/>
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        <curCd>USD</curCd>
        <valUSD>164743.66000000</valUSD>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>SITE CENTERS CORP</name>
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        <curCd>USD</curCd>
        <valUSD>3356143.90000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03625000</annualizedRt>
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      <invstOrSec>
        <name>UMH PPTYS INC</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
        <title>UMH PROPERTIES INC</title>
        <cusip>903002103</cusip>
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          <isin value="US9030021037"/>
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        <balance>433623.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5333562.90000000</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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        <name>WESTERN ASSET MTG CAP CORP</name>
        <lei>549300JOQRROR5SZYY83</lei>
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        <cusip>95790DAA3</cusip>
        <identifiers>
          <isin value="US95790DAA37"/>
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        <balance>63526000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>47034650.40000000</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>2022-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>WESTERN ASSET MTG CAP CORP</title>
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          <currencyInfos>
            <currencyInfo convRatio="12.02000000" curCd="USD"/>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>MATTAMY GROUP CORP</name>
        <lei>5493008TNY7A82WCXU31</lei>
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        <cusip>57701RAM4</cusip>
        <identifiers>
          <isin value="US57701RAM43"/>
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        <balance>13265000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13463975.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04625000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MRCD 2019-PARK G</name>
        <lei>N/A</lei>
        <title>MRCD 2019-PARK G 2.71752% 12/15/2036 144A</title>
        <cusip>55348UAW8</cusip>
        <identifiers>
          <isin value="US55348UAW80"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1717884.00000000</valUSD>
        <pctVal>0.032355345239</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02717520</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ISTAR INC</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC 5.25% 09/15/2022</title>
        <cusip>45031UCD1</cusip>
        <identifiers>
          <isin value="US45031UCD19"/>
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        <balance>13900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13900000.00000000</valUSD>
        <pctVal>0.261798409456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</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>KENNEDY-WILSON INC</name>
        <lei>5EA4464UK7FM5QNNKL62</lei>
        <title>KENNEDY-WILSON INC 5.875% 04/01/24</title>
        <cusip>489399AG0</cusip>
        <identifiers>
          <isin value="US489399AG06"/>
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        <balance>48339000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48520271.25000000</valUSD>
        <pctVal>0.913851067600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05875000</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>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD</name>
        <lei>N/A</lei>
        <title>FHMS KAIV X2 IO CSTR 6/41</title>
        <cusip>3137ABFK2</cusip>
        <identifiers>
          <isin value="US3137ABFK22"/>
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        <balance>7430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>154039.50000000</valUSD>
        <pctVal>0.002901244323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03614653</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IMT TR 2017-APTS</name>
        <lei>N/A</lei>
        <title>IMT TR 2017-APTS FFL 1ML+285 06/15/2034 144A</title>
        <cusip>44974AAQ0</cusip>
        <identifiers>
          <isin value="US44974AAQ04"/>
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        <balance>3532751.46000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2982419.79000000</valUSD>
        <pctVal>0.056172140816</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03024750</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>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>7164000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5594059.55000000</valUSD>
        <pctVal>0.105360855582</pctVal>
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        <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>0.04763209</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>STARWOOD PPTY TR INC</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PPTY TR INC CONV 4.375% 04/01/2023</title>
        <cusip>85571BAH8</cusip>
        <identifiers>
          <isin value="US85571BAH87"/>
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        <balance>10956000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10540953.09000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04375000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
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              <title>STARWOOD PROPERTY TRUST INC</title>
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      <invstOrSec>
        <name>TWO HARBORS INVESTMENT COR</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>TWO HBRS INVT CORP SER D 7.75% PERP PFD</title>
        <cusip>90187B606</cusip>
        <identifiers>
          <isin value="US90187B6065"/>
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        <balance>117103.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2595236.69000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2013-GC15</name>
        <lei>N/A</lei>
        <title>CITIGROUP COML MTG TR 2013-GC15 D CSTR 09/10/2046 144A</title>
        <cusip>17321JAP9</cusip>
        <identifiers>
          <isin value="US17321JAP93"/>
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        <balance>5254000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4771773.17000000</valUSD>
        <pctVal>0.089873570229</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05212920</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DCP MIDSTREAM LP</name>
        <lei>52990024YYS3MLGW0E91</lei>
        <title>DCP MIDSTREAM LP 7.95/VAR PERP PFD</title>
        <cusip>23311P308</cusip>
        <identifiers>
          <isin value="US23311P3082"/>
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        <balance>328262.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5370366.32000000</valUSD>
        <pctVal>0.101147723796</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>ESH HOSPITALITY INC</name>
        <lei>54930042FMK7X7SQ2896</lei>
        <title>ESH HOSPITALITY INC 5.25% 05/01/2025 144A</title>
        <cusip>26907YAA2</cusip>
        <identifiers>
          <isin value="US26907YAA29"/>
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        <balance>2154000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2200267.92000000</valUSD>
        <pctVal>0.041440765599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
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          <annualizedRt>0.05250000</annualizedRt>
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        <securityLending>
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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>
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          <isin value="US12595EAN58"/>
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        <balance>2769000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2029450.50000000</valUSD>
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        <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>
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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>JPMCC 2012-CBX E CSTR 6/45</title>
        <cusip>46637WAQ6</cusip>
        <identifiers>
          <isin value="US46637WAQ69"/>
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        <balance>5892000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4048455.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05131699</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>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1</name>
        <lei>549300DNBJ7A0SEFVK31</lei>
        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1 D 3% 08/15/2049 144A</title>
        <cusip>95000GAJ3</cusip>
        <identifiers>
          <isin value="US95000GAJ31"/>
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        <balance>6979000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3792420.01000000</valUSD>
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        <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>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>98905.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2709997.00000000</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>
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      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2011-C4</name>
        <lei>N/A</lei>
        <title>JP MORGAN CHASE MTG SE TR 11C4 3.873% 07/15/2046 144A</title>
        <cusip>46636DBA3</cusip>
        <identifiers>
          <isin value="US46636DBA37"/>
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        <balance>1400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1284523.94000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03873000</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>PROGRESS RESIDENTIAL 2017-SFR TR</name>
        <lei>N/A</lei>
        <title>PROGRESS RESIDENTIAL 2017-SFR1 TR 5.35% 08/17/2034 144A</title>
        <cusip>74333JAR2</cusip>
        <identifiers>
          <isin value="US74333JAR23"/>
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        <balance>3073000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3149298.29000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-17</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>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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        <balance>5550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3658587.75000000</valUSD>
        <pctVal>0.068907370777</pctVal>
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        <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>0.05319578</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>BEAZER HOMES USA INC</name>
        <lei>549300DUPYT2T0F60I45</lei>
        <title>BEAZER HOMES USA INC 5.875% 10/15/2027</title>
        <cusip>07556QBR5</cusip>
        <identifiers>
          <isin value="US07556QBR56"/>
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        <balance>9216000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9252771.84000000</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>2027-10-15</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>
      <invstOrSec>
        <name>SHEA HOMES LTD PARTNERSHIP / SHEA HOMES FDG CORP</name>
        <lei>N/A</lei>
        <title>SHEA HOMES LTD PARTNERSHP/CORP 6.125% 04/01/2025 144A</title>
        <cusip>82088KAD0</cusip>
        <identifiers>
          <isin value="US82088KAD00"/>
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        <balance>10051000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10352530.00000000</valUSD>
        <pctVal>0.194983876823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-01</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>
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      <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"/>
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        <balance>2133504.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43566151.68000000</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>TIMES SQUARE HOTEL TR</name>
        <lei>N/A</lei>
        <title>TIMES SQUARE 8.528% 8/26 144A</title>
        <cusip>887367AA8</cusip>
        <identifiers>
          <isin value="US887367AA88"/>
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        <balance>5153872.00410000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5579920.96000000</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>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08528000</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 2019</name>
        <lei>N/A</lei>
        <title>BX TRUST 2019 1ML+230 10/15/2036 144A</title>
        <cusip>056054AK5</cusip>
        <identifiers>
          <isin value="US056054AK52"/>
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        <balance>2444441.87000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2383126.96000000</valUSD>
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        <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>0.02474750</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>AG MORTGAGE INVESTMENT TR INC</name>
        <lei>549300SNP0PBR2XTFR48</lei>
        <title>AG MTG INVT 8% PFD PRP</title>
        <cusip>001228303</cusip>
        <identifiers>
          <isin value="US0012283034"/>
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        <balance>611362.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8966785.32000000</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>WFRBS COML MTG TR 2013-C16</name>
        <lei>N/A</lei>
        <title>WFRBS COML MTG TR 2013-C16 CSTR 09/15/2046</title>
        <cusip>92938EBR3</cusip>
        <identifiers>
          <isin value="US92938EBR36"/>
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        <balance>3686000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2170986.18000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05020795</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 5.875% SER G PFD PERP</title>
        <cusip>02665T876</cusip>
        <identifiers>
          <isin value="US02665T8760"/>
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        <balance>199750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5195497.50000000</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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          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>107000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>648420.00000000</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>NEW YORK MTG TR INC</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>NEW YORK MTG TR INC 7.875% PFD</title>
        <cusip>649604808</cusip>
        <identifiers>
          <isin value="US6496048082"/>
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        <balance>317125.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6377383.75000000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GPMT 2019-FL2 LTD</name>
        <lei>N/A</lei>
        <title>GPMT 2019-FL2 LTD 1ML+295 02/22/2036 144A</title>
        <cusip>36259BAJ6</cusip>
        <identifiers>
          <isin value="US36259BAJ61"/>
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        <balance>2142000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1974880.73000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03129880</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>OREGON CLEAN ENERGY LLC</name>
        <lei>549300F5O4JADXBZO874</lei>
        <title>OREGON CLEAN ENERGY TERM B 1LN 03/01/2026</title>
        <cusip>68583LAF2</cusip>
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          <isin value="US68583LAF22"/>
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        <balance>5748253.48000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5642887.99000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VEREIT OPER PARTNERSHIP LP</name>
        <lei>5493005TQOUJE1LCS698</lei>
        <title>VEREIT OPER PARTNERSHIP LP 4.875% 06/01/2026</title>
        <cusip>92340LAA7</cusip>
        <identifiers>
          <isin value="US92340LAA70"/>
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        <balance>436000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>486516.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INVESCO MORTGAGE CAPITAL INC</name>
        <lei>PV3BDP2HFZL2FNXQBL39</lei>
        <title>INVESCO MORTGAGE CAPITAL INC 7.75% VAR PFD PERP 25</title>
        <cusip>46131B407</cusip>
        <identifiers>
          <isin value="US46131B4077"/>
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        <balance>898846.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19091489.04000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SABRA HEALTH CARE LP</name>
        <lei>549300OVKLRFSIQG0H81</lei>
        <title>SABRA HEALTH CARE LP 5.125% 08/15/2026</title>
        <cusip>14162VAB2</cusip>
        <identifiers>
          <isin value="US14162VAB27"/>
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        <balance>20264000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21568676.57000000</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>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERICAN FINANCE TRUST INC</name>
        <lei>549300GN4H0K3IUS8983</lei>
        <title>AMERICAN FINANCE TRUST INC SER A 7.5% PFD PERP</title>
        <cusip>02607T406</cusip>
        <identifiers>
          <isin value="US02607T4067"/>
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        <balance>874787.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20181336.09000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>TAYLOR MORRISON CMNTYS INC / MONARCH CMNTYS INC</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TAYLOR MORRISON CMNTY/ MONARCH 6% 09/01/2023 144A</title>
        <cusip>87724RAC6</cusip>
        <identifiers>
          <isin value="US87724RAC60"/>
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        <balance>681000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>701430.00000000</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>
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      <invstOrSec>
        <name>UBS-CITIGROUP COML MTG TR 2011-C1</name>
        <lei>N/A</lei>
        <title>UBSC 2011-C1 B CSTR 1/45</title>
        <cusip>90268TAL8</cusip>
        <identifiers>
          <isin value="US90268TAL89"/>
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        <balance>2966000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3034517.57000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-10</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX TR 2018-IND</name>
        <lei>N/A</lei>
        <title>BX COML MTG TR 2018-IND G 1ML+218.9 11/15/2035 144A</title>
        <cusip>056059AS7</cusip>
        <identifiers>
          <isin value="US056059AS75"/>
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        <balance>3281599.99400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3232164.99000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02224750</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>JPMBB COML MTG SECS TR 2014-C26</name>
        <lei>N/A</lei>
        <title>JPMBB 2014-C26 D CSTR 01/15/2048 144A</title>
        <cusip>46643TAL6</cusip>
        <identifiers>
          <isin value="US46643TAL61"/>
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        <balance>3398000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2942550.77000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03880854</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>GLADSTONE LD CORP</name>
        <lei>54930002B3Q17H38FG74</lei>
        <title>GLADSTONE LAND CORP SER A 6.375% 9/30/21 PFD</title>
        <cusip>376549200</cusip>
        <identifiers>
          <isin value="US3765492000"/>
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        <balance>63275.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1649111.02000000</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>
        <name>MORGAN STANLEY CAP I INC</name>
        <lei>N/A</lei>
        <title>MSC 1998-CF1 G 7.35% 7/32</title>
        <cusip>61745MHW6</cusip>
        <identifiers>
          <isin value="US61745MHW64"/>
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        <balance>128417.87950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>130948.46000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07350000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ISTAR INC</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC 4.75% 10/01/2024</title>
        <cusip>45031UCF6</cusip>
        <identifiers>
          <isin value="US45031UCF66"/>
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        <balance>25920000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25596000.00000000</valUSD>
        <pctVal>0.482085761758</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HERSHA HOSPITALITY TR</name>
        <lei>549300DNC58BIN1VO064</lei>
        <title>HERSHA HOSPITL 6.875% PFD PERP</title>
        <cusip>427825401</cusip>
        <identifiers>
          <isin value="US4278254010"/>
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        <balance>49450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>546422.50000000</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>
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        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13</name>
        <lei>N/A</lei>
        <title>MSBAM 2013-C13 E CSTR 11/15/46 144A</title>
        <cusip>61763BAE4</cusip>
        <identifiers>
          <isin value="US61763BAE48"/>
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        <balance>3341000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2147961.31000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04903731</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>WFRBS COML MTG TR 2011-C3</name>
        <lei>N/A</lei>
        <title>WFRBS 2011-C3 E 5% 3/44</title>
        <cusip>92935VAU2</cusip>
        <identifiers>
          <isin value="US92935VAU26"/>
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        <balance>2966000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>792456.18000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BROADMARK REALTY CAPITAL INC</name>
        <lei>N/A</lei>
        <title>BROADMARK REALTY CAPITAL INC</title>
        <cusip>11135B100</cusip>
        <identifiers>
          <isin value="US11135B1008"/>
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        <balance>1388400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12801048.00000000</valUSD>
        <pctVal>0.241100288185</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHERRY HILL MTG INVT CORP</name>
        <lei>N/A</lei>
        <title>CHERRY HILL MTG INVT CORP 8.2% SER A PFD PERP</title>
        <cusip>164651200</cusip>
        <identifiers>
          <isin value="US1646512004"/>
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        <balance>248750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5679086.88000000</valUSD>
        <pctVal>0.106962295852</pctVal>
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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>MORGAN STANLEY CAP I TR 2012-C4</name>
        <lei>5493005SNWQW3UUOQX45</lei>
        <title>MSC 2012-C4 D 5.711069 3/45</title>
        <cusip>61760VAE3</cusip>
        <identifiers>
          <isin value="US61760VAE39"/>
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        <balance>6310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3589493.98000000</valUSD>
        <pctVal>0.067606029835</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>0.05418857</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>BX COML MTG TR 2019</name>
        <lei>N/A</lei>
        <title>BX COML MTG TR 2019 1ML+198.72 11/25/2028 144A</title>
        <cusip>05608FAN1</cusip>
        <identifiers>
          <isin value="US05608FAN15"/>
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        <balance>6426000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6114259.32000000</valUSD>
        <pctVal>0.115158515466</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>RLJ LODGING TR</name>
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        <name>GS MTG SECS TR 2013-GCJ14</name>
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        <name>SELECT INCOME REIT</name>
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        <name>CEDAR RLTY TR INC</name>
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        <name>BROOKFIELD RESIDENTIAL PPTYS INC / BROOKFIELD RESIDENTIAL US CORP</name>
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        <name>PENNYMAC MORTGAGE INVESTMENT TRUST</name>
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        <name>COMM 2018-HCLV MTG TR</name>
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        <cusip>20048KAL1</cusip>
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        <name>NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 19-1776</name>
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      <invstOrSec>
        <name>BX TR 2018-IND</name>
        <lei>N/A</lei>
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        <debtSec>
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        <name>AGNC INVESTMENT CORP</name>
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        <name>GS MTG SECS CORP TR 2018-RIVR</name>
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        <name>MORGAN STANLEY CAP I TR 2011-C3</name>
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        <name>WP GLIMCHER MALL TR 15-WPG</name>
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        <name>INVITATION HOMES 2018-SFR2 TR</name>
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        <debtSec>
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        <name>ARBOR RLTY TR INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>ARBOR RLTY TR INC 8.5% PFD PERP C</title>
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        <name>MORGAN STANLEY CAP I TR 2015-UBS8</name>
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        <name>DIVERSIFIED HEALTHCARE TR</name>
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        <name>HAMILTON PROJECTS ACQUIROR LLC</name>
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        <name>WILLIAMS SCOTSMAN INTL INC</name>
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        <name>BX TRUST 2018-EXCL</name>
        <lei>N/A</lei>
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        <name>CD 2017-CD3 MTG TR</name>
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        <name>URSTADT BIDDLE PPTYS INC</name>
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        <name>ANNALY CAPITAL MANAGEMENT INC</name>
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        <name>UMH PPTYS INC</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
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        <name>FIVE PT OPER CO LP / FIVE PT PT CAP CORP</name>
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        <name>CHERRY HILL MTG INVT CORP</name>
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        <name>AMERICAN HOMES 4 RENT</name>
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        <name>HEALTHCARE TR AMER INC</name>
        <lei>549300L0I14L7I0VLX84</lei>
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        <name>WFRBS COML MTG TR 2012-C7</name>
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        <name>COLONY CAP INC</name>
        <lei>G6ZRFL75MXIO4KJEP931</lei>
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        <fairValLevel>2</fairValLevel>
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              <title>COLONY CAPITAL INC</title>
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      <invstOrSec>
        <name>CAPSTEAD MORTGAGE CORP</name>
        <lei>549300W6CQE2GR8QBV24</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>MSJP 2015-HAUL</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LANDMARK INFRASTRUCTURE PARTNERS LP</name>
        <lei>549300I3H10A778Y4H45</lei>
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          <isin value="US51508J4058"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>CORECIVIC INC</name>
        <lei>529900JFA3K6PTLT8B15</lei>
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        <assetCat>LON</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>ELLINGTON FINANCIAL INC</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>ELLINGTON FINANCIAL INC</title>
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        <curCd>USD</curCd>
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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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      <invstOrSec>
        <name>HOME PARTNERS AMER 2018-1 TR</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS AMER 2018-1 TR 2018-1 F 1ML+235 07/17/2037 144A</title>
        <cusip>43730WAL0</cusip>
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          <isin value="US43730WAL00"/>
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        <balance>3896000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3731748.93000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02530880</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>DIVERSIFIED HEALTHCARE TR</name>
        <lei>N/A</lei>
        <title>SENIOR HOUSING PPTYS TR 4.75% 02/15/2028</title>
        <cusip>81721MAM1</cusip>
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          <isin value="US81721MAM10"/>
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        <balance>9933000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8648187.91000000</valUSD>
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        <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>0.04750000</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>MFA FINANCIAL INC</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA FINANCIAL 6.5%/VAR PFD PERP</title>
        <cusip>55272X508</cusip>
        <identifiers>
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        <balance>1093451.00000000</balance>
        <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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      <invstOrSec>
        <name>GREYSTAR REAL ESTATE PARTNERS LLC</name>
        <lei>254900HGC806SXAS4M46</lei>
        <title>GREYSTAR REAL ESTATE PARTNERS LLC 5.75% 12/01/2025 144A</title>
        <cusip>39807UAB2</cusip>
        <identifiers>
          <isin value="US39807UAB26"/>
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        <balance>13480000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13581100.00000000</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>2025-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05750000</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>KREF 2018-FL1 LTD / KREF 2018-FL1 LLC</name>
        <lei>549300N45646UZ8P3S07</lei>
        <title>KREF 2018-FL1 LTD / KREF 2018-FL1 LLC 1ML+255 06/15/2036 144A</title>
        <cusip>48275PAJ0</cusip>
        <identifiers>
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        <balance>2560000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2392313.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-15</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>AG MORTGAGE INVESTMENT TR INC</name>
        <lei>549300SNP0PBR2XTFR48</lei>
        <title>AG MTG INVT 8.25 PRP</title>
        <cusip>001228204</cusip>
        <identifiers>
          <isin value="US0012282044"/>
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        <balance>38510.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>564171.50000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PROLOGIS INC</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>PROLOGIS IN SR Q 8.54% PFD PRP</title>
        <cusip>74340W202</cusip>
        <identifiers>
          <isin value="US74340W2026"/>
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        <balance>93396.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6891690.84000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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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>
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          <isin value="US76169C3088"/>
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        <balance>78600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2007444.00000000</valUSD>
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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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      <invstOrSec>
        <name>KESTREL ACQUISITION LLC</name>
        <lei>549300ER0JUHJLPPMH08</lei>
        <title>HUNTERSTOWN GENERATION TERM B 06/01/2025</title>
        <cusip>49254YAB1</cusip>
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          <isin value="US49254YAB11"/>
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        <balance>5883684.20000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5162932.89000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
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        <name>HILTON USA TR 2016-SFP</name>
        <lei>N/A</lei>
        <title>HILTON USA TR 2016-SFP 6.15522% 11/05/2035 144A</title>
        <cusip>43289VAS2</cusip>
        <identifiers>
          <isin value="US43289VAS25"/>
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        <balance>10093000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9681467.01000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06155223</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CTR PARTNERSHIP LP / CARETRUST CAP CORP</name>
        <lei>N/A</lei>
        <title>CTR PARTNERSHIP LP / CARETRUST CAP CORP 5.25% 06/01/2025</title>
        <cusip>126458AD0</cusip>
        <identifiers>
          <isin value="US126458AD05"/>
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        <balance>6992000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7098348.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SELECT INCOME REIT</name>
        <lei>529900WFAP4ROYDYS509</lei>
        <title>SELECT INCOME REIT 4.50% 02/01/2025</title>
        <cusip>81618TAC4</cusip>
        <identifiers>
          <isin value="US81618TAC45"/>
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        <balance>21056000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21169053.24000000</valUSD>
        <pctVal>0.398706796253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</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>CROWN CASTLE INTL CORP</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INTL CORP</title>
        <cusip>22822V101</cusip>
        <identifiers>
          <isin value="US22822V1017"/>
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        <balance>484910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>80834497.00000000</valUSD>
        <pctVal>1.522470700993</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>ASHFORD HOSPITALITY TRUST INC</name>
        <lei>N/A</lei>
        <title>ASHFORD HOSPITALITY TRUST INC SER I 7.5% PFD PERP</title>
        <cusip>044103885</cusip>
        <identifiers>
          <isin value="US0441038850"/>
        </identifiers>
        <balance>323909.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1392808.70000000</valUSD>
        <pctVal>0.026232741175</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 D CSTR 04/15/2046</title>
        <cusip>46639YAX5</cusip>
        <identifiers>
          <isin value="US46639YAX58"/>
        </identifiers>
        <balance>7722000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5024236.67000000</valUSD>
        <pctVal>0.094628573304</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>0.04167330</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>GREEN TREE FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>GT 1996-4 M1 7.75% 6/27</title>
        <cusip>393505MR0</cusip>
        <identifiers>
          <isin value="US393505MR04"/>
        </identifiers>
        <balance>581828.30020000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>585818.42000000</valUSD>
        <pctVal>0.011033548963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Variable</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>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"/>
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        <balance>2959968.95000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2824221.81000000</valUSD>
        <pctVal>0.053192573943</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 19-1776</name>
        <lei>N/A</lei>
        <title>NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 19-1776 E 3.9017% 10/15/2036 144A</title>
        <cusip>63875BAJ4</cusip>
        <identifiers>
          <isin value="US63875BAJ44"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3846299.60000000</valUSD>
        <pctVal>0.072442814213</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>Fixed</couponKind>
          <annualizedRt>0.03901700</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>MID AMERICA APTS LP</name>
        <lei>549300FXWGE3QSYCUJ38</lei>
        <title>MID-AMERICA APTS L P 4.3% 10/15/2023</title>
        <cusip>59523UAA5</cusip>
        <identifiers>
          <isin value="US59523UAA51"/>
        </identifiers>
        <balance>2178000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2384119.73000000</valUSD>
        <pctVal>0.044903507429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04300000</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>1754280.03000000</valUSD>
        <pctVal>0.033040843280</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>DIVERSIFIED HEALTHCARE TR</name>
        <lei>N/A</lei>
        <title>SENIOR HOUSING 6.75% 12/15/21</title>
        <cusip>81721MAG4</cusip>
        <identifiers>
          <isin value="US81721MAG42"/>
        </identifiers>
        <balance>7910000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7976605.60000000</valUSD>
        <pctVal>0.150234723664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-15</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>NEW YORK MTG TR INC</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>NEW YORK MTG TR 7.75% PFD PRP</title>
        <cusip>649604709</cusip>
        <identifiers>
          <isin value="US6496047092"/>
        </identifiers>
        <balance>281092.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5644327.36000000</valUSD>
        <pctVal>0.106307620525</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>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"/>
        </identifiers>
        <balance>1171418.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26596928.55000000</valUSD>
        <pctVal>0.500937668403</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>LONESTAR II GENERATION HOLDINGS LLC</name>
        <lei>5493008TLUD4K1PDBH71</lei>
        <title>LONESTAR TERM C 1LN 04/10/2026</title>
        <cusip>54238DAC6</cusip>
        <identifiers>
          <isin value="US54238DAC65"/>
        </identifiers>
        <balance>1273529.78000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1244340.48000000</valUSD>
        <pctVal>0.023436428668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05161130</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>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"/>
        </identifiers>
        <balance>173050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2465962.50000000</valUSD>
        <pctVal>0.046444968365</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 PARTNERS LP</name>
        <lei>549300PCHWTW9P4DU444</lei>
        <title>GLOBAL PARTNERS LP SER A 9.75/VAR PFD PERP</title>
        <cusip>37946R208</cusip>
        <identifiers>
          <isin value="US37946R2085"/>
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        <balance>161507.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3916544.75000000</valUSD>
        <pctVal>0.073765840727</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>CITY OFFICE REIT INC</name>
        <lei>5493003J7157VP25NL57</lei>
        <title>CITY OFFICE REIT INC 6.625% SER A PFD PERP</title>
        <cusip>178587200</cusip>
        <identifiers>
          <isin value="US1785872003"/>
        </identifiers>
        <balance>178475.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4015687.50000000</valUSD>
        <pctVal>0.075633136717</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>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"/>
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        <balance>5049500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2102644.62000000</valUSD>
        <pctVal>0.039602087566</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>0.05244376</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>COLONY CAPITAL INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>COLONY CAPITAL INC 7.125% SER J PFD PERP</title>
        <cusip>19626G504</cusip>
        <identifiers>
          <isin value="US19626G5045"/>
        </identifiers>
        <balance>1151024.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22640642.08000000</valUSD>
        <pctVal>0.426423315511</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>MORGAN STANLEY CAPITAL I TRUST 2019-AGLN</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST 2019-AGLN 1ML+315 03/15/2034 144A</title>
        <cusip>61691TAS1</cusip>
        <identifiers>
          <isin value="US61691TAS15"/>
        </identifiers>
        <balance>5946000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4687973.27000000</valUSD>
        <pctVal>0.088295247889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03324750</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>TAH 2017</name>
        <lei>N/A</lei>
        <title>TAH 2017 5.104% 01/17/2036 144A</title>
        <cusip>89613FAF5</cusip>
        <identifiers>
          <isin value="US89613FAF53"/>
        </identifiers>
        <balance>3785000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3927941.28000000</valUSD>
        <pctVal>0.073980487736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05104000</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% 06/01/2025</title>
        <cusip>361841AJ8</cusip>
        <identifiers>
          <isin value="US361841AJ81"/>
        </identifiers>
        <balance>4500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4846950.00000000</valUSD>
        <pctVal>0.091289482065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</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>TAYLOR MORRISON CMNTYS INC / MONARCH CMNTYS INC</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TAYLOR MORRISON CMNTY/ MONARCH 5.875% 01/31/2025 144A</title>
        <cusip>87724RAE2</cusip>
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        <name>ARMADA HOFFLER PPTYS INC</name>
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        <name>PROGRESS RESIDENTIAL 2019-SFR2</name>
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        <name>BX 2020-BXLP</name>
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        <name>COMM 2012-CCRE2 MTG TR</name>
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        <name>COMM 2012-CCRE1 MTG TR</name>
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        <lei>N/A</lei>
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      <invstOrSec>
        <name>BROOKFIELD RESIDENTIAL PPTYS INC / BROOKFIELD RESIDENTIAL US CORP</name>
        <lei>N/A</lei>
        <title>BROOKFIELD RESIDENTIAL PPTYS INC / US CORP 6.25% 09/15/2027 144A</title>
        <cusip>11283YAB6</cusip>
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          <isin value="US11283YAB65"/>
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        <curCd>USD</curCd>
        <valUSD>8533000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-15</maturityDt>
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      <invstOrSec>
        <name>UMH PPTYS INC</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
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          <isin value="US9030025095"/>
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        <balance>513725.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PLYMOUTH INDL REIT INC</name>
        <lei>N/A</lei>
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          <isin value="US7296402016"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CBL and ASSOCS LTD PARTNERSHIP</name>
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        <cusip>12505JAD5</cusip>
        <identifiers>
          <isin value="US12505JAD54"/>
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        <balance>10317000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2398702.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05950000</annualizedRt>
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      <invstOrSec>
        <name>BARCLAYS COMMERCIAL MORTGAGE</name>
        <lei>N/A</lei>
        <title>BARCLAYS COMMERCIAL MORTGAGE CSTR 11/15/2052 144A</title>
        <cusip>05492JAE2</cusip>
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          <isin value="US05492JAE29"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1638419.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2011-C3</name>
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        <title>JPMCC 2011-C3 E CSTR 2/46</title>
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          <isin value="US46635TBD37"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>REXFORD INDL RLTY INC</name>
        <lei>549300MSLO0DF0EMX355</lei>
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        <cusip>76169C209</cusip>
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          <isin value="US76169C2098"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NEW YORK MTG TR INC</name>
        <lei>549300JFGR0M7ULHWG48</lei>
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        <cusip>649604AD7</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
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              <title>NEW YORK MORTGAGE TRUST INC</title>
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      <invstOrSec>
        <name>LIGHTSTONE HOLDCO LLC</name>
        <lei>549300VXK6UGDG7H3G98</lei>
        <title>LIGHTSTONE HOLDCO TERM B 1LN 1/30/2024</title>
        <cusip>53226GAG6</cusip>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>ISTAR INC</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC</title>
        <cusip>45031U101</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COLONY CAPITAL OPERATING CO LLC</name>
        <lei>5493003D7P9HVU22YM89</lei>
        <title>COLONY CAPITAL OPERATING CO LLC CONV 5.75% 07/15/2025 144A</title>
        <cusip>19626LAA5</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>COLONY CAPITAL INC</title>
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      <invstOrSec>
        <name>CSAIL 2017-CX10 COML MTG TR</name>
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      <invstOrSec>
        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD</name>
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        <title>FHMS K012 X3 1/41</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>OCWEN LOAN SERVICING LLC</name>
        <lei>549300MEMWF0Y8H4PL17</lei>
        <title>OCWEN FINANCIAL TERM B 05/15/2022</title>
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          <isin value="US67574UAC27"/>
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        <curCd>USD</curCd>
        <valUSD>6311358.52000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>GLP CAP LP / GLP FING II INC</name>
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        <cusip>361841AQ2</cusip>
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          <isin value="US361841AQ25"/>
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        <valUSD>1037750.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>QTS RLTY TR INC</name>
        <lei>5493006PA4CJK4OG2J54</lei>
        <title>QTS RLTY TR INC 7.125% PFD PERP SER A</title>
        <cusip>74736A202</cusip>
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        <curCd>USD</curCd>
        <valUSD>807056.14000000</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>MFA FINANCIAL INC</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA FINANCIAL 8% PFD 04/15/42</title>
        <cusip>55272X300</cusip>
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          <isin value="US55272X3008"/>
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        <curCd>USD</curCd>
        <valUSD>14583253.92000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ENERGY TRANSFER OPERATING MLP</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>ENERGY TRANSFER OPERATING MLP 7.6/VAR PFD PERP</title>
        <cusip>29278N509</cusip>
        <identifiers>
          <isin value="US29278N5095"/>
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        <balance>471751.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8996291.57000000</valUSD>
        <pctVal>0.169439915397</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>WASHINGTON PRIME GROUP INC</name>
        <lei>549300RWGA2GV6YQYT67</lei>
        <title>WASHINGTON PRIME GROUP INC 7.5% PRFD PERP</title>
        <cusip>93964W207</cusip>
        <identifiers>
          <isin value="US93964W2070"/>
        </identifiers>
        <balance>181934.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1371782.36000000</valUSD>
        <pctVal>0.025836722299</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>SUNSTONE HOTEL INVS INC NEW</name>
        <lei>529900ZQ2V52V96ATF67</lei>
        <title>SUNSTONE HOTEL INVS INC SER F 6.45% PFD PERP</title>
        <cusip>867892705</cusip>
        <identifiers>
          <isin value="US8678927059"/>
        </identifiers>
        <balance>83050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1935895.50000000</valUSD>
        <pctVal>0.036461464947</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>CHIMERA INVESTMENT CORP</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>CHIMERA INVESTMENT CORP 8%/VAR PERP PFD</title>
        <cusip>16934Q604</cusip>
        <identifiers>
          <isin value="US16934Q6044"/>
        </identifiers>
        <balance>938131.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18884577.03000000</valUSD>
        <pctVal>0.355680016525</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>MACK-CALI REALTY LP</name>
        <lei>549300MJC9VNA6VSEE11</lei>
        <title>MACK CALI RLTY 3.15% 5/15/23</title>
        <cusip>55448QAS5</cusip>
        <identifiers>
          <isin value="US55448QAS57"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8975.63000000</valUSD>
        <pctVal>0.000169050766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03150000</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>DIGITAL RLTY TR INC</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>DIGITAL RLTY TR 5.875 PFD PRP G</title>
        <cusip>253868889</cusip>
        <identifiers>
          <isin value="US2538688894"/>
        </identifiers>
        <balance>39994.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1022246.64000000</valUSD>
        <pctVal>0.019253420462</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>RWT HOLDINGS INC</name>
        <lei>Z31FN4C0IQMCYFAEUP31</lei>
        <title>RWT HOLDINGS INC CONV 5.75% 10/01/2025 144A</title>
        <cusip>749772AC3</cusip>
        <identifiers>
          <isin value="US749772AC38"/>
        </identifiers>
        <balance>30970000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25812812.73000000</valUSD>
        <pctVal>0.486169303331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>REDWOOD TRUST INC</name>
              <title>REDWOOD TRUST INC REIT</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="758075402"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="18.11700000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MOTEL 6 TR 2017-M6MZ</name>
        <lei>N/A</lei>
        <title>MOTEL 6 TR 2017-M6MZ 1ML+692.65 08/15/2024 144A</title>
        <cusip>61975GAA5</cusip>
        <identifiers>
          <isin value="US61975GAA58"/>
        </identifiers>
        <balance>5099673.20800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3965997.50000000</valUSD>
        <pctVal>0.074697254489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07101250</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>LANDMARK INFRASTRUCTURE PARTNERS LP</name>
        <lei>549300I3H10A778Y4H45</lei>
        <title>LANDMARK INFRASTRUCTURE PRTN LP SER B 7.9% PERP PFD</title>
        <cusip>51508J306</cusip>
        <identifiers>
          <isin value="US51508J3068"/>
        </identifiers>
        <balance>116375.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2676625.00000000</valUSD>
        <pctVal>0.050412673936</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-08-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Stacie M. Smith</ncom:nameOfApplicant>
      <ncom:signature>Stacie M. Smith</ncom:signature>
      <ncom:signerName>Stacie M. Smith</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
