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        <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>498736.68000000</valUSD>
        <pctVal>0.011927936207</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS CORP TR 2023-SHIP</name>
        <lei>N/A</lei>
        <title>GS MTG SECS CORP TR 2023-SHIP 7.68138% 09/10/2038 144A</title>
        <cusip>36270GAJ0</cusip>
        <identifiers>
          <isin value="US36270GAJ04"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4812987.00000000</valUSD>
        <pctVal>0.115108842411</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-09-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07681387</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>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>2182239.07000000</valUSD>
        <pctVal>0.052191084915</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>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-SFR2</name>
        <lei>N/A</lei>
        <title>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-SFR2 4% 09/04/2039 144A</title>
        <cusip>64830RAJ1</cusip>
        <identifiers>
          <isin value="US64830RAJ14"/>
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        <balance>2900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2467781.68000000</valUSD>
        <pctVal>0.059020207722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 3.536% 02/15/2053</title>
        <cusip>61770KBC8</cusip>
        <identifiers>
          <isin value="US61770KBC80"/>
        </identifiers>
        <balance>2765000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1847292.08000000</valUSD>
        <pctVal>0.044180392119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03536000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>REALTY INCOME CORP</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>REALTY INCOME CORP 5.625% 10/13/2032</title>
        <cusip>756109BP8</cusip>
        <identifiers>
          <isin value="US756109BP80"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4719091.20000000</valUSD>
        <pctVal>0.112863202261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE SER M 4.125% PFD PERP</title>
        <cusip>74460W537</cusip>
        <identifiers>
          <isin value="US74460W5379"/>
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        <balance>53000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>871320.00000000</valUSD>
        <pctVal>0.020838750773</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>EQUINIX INC</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>EQUINIX INC</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <isin value="US29444U7000"/>
        </identifiers>
        <balance>65000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47426600.00000000</valUSD>
        <pctVal>1.134268807601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS COML MTG TR 2012-C1</name>
        <lei>N/A</lei>
        <title>UBSCM 2012-C1 F CSTR 5/10/45 144A</title>
        <cusip>90269GAS0</cusip>
        <identifiers>
          <isin value="US90269GAS03"/>
        </identifiers>
        <balance>2221350.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>88854.00000000</valUSD>
        <pctVal>0.002125058946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CUBESMART LP</name>
        <lei>549300MPHKO3I3FJRA97</lei>
        <title>CUBESMART LP 4.375% 02/15/2029</title>
        <cusip>22966RAE6</cusip>
        <identifiers>
          <isin value="US22966RAE62"/>
        </identifiers>
        <balance>12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10941278.52000000</valUSD>
        <pctVal>0.261674902702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04375000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>50325.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14845.88000000</valUSD>
        <pctVal>0.000355058524</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>BANK 2022-BNK41</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK41 CSTR 04/15/2065</title>
        <cusip>06540MCA1</cusip>
        <identifiers>
          <isin value="US06540MCA18"/>
        </identifiers>
        <balance>4433000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2850570.17000000</valUSD>
        <pctVal>0.068175092199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03790124</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>BRE/EVERBRIGHT M6 BORROWER LLC</name>
        <lei>N/A</lei>
        <title>MOTEL 6 TERM B 1LN 09/09/2026</title>
        <cusip>05601QAB0</cusip>
        <identifiers>
          <isin value="US05601QAB05"/>
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        <balance>7785120.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7721904.83000000</valUSD>
        <pctVal>0.184679394768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.10433510</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>COSTAR GROUP INC</name>
        <lei>N/A</lei>
        <title>COSTAR GROUP INC 2.8% 07/15/2030 144A</title>
        <cusip>22160NAA7</cusip>
        <identifiers>
          <isin value="US22160NAA72"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1553050.66000000</valUSD>
        <pctVal>0.037143225958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BMO 2023-5C1 MTG TR</name>
        <lei>N/A</lei>
        <title>BMO 2023-5C1 MTG TR 7.25502% 08/15/2056</title>
        <cusip>055986AF0</cusip>
        <identifiers>
          <isin value="US055986AF05"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3499765.15000000</valUSD>
        <pctVal>0.083701434291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07355020</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>HOWARD HUGHES CORP</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>HOWARD HUGHES CORP 5.375% 08/01/2028 144A</title>
        <cusip>44267DAD9</cusip>
        <identifiers>
          <isin value="US44267DAD93"/>
        </identifiers>
        <balance>11900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10461409.00000000</valUSD>
        <pctVal>0.250198199159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05375000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1371236.00000000</valUSD>
        <pctVal>0.032794891952</pctVal>
        <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>0.04425073</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 2019-C15 COML MTG TR</name>
        <lei>N/A</lei>
        <title>CSAIL 2019-C15 COML MTG TR 4.0529% 03/15/2052</title>
        <cusip>22945DAG8</cusip>
        <identifiers>
          <isin value="US22945DAG88"/>
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        <balance>9425000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8424592.80000000</valUSD>
        <pctVal>0.201485091273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04052900</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>CENTURY CMNTYS INC</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>CENTURY COMMUNITIES INC 6.75% 06/01/2027</title>
        <cusip>156504AL6</cusip>
        <identifiers>
          <isin value="US156504AL63"/>
        </identifiers>
        <balance>4670000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4508221.39000000</valUSD>
        <pctVal>0.107819976562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</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>CREDIT SUISSE MORTGAGE TRUST 2021</name>
        <lei>N/A</lei>
        <title>CREDIT SUISSE MORTGAGE TRUST 2021-BRIT A TSFR1M+357.368 92 05/15/2026 144A</title>
        <cusip>12658RAA8</cusip>
        <identifiers>
          <isin value="US12658RAA86"/>
        </identifiers>
        <balance>8146317.63000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7293667.82000000</valUSD>
        <pctVal>0.174437549839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08907680</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>SAFEHOLD OPERATING PARTNERSHIP LP</name>
        <lei>54930012UY5Z4Q8NL108</lei>
        <title>SAFEHOLD OPERATING PARTNERSHIP LP 2.8% 06/15/2031</title>
        <cusip>78646UAA7</cusip>
        <identifiers>
          <isin value="US78646UAA79"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5158945.05000000</valUSD>
        <pctVal>0.123382879024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXTRA SPACE STORAGE INC</name>
        <lei>N/A</lei>
        <title>EXTRA SPACE STORAGE INC</title>
        <cusip>30225T102</cusip>
        <identifiers>
          <isin value="US30225T1025"/>
        </identifiers>
        <balance>192949.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19987586.91000000</valUSD>
        <pctVal>0.478029130724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9</name>
        <lei>549300PFVBG5704L7K74</lei>
        <title>MSBAM 13-C9 D CSTR 5/15/46</title>
        <cusip>61762DAG6</cusip>
        <identifiers>
          <isin value="US61762DAG60"/>
        </identifiers>
        <balance>5137000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3493160.00000000</valUSD>
        <pctVal>0.083543463540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03842459</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE 4% PFD PERP</title>
        <cusip>74460W420</cusip>
        <identifiers>
          <isin value="US74460W4208"/>
        </identifiers>
        <balance>342600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5402802.00000000</valUSD>
        <pctVal>0.129215035069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>RITHM CAPITAL CORP SER C 6.375%/VAR PFD PERP</title>
        <cusip>64828T508</cusip>
        <identifiers>
          <isin value="US64828T5083"/>
        </identifiers>
        <balance>1074554.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20824856.52000000</valUSD>
        <pctVal>0.498053522146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SREIT TR 2021-MFP</name>
        <lei>N/A</lei>
        <title>SREIT TR 2021-MFP G TSFR1M+308.828 38 11/15/2038 144A</title>
        <cusip>78472UAN8</cusip>
        <identifiers>
          <isin value="US78472UAN81"/>
        </identifiers>
        <balance>3874000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3667718.80000000</valUSD>
        <pctVal>0.087718264220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08422780</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>ARMADA HOFFLER PROPERTIES INC</name>
        <lei>549300WQRSIV6XZT9313</lei>
        <title>ARMADA HOFFLER PPTYS INC SER A 6.75% PFD PERP</title>
        <cusip>04208T207</cusip>
        <identifiers>
          <isin value="US04208T2078"/>
        </identifiers>
        <balance>255050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5149459.50000000</valUSD>
        <pctVal>0.123156019762</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>HEALTHCARE REALTY TRUST INC</name>
        <lei>549300L0I14L7I0VLX84</lei>
        <title>HEALTHCARE REALTY TRUST INC</title>
        <cusip>42226K105</cusip>
        <identifiers>
          <isin value="US42226K1051"/>
        </identifiers>
        <balance>186360.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2674266.00000000</valUSD>
        <pctVal>0.063958548726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2017-COR2</name>
        <lei>N/A</lei>
        <title>COMM 2017-COR2 D 3% 09/10/2050 144A</title>
        <cusip>12595EAN5</cusip>
        <identifiers>
          <isin value="US12595EAN58"/>
        </identifiers>
        <balance>2769000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1801633.24000000</valUSD>
        <pctVal>0.043088401590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPIRIT REALTY CAPITAL INC</name>
        <lei>549300LTU6LVPZSHMJ25</lei>
        <title>SPIRIT RLTY CAP INC SER A 6% PFD PERP</title>
        <cusip>84860W201</cusip>
        <identifiers>
          <isin value="US84860W2017"/>
        </identifiers>
        <balance>121125.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2664750.00000000</valUSD>
        <pctVal>0.063730961212</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>OMEGA HEALTHCARE INVESTORS INC</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE INVESTORS INC 4.95% 04/01/2024</title>
        <cusip>681936BB5</cusip>
        <identifiers>
          <isin value="US681936BB51"/>
        </identifiers>
        <balance>2866000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2850615.11000000</valUSD>
        <pctVal>0.068176166998</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>0.04950000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VASA TR 2021-VASA</name>
        <lei>N/A</lei>
        <title>VASA TR 2021-VASA F TSFR1M+401.448 04/15/2060 144A</title>
        <cusip>92230AAL0</cusip>
        <identifiers>
          <isin value="US92230AAL08"/>
        </identifiers>
        <balance>6685000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3543987.24000000</valUSD>
        <pctVal>0.084759063075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09349480</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>XHR LP</name>
        <lei>549300M88BPT83ZL2164</lei>
        <title>XHR LP 6.375% 08/15/2025 144A</title>
        <cusip>98372MAA3</cusip>
        <identifiers>
          <isin value="US98372MAA36"/>
        </identifiers>
        <balance>4250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4122496.98000000</valUSD>
        <pctVal>0.098594875741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06375000</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>PENNYMAC MORTGAGE INVESTMENT TRUST</name>
        <lei>549300BSSOQO1ZWDUJ97</lei>
        <title>PENNYMAC MTG INVT TR 6.75% PERP PFD</title>
        <cusip>70931T509</cusip>
        <identifiers>
          <isin value="US70931T5092"/>
        </identifiers>
        <balance>217700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3570280.00000000</valUSD>
        <pctVal>0.085387888619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMH PPTYS INC</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
        <title>UMH PPTYS INC 6.75% SER D PFD PERP</title>
        <cusip>903002509</cusip>
        <identifiers>
          <isin value="US9030025095"/>
        </identifiers>
        <balance>694525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14133583.75000000</valUSD>
        <pctVal>0.338023033218</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>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>3631000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3522068.40000000</valUSD>
        <pctVal>0.084234845516</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>
          <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="18.23760000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DYNEX CAPITAL INC</name>
        <lei>5CIJ4S9HAEBWILA19B65</lei>
        <title>DYNEX CAP INC 6.9%/VAR PFD PERP C</title>
        <cusip>26817Q878</cusip>
        <identifiers>
          <isin value="US26817Q8785"/>
        </identifiers>
        <balance>298683.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6532197.21000000</valUSD>
        <pctVal>0.156225990064</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>SPIRIT REALTY LP</name>
        <lei>549300GTBVIBJRX5BW73</lei>
        <title>SPIRIT REALTY LP 3.4% 01/15/2030</title>
        <cusip>84861TAF5</cusip>
        <identifiers>
          <isin value="US84861TAF57"/>
        </identifiers>
        <balance>12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9878621.04000000</valUSD>
        <pctVal>0.236260067299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </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 4% 01/15/2030</title>
        <cusip>361841AP4</cusip>
        <identifiers>
          <isin value="US361841AP42"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2503637.70000000</valUSD>
        <pctVal>0.059877751064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAFEHOLD OPERATING PARTNERSHIP LP</name>
        <lei>54930012UY5Z4Q8NL108</lei>
        <title>SAFEHOLD OPERATING PARTNERSHIP LP 2.85% 01/15/2032</title>
        <cusip>78646UAB5</cusip>
        <identifiers>
          <isin value="US78646UAB52"/>
        </identifiers>
        <balance>15250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10988335.19000000</valUSD>
        <pctVal>0.262800324153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02850000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBL and ASSOCS LTD PARTNERSHIP</name>
        <lei>549300VS75TWHD9JTH89</lei>
        <title>CBL and ASSOCS LP 5.25% 12/01/2023</title>
        <cusip>12505JAA1</cusip>
        <identifiers>
          <isin value="US12505JAA16"/>
        </identifiers>
        <balance>11371000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1.14000000</valUSD>
        <pctVal>0.000000027264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EASTERLY GOVERNMENT PROPERTIES INC</name>
        <lei>549300ERMCEFC6S8HL77</lei>
        <title>EASTERLY GOVERNMENT PROPERTIES INC</title>
        <cusip>27616P103</cusip>
        <identifiers>
          <isin value="US27616P1030"/>
        </identifiers>
        <balance>998900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10748164.00000000</valUSD>
        <pctVal>0.257056317850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="54876.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LXP INDUSTRIAL TRUST</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LXP INDUSTRIAL TRUST REIT</title>
        <cusip>529043101</cusip>
        <identifiers>
          <isin value="US5290431015"/>
        </identifiers>
        <balance>3598674.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28465511.34000000</valUSD>
        <pctVal>0.680789717276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VICI PROPERTIES LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI PROPERTIES LP 5.125% 05/15/2032</title>
        <cusip>925650AD5</cusip>
        <identifiers>
          <isin value="US925650AD55"/>
        </identifiers>
        <balance>38000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32837996.40000000</valUSD>
        <pctVal>0.785363383009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WFRBS COML MTG TR 2011-C3</name>
        <lei>N/A</lei>
        <title>WFRBS 2011-C3 D CSTR 3/44</title>
        <cusip>92935VAS7</cusip>
        <identifiers>
          <isin value="US92935VAS79"/>
        </identifiers>
        <balance>503529.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>152317.73000000</valUSD>
        <pctVal>0.003642876571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05854510</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC 5% 01/11/2028</title>
        <cusip>22822VBA8</cusip>
        <identifiers>
          <isin value="US22822VBA89"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2848009.05000000</valUSD>
        <pctVal>0.068113839684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>2439000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2387145.76000000</valUSD>
        <pctVal>0.057091694845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>0.07500000</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>BENCHMARK 2022-B34 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2022-B34 MORTGAGE TRUST 3.786% 04/15/2055</title>
        <cusip>08161YBG7</cusip>
        <identifiers>
          <isin value="US08161YBG70"/>
        </identifiers>
        <balance>15168402.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12002516.84000000</valUSD>
        <pctVal>0.287055797049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03786000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2022-LBA6</name>
        <lei>N/A</lei>
        <title>BX TR 2022-LBA6 TSFR1M+420 01/15/2039 144A</title>
        <cusip>12433EAS0</cusip>
        <identifiers>
          <isin value="US12433EAS00"/>
        </identifiers>
        <balance>11340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10762439.06000000</valUSD>
        <pctVal>0.257397724472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09534500</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITALBRIDGE GROUP INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DIGITALBRIDGE GROUP INC</title>
        <cusip>25401T603</cusip>
        <identifiers>
          <isin value="US25401T6038"/>
        </identifiers>
        <balance>361288.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5726414.80000000</valUSD>
        <pctVal>0.136954655974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3805585.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <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"/>
        </identifiers>
        <balance>4472457.04380000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44.72000000</valUSD>
        <pctVal>0.000001069536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGREE LP</name>
        <lei>549300DXY3G299V1BO77</lei>
        <title>AGREE LP 2.9% 10/01/2030</title>
        <cusip>008513AA1</cusip>
        <identifiers>
          <isin value="US008513AA19"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1194638.78000000</valUSD>
        <pctVal>0.028571339807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KIMCO REALTY CORP</name>
        <lei>254900ARY41P4V1JL861</lei>
        <title>KIMCO REALTY CORP 5.125% PERP PFD</title>
        <cusip>49446R737</cusip>
        <identifiers>
          <isin value="US49446R7373"/>
        </identifiers>
        <balance>49000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>943250.00000000</valUSD>
        <pctVal>0.022559050253</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>NEW FORTRESS ENERGY INC</name>
        <lei>254900EICTYTCHA5X705</lei>
        <title>NEW FORTRESS ENERGY TERM B 1LN 10/30/2028</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NFE"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9200000.00000000</valUSD>
        <pctVal>0.220029962719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATE</name>
        <lei>N/A</lei>
        <title>CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATES TSFR1M+382.888 44 08/15/2026 144A</title>
        <cusip>12659XAA4</cusip>
        <identifiers>
          <isin value="US12659XAA46"/>
        </identifiers>
        <balance>18000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15634200.60000000</valUSD>
        <pctVal>0.373912236432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09163880</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>CENTURY CMNTYS INC</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>CENTURY COMMUNITIES INC 3.875% 08/15/2029 144A</title>
        <cusip>156504AM4</cusip>
        <identifiers>
          <isin value="US156504AM47"/>
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        <balance>13005000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10494509.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03875000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WFRBS COML MTG TR 2013-C13</name>
        <lei>N/A</lei>
        <title>WFRBS COML MTG TR 2013-C13 D CSTR 05/15/2045 144A</title>
        <cusip>92937UAJ7</cusip>
        <identifiers>
          <isin value="US92937UAJ79"/>
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        <balance>3955000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3258615.86000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04043972</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE 5.35% 08/01/2053</title>
        <cusip>74460WAH0</cusip>
        <identifiers>
          <isin value="US74460WAH07"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4304052.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05350000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>CUSHMAN and WAKEFIELD US BORROWER LLC</name>
        <lei>549300870CMN3WI5IF97</lei>
        <title>CUSHMAN and WAKEFIELD TERM B 1LN 01/31/2030</title>
        <cusip>23340DAQ5</cusip>
        <identifiers>
          <isin value="US23340DAQ51"/>
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        <balance>2631193.59800000</balance>
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        <curCd>USD</curCd>
        <valUSD>2506211.90000000</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>2030-01-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08674120</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE 5.15% SER F PFD PERP</title>
        <cusip>74460W685</cusip>
        <identifiers>
          <isin value="US74460W6856"/>
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        <balance>25800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>546186.00000000</valUSD>
        <pctVal>0.013062748393</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>
      <invstOrSec>
        <name>TERRENO RLTY CORP</name>
        <lei>N/A</lei>
        <title>TERRENO REALTY CORP</title>
        <cusip>88146M101</cusip>
        <identifiers>
          <isin value="US88146M1018"/>
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        <balance>286228.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15250227.84000000</valUSD>
        <pctVal>0.364729028598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OPG TR 2021-PORT</name>
        <lei>N/A</lei>
        <title>OPG TR 2021-PORT TSFR1M+346.048 6 10/15/2036 144A</title>
        <cusip>67118AAU9</cusip>
        <identifiers>
          <isin value="US67118AAU97"/>
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        <balance>8311048.04850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7907694.60000000</valUSD>
        <pctVal>0.189122798699</pctVal>
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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>0.08795480</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BENCHMARK 2022-B36 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2022-B36 MTG TR 4.4699% 07/15/2055</title>
        <cusip>08163QBH0</cusip>
        <identifiers>
          <isin value="US08163QBH02"/>
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        <balance>4900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4271014.44000000</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>2055-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04469900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BMO 2023-C6 MTG TR</name>
        <lei>N/A</lei>
        <title>BMO 2023-C6 A5 MTG TR 5.9562% 09/15/2056</title>
        <cusip>055985AE5</cusip>
        <identifiers>
          <isin value="US055985AE56"/>
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        <balance>14000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13631312.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05956200</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>MFA FINANCIAL INC</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA FINANCIAL INC CONV 6.25% 06/15/2024</title>
        <cusip>55272XAA0</cusip>
        <identifiers>
          <isin value="US55272XAA00"/>
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        <balance>9700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9627256.89000000</valUSD>
        <pctVal>0.230248366804</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>0.06250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>MFA FINANCIAL INC</name>
              <title>MFA FINANCIAL INC</title>
              <curCd>USD</curCd>
              <identifiers>
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          <currencyInfos>
            <currencyInfo convRatio="31.81200000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS MTG SECS TR 2012-GCJ9</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2012-GCJ9 VAR 11/10/2045 144A</title>
        <cusip>36192PAK2</cusip>
        <identifiers>
          <isin value="US36192PAK21"/>
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        <balance>4531578.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4078245.05000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04600409</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>SPIRIT REALTY LP</name>
        <lei>549300GTBVIBJRX5BW73</lei>
        <title>SPIRIT REALTY LP 4% 07/15/2029</title>
        <cusip>84861TAD0</cusip>
        <identifiers>
          <isin value="US84861TAD00"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2615315.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>POSTAL REALTY TRUST INC</name>
        <lei>5493007B7ZZSIJRGWC41</lei>
        <title>POSTAL REALTY TRUST INC</title>
        <cusip>73757R102</cusip>
        <identifiers>
          <isin value="US73757R1023"/>
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        <balance>878500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11631340.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ENBRIDGE INC</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBRIDGE INC SER L 4/VAR PFD PERP</title>
        <cusip>29250N790</cusip>
        <identifiers>
          <isin value="CA29250N7909"/>
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        <balance>111400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1882660.00000000</valUSD>
        <pctVal>0.045026261914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CUSHMAN and WAKEFIELD US BORROWER LLC</name>
        <lei>549300870CMN3WI5IF97</lei>
        <title>CUSHMAN and WAKEFIELD TERM B 1LN 08/21/2025</title>
        <cusip>23340DAP7</cusip>
        <identifiers>
          <isin value="US23340DAP78"/>
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        <balance>257928.57200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>256961.34000000</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>2025-08-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08188600</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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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>5945738.18000000</valUSD>
        <pctVal>0.142200059792</pctVal>
        <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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WELLTOWER INC</name>
        <lei>254900F33BIAR82QTA19</lei>
        <title>WELLTOWER INC</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <isin value="US95040Q1040"/>
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        <balance>713700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>59672457.00000000</valUSD>
        <pctVal>1.427144400991</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>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP 7.125/VAR PERP</title>
        <cusip>29273VAM2</cusip>
        <identifiers>
          <isin value="US29273VAM28"/>
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        <balance>6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4982567.04000000</valUSD>
        <pctVal>0.119164569571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SREIT TR 2021-IND</name>
        <lei>N/A</lei>
        <title>SREIT TR 2021-IND G TSFR1M+338.026 21 10/15/2038 144A</title>
        <cusip>78473JAS1</cusip>
        <identifiers>
          <isin value="US78473JAS15"/>
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        <balance>12754000.00000000</balance>
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        <name>PEBBLEBROOK HOTEL TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WFRBS COML MTG TR 2013-C11</name>
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        <name>BENCHMARK 2022-B35 MTG TR</name>
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        <name>BENCHMARK 2023-V2 MORTGAGE TRUST</name>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2014-DSTY</name>
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        <name>JP MORGAN CHASE COML MTG SECS TR 2012-CIBX</name>
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        <name>COMM 2018-HCLV MTG TR</name>
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        <name>GLADSTONE COMMERCIAL CORP</name>
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        <assetCat>EP</assetCat>
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        <name>ACADIA REALTY TRUST</name>
        <lei>N/A</lei>
        <title>ACADIA RLTY TR REIT</title>
        <cusip>004239109</cusip>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2021-SOAR</name>
        <lei>N/A</lei>
        <title>BX COMMERCIAL MORTGAGE TRUST 2021-SOAR J 3.85% 06/15/2023 144A</title>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2021-PAC</name>
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        <title>BX COMMERCIAL MORTGAGE TRUST 2021-PAC G TSFR1M+306.058 21 10/15/2036 144A</title>
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        <name>CROWN CASTLE INC</name>
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        <name>TWO HARBORS INVESTMENT COR</name>
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        <name>PROLOGIS LP</name>
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        <name>BANK 2022-BNK43</name>
        <lei>N/A</lei>
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        <cusip>06541QAZ8</cusip>
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        <curCd>USD</curCd>
        <valUSD>9092967.36000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PKHL COML MTG TR 2021-MF</name>
        <lei>N/A</lei>
        <title>PKHL COML MTG TR 2021-MF G TSFR1M+446.448 07/15/2038 144A</title>
        <cusip>69356GAS8</cusip>
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        <balance>5944000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4533409.15000000</valUSD>
        <pctVal>0.108422374594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09799480</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2022-BNK42</name>
        <lei>N/A</lei>
        <title>BANK 2017-BNK4 2.5% 06/15/2055 144A</title>
        <cusip>06541MAL8</cusip>
        <identifiers>
          <isin value="US06541MAL81"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>970461.00000000</valUSD>
        <pctVal>0.023209836701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAESARS ENTERTAINMENT INC</name>
        <lei>5299000BKFWWVND5L441</lei>
        <title>CAESARS ENTERTAINMENT INC 8.125% 07/01/2027 144A</title>
        <cusip>28470RAK8</cusip>
        <identifiers>
          <isin value="US28470RAK86"/>
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        <balance>17465000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17305614.41000000</valUSD>
        <pctVal>0.413886271030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08125000</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>HEALTHCARE TRUST INC</name>
        <lei>549300Z2NSUGF5NF2Y30</lei>
        <title>HEALTHCARE TRUST INC 7.125% PERP PFD</title>
        <cusip>42226B303</cusip>
        <identifiers>
          <isin value="US42226B3033"/>
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        <balance>190000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2625800.00000000</valUSD>
        <pctVal>0.062799421316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TR 2022-LBA6</name>
        <lei>N/A</lei>
        <title>BX TR 2022-LBA6 TSFR1M+335 01/15/2039 144A</title>
        <cusip>12433EAQ4</cusip>
        <identifiers>
          <isin value="US12433EAQ44"/>
        </identifiers>
        <balance>6200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5903917.76000000</valUSD>
        <pctVal>0.141199870068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08684500</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>BRIXMOR OPERATING PARTNERSHIP LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>BRIXMOR OPERATING PARTNERSHIP LP 4.05% 07/01/2030</title>
        <cusip>11120VAJ2</cusip>
        <identifiers>
          <isin value="US11120VAJ26"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3415026.00000000</valUSD>
        <pctVal>0.081674787333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04050000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EXTRA SPACE STORAGE LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
        <title>EXTRA SPACE STORAGE LP 2.55% 06/01/2031</title>
        <cusip>30225VAF4</cusip>
        <identifiers>
          <isin value="US30225VAF40"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1517384.52000000</valUSD>
        <pctVal>0.036290223844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02550000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAUL CENTERS INC</name>
        <lei>N/A</lei>
        <title>SAUL CENTERS INC 6.125% SER D PFD PERP</title>
        <cusip>804395804</cusip>
        <identifiers>
          <isin value="US8043958045"/>
        </identifiers>
        <balance>82775.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1653844.50000000</valUSD>
        <pctVal>0.039553841704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NNN REIT INC</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>NNN REIT INC</title>
        <cusip>637417106</cusip>
        <identifiers>
          <isin value="US6374171063"/>
        </identifiers>
        <balance>52100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1892793.00000000</valUSD>
        <pctVal>0.045268605785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2023-BNK46</name>
        <lei>N/A</lei>
        <title>BANK 2023-BNK46 A4 5.745% 08/15/2056</title>
        <cusip>06541DBH6</cusip>
        <identifiers>
          <isin value="US06541DBH61"/>
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        <balance>1409000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1346416.31000000</valUSD>
        <pctVal>0.032201296792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05745000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGREE REALTY CORP</name>
        <lei>N/A</lei>
        <title>AGREE REALTY CORP 4.375% PERP PFD</title>
        <cusip>008492209</cusip>
        <identifiers>
          <isin value="US0084922097"/>
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        <balance>259800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4195770.00000000</valUSD>
        <pctVal>0.100347295291</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>HILTON GRAND VACATIONS BORROWER ESCROW LLC</name>
        <lei>N/A</lei>
        <title>HILTON GRAND VACATIONS BORROWER ESCROW LLC 4.875% 07/01/2031 144A</title>
        <cusip>43284MAB4</cusip>
        <identifiers>
          <isin value="US43284MAB46"/>
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        <balance>18265000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14463748.47000000</valUSD>
        <pctVal>0.345919351809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT LP</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>AMERICAN HOMES 4 RENT LP 3.625% 04/15/2032</title>
        <cusip>02666TAE7</cusip>
        <identifiers>
          <isin value="US02666TAE73"/>
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        <balance>27000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21804809.31000000</valUSD>
        <pctVal>0.521490367347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SABRA HEALTH CARE LP</name>
        <lei>549300OVKLRFSIQG0H81</lei>
        <title>SABRA HEALTH CARE LP 3.9% 10/15/2029</title>
        <cusip>78572XAG6</cusip>
        <identifiers>
          <isin value="US78572XAG60"/>
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        <balance>989000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>814317.22000000</valUSD>
        <pctVal>0.019475455169</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>
      <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>2461000.00000000</valUSD>
        <pctVal>0.058858015027</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 2011-C3</name>
        <lei>N/A</lei>
        <title>JPMCC 2011-C3 E CSTR 2/46</title>
        <cusip>46635TBD3</cusip>
        <identifiers>
          <isin value="US46635TBD37"/>
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        <balance>13774000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5229343.18000000</valUSD>
        <pctVal>0.125066541841</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>0.05525638</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>KENNEDY-WILSON INC</name>
        <lei>5EA4464UK7FM5QNNKL62</lei>
        <title>KENNEDY-WILSON INC 4.75% 02/01/2030</title>
        <cusip>489399AN5</cusip>
        <identifiers>
          <isin value="US489399AN56"/>
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        <balance>17245000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12588850.00000000</valUSD>
        <pctVal>0.301078716976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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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"/>
        </identifiers>
        <balance>6979000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2138122.73000000</valUSD>
        <pctVal>0.051135985279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-15</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>CUBESMART</name>
        <lei>N/A</lei>
        <title>CUBESMART</title>
        <cusip>229663109</cusip>
        <identifiers>
          <isin value="US2296631094"/>
        </identifiers>
        <balance>367800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12538302.00000000</valUSD>
        <pctVal>0.299869795829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROOKFIELD PROPERTY PARTNERS LP</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>BROOKFIELD PROPERTY PARTN LP 5.75% PFD PERP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG162491648"/>
        </identifiers>
        <balance>43000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>425700.00000000</valUSD>
        <pctVal>0.010181169035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT CORP SER G 7.75%/VAR PFD PERP</title>
        <cusip>00123Q856</cusip>
        <identifiers>
          <isin value="US00123Q8565"/>
        </identifiers>
        <balance>320000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6585600.00000000</valUSD>
        <pctVal>0.157503187227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL NET LEASE INC</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE INC SER B 6.875% PFD PERP</title>
        <cusip>379378409</cusip>
        <identifiers>
          <isin value="US3793784097"/>
        </identifiers>
        <balance>294000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4727520.00000000</valUSD>
        <pctVal>0.113064787973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD</name>
        <lei>N/A</lei>
        <title>PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD 3% 12/01/2070 144A</title>
        <cusip>74167UAE7</cusip>
        <identifiers>
          <isin value="US74167UAE73"/>
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        <balance>9277000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6971628.39000000</valUSD>
        <pctVal>0.166735558124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>27231.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>549113.12000000</valUSD>
        <pctVal>0.013132754274</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>VENTAS INC</name>
        <lei>ORQTRC074CWLT3DKHT41</lei>
        <title>VENTAS INC REIT</title>
        <cusip>92276F100</cusip>
        <identifiers>
          <isin value="US92276F1003"/>
        </identifiers>
        <balance>939186.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39877837.56000000</valUSD>
        <pctVal>0.953730338226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL MEDICAL REIT INC</name>
        <lei>549300HFRIPQDYU3GU60</lei>
        <title>GLOBAL MEDICAL REIT INC SER A 7.5% PFD PERP</title>
        <cusip>37957W203</cusip>
        <identifiers>
          <isin value="US37957W2035"/>
        </identifiers>
        <balance>150848.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3579623.04000000</valUSD>
        <pctVal>0.085611339569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2013-LC11</name>
        <lei>N/A</lei>
        <title>JP MORGAN CH CMS 13-LC11 VAR 04/15/2046 144A</title>
        <cusip>46639YAE7</cusip>
        <identifiers>
          <isin value="US46639YAE77"/>
        </identifiers>
        <balance>2518000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250397.47000000</valUSD>
        <pctVal>0.005988581085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2046-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUINIX INC</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>EQUINIX INC 3.9% 04/15/2032</title>
        <cusip>29444UBU9</cusip>
        <identifiers>
          <isin value="US29444UBU97"/>
        </identifiers>
        <balance>22000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18308846.38000000</valUSD>
        <pctVal>0.437879868091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TWO HARBORS INVESTMENT COR</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>TWO HARBORS INV CORP 7.625% SER B PFD PERP</title>
        <cusip>90187B309</cusip>
        <identifiers>
          <isin value="US90187B3096"/>
        </identifiers>
        <balance>776859.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14682635.10000000</valUSD>
        <pctVal>0.351154310183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CUSHMAN and WAKEFIELD US BORROWER LLC</name>
        <lei>549300870CMN3WI5IF97</lei>
        <title>CUSHMAN and WAKEFIELD US BORROWER LLC 6.75% 05/15/2028 144A</title>
        <cusip>23166MAA1</cusip>
        <identifiers>
          <isin value="US23166MAA18"/>
        </identifiers>
        <balance>11165000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10183261.55000000</valUSD>
        <pctVal>0.243545941218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUDSON PACIFIC PROPERTIES INC</name>
        <lei>N/A</lei>
        <title>HUDSON PACIFIC PROPERTIES INC 4.75% PFD PERP C</title>
        <cusip>444097307</cusip>
        <identifiers>
          <isin value="US4440973075"/>
        </identifiers>
        <balance>686200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7136480.00000000</valUSD>
        <pctVal>0.170678198733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT LP</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>AMERICAN HOMES 4 RENT LP 2.375% 07/15/2031</title>
        <cusip>02666TAC1</cusip>
        <identifiers>
          <isin value="US02666TAC18"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6690093.48000000</valUSD>
        <pctVal>0.160002284673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02375000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2013-LC11</name>
        <lei>N/A</lei>
        <title>JP MORGAN CH CMS 13-LC11 E CSTR 04/15/2046 144A</title>
        <cusip>46639YAC1</cusip>
        <identifiers>
          <isin value="US46639YAC12"/>
        </identifiers>
        <balance>472000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>149978.00000000</valUSD>
        <pctVal>0.003586918885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2046-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2023-C22</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2023-C22 AS 6.998% 11/15/2056</title>
        <cusip>05554FAF2</cusip>
        <identifiers>
          <isin value="US05554FAF27"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10368434.00000000</valUSD>
        <pctVal>0.247974581139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06998000</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>GS MTG SECS TR 2019-GSA1</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2019-GSA1 3.0479% 11/10/2052</title>
        <cusip>36261PAT9</cusip>
        <identifiers>
          <isin value="US36261PAT93"/>
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        <balance>17000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14185541.20000000</valUSD>
        <pctVal>0.339265663195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03047900</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 G 6% PFD PERP</title>
        <cusip>376536884</cusip>
        <identifiers>
          <isin value="US3765368846"/>
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        <balance>516000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8697180.00000000</valUSD>
        <pctVal>0.208004368605</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>VORNADO REALTY L P</name>
        <lei>549300BMOJ05INE4YK86</lei>
        <title>VORNADO REALTY LP 3.4% 06/01/2031</title>
        <cusip>929043AL1</cusip>
        <identifiers>
          <isin value="US929043AL12"/>
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        <balance>6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4183672.74000000</valUSD>
        <pctVal>0.100057973588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MHC COML MTG TR 2021-MHC</name>
        <lei>N/A</lei>
        <title>MHC 2021 MHC G TSFR1M+331.544 9 04/15/2026 144A</title>
        <cusip>55316VAN4</cusip>
        <identifiers>
          <isin value="US55316VAN47"/>
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        <balance>14391781.35000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13741836.99000000</valUSD>
        <pctVal>0.328653900066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08649442</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK5 2023-5YR3</name>
        <lei>N/A</lei>
        <title>BANK5 2023-5YR3 AS 7.293% 09/15/2056</title>
        <cusip>06211EAP6</cusip>
        <identifiers>
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        <fairValLevel>2</fairValLevel>
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        <name>REXFORD INDUSTRIAL REALTY LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GLOBAL PARTNERS LP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PUBLIC STORAGE</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COMM 2018-HCLV MTG TR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PENNYMAC CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS-BAMLL TR 2012-WRM</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BENCHMARK 2022-B36 MTG TR</name>
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        <cusip>08163QAN8</cusip>
        <identifiers>
          <isin value="US08163QAN88"/>
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        <balance>3828000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
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        <name>MORGAN STANLEY BK OF AMER MERRILL LYNCH TR 2013-C12</name>
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        <cusip>61762XAC1</cusip>
        <identifiers>
          <isin value="US61762XAC11"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>0.04862356</annualizedRt>
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      <invstOrSec>
        <name>BENCHMARK 2019-B14 MTG TR</name>
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        <cusip>08162YBM3</cusip>
        <identifiers>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
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        <cusip>00123Q500</cusip>
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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>BANK5 2023-5YR3</name>
        <lei>N/A</lei>
        <title>BANK5 2023-5YR3 CSTR 09/15/2056</title>
        <cusip>06211EAU5</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07315393</annualizedRt>
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        <name>NATIONAL STORAGE AFFILIATES TRUST</name>
        <lei>529900FS06O8GOYNR108</lei>
        <title>NATIONAL STORAGE AFFILIATES SER A 6% PFD PERP</title>
        <cusip>637870205</cusip>
        <identifiers>
          <isin value="US6378702053"/>
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        <balance>101375.00000000</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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      <invstOrSec>
        <name>STWD TR 2021-LIH</name>
        <lei>N/A</lei>
        <title>STWD TR 2021-LIH TSFR1M+424.7 11/15/2036 144A</title>
        <cusip>78486EAU2</cusip>
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          <isin value="US78486EAU29"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <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>
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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>BANK 2022-BNK44</name>
        <lei>N/A</lei>
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        <cusip>06540KAR0</cusip>
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          <isin value="US06540KAR05"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>HUDSON PACIFIC PROPERTIES LP</name>
        <lei>5493007NTUGLGZ8T3526</lei>
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        <cusip>44409MAB2</cusip>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4284456.66000000</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>BX COMMERCIAL MORTGAGE TRUST 2019-XL</name>
        <lei>N/A</lei>
        <title>BX COMMERCIAL MORTGAGE TRUST 2019-XL J TSFR1M+276.448 10/15/2036 144A</title>
        <cusip>056054AL3</cusip>
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        <balance>15217549.99600000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08098980</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL I TRUST 2018-H4</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST 2018-H4 4.31% 12/15/2051</title>
        <cusip>61691RAE6</cusip>
        <identifiers>
          <isin value="US61691RAE62"/>
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        <balance>14240929.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12916757.58000000</valUSD>
        <pctVal>0.308921053129</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04310000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
        <lei>549300147YMUQB3GW319</lei>
        <title>INVITATION HOMES OPERATING PARTNERSHIP LP 4.15% 04/15/2032</title>
        <cusip>46188BAD4</cusip>
        <identifiers>
          <isin value="US46188BAD47"/>
        </identifiers>
        <balance>35000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29196965.00000000</valUSD>
        <pctVal>0.698283382661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04150000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NNN REIT INC</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>NNN REIT INC 5.6% 10/15/2033</title>
        <cusip>637417AS5</cusip>
        <identifiers>
          <isin value="US637417AS53"/>
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        <balance>9575000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8825534.49000000</valUSD>
        <pctVal>0.211074133132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEBBLEBROOK HOTEL TRUST</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD</title>
        <cusip>70509V605</cusip>
        <identifiers>
          <isin value="US70509V6056"/>
        </identifiers>
        <balance>372994.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6810870.44000000</valUSD>
        <pctVal>0.162890822717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VASA TR 2021-VASA</name>
        <lei>N/A</lei>
        <title>VASA TR 2021-VASA G TSFR1M+511.448 04/15/2060 144A</title>
        <cusip>92230AAN6</cusip>
        <identifiers>
          <isin value="US92230AAN63"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>344112.16000000</valUSD>
        <pctVal>0.008229889753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.10449480</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL I TRUST 2017-H1</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST 2017-H1 4.281% 06/15/2050</title>
        <cusip>61691JBA1</cusip>
        <identifiers>
          <isin value="US61691JBA16"/>
        </identifiers>
        <balance>2470594.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1982805.85000000</valUSD>
        <pctVal>0.047421380136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04281000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC 2.1% 04/01/2031</title>
        <cusip>22822VAW1</cusip>
        <identifiers>
          <isin value="US22822VAW19"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2960750.48000000</valUSD>
        <pctVal>0.070810197580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CUSHMAN and WAKEFIELD PLC</name>
        <lei>N/A</lei>
        <title>CUSHMAN and WAKEFIELD PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BFZ4N465"/>
        </identifiers>
        <balance>201400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1484318.00000000</valUSD>
        <pctVal>0.035499395022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WILLIAMS SCOTSMAN INC</name>
        <lei>549300DAKDS8SCO1OT57</lei>
        <title>WILLIAMS SCOTSMAN INTL INC 6.125% 06/15/2025 144A</title>
        <cusip>71953LAA9</cusip>
        <identifiers>
          <isin value="US71953LAA98"/>
        </identifiers>
        <balance>3240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3183463.43000000</valUSD>
        <pctVal>0.076136667372</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR</name>
        <lei>N/A</lei>
        <title>CD 2017-CD4 D 3.3% 05/10/2050 144A</title>
        <cusip>12515DAF1</cusip>
        <identifiers>
          <isin value="US12515DAF15"/>
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        <balance>2769000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1635451.15000000</valUSD>
        <pctVal>0.039113940822</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFA FINANCIAL INC</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA FINANCIAL 7.5% PFD PERP</title>
        <cusip>55272X409</cusip>
        <identifiers>
          <isin value="US55272X4097"/>
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        <balance>304332.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5252770.32000000</valUSD>
        <pctVal>0.125626832357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2014-UBS2 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2014-UBS2 D MTG TR CSTR 03/10/2047 144A</title>
        <cusip>12591UAP8</cusip>
        <identifiers>
          <isin value="US12591UAP84"/>
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        <balance>3713000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2935554.24000000</valUSD>
        <pctVal>0.070207596738</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>0.04982332</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP COMMERCIAL MORTGAGE TRUST 2023-SMRT</name>
        <lei>N/A</lei>
        <title>CITIGROUP COMMERCIAL MORTGAGE TRUST 2023-SMRT C 6.43808% 06/10/2028 144A</title>
        <cusip>17291NAE1</cusip>
        <identifiers>
          <isin value="US17291NAE13"/>
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        <balance>9750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9151010.70000000</valUSD>
        <pctVal>0.218858319909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05852422</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE SER L 4.625% PFD PERP</title>
        <cusip>74460W552</cusip>
        <identifiers>
          <isin value="US74460W5528"/>
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        <balance>335900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6220868.00000000</valUSD>
        <pctVal>0.148780147187</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>HILTON DOMESTIC OPERATING CO INC</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OPERATING CO INC 4% 05/01/2031 144A</title>
        <cusip>432833AL5</cusip>
        <identifiers>
          <isin value="US432833AL52"/>
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        <balance>12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9937993.20000000</valUSD>
        <pctVal>0.237680029707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</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>J P MORGAN CHASE COML MTG SECS TR 2011-C3</name>
        <lei>N/A</lei>
        <title>JP MORGAN CHASE CO MT SE 2011-C3 H CSTR 02/15/2046 144A</title>
        <cusip>46635TBN1</cusip>
        <identifiers>
          <isin value="US46635TBN19"/>
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        <balance>7077000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>541273.02000000</valUSD>
        <pctVal>0.012945248088</pctVal>
        <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>0.04409000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOME PARTNERS AMER 2021-1 TR</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS AMER 2021-1 TR 3.325% 09/17/2041 144A</title>
        <cusip>437300AL0</cusip>
        <identifiers>
          <isin value="US437300AL06"/>
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        <balance>6636976.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4863112.48000000</valUSD>
        <pctVal>0.116307658443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03325000</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 NET LEASE INC</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE INC SER A 7.25% PFD PERP</title>
        <cusip>379378300</cusip>
        <identifiers>
          <isin value="US3793783008"/>
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        <balance>509695.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8756560.10000000</valUSD>
        <pctVal>0.209424520908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WP GLIMCHER MALL TR 15-WPG</name>
        <lei>N/A</lei>
        <title>JPMDB 2015-WPG PR1 CSTAR 6/5/35 144A</title>
        <cusip>92939VAL8</cusip>
        <identifiers>
          <isin value="US92939VAL80"/>
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        <balance>6725000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5500082.27000000</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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SUMMIT HOTEL PROPERTIES INC</name>
        <lei>254900OBQWJK6X20LS71</lei>
        <title>SUMMIT HOTEL PPTYS INC SERIES E 6.25% PFD PERP</title>
        <cusip>866082605</cusip>
        <identifiers>
          <isin value="US8660826053"/>
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        <balance>457602.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8387844.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOME PARTNERS AMER 2021-3 TR</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS AMER 2021-3 TR 4.242% 01/17/2041 144A</title>
        <cusip>43730XAG9</cusip>
        <identifiers>
          <isin value="US43730XAG97"/>
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        <balance>9962889.05000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8111787.25000000</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>2041-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04242000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK 2022-BNK39</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK39 2.928% 02/15/2055</title>
        <cusip>06539VAJ7</cusip>
        <identifiers>
          <isin value="US06539VAJ70"/>
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        <balance>8750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6840029.00000000</valUSD>
        <pctVal>0.163588187594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02928000</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>DIGITAL REALTY TRUST INC</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>DIGITAL RLTY TR INC SER L 5.2% PERP PFD</title>
        <cusip>253868822</cusip>
        <identifiers>
          <isin value="US2538688225"/>
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        <balance>33700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>656476.00000000</valUSD>
        <pctVal>0.015700477152</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>BANK 2017-BNK8</name>
        <lei>N/A</lei>
        <title>BANK 2017-BNK8 E 2.8% 11/15/2050 144A</title>
        <cusip>06650AAW7</cusip>
        <identifiers>
          <isin value="US06650AAW71"/>
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        <balance>11374393.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3666434.35000000</valUSD>
        <pctVal>0.087687544928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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>1554472.45000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1024397.34000000</valUSD>
        <pctVal>0.024499794405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05137168</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>GLP CAP LP / GLP FING II INC</name>
        <lei>N/A</lei>
        <title>GLP CAP LP / GLP FING II INC 4% 01/15/2031</title>
        <cusip>361841AQ2</cusip>
        <identifiers>
          <isin value="US361841AQ25"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1626581.60000000</valUSD>
        <pctVal>0.038901814000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNSTONE HOTEL INVS INC NEW</name>
        <lei>529900ZQ2V52V96ATF67</lei>
        <title>SUNSTONE HOTEL INVS INC SER I 5.7% PERP PFD</title>
        <cusip>867892887</cusip>
        <identifiers>
          <isin value="US8678928875"/>
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        <balance>240000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4694400.00000000</valUSD>
        <pctVal>0.112272680107</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>ARBOR REALTY TRUST INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>ARBOR REALTY TRUST INC SER F 6.25%/VAR PFD PERP</title>
        <cusip>038923850</cusip>
        <identifiers>
          <isin value="US0389238504"/>
        </identifiers>
        <balance>447536.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7751323.52000000</valUSD>
        <pctVal>0.185382980993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2022-B35 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2022-B35 A5 MTG TR VAR 05/15/2054</title>
        <cusip>08163RBQ8</cusip>
        <identifiers>
          <isin value="US08163RBQ83"/>
        </identifiers>
        <balance>22302000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18981446.30000000</valUSD>
        <pctVal>0.453965969756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04444550</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VICI PROPERTIES LP / VICI NOTE CO INC</name>
        <lei>N/A</lei>
        <title>VICI PROPERTIES LP / VICI NOTE CO INC 4.625% 12/01/2029 144A</title>
        <cusip>92564RAB1</cusip>
        <identifiers>
          <isin value="US92564RAB15"/>
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        <balance>26000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22488967.80000000</valUSD>
        <pctVal>0.537852907244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04625000</annualizedRt>
          <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>BBCMS MTG TR 2022-C17</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2022-C17 C 5.45% 09/15/2055</title>
        <cusip>054976AL9</cusip>
        <identifiers>
          <isin value="US054976AL93"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1486111.40000000</valUSD>
        <pctVal>0.035542286515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05450000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ESSEX PORTFOLIO LP</name>
        <lei>5493003GN3O58H286O74</lei>
        <title>ESSEX PORTFOLIO LP 2.55% 06/15/2031</title>
        <cusip>29717PAZ0</cusip>
        <identifiers>
          <isin value="US29717PAZ09"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1525330.94000000</valUSD>
        <pctVal>0.036480272811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02550000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>REGENCY CENTERS CORP(REIT)</name>
        <lei>529900053A7X7FJ97S58</lei>
        <title>REGENCY CENTERS CORP(REIT) 5.875% PERP PFD</title>
        <cusip>758849871</cusip>
        <identifiers>
          <isin value="US7588498714"/>
        </identifiers>
        <balance>69225.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1492491.00000000</valUSD>
        <pctVal>0.035694862944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MORTGAGE TRUST 2023-C21</name>
        <lei>N/A</lei>
        <title>BBCMS MORTGAGE TRUST 2023-C21 6.50606% 09/05/2056</title>
        <cusip>05553WAJ8</cusip>
        <identifiers>
          <isin value="US05553WAJ80"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6533228.80000000</valUSD>
        <pctVal>0.156250661880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06506060</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>REGENCY CENTERS CORP(REIT)</name>
        <lei>529900053A7X7FJ97S58</lei>
        <title>REGENCY CENTERS CORP REIT SER A 6.25% PFD PERP</title>
        <cusip>758849889</cusip>
        <identifiers>
          <isin value="US7588498896"/>
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        <balance>281325.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6478914.75000000</valUSD>
        <pctVal>0.154951670750</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BRIXMOR OPERATING PARTNERSHIP LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>BRIXMOR OPERATING PARTNERSHIP LP 4.125% 05/15/2029</title>
        <cusip>11120VAH6</cusip>
        <identifiers>
          <isin value="US11120VAH69"/>
        </identifiers>
        <balance>1872000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1639201.54000000</valUSD>
        <pctVal>0.039203636275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP 7.6/VAR PFD PERP</title>
        <cusip>29273V605</cusip>
        <identifiers>
          <isin value="US29273V6056"/>
        </identifiers>
        <balance>525651.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12994092.72000000</valUSD>
        <pctVal>0.310770623561</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>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>2049-07-15</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </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>2763865.94000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2309844.02000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03866000</annualizedRt>
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      <invstOrSec>
        <name>BOSTON PPTY LTD PARTNERSHIP</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
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        <cusip>10112RBG8</cusip>
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          <isin value="US10112RBG83"/>
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        <curCd>USD</curCd>
        <valUSD>36412.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4387941.50000000</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>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR</name>
        <lei>N/A</lei>
        <title>COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR CSTR 05/10/2050</title>
        <cusip>12515DAV6</cusip>
        <identifiers>
          <isin value="US12515DAV64"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2112681.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04349700</annualizedRt>
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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>1228338.00000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CEDAR REALTY TRUST INC</name>
        <lei>54930056URX93R2RSN82</lei>
        <title>CEDAR RLTY TR I 7.25% PFD PERP</title>
        <cusip>150602407</cusip>
        <identifiers>
          <isin value="US1506024074"/>
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        <balance>126972.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1740760.73000000</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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      <invstOrSec>
        <name>BBCMS MTG TR 2023-C22</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2023-C22 VAR 11/15/2056</title>
        <cusip>05554FAJ4</cusip>
        <identifiers>
          <isin value="US05554FAJ49"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10126473.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07024000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BBCMS MTG TR 2020-C6</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2020-C6 3.045% 02/15/2053</title>
        <cusip>05492TAJ9</cusip>
        <identifiers>
          <isin value="US05492TAJ97"/>
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        <balance>1129000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>763211.90000000</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>2053-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03045000</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>CTR PARTNERSHIP LP / CARETRUST CAP CORP</name>
        <lei>N/A</lei>
        <title>CTR PARTNERSHIP LP / CARETRUST CAP CORP 3.875% 06/30/2028 144A</title>
        <cusip>126458AE8</cusip>
        <identifiers>
          <isin value="US126458AE87"/>
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        <balance>26490000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22255187.01000000</valUSD>
        <pctVal>0.532261735667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KENNEDY-WILSON INC</name>
        <lei>5EA4464UK7FM5QNNKL62</lei>
        <title>KENNEDY-WILSON INC 5% 03/01/2031</title>
        <cusip>489399AM7</cusip>
        <identifiers>
          <isin value="US489399AM73"/>
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        <balance>6960000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4993800.00000000</valUSD>
        <pctVal>0.119433220416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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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>UDR INC</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR INC 3% 08/15/2031</title>
        <cusip>90265EAR1</cusip>
        <identifiers>
          <isin value="US90265EAR18"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1188064.61000000</valUSD>
        <pctVal>0.028414109983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>CENTERSPACE</name>
        <lei>5493002LG2SH9EEHT720</lei>
        <title>CENTERSPACE 6.625% SER C PFD PERP</title>
        <cusip>15202L206</cusip>
        <identifiers>
          <isin value="US15202L2060"/>
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        <balance>317300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7082136.00000000</valUSD>
        <pctVal>0.169378491310</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>
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      <invstOrSec>
        <name>BENCHMARK 2023-B39 C MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2023-B39 C MTG TR 6.19203% 07/15/2056 144A</title>
        <cusip>081925AG4</cusip>
        <identifiers>
          <isin value="US081925AG46"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4599592.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06192030</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>BOSTON PPTY LTD PARTNERSHIP</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
        <title>BOSTON PPTYS LTD PARTNERSHIP 3.25% 01/30/2031</title>
        <cusip>10112RBD5</cusip>
        <identifiers>
          <isin value="US10112RBD52"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6068253.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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>4551056.59000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3936663.95000000</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>0.04689652</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>TAYLOR MORRISON COMMUNITIES INC</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TAYLOR MORRISON COMMUNITIES INC 5.875% 06/15/2027 144A</title>
        <cusip>87724RAA0</cusip>
        <identifiers>
          <isin value="US87724RAA05"/>
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        <balance>1798000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1685625.00000000</valUSD>
        <pctVal>0.040313913685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRICON RESIDENTIAL 2021-SFR1 TR</name>
        <lei>N/A</lei>
        <title>TRICON RESIDENTIAL 2021-SFR1 TR 4.133% 07/17/2038 144A</title>
        <cusip>89614YAH9</cusip>
        <identifiers>
          <isin value="US89614YAH99"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2622856.50000000</valUSD>
        <pctVal>0.062729023686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BENCHMARK 2022-B36 MTG TR</name>
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        <name>EG GLOBAL FINANCE PLC</name>
        <lei>549300TL8Q5207VYET27</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ASHTON WOODS USA LLC / ASHTON WOODS FINANCE CO</name>
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        <name>SMRT 2022-MINI</name>
        <lei>N/A</lei>
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        <name>BX TR 2022-VAMF</name>
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        <cusip>05609TAL4</cusip>
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        <name>MHP 2022-MHIL F</name>
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        <issuerCat>CORP</issuerCat>
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        <name>GLOBAL NET LEASE INC</name>
        <lei>549300NUYANCT5SU8Z65</lei>
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        <name>INDEPENDENCE PLAZA TR 2018-INDP</name>
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        <name>WEYERHAEUSER CO</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>WEYERHAEUSER CO</title>
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        <name>PENNYMAC MORTGAGE INVESTMENT TRUST</name>
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        <name>SUMIT 2022-BVUE MTG TR</name>
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        <name>TAH 2017</name>
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        <name>GS MTG SECS TR 2011-GC5</name>
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        <name>BENCHMARK 2021-B28 MTG TR</name>
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      <invstOrSec>
        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>TRI POINTE HOMES INC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VERITAS MULTIFAMILY PORTFOLIO POOL A</name>
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        <title>VERITAS POOL A MEZZ 1ML+850 12/31/2049</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="GHI860000"/>
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        <curCd>USD</curCd>
        <valUSD>4400407.41000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>WELLTOWER OP LLC</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
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        <cusip>95040QAH7</cusip>
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        <curCd>USD</curCd>
        <valUSD>2708018.76000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04125000</annualizedRt>
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      <invstOrSec>
        <name>JP MORGAN CHASE COML MTG SECS TR 2012-CIBX</name>
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        <curCd>USD</curCd>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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      <invstOrSec>
        <name>KIMCO REALTY CORP</name>
        <lei>254900ARY41P4V1JL861</lei>
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        <cusip>49446R711</cusip>
        <identifiers>
          <isin value="US49446R7118"/>
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        <balance>58100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1162000.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CBL and ASSOCS LTD PARTNERSHIP</name>
        <lei>549300VS75TWHD9JTH89</lei>
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        <cusip>12505JAB9</cusip>
        <identifiers>
          <isin value="US12505JAB98"/>
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        <balance>18229000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04600000</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VICI PPTYS INC</name>
        <lei>254900RKH6RY9KCJQH63</lei>
        <title>VICI PPTYS INC</title>
        <cusip>925652109</cusip>
        <identifiers>
          <isin value="US9256521090"/>
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        <balance>783600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21862440.00000000</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>REXFORD INDL RLTY INC</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>REXFORD INDL RLTY INC SER B 5.875% PERP PFD</title>
        <cusip>76169C308</cusip>
        <identifiers>
          <isin value="US76169C3088"/>
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        <balance>98400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2111664.00000000</valUSD>
        <pctVal>0.050503190347</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TRICON RESIDENTIAL 2023-SFR1 TRUST</name>
        <lei>N/A</lei>
        <title>TRICON RESIDENTIAL 2023-SFR1 TRUST 8.25% 07/17/2040 144A</title>
        <cusip>89616WAE8</cusip>
        <identifiers>
          <isin value="US89616WAE84"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1961224.80000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07977000</annualizedRt>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2021-VINO</name>
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        <title>BX COMMERCIAL MORTGAGE TRUST 2021 VINO G TSFR1M+406.681 82 05/15/2038 144A</title>
        <cusip>05608KAN0</cusip>
        <identifiers>
          <isin value="US05608KAN00"/>
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        <curCd>USD</curCd>
        <valUSD>11484044.42000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.09400810</annualizedRt>
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        <name>AGREE LP</name>
        <lei>549300DXY3G299V1BO77</lei>
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        <cusip>008513AD5</cusip>
        <identifiers>
          <isin value="US008513AD57"/>
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        <balance>1288000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1118162.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04800000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>ANNALY CAPITAL MANAGEMENT INC</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>ANNALY CAPITAL MANAGEMENT INC 6.5%/VAR PFD PERP</title>
        <cusip>035710862</cusip>
        <identifiers>
          <isin value="US0357108622"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24868176.75000000</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>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>3537430.52000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.05091013</annualizedRt>
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        <name>BBCMS MTG TR 2023-C19</name>
        <lei>N/A</lei>
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        <cusip>05553RAC4</cusip>
        <identifiers>
          <isin value="US05553RAC43"/>
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        <balance>22500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21153809.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05451000</annualizedRt>
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        <name>PEBBLEBROOK HOTEL TRUST</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>PEBBLEBROOK HOTEL TR SER H 5.7% PERP PFD</title>
        <cusip>70509V886</cusip>
        <identifiers>
          <isin value="US70509V8862"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11524184.76000000</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>WFRBS COML MTG TR 2011-C4</name>
        <lei>N/A</lei>
        <title>WFRBS 2011-C4 G 5% 06/15/44</title>
        <cusip>92936CBD0</cusip>
        <identifiers>
          <isin value="US92936CBD02"/>
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        <balance>3955000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>107340.68000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05000000</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>
      <invstOrSec>
        <name>NATIXIS COML MTG SECS TR 2018-FL1</name>
        <lei>N/A</lei>
        <title>NATIXIS COML MTG SECS TR 2018-FL1 WAN2 TSFR1M+386.448 06/15/2035 144A</title>
        <cusip>63874MBE1</cusip>
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        <curCd>USD</curCd>
        <valUSD>122667.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.09131500</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EQUITY RESIDENTIAL</name>
        <lei>5493008RACSH5EP3PI59</lei>
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        <cusip>29476L107</cusip>
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          <isin value="US29476L1070"/>
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        <balance>103700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5737721.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>XHR LP</name>
        <lei>549300M88BPT83ZL2164</lei>
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        <cusip>98372MAC9</cusip>
        <identifiers>
          <isin value="US98372MAC91"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8460689.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2016-BNK2</name>
        <lei>N/A</lei>
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        <cusip>61690YAC6</cusip>
        <identifiers>
          <isin value="US61690YAC66"/>
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        <balance>2966000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1223989.01000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT CORP 6.875/VAR PERP PFD</title>
        <cusip>00123Q609</cusip>
        <identifiers>
          <isin value="US00123Q6098"/>
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        <balance>673972.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14106233.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CUSHMAN and WAKEFIELD US BORROWER LLC</name>
        <lei>549300870CMN3WI5IF97</lei>
        <title>CUSHMAN and WAKEFIELD TERM B 1LN 01/31/2030</title>
        <cusip>23340DAR3</cusip>
        <identifiers>
          <isin value="US23340DAR35"/>
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        <balance>2290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2192675.00000000</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>2030-01-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09324120</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLP CAP LP / GLP FING II INC</name>
        <lei>N/A</lei>
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        <cusip>361841AL3</cusip>
        <identifiers>
          <isin value="US361841AL38"/>
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        <balance>19193000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>VORNADO REALTY TRUST SER M 5.25% PFD PERP</title>
        <cusip>929042828</cusip>
        <identifiers>
          <isin value="US9290428286"/>
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        <balance>2000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28000.00000000</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>
        <name>BANK 2021-BNK38</name>
        <lei>N/A</lei>
        <title>BANK 2021-BNK38 3.21677%/VAR 12/15/2064</title>
        <cusip>06540EBC6</cusip>
        <identifiers>
          <isin value="US06540EBC66"/>
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        <balance>3505000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2049781.13000000</valUSD>
        <pctVal>0.049023181045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03217311</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>BMO 2023-C5 MTG TR</name>
        <lei>N/A</lei>
        <title>BMO 2023-C5 B MTG TR CSTR 06/15/2056</title>
        <cusip>055988AJ8</cusip>
        <identifiers>
          <isin value="US055988AJ82"/>
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        <balance>4750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4494024.40000000</valUSD>
        <pctVal>0.107480437086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06476422</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>CREST CLARENDON STR 02 1 LTD</name>
        <lei>N/A</lei>
        <title>CREST CLARENDON STR 02 1 LTD 3ML+47 12/28/2035 144A</title>
        <cusip>226063204</cusip>
        <identifiers>
          <isin value="US2260632045"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.05000000</valUSD>
        <pctVal>0.000000001195</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</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>HYATT HOTELS CORP</name>
        <lei>T27JQIMTYSH41TCD5186</lei>
        <title>HYATT HOTELS CORP 5.75% 01/30/2027</title>
        <cusip>448579AQ5</cusip>
        <identifiers>
          <isin value="US448579AQ51"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4941446.95000000</valUSD>
        <pctVal>0.118181129151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05750000</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>GS MTG SECS TR 2021</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2021-RENT G TSFR1M+581.448 11/21/2023 144A</title>
        <cusip>36260XAW6</cusip>
        <identifiers>
          <isin value="US36260XAW65"/>
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        <balance>6938114.23700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>904907.71000000</valUSD>
        <pctVal>0.021642044532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.11148980</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>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>4910132.50000000</valUSD>
        <pctVal>0.117432203361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>AGREE LP</name>
        <lei>549300DXY3G299V1BO77</lei>
        <title>AGREE LP 2.6% 06/15/2033</title>
        <cusip>008513AC7</cusip>
        <identifiers>
          <isin value="US008513AC74"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1421269.22000000</valUSD>
        <pctVal>0.033991501466</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02600000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
        <lei>549300147YMUQB3GW319</lei>
        <title>INVITATION HOMES OPERATING PARTNERSHIP LP 5.5% 08/15/2033</title>
        <cusip>46188BAF9</cusip>
        <identifiers>
          <isin value="US46188BAF94"/>
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        <balance>23000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20851875.90000000</valUSD>
        <pctVal>0.498699725752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE 4% PERP PFD</title>
        <cusip>74460W461</cusip>
        <identifiers>
          <isin value="US74460W4612"/>
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        <balance>47800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>754284.00000000</valUSD>
        <pctVal>0.018039682652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BX TR 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>22521000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17502776.19000000</valUSD>
        <pctVal>0.418601651367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03943990</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OPG TR 2021-PORT</name>
        <lei>N/A</lei>
        <title>OPG TR 2021-PORT G TSFR1M+251.248 10/15/2036 144A</title>
        <cusip>67118AAS4</cusip>
        <identifiers>
          <isin value="US67118AAS42"/>
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        <balance>4640257.48600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4361203.54000000</valUSD>
        <pctVal>0.104303853513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07847480</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS CORP TR 2023-SHIP</name>
        <lei>N/A</lei>
        <title>GS MTG SECS CORP TR 2023-SHIP CSTR 09/15/2038 144A</title>
        <cusip>36270GAG6</cusip>
        <identifiers>
          <isin value="US36270GAG64"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8634459.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-09-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06070620</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSJP 2015-HAUL</name>
        <lei>N/A</lei>
        <title>MSJP 2015-HAUL E 5.012% 09/05/2047 144A</title>
        <cusip>553697AN3</cusip>
        <identifiers>
          <isin value="US553697AN33"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>910375.80000000</valUSD>
        <pctVal>0.021772821014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04851000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COML MTG TR 2019-C52</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COML MTG TR 2019-C52 3.561% 08/15/2052</title>
        <cusip>95002MBC2</cusip>
        <identifiers>
          <isin value="US95002MBC29"/>
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        <balance>883000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>623871.02000000</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>2052-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03561000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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>2858949.61000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2365780.80000000</valUSD>
        <pctVal>0.056580724046</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>0.05358869</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 COMMERCIAL MORTGAGE TRUST 2019-XL</name>
        <lei>N/A</lei>
        <title>BX COMMERCIAL MORTGAGE TRUST 2019-XL G TSFR1M+241.448 10/15/2036 144A</title>
        <cusip>056054AK5</cusip>
        <identifiers>
          <isin value="US056054AK52"/>
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        <balance>13391750.00800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13115071.10000000</valUSD>
        <pctVal>0.313663978826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07748980</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KIMCO REALTY OP LLC</name>
        <lei>549300EA7I6T15IBYS12</lei>
        <title>KIMCO REALTY OP LLC 6.4% 03/01/2034</title>
        <cusip>49447BAA1</cusip>
        <identifiers>
          <isin value="US49447BAA17"/>
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        <balance>9424000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9251275.99000000</valUSD>
        <pctVal>0.221256294694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HOWARD HUGHES CORP</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>HOWARD HUGHES CORP 4.125% 02/01/2029 144A</title>
        <cusip>44267DAE7</cusip>
        <identifiers>
          <isin value="US44267DAE76"/>
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        <balance>5295000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4249237.50000000</valUSD>
        <pctVal>0.101626040077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ANNALY CAPITAL MANAGEMENT INC</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>ANNALY CAPITAL MANAGEMENT INC 6.95%/VAR PERP PFD</title>
        <cusip>035710870</cusip>
        <identifiers>
          <isin value="US0357108705"/>
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        <balance>1477443.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35901864.90000000</valUSD>
        <pctVal>0.858639782122</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>BANK AMER MERRILL LYNCH COML MTG TR 2016-UBS10</name>
        <lei>N/A</lei>
        <title>BACM 2016-UBS10 CSTR 06/49</title>
        <cusip>06054MAK9</cusip>
        <identifiers>
          <isin value="US06054MAK99"/>
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        <balance>3030000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2594536.28000000</valUSD>
        <pctVal>0.062051708800</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>0.04825157</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE 4.75% SER K PFD PERP</title>
        <cusip>74460W578</cusip>
        <identifiers>
          <isin value="US74460W5783"/>
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        <balance>896000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16719360.00000000</valUSD>
        <pctVal>0.399865234511</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>DIGITAL REALTY TRUST INC</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>DIGITAL RLTY TR INC 5.25% PFD PERP</title>
        <cusip>253868855</cusip>
        <identifiers>
          <isin value="US2538688555"/>
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        <balance>32900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>638918.00000000</valUSD>
        <pctVal>0.015280554752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRAEMAR HOTELS and RESORTS INC</name>
        <lei>549300JDUUEBN868C776</lei>
        <title>BRAEMAR HOTELS and RESORTS INC SER D 8.25% PFD PERP</title>
        <cusip>10482B309</cusip>
        <identifiers>
          <isin value="US10482B3096"/>
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        <balance>173050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2742859.81000000</valUSD>
        <pctVal>0.065599058884</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>SUNBELT MEZZ</name>
        <lei>N/A</lei>
        <title>SUNBELT MEZZ SOFR+445 01/21/2027</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="IGH679000"/>
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        <balance>6964657.19000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6964657.19000000</valUSD>
        <pctVal>0.166568832812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09879070</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE MORTGAGE TRUST 2021-4SZN</name>
        <lei>N/A</lei>
        <title>CREDIT SUISSE MORTGAGE TRUST 2021-4SZN TSFR1M+396.65 11/15/2023 144A</title>
        <cusip>12663FAA7</cusip>
        <identifiers>
          <isin value="US12663FAA75"/>
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        <balance>906000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>905150.63000000</valUSD>
        <pctVal>0.021647854279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09301500</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>SITE CENTERS CORP</name>
        <lei>W2AVA6SODOQ1LCYJQR54</lei>
        <title>SITE CENTERS CORP</title>
        <cusip>82981J109</cusip>
        <identifiers>
          <isin value="US82981J1097"/>
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        <balance>1379438.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16084247.08000000</valUSD>
        <pctVal>0.384675683194</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>PENNSYLVANIA REAL EST INVT TR</name>
        <lei>5493001GPBXRIG8WJO70</lei>
        <title>PENNSLVNA 7.375% PFD PERP</title>
        <cusip>709102503</cusip>
        <identifiers>
          <isin value="US7091025038"/>
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        <balance>99385.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29815.50000000</valUSD>
        <pctVal>0.000713076451</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>RLJ LODGING TRUST LP</name>
        <lei>549300RX5I8Z6I6LDZ74</lei>
        <title>RLJ LODGING TRUST LP 4% 09/15/2029 144A</title>
        <cusip>74965LAB7</cusip>
        <identifiers>
          <isin value="US74965LAB71"/>
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        <balance>16550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13488250.00000000</valUSD>
        <pctVal>0.322589037462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARRIOTT OWNERSHIP RESORTS INC</name>
        <lei>BW4532OH033VURR0IT68</lei>
        <title>MARRIOTT OWNERSHIP RESORTS INC 4.5% 06/15/2029 144A</title>
        <cusip>57164PAH9</cusip>
        <identifiers>
          <isin value="US57164PAH91"/>
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        <balance>15960000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13114970.40000000</valUSD>
        <pctVal>0.313661570454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSWF COML MTG TR 2023-1</name>
        <lei>N/A</lei>
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        <name>BMO 2023-C5 MTG TR</name>
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        <name>STWD TR 2021-LIH</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>HOME PARTNERS AMER 2021-2 TR</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ASHFORD HOSPITALITY TRUST INC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>VORNADO RLTY SR L 5.4% PFD PRP</title>
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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>SABRA HEALTH CARE LP</name>
        <lei>549300OVKLRFSIQG0H81</lei>
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        <cusip>14162VAB2</cusip>
        <identifiers>
          <isin value="US14162VAB27"/>
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        <balance>20264000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19214651.66000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</annualizedRt>
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        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13</name>
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        <title>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13 D CSTR 11/15/2046 144A</title>
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        <name>PRIMA CAP LTD 2021-9A</name>
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          <couponKind>Variable</couponKind>
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        <name>SABRA HEALTH CARE REIT INC</name>
        <lei>549300E3BC7GU7TAZ621</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>KENNEDY-WILSON INC</name>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2020-NNN</name>
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        <name>GS MTG SECS CORP TR 2018-RIVR</name>
        <lei>N/A</lei>
        <title>GS MTG SECS CORP TR 2018-RIVR G TSFR1M+264.7 07/15/2035 144A</title>
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        <name>SUN CMNTYS OPER LTD PRTNRSHP</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04200000</annualizedRt>
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        <name>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC</title>
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        <assetCat>EC</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>HILTON USA TR 2016-HHV</name>
        <lei>N/A</lei>
        <title>HILT 2016-HHV F CSTR 11/38 144A</title>
        <cusip>43300LAQ3</cusip>
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        <name>SUNSTONE HOTEL INVS INC NEW</name>
        <lei>529900ZQ2V52V96ATF67</lei>
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        <name>VORNADO REALTY TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GLOBAL NET LEASE INC / GLOBAL NET LEASE OPERATING PARTNERSHIP LP</name>
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          <isin value="US37892AAA88"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX TR 2021-ACNT</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>JPMDB COML MTG SECS TR 2019</name>
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        <cusip>48129RAX3</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAPITAL LLC</name>
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          <isin value="US91327BAA89"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BBCMS MTG TR 2022-C16</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TIMES SQUARE HOTEL TR</name>
        <lei>N/A</lei>
        <title>TIMES SQUARE HOTEL TR 8.528% 08/01/2026 144A</title>
        <cusip>887367AA8</cusip>
        <identifiers>
          <isin value="US887367AA88"/>
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        <balance>2761392.81410000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>OMEGA HEALTHCARE INVESTORS INC</name>
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        <cusip>681936BM1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2020-VIVA</name>
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        <name>BANK 2022-BNK44</name>
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        <name>AMERICAN TOWER CORP</name>
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          <couponKind>Fixed</couponKind>
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        <name>EPR PROPERTIES</name>
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        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>RITHM CAPITAL CORP</title>
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        <name>CREDIT SUISSE COM MTG TR 2021</name>
        <lei>N/A</lei>
        <title>CREDIT SUISSE COM MTG TR 2021-SOP2 F STEP 06/15/2034 144A</title>
        <cusip>12657VAQ5</cusip>
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          <isin value="US12657VAQ59"/>
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          <couponKind>Variable</couponKind>
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        <name>BENCHMARK 2019-B14 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2019-B14 MTG TR VAR 12/15/2062 144A</title>
        <cusip>08162YBP6</cusip>
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          <isin value="US08162YBP60"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INVITATION HOMES INC</name>
        <lei>N/A</lei>
        <title>INVITATION HOMES INC</title>
        <cusip>46187W107</cusip>
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          <isin value="US46187W1071"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RLJ LODGING TR</name>
        <lei>N/A</lei>
        <title>RLJ LODGING TRUST</title>
        <cusip>74965L101</cusip>
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          <isin value="US74965L1017"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER</name>
        <lei>N/A</lei>
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        <cusip>70052LAC7</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VENTAS RLTY LTD PARTNERSHIP</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MHP 2022-MHIL F</name>
        <lei>N/A</lei>
        <title>MHP 2022-MHIL F TSFR1M+325.92 01/15/2027 144A</title>
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          <isin value="US55293DAL55"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BENCHMARK 2023-B38 MTG TR</name>
        <lei>N/A</lei>
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        <cusip>081916AE8</cusip>
        <identifiers>
          <isin value="US081916AE80"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLOBAL NET LEASE INC</name>
        <lei>549300NUYANCT5SU8Z65</lei>
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        <identifiers>
          <isin value="US3793786076"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DOUGLAS EMMETT INC</name>
        <lei>N/A</lei>
        <title>DOUGLAS EMMETT INC REIT</title>
        <cusip>25960P109</cusip>
        <identifiers>
          <isin value="US25960P1093"/>
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        <curCd>USD</curCd>
        <valUSD>1157993.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GS MTG SECS CORP TR 2019-70P</name>
        <lei>N/A</lei>
        <title>GS MTG SECS CORP TR 2019-70P E TSFR1M+231.448 10/15/2036 144A</title>
        <cusip>36257MAQ8</cusip>
        <identifiers>
          <isin value="US36257MAQ87"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07899480</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ELME COMMUNITIES</name>
        <lei>549300DI34BGS8LVKW95</lei>
        <title>ELME COMMUNITIES</title>
        <cusip>939653101</cusip>
        <identifiers>
          <isin value="US9396531017"/>
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        <balance>755647.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9642055.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KIMCO REALTY OP LLC</name>
        <lei>549300EA7I6T15IBYS12</lei>
        <title>KIMCO REALTY OP LLC 4.6% 02/01/2033</title>
        <cusip>49446RBA6</cusip>
        <identifiers>
          <isin value="US49446RBA68"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7777350.09000000</valUSD>
        <pctVal>0.186005440256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04600000</annualizedRt>
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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>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>1386786.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24102340.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>BANK 2020-BNK30</name>
        <lei>N/A</lei>
        <title>BANK 2020-BN30 MCDG CSTR 12/53</title>
        <cusip>06541UBJ4</cusip>
        <identifiers>
          <isin value="US06541UBJ43"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>854857.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MID-AMERICA APT CMNTYS INC</name>
        <lei>549300FQZKFR5YNSHZ21</lei>
        <title>MID AMERICA APT CMNTY INC</title>
        <cusip>59522J103</cusip>
        <identifiers>
          <isin value="US59522J1034"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32763703.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>NATIXIS COML MTG SECS TR 2020-2PAC</name>
        <lei>N/A</lei>
        <title>NATIXIS COML MTG SECS TR 2020-2PAC AMZ3 VAR 01/15/2025 144A</title>
        <cusip>63875DAS0</cusip>
        <identifiers>
          <isin value="US63875DAS09"/>
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        <curCd>USD</curCd>
        <valUSD>1622136.33000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>ELP COMMERCIAL MORTGAGE TRUST 2021-ELP</name>
        <lei>N/A</lei>
        <title>ELP COMMERCIAL MORTGAGE TRUST 2021-ELP TSFR1M+372.938 49 11/15/2036 144A</title>
        <cusip>26863LAS3</cusip>
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          <isin value="US26863LAS34"/>
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        <curCd>USD</curCd>
        <valUSD>14263827.38000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09064380</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ENBRIDGE INC</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBRIDGE INC SER 1 4% PFD PERP</title>
        <cusip>29250N717</cusip>
        <identifiers>
          <isin value="CA29250N7172"/>
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        <balance>498275.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9257949.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP 5.9% 11/15/2033</title>
        <cusip>03027XCF5</cusip>
        <identifiers>
          <isin value="US03027XCF50"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4722143.15000000</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>0.05900000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>REALTY INCOME CORP</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>REALTY INCOME CORP 4.875% 06/01/2026</title>
        <cusip>756109BF0</cusip>
        <identifiers>
          <isin value="US756109BF09"/>
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        <balance>436000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>424601.97000000</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>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UMH PPTYS INC</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
        <title>UMH PROPERTIES INC</title>
        <cusip>903002103</cusip>
        <identifiers>
          <isin value="US9030021037"/>
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        <balance>335723.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4636334.63000000</valUSD>
        <pctVal>0.110883971282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT CORP SER E 6.5%/VAR PFD PERP</title>
        <cusip>00123Q807</cusip>
        <identifiers>
          <isin value="US00123Q8078"/>
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        <balance>1302034.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>PEBBLEBROOK HOTEL TRUST</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
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        <cusip>70509V803</cusip>
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          <isin value="US70509V8037"/>
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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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      <invstOrSec>
        <name>ANNALY CAPITAL MANAGEMENT INC</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GS MTG SECS TR 2012-GCJ9</name>
        <lei>N/A</lei>
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        <cusip>36192PAN6</cusip>
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          <isin value="US36192PAN69"/>
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        <curCd>USD</curCd>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>VICI PROPERTIES LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
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        <balance>5000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2018-AON</name>
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        <cusip>46649XAU1</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fidelity Revere Street Trust</name>
        <lei>549300BDV45LJNXBZC55</lei>
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          <isin value="US31635A1051"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT</title>
        <cusip>02665T306</cusip>
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          <isin value="US02665T3068"/>
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        <balance>633100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20727694.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SUGARHOUSE HSP GAMING PROP MEZZ LP / SUGARHOUSE HSP GAMING FIN CORP</name>
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        <title>SUGARHOUSE HS GMNG MEZZ LP/CRP 5.875% 05/15/2025 144A</title>
        <cusip>865033AC8</cusip>
        <identifiers>
          <isin value="US865033AC86"/>
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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>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05875000</annualizedRt>
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      <invstOrSec>
        <name>COMM 2012-CCRE2 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2012-CR2 F 4.25% 8/45</title>
        <cusip>12624KBA3</cusip>
        <identifiers>
          <isin value="US12624KBA34"/>
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        <curCd>USD</curCd>
        <valUSD>1529000.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>GAMING AND LEISURE PROPERTIES INC</name>
        <lei>5493006GWRDBCZYWTM57</lei>
        <title>GAMING AND LEISURE PROPRTI INC</title>
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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>EPR PROPERTIES</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR PPTYS 3.6% 11/15/2031</title>
        <cusip>26884UAG4</cusip>
        <identifiers>
          <isin value="US26884UAG40"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1439615.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2013-LC11</name>
        <lei>N/A</lei>
        <title>JP MORGAN CH CMS 13-LC11 D CSTR 04/15/2046</title>
        <cusip>46639YAX5</cusip>
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          <isin value="US46639YAX58"/>
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        <curCd>USD</curCd>
        <valUSD>3459456.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.04167279</annualizedRt>
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      <invstOrSec>
        <name>SUMMIT HOTEL PROPERTIES INC</name>
        <lei>254900OBQWJK6X20LS71</lei>
        <title>SUMMIT HOTEL PPTYS INC SER F 5.875% PERP PFD</title>
        <cusip>866082704</cusip>
        <identifiers>
          <isin value="US8660827044"/>
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        <curCd>USD</curCd>
        <valUSD>6902870.00000000</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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          <isCashCollateral>N</isCashCollateral>
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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>
        <identifiers>
          <isin value="US78397FAL76"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4307743.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.03727570</annualizedRt>
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      <invstOrSec>
        <name>LAMAR MEDIA CORP</name>
        <lei>N/A</lei>
        <title>LAMAR MEDIA CORP 4% 02/15/2030</title>
        <cusip>513075BT7</cusip>
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          <isin value="US513075BT73"/>
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        <curCd>USD</curCd>
        <valUSD>4970837.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>COMM 2012-CCRE2 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2012-CR2 E CSTR 8/45</title>
        <cusip>12624KAY2</cusip>
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          <isin value="US12624KAY29"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04584162</annualizedRt>
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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>1124604.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23717898.36000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>LXP INDUSTRIAL TRUST</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LEXINGTON RLTY 6.5 CV PFD PERPPAR=50</title>
        <cusip>529043309</cusip>
        <identifiers>
          <isin value="US5290433094"/>
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        <balance>440102.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18257569.86000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SPIRIT REALTY CAPITAL INC</name>
        <lei>549300LTU6LVPZSHMJ25</lei>
        <title>SPIRIT RLTY CAP INC</title>
        <cusip>84860W300</cusip>
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          <isin value="US84860W3007"/>
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        <curCd>USD</curCd>
        <valUSD>21014561.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MTG TR 2020-C7</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2020-C7 CSTR 04/15/2053</title>
        <cusip>05492VAL9</cusip>
        <identifiers>
          <isin value="US05492VAL99"/>
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        <balance>2067000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1274622.78000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03602448</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RETAINED VANTAGE DATA CTRS ISSUER LLC / VANTAGE DATA CTRS CDA QC4 LTD PARTNERSHIP</name>
        <lei>N/A</lei>
        <title>RETAINED VANTAGE DATA CTRS ISSUER LLC / VANTAGE DATA CTRS CDA QC4 LTD PARTNERSHIP 2023-2A A2 5.05% 09/15/2048 144A</title>
        <cusip>76134KAE4</cusip>
        <identifiers>
          <isin value="US76134KAE47"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3463833.60000000</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>2048-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05050000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>76841.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1559872.30000000</valUSD>
        <pctVal>0.037306374349</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>COMM 2012-CCRE1 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2012-CCRE1 G 2.462% 05/15/2045 144A</title>
        <cusip>12624BAS5</cusip>
        <identifiers>
          <isin value="US12624BAS51"/>
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        <balance>723785.04000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14395.72000000</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>2045-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02462000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CTO NEWCO REIT INC</name>
        <lei>N/A</lei>
        <title>CTO REALTY GROWTH INC 6.375% PFD PERP</title>
        <cusip>22948Q200</cusip>
        <identifiers>
          <isin value="US22948Q2003"/>
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        <balance>120000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2119200.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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 H 7.5% PFD PERP</title>
        <cusip>044103802</cusip>
        <identifiers>
          <isin value="US0441038025"/>
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        <balance>197210.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1964211.60000000</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>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>229808.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4959256.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SREIT TR 2021-MFP2</name>
        <lei>N/A</lei>
        <title>SREIT TR 2021-MFP2 TSFR1M+402.998 55 11/15/2036 144A</title>
        <cusip>85236WCU8</cusip>
        <identifiers>
          <isin value="US85236WCU80"/>
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        <balance>10872000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10394201.69000000</valUSD>
        <pctVal>0.248590848951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09363980</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK 2022-B32 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2022-B32 MTG TR 3.0019% 01/15/2055</title>
        <cusip>08163NBJ3</cusip>
        <identifiers>
          <isin value="US08163NBJ37"/>
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        <balance>19618000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14673510.67000000</valUSD>
        <pctVal>0.350936087575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03001900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX 2021-VOLT</name>
        <lei>N/A</lei>
        <title>BX 2021-VOLT G TSFR1M+296.448 09/15/2023 144A</title>
        <cusip>05609VAS4</cusip>
        <identifiers>
          <isin value="US05609VAS43"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4631119.00000000</valUSD>
        <pctVal>0.110759232708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08298980</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ESSEX PORTFOLIO LP</name>
        <lei>5493003GN3O58H286O74</lei>
        <title>ESSEX PORTFOLIO LP 2.65% 03/15/2032</title>
        <cusip>29717PAV9</cusip>
        <identifiers>
          <isin value="US29717PAV94"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2261810.64000000</valUSD>
        <pctVal>0.054094142478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02650000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2019-C7</name>
        <lei>N/A</lei>
        <title>CITIGROUP COMMERCIAL MORTGAGE TRUST 2019-C7 3.102% 12/15/2072</title>
        <cusip>17328CAD4</cusip>
        <identifiers>
          <isin value="US17328CAD48"/>
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        <balance>14820000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12332683.82000000</valUSD>
        <pctVal>0.294952169690</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2072-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03102000</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>PKHL COML MTG TR 2021-MF</name>
        <lei>N/A</lei>
        <title>PKHL COMML MTG 2021-MF E TSFR1M+271.448 07/15/2038 144A</title>
        <cusip>69356GAN9</cusip>
        <identifiers>
          <isin value="US69356GAN97"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>400055.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08047480</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CBRE SERVICES INC</name>
        <lei>549300CTE3HOMEUMM603</lei>
        <title>CBRE SERVICES INC 5.95% 08/15/2034</title>
        <cusip>12505BAG5</cusip>
        <identifiers>
          <isin value="US12505BAG59"/>
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        <balance>22750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20683917.57000000</valUSD>
        <pctVal>0.494682783894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05950000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MORTGAGE TRUST 2023-C20</name>
        <lei>N/A</lei>
        <title>BBCMS MORTGAGE TRUST 2023-C20 A5 5.576% 07/15/2056</title>
        <cusip>07336DAW1</cusip>
        <identifiers>
          <isin value="US07336DAW11"/>
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        <balance>24250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22974753.13000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05576000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KNDR 2021-KIND F</name>
        <lei>N/A</lei>
        <title>KNDR 2021-KIND F TSFR1M+406.448 08/15/2026 144A</title>
        <cusip>482606AS9</cusip>
        <identifiers>
          <isin value="US482606AS97"/>
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        <balance>7103659.41200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6532243.18000000</valUSD>
        <pctVal>0.156227089497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09398480</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>RETAIL VALUE INC</name>
        <lei>549300VO5RB7323N1Z31</lei>
        <title>RETAIL VALUE INC (ESCROW LINE)</title>
        <cusip>76133Q102</cusip>
        <identifiers>
          <isin value="US76133Q1022"/>
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        <balance>274131.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2.74000000</valUSD>
        <pctVal>0.000000065530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>RITHM CAPITAL CORP</title>
        <cusip>64828T300</cusip>
        <identifiers>
          <isin value="US64828T3005"/>
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        <name>BENCHMARK 2020-B18 MORTGAGE TRUST</name>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2019-IMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DIGITAL REALTY TRUST LP</name>
        <lei>CD4SPTZ3YBTHY0C1AH38</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>RLJ LODGING TR</name>
        <lei>N/A</lei>
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          <isin value="US74965L2007"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>PROLOGIS INC</name>
        <lei>529900DFH19P073LZ636</lei>
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          <isin value="US74340W2026"/>
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        <fairValLevel>1</fairValLevel>
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        <name>CAPITAL TR RE CDO 05-1 LTD COR</name>
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        <fairValLevel>3</fairValLevel>
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        <name>PUBLIC STORAGE</name>
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          <isin value="US74460W5940"/>
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        <curCd>USD</curCd>
        <valUSD>17760127.00000000</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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        <name>TWO HARBORS INVESTMENT COR</name>
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        <cusip>90187BAB7</cusip>
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        <curCd>USD</curCd>
        <valUSD>4384368.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06250000</annualizedRt>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>TWO HBRS INVT CORP</title>
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      <invstOrSec>
        <name>MIRA TR 2023-MILE</name>
        <lei>N/A</lei>
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        <cusip>55318EAE0</cusip>
        <identifiers>
          <isin value="US55318EAE05"/>
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        <balance>4200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4040354.64000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07202600</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <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>
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        <balance>2541000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1988872.72000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.03516000</annualizedRt>
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      <invstOrSec>
        <name>DIGITAL REALTY TRUST LP</name>
        <lei>CD4SPTZ3YBTHY0C1AH38</lei>
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        <cusip>25389JAV8</cusip>
        <identifiers>
          <isin value="US25389JAV89"/>
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        <balance>12000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05550000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>AGELLAN PORTFOLIO</name>
        <lei>N/A</lei>
        <title>AGELLAN PORTFOLIO 9% 08/07/2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="GDJ125000"/>
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        <balance>6611000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6611000.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.09000000</annualizedRt>
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      <invstOrSec>
        <name>GREAT AJAX CORP</name>
        <lei>5493004ID2QQWNGDYC18</lei>
        <title>GREAT AJAX CORP PC 7.25% 4/30/24</title>
        <cusip>38983D409</cusip>
        <identifiers>
          <isin value="US38983D4097"/>
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        <balance>611442.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO COML MTG TR 2016-NXS6</name>
        <lei>549300CFP9NBBMZH1008</lei>
        <title>WELLS FARGO COML MTG TR 2016-NXS6 D 3.059% 11/15/2049 144A</title>
        <cusip>95000KAJ4</cusip>
        <identifiers>
          <isin value="US95000KAJ43"/>
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        <balance>5037000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3608570.27000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03059000</annualizedRt>
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      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2023-PRM3</name>
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        <title>CITIGROUP COML MTG TR 2023-PRM3 C 6.35973% 07/10/2028 144A</title>
        <cusip>17331LAE7</cusip>
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          <isin value="US17331LAE74"/>
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        <balance>5500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5193102.20000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>ARBOR REALTY TRUST INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>ARBOR REALTY TRUST INC SER D 6.375% PERP PFD</title>
        <cusip>038923876</cusip>
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        <curCd>USD</curCd>
        <valUSD>2025166.00000000</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>BANK 2022-BNK42</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK42 C CSTR 06/15/2055</title>
        <cusip>06541MCF9</cusip>
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        <balance>6500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4595453.20000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04879472</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>AMERICAN HOMES 4 RENT LP</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>AMERICAN HOMES 4 RENT LP 4.9% 02/15/2029</title>
        <cusip>02666TAB3</cusip>
        <identifiers>
          <isin value="US02666TAB35"/>
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        <balance>13000000.00000000</balance>
        <units>PA</units>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>SBA SENIOR FINANCE II LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PUBLIC STORAGE</name>
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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>COMM 2013-LC6 MTG TR</name>
        <lei>N/A</lei>
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        <cusip>20048EAG6</cusip>
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          <isin value="US20048EAG61"/>
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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>
        <cusip>31392CMZ4</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GS MTG SECS TR 2011-GC5</name>
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          <couponKind>Variable</couponKind>
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        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
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        <name>ELLINGTON FINANCIAL INC</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>SUN CMNTYS OPER LTD PRTNRSHP</name>
        <lei>549300PUNBPJCGT6X741</lei>
        <title>SUN CMNTYS OPER LTD PRTNRSHP 2.7% 07/15/2031</title>
        <cusip>866677AE7</cusip>
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        <name>CITIGROUP COML MTG TR 2023-SMRT</name>
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        <title>CITIGROUP COML MTG TR 2023-SMRT 6.09935% 06/10/2028 144A</title>
        <cusip>17291NAC5</cusip>
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          <couponKind>Variable</couponKind>
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        <name>BBCMS MTG TR 2022-C17</name>
        <lei>N/A</lei>
        <title>BBCMS MTG TR 2022-C17 D 2.5% 09/15/2055 144A</title>
        <cusip>054976AR6</cusip>
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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>
        <cusip>61760RAN2</cusip>
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          <isin value="US61760RAN26"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Variable</couponKind>
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        <name>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
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        <identifiers>
          <isin value="US22822VAT89"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>GLOBAL PARTNERS LP</name>
        <lei>549300PCHWTW9P4DU444</lei>
        <title>GLOBAL PARTNERS LP SER B 9.5% PERP PFD</title>
        <cusip>37946R307</cusip>
        <identifiers>
          <isin value="US37946R3075"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>NEW HOME CO INC/THE</name>
        <lei>549300PLCE8TB3TVRQ85</lei>
        <title>NEW HOME CO INC/THE STEP 10/15/2027 144A</title>
        <cusip>645370AE7</cusip>
        <identifiers>
          <isin value="US645370AE73"/>
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        <balance>4680000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4265390.70000000</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>Variable</couponKind>
          <annualizedRt>0.08250000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>Phillips Edison Grocery Center Operating Partnership I LP</name>
        <lei>549300WUPIVS6ZE0ZI51</lei>
        <title>Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031</title>
        <cusip>71845JAA6</cusip>
        <identifiers>
          <isin value="US71845JAA60"/>
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        <balance>12500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8978277.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02625000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MPT OPER PARTNERSHIP LP / MPT FIN CORP</name>
        <lei>N/A</lei>
        <title>MPT OPER PARTNERSHIP LP/CORP 3.5% 03/15/2031</title>
        <cusip>55342UAM6</cusip>
        <identifiers>
          <isin value="US55342UAM62"/>
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        <balance>6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3638363.40000000</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>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03500000</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>
      <invstOrSec>
        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
        <title>GSMS 2011-GC5 E CSTR 8/44</title>
        <cusip>36191YAN8</cusip>
        <identifiers>
          <isin value="US36191YAN85"/>
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        <balance>8138000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>815188.34000000</valUSD>
        <pctVal>0.019496289136</pctVal>
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        <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>0.05153307</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 3.25% 04/15/2033</title>
        <cusip>681936BN9</cusip>
        <identifiers>
          <isin value="US681936BN99"/>
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        <balance>18000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12829280.94000000</valUSD>
        <pctVal>0.306828935538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03250000</annualizedRt>
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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>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>2801559.46000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2793042.72000000</valUSD>
        <pctVal>0.066799248430</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07750000</annualizedRt>
          <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>FORESTAR GROUP INC</name>
        <lei>549300BC2UB0GHV60V70</lei>
        <title>FORESTAR GROUP INC 3.85% 05/15/2026 144A</title>
        <cusip>346232AF8</cusip>
        <identifiers>
          <isin value="US346232AF83"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7120613.60000000</valUSD>
        <pctVal>0.170298733146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03850000</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>BENCHMARK 2023-B39 C MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2023-B39 A5 MTG TR 5.75359% 07/15/2056</title>
        <cusip>081925AD1</cusip>
        <identifiers>
          <isin value="US081925AD15"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4805275.00000000</valUSD>
        <pctVal>0.114924399903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05753590</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>DIGITALBRIDGE GROUP INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DIGITALBRIDGE GROUP INC 7.15% SER I PERP PFD</title>
        <cusip>25401T405</cusip>
        <identifiers>
          <isin value="US25401T4058"/>
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        <balance>1074492.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22693271.04000000</valUSD>
        <pctVal>0.542739084883</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>EQUITY LIFESTYLE PROPERTIES INC</name>
        <lei>529900PEQG66LENB6798</lei>
        <title>EQUITY LIFESTYLE PPTYS INC</title>
        <cusip>29472R108</cusip>
        <identifiers>
          <isin value="US29472R1086"/>
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        <balance>1409996.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>92777736.80000000</valUSD>
        <pctVal>2.218900214059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Fidelity Revere Street Trust</name>
        <lei>549300BDV45LJNXBZC55</lei>
        <title>Fidelity Securities Lending Cash Central Fund</title>
        <cusip>31635A303</cusip>
        <identifiers>
          <isin value="US31635A3032"/>
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        <balance>4443155.69000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4443600.01000000</valUSD>
        <pctVal>0.106274472232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="4443600.01000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLADSTONE LAND CORP</name>
        <lei>54930002B3Q17H38FG74</lei>
        <title>GLADSTONE LAND CORP SER D 5% PFD 01/31/26</title>
        <cusip>376549507</cusip>
        <identifiers>
          <isin value="US3765495078"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>711000.00000000</valUSD>
        <pctVal>0.017004489510</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>MORGAN STANLEY CAP I TR 2015-MS1</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP I TR 2015 4.163% 5/15/48</title>
        <cusip>61765DAC2</cusip>
        <identifiers>
          <isin value="US61765DAC20"/>
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        <balance>10833000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5984160.03000000</valUSD>
        <pctVal>0.143118968294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04022993</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CSAIL 2017-C8 COML MTG TR</name>
        <lei>N/A</lei>
        <title>CSAIL 2017-C8 COML MTG TR 4.47% 06/15/2050 144A</title>
        <cusip>12595BAK7</cusip>
        <identifiers>
          <isin value="US12595BAK70"/>
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        <balance>4297000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2770963.85000000</valUSD>
        <pctVal>0.066271203544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04432920</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>CD 2017-CD3 MTG TR</name>
        <lei>N/A</lei>
        <title>CD 2017-CD3 D 3.25% 02/10/2050 144A</title>
        <cusip>12515GAM9</cusip>
        <identifiers>
          <isin value="US12515GAM96"/>
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        <balance>3353000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1326486.37000000</valUSD>
        <pctVal>0.031724646363</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <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>2935052.13000000</valUSD>
        <pctVal>0.070195588124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04880806</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>UDR INC</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR INC</title>
        <cusip>902653104</cusip>
        <identifiers>
          <isin value="US9026531049"/>
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        <balance>392200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12475882.00000000</valUSD>
        <pctVal>0.298376940365</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>AMERICAN FIN TR FINAN OP</name>
        <lei>N/A</lei>
        <title>AMERICAN FIN TR FINAN OP 4.5% 09/30/2028 144A</title>
        <cusip>02608AAA7</cusip>
        <identifiers>
          <isin value="US02608AAA79"/>
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        <balance>13405000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10036993.75000000</valUSD>
        <pctVal>0.240047756590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS COML MTG TR 2012-C1</name>
        <lei>N/A</lei>
        <title>UBSCM 2012-C1 E CSTR 05/45</title>
        <cusip>90269GAQ4</cusip>
        <identifiers>
          <isin value="US90269GAQ47"/>
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        <balance>4565324.16000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3543832.88000000</valUSD>
        <pctVal>0.084755371355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WILLSCOT MOBILE MINI HOLDINGS CORP</name>
        <lei>549300HJ4VIXF476Q166</lei>
        <title>WILLSCOT MOBILE MINI HOLDINGS CORP</title>
        <cusip>971378104</cusip>
        <identifiers>
          <isin value="US9713781048"/>
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        <curCd>USD</curCd>
        <valUSD>7014980.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SBA COMMUNICATIONS CORP</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA COMMUNICATIONS CORP 3.125% 02/01/2029</title>
        <cusip>78410GAG9</cusip>
        <identifiers>
          <isin value="US78410GAG91"/>
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        <balance>25000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20670087.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03125000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</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>2219428.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CREST DARTMOUTH STR 03 1 LTD</name>
        <lei>N/A</lei>
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        <cusip>226065209</cusip>
        <identifiers>
          <isin value="US2260652092"/>
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        <curCd>USD</curCd>
        <valUSD>12.20000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>SUN CMNTYS OPER LTD PRTNRSHP</name>
        <lei>549300PUNBPJCGT6X741</lei>
        <title>SUN CMNTYS OPER LTD PRTNRSHP 5.7% 01/15/2033</title>
        <cusip>866677AJ6</cusip>
        <identifiers>
          <isin value="US866677AJ62"/>
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        <balance>17750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16196581.24000000</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>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05700000</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>
      <invstOrSec>
        <name>SUMIT 2022-BVUE MTG TR</name>
        <lei>N/A</lei>
        <title>SUMI TRUST CORE RMBS 2022-BVUE F CSTR 02/12/2041 144A</title>
        <cusip>865592AN9</cusip>
        <identifiers>
          <isin value="US865592AN94"/>
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        <balance>3211000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1885721.08000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02892490</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>BANK 2022-BNK42</name>
        <lei>N/A</lei>
        <title>BANK 2022-BNK42 A5 CSTR 06/15/2055</title>
        <cusip>06541MBN3</cusip>
        <identifiers>
          <isin value="US06541MBN39"/>
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        <balance>20000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17501188.00000000</valUSD>
        <pctVal>0.418563667738</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04493000</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>TPGI 2021-DGWD G</name>
        <lei>N/A</lei>
        <title>TPGI 2021-DGWD G TSFR1M+396.448 06/15/2026 144A</title>
        <cusip>87267HAU1</cusip>
        <identifiers>
          <isin value="US87267HAU14"/>
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        <balance>5846400.01000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5631431.97000000</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>2026-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09304480</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>ESSEX PROPERTY TRUST INC</name>
        <lei>549300TR2H2VEFX0NC60</lei>
        <title>ESSEX PROPERTY TRUST INC</title>
        <cusip>297178105</cusip>
        <identifiers>
          <isin value="US2971781057"/>
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        <balance>163700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35018704.00000000</valUSD>
        <pctVal>0.837517840828</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>SOTHERLY HOTELS INC</name>
        <lei>549300IYTT21F61LSR10</lei>
        <title>SOTHERLY HOTELS INC SER B 8% PERP PFD</title>
        <cusip>83600C301</cusip>
        <identifiers>
          <isin value="US83600C3016"/>
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        <balance>67250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1464705.00000000</valUSD>
        <pctVal>0.035030324624</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>BMO 2023-C6 MTG TR</name>
        <lei>N/A</lei>
        <title>BMO 2023-C6 AS MTG TR CSTR 09/15/2056</title>
        <cusip>055985AJ4</cusip>
        <identifiers>
          <isin value="US055985AJ44"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4863941.00000000</valUSD>
        <pctVal>0.116327473576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06550400</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>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC 3.8% 02/15/2028</title>
        <cusip>22822VAK7</cusip>
        <identifiers>
          <isin value="US22822VAK70"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1803734.84000000</valUSD>
        <pctVal>0.043138664087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CYXTERA TECHNOLOGIES INC</name>
        <lei>N/A</lei>
        <title>CYXTERA TECHNOLOGIES INC A</title>
        <cusip>23284C102</cusip>
        <identifiers>
          <isin value="US23284C1027"/>
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        <balance>740700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7407.00000000</valUSD>
        <pctVal>0.000177148036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>HILTON DOMESTIC OPERATING CO INC</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OPERATING CO INC 3.625% 02/15/2032 144A</title>
        <cusip>432833AN1</cusip>
        <identifiers>
          <isin value="US432833AN19"/>
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        <balance>13965000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11038960.19000000</valUSD>
        <pctVal>0.264011086855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RLJ LODGING TRUST LP</name>
        <lei>549300RX5I8Z6I6LDZ74</lei>
        <title>RLJ LODGING TRUST LP 3.75% 07/01/2026 144A</title>
        <cusip>74965LAA9</cusip>
        <identifiers>
          <isin value="US74965LAA98"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3599825.96000000</valUSD>
        <pctVal>0.086094518671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03750000</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>M/I HOMES INC</name>
        <lei>5299005M71FH9CCSFB69</lei>
        <title>M/I HOMES INC 3.95% 02/15/2030</title>
        <cusip>55305BAV3</cusip>
        <identifiers>
          <isin value="US55305BAV36"/>
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        <balance>17070000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13578502.20000000</valUSD>
        <pctVal>0.324747536180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03950000</annualizedRt>
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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>MORGAN STANLEY CAP I TR 2011-C2</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
        <title>MSC 2011-C2 XB CSTR 6/44</title>
        <cusip>617459AF9</cusip>
        <identifiers>
          <isin value="US617459AF91"/>
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        <balance>28196865.36170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>94741.47000000</valUSD>
        <pctVal>0.002265865446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00455278</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>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC 2.5% 07/15/2031</title>
        <cusip>22822VAY7</cusip>
        <identifiers>
          <isin value="US22822VAY74"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7552286.90000000</valUSD>
        <pctVal>0.180622761419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DIGITALBRIDGE GROUP INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DIGITALBRIDGE GROUP INC 7.125% SER J PFD PERP</title>
        <cusip>25401T306</cusip>
        <identifiers>
          <isin value="US25401T3068"/>
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        <balance>1387346.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28995531.40000000</valUSD>
        <pctVal>0.693465836194</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>GREAT AJAX CORP</name>
        <lei>5493004ID2QQWNGDYC18</lei>
        <title>GREAT AJAX CORP</title>
        <cusip>38983D300</cusip>
        <identifiers>
          <isin value="US38983D3008"/>
        </identifiers>
        <balance>1663364.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7185732.48000000</valUSD>
        <pctVal>0.171856135835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>71209.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>765496.75000000</valUSD>
        <pctVal>0.018307850148</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>MPT OPER PARTNERSHIP LP / MPT FIN CORP</name>
        <lei>N/A</lei>
        <title>MPT OPER PARTNERSHIP LP/CORP 4.625% 08/01/2029</title>
        <cusip>55342UAJ3</cusip>
        <identifiers>
          <isin value="US55342UAJ34"/>
        </identifiers>
        <balance>19835000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13732393.32000000</valUSD>
        <pctVal>0.328428042419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WP CAREY INC</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>WP CAREY INC 2.45% 02/01/2032</title>
        <cusip>92936UAJ8</cusip>
        <identifiers>
          <isin value="US92936UAJ88"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1470805.54000000</valUSD>
        <pctVal>0.035176226971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02450000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROOKFIELD PROPERTY PARTNERS LP</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>BROOKFIELD PROPERTY PARTN LP 6.5% PERP PFD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG162491499"/>
        </identifiers>
        <balance>34125.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>387318.75000000</valUSD>
        <pctVal>0.009263231535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2011-C3</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP I TR 2011-C3 F CSTR 07/15/2049 144A</title>
        <cusip>61760RAQ5</cusip>
        <identifiers>
          <isin value="US61760RAQ56"/>
        </identifiers>
        <balance>5624050.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4753452.68000000</valUSD>
        <pctVal>0.113685001736</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>0.04944275</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 2018-SFR TR</name>
        <lei>N/A</lei>
        <title>TRICON AMERN HOMES 2018-SFR1 F 4.96% 05/17/2037 144A</title>
        <cusip>89613TAF5</cusip>
        <identifiers>
          <isin value="US89613TAF57"/>
        </identifiers>
        <balance>8282000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7995635.77000000</valUSD>
        <pctVal>0.191226026129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04960000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBL and ASSOCS LTD PARTNERSHIP</name>
        <lei>549300VS75TWHD9JTH89</lei>
        <title>CBL and ASSOCS LP 5.95% 12/15/2026</title>
        <cusip>12505JAD5</cusip>
        <identifiers>
          <isin value="US12505JAD54"/>
        </identifiers>
        <balance>10317000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1.03000000</valUSD>
        <pctVal>0.000000024633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05950000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP 5.55% 07/15/2033</title>
        <cusip>03027XCD0</cusip>
        <identifiers>
          <isin value="US03027XCD03"/>
        </identifiers>
        <balance>18000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16577775.18000000</valUSD>
        <pctVal>0.396479049438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05550000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEALTHCARE TRUST INC</name>
        <lei>549300Z2NSUGF5NF2Y30</lei>
        <title>HEALTHCARE TRUST INC SER A 7.375% PFD PERP</title>
        <cusip>42226B204</cusip>
        <identifiers>
          <isin value="US42226B2043"/>
        </identifiers>
        <balance>364800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4654848.00000000</valUSD>
        <pctVal>0.111326742598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT 2015-SFR1 TR</name>
        <lei>N/A</lei>
        <title>AH4R 2015-SFR1 F 5.885% 4/52 144A</title>
        <cusip>02666AAF5</cusip>
        <identifiers>
          <isin value="US02666AAF57"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1969723.20000000</valUSD>
        <pctVal>0.047108491550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>RITHM CAPITAL CORP SER D 7%/VAR PFD PERP</title>
        <cusip>64828T706</cusip>
        <identifiers>
          <isin value="US64828T7063"/>
        </identifiers>
        <balance>151200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3020976.00000000</valUSD>
        <pctVal>0.072250569201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MHP 2022-MHIL MEZZ</name>
        <lei>N/A</lei>
        <title>MHP 2022-MHIL MEZZ SOFR+500 01/09/2024</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="IGA539000"/>
        </identifiers>
        <balance>23154830.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21765540.67000000</valUSD>
        <pctVal>0.520551206760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.10332200</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>EASTGROUP PROPERTIES INC</name>
        <lei>31TIGQQZC4P6JMHKSW85</lei>
        <title>EASTGROUP PPTYS INC</title>
        <cusip>277276101</cusip>
        <identifiers>
          <isin value="US2772761019"/>
        </identifiers>
        <balance>63100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10301075.00000000</valUSD>
        <pctVal>0.246363603068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LGI HOMES INC</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI HOMES INC 4% 07/15/2029 144A</title>
        <cusip>50187TAF3</cusip>
        <identifiers>
          <isin value="US50187TAF30"/>
        </identifiers>
        <balance>13310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10184975.05000000</valUSD>
        <pctVal>0.243586921799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LXP INDUSTRIAL TRUST</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LXP INDUSTRIAL TRUST 2.375% 10/01/2031</title>
        <cusip>529537AA0</cusip>
        <identifiers>
          <isin value="US529537AA08"/>
        </identifiers>
        <balance>7500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5363427.15000000</valUSD>
        <pctVal>0.128273334333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02375000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAPITAL LLC</name>
        <lei>N/A</lei>
        <title>UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAPITAL LLC 10.5% 02/15/2028 144A</title>
        <cusip>91327TAA9</cusip>
        <identifiers>
          <isin value="US91327TAA97"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6740678.00000000</valUSD>
        <pctVal>0.161212079244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRIXMOR OPERATING PARTNERSHIP LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>BRIXMOR OPERATING PARTNERSHIP LP 2.5% 08/16/2031</title>
        <cusip>11120VAL7</cusip>
        <identifiers>
          <isin value="US11120VAL71"/>
        </identifiers>
        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6617815.65000000</valUSD>
        <pctVal>0.158273666386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9</name>
        <lei>549300PFVBG5704L7K74</lei>
        <title>MSBAM 2013 - C9 C 4.2117% 5/46</title>
        <cusip>61762DBB6</cusip>
        <identifiers>
          <isin value="US61762DBB64"/>
        </identifiers>
        <balance>3302000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2410460.00000000</valUSD>
        <pctVal>0.057649285210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03754459</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>UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CAPITAL LLC</name>
        <lei>N/A</lei>
        <title>UNITI GRP/UNITI HLD/CSL 6% 01/15/2030 144A</title>
        <cusip>91327AAB8</cusip>
        <identifiers>
          <isin value="US91327AAB89"/>
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        <balance>18035000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10934319.14000000</valUSD>
        <pctVal>0.261508460080</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE SER G 5.05% PFD PERP</title>
        <cusip>74460W669</cusip>
        <identifiers>
          <isin value="US74460W6690"/>
        </identifiers>
        <balance>43800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>938196.00000000</valUSD>
        <pctVal>0.022438177272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITAL REALTY TRUST LP</name>
        <lei>CD4SPTZ3YBTHY0C1AH38</lei>
        <title>DIGITAL REALTY TRUST LP 3.7% 08/15/2027</title>
        <cusip>25389JAR7</cusip>
        <identifiers>
          <isin value="US25389JAR77"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4569141.55000000</valUSD>
        <pctVal>0.109276961403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03700000</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>AMR HMS 15-SFR2</name>
        <lei>N/A</lei>
        <title>AMERICAN HOMES 4 RENT 2015-SFR2 TR 6.07% 10/17/2052 144A</title>
        <cusip>02666BAE6</cusip>
        <identifiers>
          <isin value="US02666BAE65"/>
        </identifiers>
        <balance>8259000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8075655.98000000</valUSD>
        <pctVal>0.193139813502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06070000</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>BXP TR 2021-601L</name>
        <lei>N/A</lei>
        <title>BXP TR 2021-601L VAR 01/15/2044 144A</title>
        <cusip>05607TAL6</cusip>
        <identifiers>
          <isin value="US05607TAL61"/>
        </identifiers>
        <balance>5754000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2885899.71000000</valUSD>
        <pctVal>0.069020044087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02775460</annualizedRt>
          <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>VENTAS RLTY LTD PARTNERSHIP</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
        <title>VENTAS RLTY LTD PARTNERSHIP 4.4% 01/15/2029</title>
        <cusip>92277GAN7</cusip>
        <identifiers>
          <isin value="US92277GAN79"/>
        </identifiers>
        <balance>17000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15545631.81000000</valUSD>
        <pctVal>0.371793998653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04400000</annualizedRt>
          <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>GLP CAP LP / GLP FING II INC</name>
        <lei>N/A</lei>
        <title>GLP CAP LP / GLP FING II INC 5.375% 04/15/2026</title>
        <cusip>361841AH2</cusip>
        <identifiers>
          <isin value="US361841AH26"/>
        </identifiers>
        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7667215.20000000</valUSD>
        <pctVal>0.183371421154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05375000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2022-GC48</name>
        <lei>N/A</lei>
        <title>CITIGROUP COML MTG TR 2022-GC48 2.5% 06/15/2055 144A</title>
        <cusip>29426VAM8</cusip>
        <identifiers>
          <isin value="US29426VAM81"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>823155.60000000</valUSD>
        <pctVal>0.019686836519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP</title>
        <cusip>03027X100</cusip>
        <identifiers>
          <isin value="US03027X1000"/>
        </identifiers>
        <balance>524200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>93407198.00000000</valUSD>
        <pctVal>2.233954597143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMBB COML MTG SECS TR 2014-C23</name>
        <lei>N/A</lei>
        <title>JPMBB 2014-C23 UH5 4.7094% 09/15/2047 144A</title>
        <cusip>46643AAQ6</cusip>
        <identifiers>
          <isin value="US46643AAQ67"/>
        </identifiers>
        <balance>8640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6309266.69000000</valUSD>
        <pctVal>0.150894316803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04709400</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BMO 2023-5C2 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BMO 2023-5C2 MORTGAGE TRUST VAR 11/15/2056</title>
        <cusip>05610QAF0</cusip>
        <identifiers>
          <isin value="US05610QAF00"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9974345.00000000</valUSD>
        <pctVal>0.238549430272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07244040</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>BENCHMARK 2023-V3 MTG TR</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2023-V3 MTG TR 7.0967% 07/15/2056</title>
        <cusip>08163VAF4</cusip>
        <identifiers>
          <isin value="US08163VAF40"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10027321.00000000</valUSD>
        <pctVal>0.239816420196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07096700</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MSWF COML MTG TR 2023-1</name>
        <lei>N/A</lei>
        <title>MSWF COML MTG TR 2023-1 6.90553% 05/15/2056</title>
        <cusip>55376CAW3</cusip>
        <identifiers>
          <isin value="US55376CAW38"/>
        </identifiers>
        <balance>3750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3551353.88000000</valUSD>
        <pctVal>0.084935245850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06682786</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>MHP COML MTG TR 2021-STOR</name>
        <lei>N/A</lei>
        <title>MHP 2021-STOR J TSFR1M+406.448 07/15/2038 144A</title>
        <cusip>55293BAR6</cusip>
        <identifiers>
          <isin value="US55293BAR69"/>
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        <balance>3476000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3277398.04000000</valUSD>
        <pctVal>0.078383235713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.09399480</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>MPT OPER PARTNERSHIP LP / MPT FIN CORP</name>
        <lei>N/A</lei>
        <title>MPT OPER PARTNERSHIP LP/CORP 5% 10/15/2027</title>
        <cusip>55342UAH7</cusip>
        <identifiers>
          <isin value="US55342UAH77"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3860661.50000000</valUSD>
        <pctVal>0.092332739773</pctVal>
        <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>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP 3.8% 08/15/2029</title>
        <cusip>03027XAW0</cusip>
        <identifiers>
          <isin value="US03027XAW02"/>
        </identifiers>
        <balance>23000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20137599.17000000</valUSD>
        <pctVal>0.481616868983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REXFORD INDL RLTY INC</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>REXFORD INDUSTRIAL REALTY INC</title>
        <cusip>76169C100</cusip>
        <identifiers>
          <isin value="US76169C1009"/>
        </identifiers>
        <balance>67700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2927348.00000000</valUSD>
        <pctVal>0.070011333837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SITE CENTERS CORP</name>
        <lei>W2AVA6SODOQ1LCYJQR54</lei>
        <title>SITE CENTERS CORP 6.375% 12/31/99 PFD PERP</title>
        <cusip>82981J877</cusip>
        <identifiers>
          <isin value="US82981J8779"/>
        </identifiers>
        <balance>124200.00000000</balance>
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        <curCd>USD</curCd>
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        <name>FEDERAL NAT MTG ASN GTD REM PA</name>
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        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6</name>
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        <name>DIAMONDROCK HOSPITALITY CO</name>
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        <name>AVALONBAY COMMUNITIES INC</name>
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        <name>JPMCC 2021-1</name>
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        <name>CITIGROUP COML MTG TR 2023-PRM3</name>
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        <name>LAMAR ADVERTISING CO</name>
        <lei>529900Y8WW4MKVPTB543</lei>
        <title>LAMAR ADVERTISING CO CL A</title>
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        <name>CEDAR REALTY TRUST INC</name>
        <lei>54930056URX93R2RSN82</lei>
        <title>CEDAR REALTY TRUST INC SER C 6.50% PFD PERP</title>
        <cusip>150602506</cusip>
        <identifiers>
          <isin value="US1506025063"/>
        </identifiers>
        <balance>291600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2991816.00000000</valUSD>
        <pctVal>0.071553169885</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>2023-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Stacie M. Smith</ncom:nameOfApplicant>
      <ncom:signature>Stacie M. Smith</ncom:signature>
      <ncom:signerName>Stacie M. Smith</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
