0001752724-20-055219.txt : 20200320
0001752724-20-055219.hdr.sgml : 20200320
20200320111700
ACCESSION NUMBER: 0001752724-20-055219
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20200131
FILED AS OF DATE: 20200320
PERIOD START: 20200731
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: FIDELITY SECURITIES FUND
CENTRAL INDEX KEY: 0000754510
IRS NUMBER: 000000000
STATE OF INCORPORATION: MA
FISCAL YEAR END: 0731
FILING VALUES:
FORM TYPE: NPORT-P
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-04118
FILM NUMBER: 20730845
BUSINESS ADDRESS:
STREET 1: 245 SUMMER STREET
CITY: BOSTON
STATE: MA
ZIP: 02210
BUSINESS PHONE: 617-563-7000
MAIL ADDRESS:
STREET 1: 245 SUMMER STREET
CITY: BOSTON
STATE: MA
ZIP: 02210
0000754510
S000007192
Fidelity Real Estate Income Fund
C000019680
Fidelity Real Estate Income Fund
FRIFX
C000087887
Fidelity Advisor Real Estate Income Fund: Class A
FRINX
C000087889
Fidelity Advisor Real Estate Income Fund: Class C
FRIOX
C000087890
Fidelity Advisor Real Estate Income Fund: Class M
FRIQX
C000087891
Fidelity Advisor Real Estate Income Fund: Class I
FRIRX
C000205040
Fidelity Advisor Real Estate Income Fund: Class Z
FIKMX
NPORT-P
1
primary_doc.xml
NPORT-P
false
0000754510
XXXXXXXX
S000007192
C000087891
C000087887
C000087890
C000019680
C000087889
C000205040
FIDELITY SECURITIES FUND
811-04118
0000754510
LIUMB3NDWOFJPXVROE85
245 Summer Street
Boston
02210
1-800-FIDELITY
Fidelity Real Estate Income Fund
S000007192
KYIURORXMOJZHC2FKE02
2020-07-31
2020-01-31
N
6770949073.71
81024653.1
6689924420.61
0
0
0
0
0
0
0
0
0
0
19785000
0
0
0
USD
N
WILLIAM LYON HOMES INC
5493001MTHCP4IWKJU06
WILLIAM LYON HOMES INC 5.875% 01/31/2025
96926DAR1
10022000.00000000
PA
USD
10322660.00000000
0.154301593725
Long
DBT
CORP
US
N
2
2025-01-31
Fixed
0.05875000
N
N
N
N
N
N
INVITATION HOMES 2018-SFR2 TR
N/A
IHSFR 2018-SFR2 F 1ML+225 06/17/2037 144A
46185HAL6
1755226.68000000
PA
USD
1755221.77000000
0.026236795210
Long
ABS-CBDO
CORP
US
N
2
2037-06-17
Variable
0.03926250
N
N
N
N
N
N
MORGAN STANLEY CAPITAL I TRUST 2019-AGLN
N/A
MORGAN STANLEY CAPITAL I TRUST 2019-AGLN 1ML+260 03/15/2034 144A
61691TAQ5
3955000.00000000
PA
USD
3964892.25000000
0.059266622471
Long
ABS-MBS
CORP
US
N
2
2034-03-15
Variable
0.04276250
N
N
N
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT 5.875% SER G PFD PERP
02665T876
199750.00000000
NS
USD
5255422.50000000
0.078557277624
Long
EP
CORP
US
N
1
N
N
N
GS MORTGAGE SECURITIES CORP TRUST 2019-SOHO
N/A
GS MORTGAGE SECURITIES CORP TRUST 2019-SOHO 1ML+220 06/15/2036 144A
36257XAQ4
2000000.00000000
PA
USD
1988706.80000000
0.029726894879
Long
ABS-MBS
CORP
US
N
2
2036-06-15
Variable
0.03876250
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR FINANCIAL TERM B 1LN 06/28/2023
46521HAB1
13038213.73400000
PA
USD
13054511.50000000
0.195136905579
Long
LON
CORP
US
N
2
2023-06-28
Variable
0.04457120
N
N
N
N
N
N
CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-C3
N/A
CGCMT 2016-C3 D 3% 11/15/2049 144A
17325GAL0
7010000.00000000
PA
USD
5982998.55000000
0.089432976724
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Fixed
0.03000000
N
N
N
N
N
N
TIMES SQUARE HOTEL TR
N/A
TIMES SQUARE 8.528% 8/26 144A
887367AA8
5476124.66410000
PA
USD
6429650.49000000
0.096109463810
Long
DBT
CORP
US
N
2
2026-08-01
Fixed
0.08528000
N
N
N
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HOSPITALITY TRUST INC SER G 7.375% PFD PERP
044103703
238068.00000000
NS
USD
5242257.36000000
0.078360487060
Long
EP
CORP
US
N
1
N
N
N
RESI FIN PARTNERSHIP/RESI FIN
N/A
RESIF 2003-B B9 1ML+1195 6/10/2035 144A
74951PBE7
34909.03290000
PA
USD
10513.95000000
0.000157160968
Long
ABS-CBDO
CORP
KY
N
3
2035-06-10
Variable
0.13627130
N
N
N
N
N
N
PLAYA RESORTS HLDG B V
5493005SPBUMPZZCIZ96
PLAYA RESORTS TERM B 04/27/2024
72812NAD8
25818981.86000000
PA
USD
25539362.29000000
0.381758607187
Long
LON
CORP
NL
N
2
2024-04-27
Variable
0.04400000
N
N
N
N
N
N
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1
549300DNBJ7A0SEFVK31
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1 D 3% 08/15/2049 144A
95000GAJ3
6979000.00000000
PA
USD
5907816.32000000
0.088309163879
Long
ABS-MBS
CORP
US
N
2
2049-08-15
Fixed
0.03000000
N
N
N
N
N
N
SBA SENIOR FINANCE II LLC
549300PVT2ADFWMYEW87
SBA COMMUNICATIONS TERM B 04/11/2025
N/A
15693575.86700000
PA
USD
15703462.82000000
0.234733037814
Long
LON
CORP
US
N
2
2025-04-11
Variable
0.03400000
N
N
N
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
SENIOR HOUSING PPTYS TR 4.75% 02/15/2028
81721MAM1
9933000.00000000
PA
USD
10408610.71000000
0.155586372215
Long
DBT
CORP
US
N
2
2028-02-15
Fixed
0.04750000
N
N
N
N
N
N
URSTADT BIDDLE PPTYS INC
549300XXD0YL0AER3Z82
URSTADT BIDDLE PPTYS INC SER H 6.25% PFD PERP
917286882
281325.00000000
NS
USD
7553576.25000000
0.112909739708
Long
EP
CORP
US
N
1
N
N
N
SHEA HOMES LTD PARTNERSHIP / SHEA HOMES FDG CORP
N/A
SHEA HOMES LTD PARTNERSHP/CORP 6.125% 04/01/2025 144A
82088KAD0
10491000.00000000
PA
USD
10805730.00000000
0.161522452581
Long
DBT
CORP
US
N
2
2025-04-01
Fixed
0.06125000
N
N
N
N
N
N
COMM 2012-CCRE2 MTG TR
N/A
COMM 2012-CR2 E CSTR 8/45
12624KAY2
8000000.00000000
PA
USD
8008131.20000000
0.119704359818
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04991955
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C3
N/A
WFRBS 2011-C3 C 5.335% 03/44
92935VAQ1
4845000.00000000
PA
USD
4982466.70000000
0.074477174729
Long
ABS-MBS
CORP
US
N
2
2044-03-15
Fixed
0.05335000
N
N
N
N
N
N
CHERRY HILL MTG INVT CORP
N/A
CHERRY HILL MTG INVT CORP 8.2% SER A PFD PERP
164651200
243750.00000000
NS
USD
6333112.50000000
0.094666428225
Long
EP
CORP
US
N
1
N
N
N
GLADSTONE COMMERCIAL CORP
529900EVVV534W8R0T32
GLADSTONE COMMERCIAL CORP SER D 7% PERP PFD
376536603
532775.00000000
NS
USD
13921410.75000000
0.208095187250
Long
EP
CORP
US
N
1
N
N
N
SABRA HEALTH CARE LTD PARTNERSHIP / SABRA CAP CORP
N/A
SABRA HEALTH CA LP/CAPTL CORP 3.9% 10/15/2029
78572XAG6
989000.00000000
PA
USD
1018670.00000000
0.015226928376
Long
DBT
CORP
US
N
2
2029-10-15
Fixed
0.03900000
N
N
N
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HO SR D 8.45% PFD PERP
044103406
292820.00000000
NS
USD
7496192.00000000
0.112051968433
Long
EP
CORP
US
N
1
N
N
N
ARMOUR RESIDENTIAL REIT INC
549300K0WA0EJUX74V72
ARMOUR RESDNTL REIT INC 7.875% PERP PFD
042315408
151929.00000000
NS
USD
3817975.77000000
0.057070536675
Long
EP
CORP
US
N
1
N
N
N
DBUBS 2011 LC3
N/A
DBUBS 2011-LC3A D CSTR 8/44
23305YAM1
3945000.00000000
PA
USD
4063821.82000000
0.060745407040
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05512149
N
N
N
N
N
N
VICI PROPERTIES / NOTE
N/A
VICI PROPERTIES / NOTE 3.75% 02/15/2027 144A
92564RAD7
4275000.00000000
PA
USD
4296375.00000000
0.064221577552
Long
DBT
CORP
US
N
2
2027-02-15
Fixed
0.03750000
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2011-C3
N/A
JPMCC 2011-C3 G CSTR 02/15/2046 144A
46635TBK7
4671000.00000000
PA
USD
4151265.77000000
0.062052506261
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.04409000
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HBRS INVT CORP SER D 7.75% PERP PFD
90187B606
117103.00000000
NS
USD
2996665.77000000
0.044793716364
Long
EP
CORP
US
N
1
N
N
N
OFFICE PROPERTIES INCOME TRUST
N/A
OFFICE PROPERTIES INCOME TRUST 5.875% 05/01/2046 PFD
38376A202
200225.00000000
NS
USD
5249899.50000000
0.078474720638
Long
EP
CORP
US
N
1
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2013-LC11
N/A
JP MORGAN CH CMS 13-LC11 D CSTR 04/15/2046
46639YAX5
7722000.00000000
PA
USD
7000986.05000000
0.104649703192
Long
ABS-MBS
CORP
US
N
2
2046-04-15
Variable
0.04306617
N
N
N
N
N
N
WELLS FARGO COML MTG TR 2012-LC5
N/A
WELLS FARGO COML MTG TR 12-LC5 CSTR 10/15/2045
94988HAT8
2000000.00000000
PA
USD
1899568.60000000
0.028394470259
Long
ABS-MBS
CORP
US
N
2
2045-10-15
Variable
0.04913434
N
N
N
N
N
N
TAYLOR MORRISON CMNTYS INC / MONARCH CMNTYS INC
549300O1Z08HI2MRK572
TAYLOR MORRISON CMNTY/ MONARCH 5.625% 03/01/2024 144A
877249AD4
9824000.00000000
PA
USD
10609920.00000000
0.158595513684
Long
DBT
CORP
US
N
2
2024-03-01
Fixed
0.05625000
N
N
N
N
N
N
PENNYMAC MORTGAGE INVESTMENT TRUST
549300BSSOQO1ZWDUJ97
PENNYMAC MTG INVT TR 8.125/VAR PREF PERP
70931T301
414254.00000000
NS
USD
11106149.74000000
0.166013082386
Long
EP
CORP
US
N
1
N
N
N
HERSHA HOSPITALITY TR
549300DNC58BIN1VO064
HERSHA HOSPITL 6.875% PFD PERP
427825401
49450.00000000
NS
USD
1260480.50000000
0.018841475938
Long
EP
CORP
US
N
1
N
N
N
BROADMARK REALTY CAPITAL INC
N/A
BROADMARK REALTY CAPITAL INC
11135B100
1826800.00000000
NS
USD
22944608.00000000
0.342972604134
Long
EC
CORP
US
N
1
N
N
COMM 2012-CCRE1 MTG TR
N/A
COMM 2012-CR1 D CSTR 5/45
12624BAL0
5550000.00000000
PA
USD
5752973.49000000
0.085994596176
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Variable
0.05497275
N
N
N
N
N
N
BANK 2018-BNK12
N/A
BANK 2018-BNK12 D 3% 05/15/2061 144A
06541KAJ7
1682000.00000000
PA
USD
1555918.29000000
0.023257636292
Long
ABS-MBS
CORP
US
N
2
2061-05-15
Fixed
0.03000000
N
N
N
N
N
N
JERNIGAN CAPITAL INC
N/A
JERNIGAN CAPITAL INC SER B 7% PERP PFD
476405204
141037.00000000
NS
USD
3732248.03000000
0.055789091106
Long
EP
CORP
US
N
1
N
N
N
TAYLOR MORRISON CMNTYS INC / MONARCH CMNTYS INC
549300O1Z08HI2MRK572
TAYLOR MORRISON CMNTY/ MONARCH 5.875% 06/15/2027 144A
87724RAA0
9888000.00000000
PA
USD
11000400.00000000
0.164432350926
Long
DBT
CORP
US
N
2
2027-06-15
Fixed
0.05875000
N
N
N
N
N
N
INVESCO MORTGAGE CAPITAL INC
PV3BDP2HFZL2FNXQBL39
INVESCO MORTGAGE CAPITAL INC 7.75% VAR PFD PERP 25
46131B407
846904.00000000
NS
USD
23184843.90000000
0.346563614808
Long
EP
CORP
US
N
1
N
N
N
ELLINGTON FINANCIAL INC
60GS1D1R1YY5G1W7IT74
ELLINGTON FINANCIAL INC 6.75/VAR PFD PERP
28852N208
324470.00000000
NS
USD
8403773.00000000
0.125618354881
Long
EP
CORP
US
N
1
N
N
N
BROOKFIELD INFRA PARTNERS LP
549300WEH5R2OODI7Y90
BROOKFIELD INFRA PARTNERS LP 5.35% SER 5 PREF PERP
N/A
182825.00000000
NS
3489617.27000000
0.052162282420
Long
EP
CORP
BM
N
1
N
N
N
JP MORGAN CHASE COML MTG SECS TR 2012-CIBX
N/A
JP MORGAN CHASE CMS TR 12-CIBX 4.0% 06/15/2045 144A
46637WAS2
8192000.00000000
PA
USD
7184990.21000000
0.107400170140
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Fixed
0.04000000
N
N
N
N
N
N
COMM 2012-CCRE1 MTG TR
N/A
COMM 2012-CR1 C CSTR 5/45
12624BAH9
989000.00000000
PA
USD
1035938.53000000
0.015485055807
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Variable
0.05497275
N
N
N
N
N
N
UBS COML MTG TR 2012-C1
N/A
UBSCM 2012-C1 E CSTR 05/45
90269GAQ4
6268000.00000000
PA
USD
5154497.32000000
0.077048662973
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.05000000
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C3
N/A
WFRBS 2011-C3 E 5% 3/44
92935VAU2
2966000.00000000
PA
USD
1017941.58000000
0.015216040062
Long
ABS-MBS
CORP
US
N
2
2044-03-15
Fixed
0.05000000
N
N
N
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT SER E 6.35% PFD PERP
02665T801
250075.00000000
NS
USD
6644492.75000000
0.099320894112
Long
EP
CORP
US
N
1
N
N
N
MERITAGE HOMES CORP
52990044W9UMFJO2FB97
MERITAGE HOMES CORP 6.0% 06/01/25
59001AAY8
3955000.00000000
PA
USD
4469150.00000000
0.066804192678
Long
DBT
CORP
US
N
2
2025-06-01
Fixed
0.06000000
N
N
N
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP 8%/VAR PERP PFD
16934Q604
857722.00000000
NS
USD
22712478.56000000
0.339502767625
Long
EP
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL 2017-SFR TR
N/A
PROGRESS RESIDENTIAL 2017-SFR TR 4.836% 12/17/2034 144A
74333KAL2
2568000.00000000
PA
USD
2626144.91000000
0.039255225394
Long
ABS-CBDO
CORP
US
N
2
2034-12-17
Fixed
0.04836000
N
N
N
N
N
N
AG MORTGAGE INVESTMENT TR INC
549300SNP0PBR2XTFR48
AG MORTTGAGE INVVESTMENT TRUST SER C 8% PFD PRP
001228402
633838.00000000
NS
USD
17024888.68000000
0.254485515973
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C30
N/A
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C30 D 3% 09/15/2049 144A
61766NAJ4
5347000.00000000
PA
USD
4701839.00000000
0.070282393408
Long
ABS-MBS
CORP
US
N
2
2049-09-15
Fixed
0.03000000
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2013-LC11
N/A
JP MORGAN CH CMS 13-LC11 E CSTR 04/15/2046 144A
46639YAC1
472000.00000000
PA
USD
372977.04000000
0.005575205586
Long
ABS-MBS
CORP
US
N
2
2046-04-15
Variable
0.03250000
N
N
N
N
N
N
BX TR 2018-IND
N/A
BX TR 2018-EXCL 1ML+300 11/15/2035 144A
056059AU2
6206899.98200000
PA
USD
6210625.98000000
0.092835517855
Long
ABS-MBS
CORP
US
N
2
2035-11-15
Variable
0.04676250
N
N
N
N
N
N
WHEELER REAL ESTATE INVESTMENT TRUST
5493005TOFFG62ETJY29
WHEELER REAL ESTATE INT TR INC 8.75% PC PERP
963025606
510973.00000000
NS
USD
7742994.61000000
0.115741137316
Long
EP
CORP
US
N
2
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13
N/A
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13 D CSTR 11/15/2046 144A
61763BAC8
5218000.00000000
PA
USD
5457829.72000000
0.081582830789
Long
ABS-MBS
CORP
US
N
2
2046-11-15
Variable
0.05070948
N
N
N
N
N
N
FEDERAL NAT MTG ASN GTD REM PA
N/A
FNW 2002-W1 3B3 CSTR 2/42
31392CMZ4
39714.77960000
PA
USD
14673.62000000
0.000219339099
Long
ABS-CBDO
USGSE
US
N
2
2042-02-25
Variable
0.04119580
N
N
N
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL INC
55272X102
13662011.00000000
NS
USD
106563685.80000000
1.592898201834
Long
EC
CORP
US
N
1
N
N
N
PS BUSINESS PKS INC CALIF
N/A
PS BUSINESS PARKS INC SER Z 4.875% PFD PERP
69360J552
52000.00000000
NS
USD
1316120.00000000
0.019673166948
Long
EP
CORP
US
N
1
N
N
N
MOTEL 6 TR 2017-MTL6
N/A
MOTEL 6 TR 2017-MTL6 STEP 08/15/2034 144A
61975FAJ8
8477059.16090000
PA
USD
8476982.87000000
0.126712685181
Long
ABS-MBS
CORP
US
N
2
2034-08-15
Variable
0.03076250
N
N
N
N
N
N
MASON FINANCE SUB INC
N/A
MASON FINANCE SUB INC 6.875% 08/15/2023 144A
96950GAB8
11866000.00000000
PA
USD
12463215.78000000
0.186298304680
Long
DBT
CORP
US
N
2
2023-08-15
Fixed
0.06875000
N
N
N
N
N
N
ARBOR RLTY TR INC
549300ASFUWYQO0RW077
ARBOR RLTY TR INC CONV 4.75% 11/01/2022 144A
038923AN8
12826000.00000000
PA
USD
12834337.54000000
0.191845777815
Long
DBT
CORP
US
N
2
2022-11-01
Fixed
0.04750000
N
N
N
N
N
ARBOR RLTY TR INC
ARBOR REALTY TRUST INC
USD
XXXX
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HOSPITALITY TRUST INC SER I 7.5% PFD PERP
044103885
323909.00000000
NS
USD
7239366.15000000
0.108212973642
Long
EP
CORP
US
N
1
N
N
N
BROOKFIELD PROPERTY PARTN LP
5493004J5Z0TZW83NU62
BROOKFIELD PROPERTY PARTN LP 6.5% PERP PFD
N/A
34125.00000000
NS
USD
907042.50000000
0.013558337030
Long
EP
CORP
BM
N
1
N
N
N
BANK 2017-BNK4
N/A
BANK 2017-BNK4 D 3.357% 05/15/2050 144A
06541FAJ8
3312000.00000000
PA
USD
3113800.65000000
0.046544631212
Long
ABS-MBS
CORP
US
N
2
2050-05-15
Fixed
0.03357000
N
N
N
N
N
N
APOLLO COML REAL ESTAT FIN INC
549300E0AN7M2AQHSY29
APOLLO COMMERCIAL REAL ESTATE FINANCE INC CONV 5.375% 10/15/2023
03762UAC9
1681000.00000000
PA
USD
1705164.38000000
0.025488544754
Long
DBT
CORP
US
N
2
2023-10-15
Fixed
0.05375000
N
N
N
N
N
APOLLO COML REAL ESTAT FIN INC
APOLLO COML REAL ESTAT FIN INC
USD
XXXX
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 7.5 PFD PERP IPAR:25
45031U804
159569.00000000
NS
USD
4069009.50000000
0.060822951713
Long
EP
CORP
US
N
1
N
N
N
ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FIN CORP
N/A
ICAHN ENTERPRISES LP/FIN CORP 6.25% 05/15/2026
451102BT3
4944000.00000000
PA
USD
5189617.92000000
0.077573640503
Long
DBT
CORP
US
N
2
2026-05-15
Fixed
0.06250000
N
N
N
N
N
N
NEW YORK MTG TR INC
549300JFGR0M7ULHWG48
NEW YORK MTG TR 7.75% PFD PRP
649604709
281092.00000000
NS
USD
7148169.56000000
0.106849780514
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY CAP CITIGROUP TR 2016-SNR
N/A
MORGAN STANLEY CAP CITIGROUP TR 2016-SNR E 6.8087% 11/15/2034 144A
61691CAQ2
9551450.00000000
PA
USD
9465730.51000000
0.141492338550
Long
ABS-MBS
CORP
US
N
2
2034-11-15
Fixed
0.06808700
N
N
N
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
SENIOR HOUSING 6.75% 4/15/20
81721MAE9
13472000.00000000
PA
USD
13517181.18000000
0.202052823472
Long
DBT
CORP
US
N
2
2020-04-15
Fixed
0.06750000
N
N
N
N
N
N
DIGITAL RLTY TR INC
549300HKCZ31D08NEI41
DIGITAL RLTY TR 5.875 PFD PRP G
253868889
39994.00000000
NS
USD
1032245.14000000
0.015429847560
Long
EP
CORP
US
N
1
N
N
N
TAH 2017
N/A
TAH 2017 5.104% 01/17/2036 144A
89613FAF5
3785000.00000000
PA
USD
3965778.03000000
0.059279862979
Long
ABS-CBDO
CORP
US
N
2
2036-01-17
Fixed
0.05104000
N
N
N
N
N
N
STARWOOD WAYPOINT HOMES 2017-1 TR
N/A
STARWOOD WAYPOINT HOMES 2017-1 E 1ML+220 01/17/2035 144A
85572MAE0
5906000.00000000
PA
USD
5910353.90000000
0.088347095249
Long
ABS-CBDO
CORP
US
N
2
2035-01-17
Variable
0.04276250
N
N
N
N
N
N
GS MTG SECS TR 2012-GCJ9
N/A
GS MTG SECS TR 2012-GCJ9 E CSTR 11/10/2045 144A
36192PAN6
1908000.00000000
PA
USD
1846887.14000000
0.027606995593
Long
ABS-MBS
CORP
US
N
2
2045-11-10
Variable
0.04899895
N
N
N
N
N
N
CROWN CASTLE INTL CORP
54930012H97VSM0I2R19
CROWN CASTLE INTL CORP
22822V101
653210.00000000
NS
USD
97876986.40000000
1.463050705004
Long
EC
CORP
US
N
1
N
N
N
SITE CENTERS CORP
W2AVA6SODOQ1LCYJQR54
SITE CENTERS CORP
82981J109
1483974.00000000
NS
USD
18861309.54000000
0.281936063162
Long
EC
CORP
US
N
1
N
N
N
CCRESG COMMERCIAL MORTGAGE TRUST 2016-HEAT
N/A
CCRESG COMMERCIAL MORTGAGE TRUST 2016-HEAT 5.48825% 10/04/2029 144A
12507GAN7
9601000.00000000
PA
USD
9685168.13000000
0.144772459613
Long
ABS-MBS
CORP
US
N
2
2029-04-10
Variable
0.05671192
N
N
N
N
N
N
GS MTG SECS TR 2013-GCJ16
N/A
GSMS 2013-GC16 F 3.5% 11/10/2046
36248GAT7
7221000.00000000
PA
USD
6685157.75000000
0.099928748513
Long
ABS-MBS
CORP
US
N
2
2046-11-10
Fixed
0.03500000
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 8.0% PFD PERPEPAR=25
45031U408
208220.00000000
NS
USD
5351254.00000000
0.079989752702
Long
EP
CORP
US
N
1
N
N
N
REXFORD INDL RLTY INC
549300MSLO0DF0EMX355
REXFORD INDL RLTY INC SER C 5.625% PERP PFD
76169C407
68225.00000000
NS
USD
1764298.50000000
0.026372472827
Long
EP
CORP
US
N
1
N
N
N
ENBRIDGE INC
98TPTUM4IVMFCZBCUR27
ENBRIDGE INC SER L 4.959%/VAR PFD PERP
29250N790
111400.00000000
NS
USD
2240254.00000000
0.033486985190
Long
EP
CORP
CA
N
1
N
N
N
WEYERHAEUSER CO
08IRJODWFYBI7QWRGS31
WEYERHAEUSER CO
962166104
637100.00000000
NS
USD
18444045.00000000
0.275698854581
Long
EC
CORP
US
N
1
N
N
N
INVESCO MORTGAGE CAPITAL INC
PV3BDP2HFZL2FNXQBL39
INVESCO MORTGAGE CAPITAL INC 7.5/VAR PFD PERP
46131B506
1397689.00000000
NS
USD
38162081.15000000
0.570441140297
Long
EP
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 4.75% 10/01/2024
45031UCF6
15485000.00000000
PA
USD
16104400.00000000
0.240726187434
Long
DBT
CORP
US
N
2
2024-10-01
Fixed
0.04750000
N
N
N
N
N
N
WELLS FARGO COML MTG TR 2016-NXS6
549300CFP9NBBMZH1008
WELLS FARGO COML MTG TR 2016-NXS6 D 3.059% 11/15/2049 144A
95000KAJ4
5037000.00000000
PA
USD
4611762.36000000
0.068935941126
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Fixed
0.03059000
N
N
N
N
N
N
NATIXIS COML MTG SECS TR 2020-2PAC
N/A
NATIXIS COML MTG SECS TR 2020-2PAC AMZ3 VAR 01/15/2025 144A
63875DAS0
2502675.00000000
PA
USD
2429827.14000000
0.036320696426
Long
ABS-MBS
CORP
US
N
2
2025-01-15
Variable
0.03500000
N
N
N
N
N
N
RAIT FINANCIAL TRUST
5493009H0BU736IRCR38
RAIT FNL TR 7.625% PFD 4/15/24
749227807
222965.00000000
NS
USD
5562976.75000000
0.083154553029
Long
EP
CORP
US
N
1
N
N
N
FELCOR LODGING LP
N/A
FELCOR LODGING LP 6% 6/1/25
31430QBG1
1824000.00000000
PA
USD
1892400.00000000
0.028287315087
Long
DBT
CORP
US
N
2
2025-06-01
Fixed
0.06000000
N
N
N
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP
16934Q208
729700.00000000
NS
USD
15469640.00000000
0.231237888911
Long
EC
CORP
US
N
1
N
N
N
ENERGY TRANSFER OPERATING MLP
5493008K8W3OKZE54J59
ENERGY TRANSFER OPERATING MLP 7.6/VAR PFD PERP
29278N509
471751.00000000
NS
USD
11888125.20000000
0.177701935815
Long
EP
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL 2018-SFR2
N/A
PROGRESS RESIDENTIAL 2018-SFR2 F 4.953% 08/17/2035 144A
74332UAL1
3402000.00000000
PA
USD
3513168.86000000
0.052514328101
Long
ABS-CBDO
CORP
US
N
2
2035-08-17
Fixed
0.04953000
N
N
N
N
N
N
AG MORTGAGE INVESTMENT TR INC
549300SNP0PBR2XTFR48
AG MTG INVT 8.25 PRP
001228204
38510.00000000
NS
USD
995560.52000000
0.014881491290
Long
EP
CORP
US
N
1
N
N
N
INDEPENDENCE PLAZA TR 2018-INDP
N/A
INDEPENDENCE PLAZA TR 2018-INDP E 4.996% 07/10/2035 144A
45378YAS3
2896000.00000000
PA
USD
3095850.06000000
0.046276308450
Long
ABS-MBS
CORP
US
N
2
2035-07-10
Fixed
0.04996000
N
N
N
N
N
N
MOXIE PATRIOT LLC
549300B93KXN86RHX930
PANDA MOXIE PATRIOT TERM B 12/19/20
62471MAB7
30890494.55800000
PA
USD
29654874.78000000
0.443276678711
Long
LON
CORP
US
N
2
2020-12-19
Variable
0.07694630
N
N
N
N
N
N
EQUINIX INC
549300EVUN2BTLJ3GT74
EQUINIX INC 5.375% 05/15/2027
29444UAR7
6546000.00000000
PA
USD
7094554.80000000
0.106048355017
Long
DBT
CORP
US
N
2
2027-05-15
Fixed
0.05375000
N
N
N
N
N
N
BX TRUST 2019
N/A
BX TRUST 2019 1ML+265 10/15/2036 144A
056054AL3
18376000.00000000
PA
USD
18457096.96000000
0.275893953347
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.04326250
N
N
N
N
N
N
CSAIL 2017-C8 COML MTG TR
N/A
CSAIL 2017-C8 COML MTG TR 4.47% 06/15/2050 144A
12595BAK7
4297000.00000000
PA
USD
4220588.17000000
0.063088727235
Long
ABS-MBS
CORP
US
N
2
2050-06-15
Fixed
0.04470070
N
N
N
N
N
N
CBS OUTDOOR AMERS CAP LLC / CBS OUTDOOR AMERS CAP CORP
N/A
CBS OUTDOOR AMERS CAP LLC / CBS OUTDOOR CORP 5.625% 02/15/2024
12505FAD3
1285000.00000000
PA
USD
1311535.25000000
0.019604634784
Long
DBT
CORP
US
N
2
2024-02-15
Fixed
0.05625000
N
N
N
N
N
N
CAESARS RESORT COLLECTION LLC
N/A
CAESARS RESORT COLLECTION TERM B 1LN 12/22/2024
12769LAB5
7978078.66000000
PA
USD
7969861.24000000
0.119132306120
Long
LON
CORP
US
N
2
2024-12-22
Variable
0.04395250
N
N
N
N
N
N
SUNSTONE HOTEL INVS INC NEW
529900ZQ2V52V96ATF67
SUNSTONE HOTEL INVS INC SER F 6.45% PFD PERP
867892705
83050.00000000
NS
USD
2159283.39000000
0.032276648497
Long
EP
CORP
US
N
1
N
N
N
MPT OPER PARTNERSHIP LP / MPT FIN CORP
N/A
MPT OPER PARTNERSHIP LP/CORP 4.625% 08/01/2029
55342UAJ3
494000.00000000
PA
USD
516847.50000000
0.007725759926
Long
DBT
CORP
US
N
2
2029-08-01
Fixed
0.04625000
N
N
N
N
N
N
PROVIDENCE PLACE GROUP LTD PARTNERSHIP
N/A
PPGLP 2000-C1 A2 7.75% 7/28
743784AB6
3802381.39000000
PA
USD
4739453.57000000
0.070844650432
Long
ABS-MBS
CORP
US
N
2
2028-07-20
Fixed
0.07750000
N
N
N
N
N
N
GREYSTAR REAL ESTATE PARTNERS LLC
254900HGC806SXAS4M46
GREYSTAR REAL ESTATE PARTNERS LLC 5.75% 12/01/2025 144A
39807UAB2
15480000.00000000
PA
USD
16004307.60000000
0.239230021055
Long
DBT
CORP
US
N
2
2025-12-01
Fixed
0.05750000
N
N
N
N
N
N
QTS RLTY TR INC
5493006PA4CJK4OG2J54
QTS RLTY TR INC 7.125% PFD PERP SER A
74736A202
29675.00000000
NS
USD
823778.00000000
0.012313711608
Long
EP
CORP
US
N
1
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PROPERTIES INC
903002103
776330.00000000
NS
USD
12266014.00000000
0.183350561662
Long
EC
CORP
US
N
1
N
N
N
OUTFRONT MEDIA INC
549300RZWDYU5722I639
OUTFRONT MEDIA INC
69007J106
196363.00000000
NS
USD
5839835.62000000
0.087292998438
Long
EC
CORP
US
N
1
N
N
N
ELLINGTON FINANCIAL INC
60GS1D1R1YY5G1W7IT74
ELLINGTON FINANCIAL INC
28852N109
1720275.00000000
NS
USD
31429424.25000000
0.469802381521
Long
EC
CORP
US
N
1
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2013-LC11
N/A
JP MORGAN CH CMS 13-LC11 VAR 04/15/2046 144A
46639YAE7
2518000.00000000
PA
USD
1176868.38000000
0.017591654344
Long
ABS-MBS
CORP
US
N
2
2046-04-15
Variable
0.03250000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 D CSTR 6/44
617459AJ1
5387000.00000000
PA
USD
5444213.71000000
0.081379300687
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.05670536
N
N
N
N
N
N
M/I HOMES INC
5299005M71FH9CCSFB69
M/I HOMES INC 4.95% 02/01/2028 144A
55305BAR2
2145000.00000000
PA
USD
2209350.00000000
0.033025036773
Long
DBT
CORP
US
N
2
2028-02-01
Fixed
0.04950000
N
N
N
N
N
N
MORGAN STANLEY BK OF AMER MERRILL LYNCH TR 2013-C12
N/A
MORGAN STANLEY BNK AML TR13-C12 4.94% 10/15/2046
61762XAC1
7164000.00000000
PA
USD
7427956.86000000
0.111031999660
Long
ABS-MBS
CORP
US
N
2
2046-10-15
Variable
0.04924597
N
N
N
N
N
N
PROGRESS RESIDENTIAL 2019-SFR1 TR
N/A
PROGRESS RESIDENTIAL 2019-SFR1 TR 5.061% 08/17/2035 144A
74333BAL2
3000000.00000000
PA
USD
3115361.70000000
0.046567965557
Long
ABS-CBDO
CORP
US
N
2
2035-08-17
Fixed
0.05061000
N
N
N
N
N
N
AMERICAN HOMES 4 RENT 2015-SFR1 TR
N/A
AMERICAN HOMES 4 RENT 2015-SFR1 E TR 5.639% 04/17/2052 144A
02666AAE8
1999310.00000000
PA
USD
2212662.97000000
0.033074558558
Long
ABS-CBDO
CORP
US
N
2
2052-04-17
Fixed
0.05639000
N
N
N
N
N
N
COMPASS POWER GENERATION LLC
5493001FXZ2XUTES8E29
COMPASS POWER GENERATION LLC TERM B-1 12/20/2024
20451VAD5
8737607.52000000
PA
USD
8680288.81000000
0.129751672279
Long
LON
CORP
US
N
2
2024-12-20
Variable
0.05299380
N
N
N
N
N
N
ASHTON WOODS USA LLC/FIN CO
N/A
ASHTON WOODS USA LLC/FIN CO 6.625% 01/15/2028 144A
045086AK1
9925000.00000000
PA
USD
10111093.75000000
0.151139132735
Long
DBT
CORP
US
N
2
2028-01-15
Fixed
0.06625000
N
N
N
N
N
N
BRAEMAR HOTELS and RESORTS INC
549300JDUUEBN868C776
BRAEMAR HOTELS and RESORTS INC SER D 8.25% PFD PERP
10482B309
173050.00000000
NS
USD
4706960.00000000
0.070358941358
Long
EP
CORP
US
N
1
N
N
N
CORESITE RLTY CORP
549300H0YYORITFM2B74
CORESITE REALTY CORP
21870Q105
89500.00000000
NS
USD
10511775.00000000
0.157128456752
Long
EC
CORP
US
N
1
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HOSPITALITY TRUST SER F 7.375% PFD PERP
044103604
494500.00000000
NS
USD
11111415.00000000
0.166091786713
Long
EP
CORP
US
N
1
N
N
N
BEAZER HOMES USA INC
549300DUPYT2T0F60I45
BEAZER HOMES USA INC 5.875% 10/15/2027
07556QBR5
10051000.00000000
PA
USD
10427912.50000000
0.155874892515
Long
DBT
CORP
US
N
2
2027-10-15
Fixed
0.05875000
N
N
N
N
N
N
BLUEROCK RESIDENTIAL GROWTH REIT INC
549300KWLV0TGICOUU26
BLUEROCK RESIDENTIAL GROWTH REIT INC 7.625% SER C PREF PERP
09627J748
252994.00000000
NS
USD
6626039.36000000
0.099045055570
Long
EP
CORP
US
N
1
N
N
N
GLOBAL NET LEASE INC
549300NUYANCT5SU8Z65
GLOBAL NET LEASE INC SER B 6.875% PFD PERP
379378409
294000.00000000
NS
USD
7608690.60000000
0.113733580854
Long
EP
CORP
US
N
1
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP SER E 6.5%/VAR PFD PERP
00123Q807
640170.00000000
NS
USD
16612411.50000000
0.248319868141
Long
EP
CORP
US
N
1
N
N
N
CYRUSONE LP/CYRUSONE FIN CORP
N/A
CYRUSONE LP/CYRUSONE FIN CORP 3.45% 11/15/2029
23283PAR5
4500000.00000000
PA
USD
4644090.00000000
0.069419169904
Long
DBT
CORP
US
N
2
2029-11-15
Fixed
0.03450000
N
N
N
N
N
N
ASHTON WOODS USA LLC/FIN CO
N/A
ASHTON WOODS USA LLC/FIN CO 9.875% 04/01/2027 144A
045086AH8
21220000.00000000
PA
USD
24403000.00000000
0.364772431880
Long
DBT
CORP
US
N
2
2027-04-01
Fixed
0.09875000
N
N
N
N
N
N
KREF 2018-FL1 LTD / KREF 2018-FL1 LLC
549300N45646UZ8P3S07
KREF 2018-FL1 LTD / KREF 2018-FL1 LLC 1ML+255 06/15/2036 144A
48275PAJ0
2560000.00000000
PA
USD
2574392.58000000
0.038481639225
Long
ABS-MBS
CORP
US
N
2
2036-06-15
Variable
0.04219000
N
N
N
N
N
N
CGMS COML MTG TR 2017-MDDR
N/A
CGCMT 2017-MDRB E 1ML+387.15 7/22
125333BE3
6666000.00000000
PA
USD
6623938.87000000
0.099013657756
Long
ABS-MBS
CORP
US
N
2
2030-07-15
Variable
0.05547750
N
N
N
N
N
N
BX 2020-BXLP
N/A
BX 2020-BXLP 1ML+262.15 12/15/2029 144A
05607QBA5
6013000.00000000
PA
USD
6037430.22000000
0.090246613271
Long
ABS-MBS
CORP
US
N
2
2029-12-15
Variable
0.04250000
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C5
N/A
WFRBS COML MTG TR 2011-C5 VAR 11/15/2044 144A
92936JAS3
2000000.00000000
PA
USD
1834933.40000000
0.027428312857
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05250000
N
N
N
N
N
N
GS MTG SECS CORP TR 2018-RIVR
N/A
GS MTG SECS CORP TR 2018-RIVR G 1ML+260 07/15/2035 144A
36255WAN5
3808000.00000000
PA
USD
3793945.43000000
0.056711334709
Long
ABS-MBS
CORP
US
N
2
2035-07-15
Variable
0.04276250
N
N
N
N
N
N
FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD
N/A
FHMS KAIV X2 IO CSTR 6/41
3137ABFK2
7430000.00000000
PA
USD
286370.78000000
0.004280628030
Long
ABS-MBS
USGSE
US
N
2
2041-06-25
Variable
0.03614653
N
N
N
N
N
N
CREST CLARENDON STR 02 1 LTD
N/A
CREST CLARENDON STR 02 1 LTD 3ML+47 12/28/2035 144A
226063204
500000.00000000
PA
USD
10250.00000000
0.000153215482
Long
ABS-CBDO
CORP
KY
N
3
2035-12-28
Variable
0.02430500
N
N
N
N
N
N
SABRA HEALTH CARE REIT INC
549300E3BC7GU7TAZ621
SABRA HEALTHCARE REIT INC
78573L106
2395075.00000000
NS
USD
51494112.50000000
0.769726371517
Long
EC
CORP
US
N
1
N
N
N
VEREIT OPER PARTNERSHIP LP
5493005TQOUJE1LCS698
VEREIT OPER PARTNERSHIP LP 4.875% 06/01/2026
92340LAA7
15305000.00000000
PA
USD
17297504.99000000
0.258560544222
Long
DBT
CORP
US
N
2
2026-06-01
Fixed
0.04875000
N
N
N
N
N
N
KB HOME
549300LGUCWQURMWLG09
KB HOME 4.8% 11/15/2029
48666KAY5
8548000.00000000
PA
USD
8868550.00000000
0.132565772681
Long
DBT
CORP
US
N
2
2029-11-15
Fixed
0.04800000
N
N
N
N
N
N
TRICON AMERN HOMES 2016-SFR1 TR
N/A
TRICON AMERICAN HOMES 2016-SFR1 F 5.769% 11/17/33 144A
89613BAF4
2544000.00000000
PA
USD
2606723.08000000
0.038964910753
Long
ABS-CBDO
CORP
US
N
2
2033-11-17
Fixed
0.05769000
N
N
N
N
N
N
WASHINGTON PRIME GROUP LP
549300K4BNOIQ154O537
WASHINGTON PRIME GROUP LP 5.95% 08/15/2024
939648AE1
27181000.00000000
PA
USD
24259042.50000000
0.362620576478
Long
DBT
CORP
US
N
2
2024-08-15
Variable
0.06450000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2015-UBS8
N/A
MSC 2015-UBS8 D 3.18% 12/48 144A
61691AAQ6
4957000.00000000
PA
USD
4535641.62000000
0.067798099572
Long
ABS-MBS
CORP
US
N
2
2048-12-15
Fixed
0.03180000
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2018-AON
N/A
J P MORGAN CHASE COML MTG SECS TR 2018-AON-F 4.6132% 07/05/2031 144A
46649XAU1
5039000.00000000
PA
USD
5158656.09000000
0.077110827651
Long
ABS-MBS
CORP
US
N
2
2031-07-05
Variable
0.04766973
N
N
N
N
N
N
GS MTG SECS CORP TR 2016-RENT
N/A
GSMS 2016-RENT E CSTR 02/10/2029
36251GAN4
4340000.00000000
PA
USD
4375979.90000000
0.065411499814
Long
ABS-MBS
CORP
US
N
2
2029-02-10
Variable
0.04202224
N
N
N
N
N
N
JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ
N/A
JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ E 1ML+300 06/15/2032 144A
46649VAN1
1469298.79270000
PA
USD
1474347.01000000
0.022038320873
Long
ABS-MBS
CORP
US
N
2
2035-06-15
Variable
0.04676250
N
N
N
N
N
N
SELECT INCOME REIT
529900WFAP4ROYDYS509
SELECT INCOME REIT 4.50% 02/01/2025
81618TAC4
21056000.00000000
PA
USD
22468508.70000000
0.335855942270
Long
DBT
CORP
US
N
2
2025-02-01
Fixed
0.04500000
N
N
N
N
N
N
CEDAR RLTY TR INC
54930056URX93R2RSN82
CEDAR REALTY TRUST INC SER C 6.50% PFD PERP
150602506
291600.00000000
NS
USD
6969240.00000000
0.104175167936
Long
EP
CORP
US
N
1
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
SENIOR HOUSING 6.75% 12/15/21
81721MAG4
7910000.00000000
PA
USD
8397128.25000000
0.125519030142
Long
DBT
CORP
US
N
2
2021-12-15
Fixed
0.06750000
N
N
N
N
N
N
SITE CENTERS CORP
W2AVA6SODOQ1LCYJQR54
SITE CENTERS CORP 6.25% 12/31/49 PFD PERP
82981J802
226338.00000000
NS
USD
5832730.26000000
0.087186788568
Long
EP
CORP
US
N
1
N
N
N
GEO GROUP INC NEW
5493003VOR6NTY465495
GEO GROUP TERM B 1LN 03/23/2024
37252KAP7
10232811.26000000
PA
USD
9641252.44000000
0.144116014379
Long
LON
CORP
US
N
2
2024-03-23
Variable
0.03650000
N
N
N
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL INC CONV 6.25% 06/15/2024
55272XAA0
21952000.00000000
PA
USD
23142320.42000000
0.345927980123
Long
DBT
CORP
US
N
2
2024-06-15
Fixed
0.06250000
N
N
N
N
N
MFA FINANCIAL INC
MFA FINANCIAL INC
USD
XXXX
N
N
N
TRI POINTE HLDGS INC
N/A
WEYERHAEUSER REAL ESTATE CO 5.875% 06/15/2024
962178AN9
14175000.00000000
PA
USD
15379875.00000000
0.229896094978
Long
DBT
CORP
US
N
2
2024-06-15
Fixed
0.05875000
N
N
N
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAPITAL MANAGEMENT INC 6.95%/VAR PERP PFD
035710870
1581352.00000000
NS
USD
41447235.92000000
0.619547147532
Long
EP
CORP
US
N
1
N
N
N
BX TRUST 2018-EXCL
N/A
BX TRUST 2019-IMC G 1ML+360 04/15/2034 144A
05608BAS9
5181000.00000000
PA
USD
5216855.63000000
0.077980785760
Long
ABS-MBS
CORP
US
N
2
2034-04-15
Variable
0.05276250
N
N
N
N
N
N
MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
549300U6G4UOCMLQK204
MGM GROWTH PROPERTIES TERM B 03/23/2025
55303KAC7
1856369.06000000
PA
USD
1858689.52000000
0.027783415822
Long
LON
CORP
US
N
2
2025-03-23
Variable
0.03565500
N
N
N
N
N
N
JP MORGAN CHASE COML MTG SECS TR 2012-CIBX
N/A
JPMCC 2012-CBX G 4.0% 6/45 144A
46637WAU7
4044000.00000000
PA
USD
2678563.62000000
0.040038772512
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Fixed
0.04000000
N
N
N
N
N
N
MORGAN STANLEY CAP CITIGROUP TR 2016-SNR
N/A
MORGAN STANLEY CAP CITIGROUP TR 2016-SNR D 6.55% 11/15/2034 144A
61691CAL3
10833250.00000000
PA
USD
11118827.47000000
0.166202587218
Long
ABS-MBS
CORP
US
N
2
2034-11-15
Fixed
0.06550000
N
N
N
N
N
N
LANDMARK INFRASTRUCTURE PARTNERS LP
549300I3H10A778Y4H45
LANDMARK INFRASTRUCTURE PRTN LP SER B 7.9% PERP PFD
51508J306
116375.00000000
NS
USD
2984669.63000000
0.044614399839
Long
EP
CORP
US
N
1
N
N
N
COMM 2012-CCRE2 MTG TR
N/A
COMM 2012-CR2 D CSTR 8/45
12624KAW6
4500000.00000000
PA
USD
4637264.40000000
0.069317141845
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04991955
N
N
N
N
N
N
MID AMERICA APTS LP
549300FXWGE3QSYCUJ38
MID-AMERICA APTS L P 4.3% 10/15/2023
59523UAA5
2178000.00000000
PA
USD
2350037.93000000
0.035128019126
Long
DBT
CORP
US
N
2
2023-10-15
Fixed
0.04300000
N
N
N
N
N
N
DEUTSCHE FINL CAP SEC LLC
N/A
DFCS 1997-I M 7.275% 9/27
251547AG0
568120.12400000
PA
USD
571493.79000000
0.008542604580
Long
ABS-CBDO
CORP
US
N
2
2027-09-15
Fixed
0.07275000
N
N
N
N
N
N
CD 2017-CD3 MTG TR
N/A
CD 2017-CD3 D 3.25% 02/10/2050 144A
12515GAM9
3353000.00000000
PA
USD
3176508.81000000
0.047481983506
Long
ABS-MBS
CORP
US
N
2
2050-02-10
Fixed
0.03250000
N
N
N
N
N
N
ANWORTH MTG ASSET CORP
N2KM5OGWVS7HLNUACF84
ANWORTH MTG 8.625% PFD A PERP PAR=25
037347200
235600.00000000
NS
USD
6118532.00000000
0.091458910673
Long
EP
CORP
US
N
1
N
N
N
WESTERN ASSET MTG CAP CORP
549300JOQRROR5SZYY83
WESTERN ASSET MTG CAP CORP CONV 6.75% 10/01/2022
95790DAA3
53526000.00000000
PA
USD
54592827.78000000
0.816045508852
Long
DBT
CORP
US
N
2
2022-10-01
Fixed
0.06750000
N
N
N
N
Y
WESTERN ASSET MTG CAP CORP
WESTERN ASSET MTG CAP CORP
USD
XXXX
N
N
N
TABERNA PFD FDG III LTD/TABERN A PFD FDG III INC
U03UUQ0VYFBPHFC9G558
TBRNA 2005-3A D 3ML+265 2/36
87330WAJ6
4708493.51530000
PA
USD
353.14000000
0.000005278684
Long
ABS-CBDO
CORP
KY
N
3
2036-02-05
Variable
0.04540500
N
N
N
N
N
N
DYNEX CAP INC
5CIJ4S9HAEBWILA19B65
DYNEX CAP INC
26817Q886
2107662.00000000
NS
USD
37558536.84000000
0.561419449288
Long
EC
CORP
US
N
1
N
N
N
AG MORTGAGE INVESTMENT TR INC
549300SNP0PBR2XTFR48
AG MTG INVT 8% PFD PRP
001228303
611362.00000000
NS
USD
15809821.32000000
0.236322868929
Long
EP
CORP
US
N
1
N
N
N
WFRBS COML MTG TR 2011-C5
N/A
WFRBS COML MTG TR 2011-C5 F CSTR VAR 11/15/2044 144A
92936JAQ7
3500000.00000000
PA
USD
3465905.10000000
0.051807836413
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05250000
N
N
N
N
N
N
CENTURY CMNTYS INC
5299002QMB2O7ZL1CA26
CENTURY COMMUNITIES INC 5.875% 07/15/2025
156504AH5
5982000.00000000
PA
USD
6281100.00000000
0.093888953074
Long
DBT
CORP
US
N
2
2025-07-15
Fixed
0.05875000
N
N
N
N
N
N
OREGON CLEAN ENERGY LLC
549300F5O4JADXBZO874
OREGON CLEAN ENERGY TERM B 1LN 03/01/2026
68583LAF2
5835949.35000000
PA
USD
5828654.41000000
0.087125863366
Long
LON
CORP
US
N
2
2026-03-01
Variable
0.05395250
N
N
N
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER B 8%/VAR PREF PERP
16934Q406
1795704.00000000
NS
USD
49166375.52000000
0.734931703690
Long
EP
CORP
US
N
1
N
N
N
REDWOOD TRUST INC
DRBV4N1ERQLEMIF11G78
REDWOOD TRUST INC CONV 4.75% 08/15/2023
758075AC9
11695000.00000000
PA
USD
12156594.52000000
0.181714975471
Long
DBT
CORP
US
N
2
2023-08-15
Fixed
0.04750000
N
N
N
N
N
REDWOOD TRUST INC
REDWOOD TRUST INC REIT
USD
XXXX
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INV CORP 7.625% SER B PFD PERP
90187B309
889404.00000000
NS
USD
24832159.68000000
0.371187447252
Long
EP
CORP
US
N
1
N
N
N
AMERICAN HOMES 4 RENT 2014-SFR2 TR
N/A
AH4R 2014-SFR2 E 6.231% 10/17/2036
02665UAE5
3000000.00000000
PA
USD
3367224.00000000
0.050332765937
Long
ABS-CBDO
CORP
US
N
2
2036-10-17
Fixed
0.06231000
N
N
N
N
N
N
RLJ LODGING TR
N/A
RLJ LODGING TR SER A PC 1.95% PERP
74965L200
31585.00000000
NS
USD
869219.20000000
0.012992959940
Long
EP
CORP
US
N
2
N
N
N
C AND S GROUP ENTERPRISES LLC
N/A
C AND S GROUP ENTERPRISES LLC 5.375% 07/15/2022 144A
12467AAD0
9596000.00000000
PA
USD
9631985.00000000
0.143977486058
Long
DBT
CORP
US
N
2
2022-07-15
Fixed
0.05375000
N
N
N
N
N
N
WFRBS COML MTG TR 2012-C7
N/A
WFRBS 2012-C7 D 4.8512% 6/45
92936TAJ1
2380000.00000000
PA
USD
2248927.93000000
0.033616641812
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Variable
0.04967537
N
N
N
N
N
N
SELECT INCOME REIT
529900WFAP4ROYDYS509
SELECT INCOME REIT 4.25% 05/15/2024
81618TAE0
4974000.00000000
PA
USD
5242494.28000000
0.078364028506
Long
DBT
CORP
US
N
2
2024-05-15
Fixed
0.04250000
N
N
N
N
N
N
INVITATION HOMES TRUST 2018-SFR4
N/A
INVITATION HOMES TRUST 2018-SFR4 F 1ML+225 01/17/2038 144A
46187XAL9
3410000.00000000
PA
USD
3409990.45000000
0.050972032501
Long
ABS-MBS
CORP
US
N
2
2038-01-17
Variable
0.03869000
N
N
N
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT SER D 6.5% PFD PERP
02665T702
276875.00000000
NS
USD
7323343.75000000
0.109468258377
Long
EP
CORP
US
N
1
N
N
N
GAMING AND LEISURE PROPERTIES INC
5493006GWRDBCZYWTM57
GAMING AND LEISURE PROPRTI INC
36467J108
546400.00000000
NS
USD
25820132.00000000
0.385955511252
Long
EC
CORP
US
N
1
N
N
N
NEW RESIDENTIAL INVT CORP
549300WNTHGEO5LP2G31
NEW RESIDENTIAL INVESTMENT CRP
64828T201
7041200.00000000
NS
USD
117869688.00000000
1.761898649211
Long
EC
CORP
US
N
1
N
N
N
ENERGY TRANSFER OPERATING MLP
5493008K8W3OKZE54J59
ENERGY TRANSFER OPERATING MLP 7.125%/VAR PERP
29278NAT0
6000000.00000000
PA
USD
6135000.00000000
0.091705071900
Long
DBT
CORP
US
N
2
2199-12-31
Variable
0.07125000
N
N
N
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C32
N/A
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C32 3.396% 12/15/2049 144A
61691GAC4
5863000.00000000
PA
USD
4962446.72000000
0.074177919031
Long
ABS-MBS
CORP
US
N
2
2049-12-15
Fixed
0.03396000
N
N
N
N
N
N
GLADSTONE COMMERCIAL CORP
529900EVVV534W8R0T32
GLADSTONE COMMERCIAL CORP SER E 6.625% PFD 12/31/2049
376536702
98875.00000000
NS
USD
2667766.15000000
0.039877373528
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY CAP I TR 2016-BNK2
N/A
MORGAN STANLEY CAP I TR 2016-BNK2 3% 11/15/2049 144A
61690YAC6
2966000.00000000
PA
USD
2778527.15000000
0.041533012561
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Fixed
0.03000000
N
N
N
N
N
N
PLYMOUTH INDL REIT INC
N/A
PLYMOUTH INDL REIT INC SER A STEP PFD PERP
729640201
171625.00000000
NS
USD
4640740.00000000
0.069369094599
Long
EP
CORP
US
N
1
N
N
N
GS MTG SECS TR 2010-C2
N/A
GSMS 2010-C2 D CSTR 12/43
36248EAG0
3000000.00000000
PA
USD
3060169.20000000
0.045742956236
Long
ABS-MBS
CORP
US
N
2
2043-12-10
Variable
0.05352231
N
N
N
N
N
N
JPMCC MTG SECS TR
N/A
JPMCC 2015-UES F 3.7417% 09/05/2032
46645FAQ3
6896000.00000000
PA
USD
6891547.94000000
0.103013838523
Long
ABS-MBS
CORP
US
N
2
2032-09-05
Variable
0.03741700
N
N
N
N
N
N
LEXINGTON CORP PPTYS TR REIT
549300S4MH2ICXDBFV43
LEXINGTON RLTY 6.5 CV PFD PERPPAR=50
529043309
440102.00000000
NS
USD
25037402.78000000
0.374255390731
Long
EP
CORP
US
N
2
N
N
N
SITE CENTERS CORP
W2AVA6SODOQ1LCYJQR54
DDR CORP 4.625% 7/15/22
23317HAA0
651000.00000000
PA
USD
682381.99000000
0.010200144980
Long
DBT
CORP
US
N
2
2022-07-15
Fixed
0.04625000
N
N
N
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP
00123Q104
1264400.00000000
NS
USD
23505196.00000000
0.351352190580
Long
EC
CORP
US
N
1
N
N
N
WF-RBS COML MTG TR 2012-C8
N/A
WFRBS 2012-C8 E CSTR 8/45
92936YAR2
2889500.00000000
PA
USD
2947995.33000000
0.044066197832
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.05047855
N
N
N
N
N
N
FORESTAR GROUP INC
549300BC2UB0GHV60V70
FORESTAR GROUP INC 8% 04/15/2024 144A
346232AD3
25132000.00000000
PA
USD
27393880.00000000
0.409479663411
Long
DBT
CORP
US
N
2
2024-04-15
Fixed
0.08000000
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.5% 04/01/2027
681936BF6
2434000.00000000
PA
USD
2678611.99000000
0.040039495539
Long
DBT
CORP
US
N
2
2027-04-01
Fixed
0.04500000
N
N
N
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GSMS 2011-GC5 C 5.47 8/44
36191YAJ7
8899000.00000000
PA
USD
9209194.22000000
0.137657672060
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05555908
N
N
N
N
N
N
WFRBS COML MTG TR 2013-C11
N/A
WFRBS 2013-C11 D CSTR 3/45
92937EAJ3
5765000.00000000
PA
USD
5947396.53000000
0.088900802999
Long
ABS-MBS
CORP
US
N
2
2045-03-15
Variable
0.04402737
N
N
N
N
N
N
AMERICOLD 2010 LLC TR
N/A
AMERICOLD 2010 LLC TR 7.443% 01/14/2029 144A
03063NAR8
2000000.00000000
PA
USD
2046880.80000000
0.030596471220
Long
ABS-MBS
CORP
US
N
2
2029-01-14
Fixed
0.07443000
N
N
N
N
N
N
BX TR 2019-OC11
N/A
BX TR 2019-OC11 4.075457% 12/09/2041 144A
05606FAN3
18585000.00000000
PA
USD
19209247.85000000
0.287136993518
Long
ABS-MBS
CORP
US
N
2
2041-12-09
Fixed
0.04075457
N
N
N
N
N
N
COLONY CAPITAL INC
549300XG87L902AGBO89
COLONY CAPITAL INC 7.15% SER I PERP PFD
19626G603
874492.00000000
NS
USD
20983435.54000000
0.313657288494
Long
EP
CORP
US
N
1
N
N
N
SUNSTONE HOTEL INVS INC NEW
529900ZQ2V52V96ATF67
SUNSTONE HOTEL INVS 6.95% SER E PRFD PERP
867892606
41525.00000000
NS
USD
1080048.64000000
0.016144407202
Long
EP
CORP
US
N
1
N
N
N
JPMDB COML MTG SECS TR 2016-C4
N/A
JPMDB 2016-C4 D CSTR 12/15/2049
46646RAB9
7388000.00000000
PA
USD
6894186.08000000
0.103053273049
Long
ABS-MBS
CORP
US
N
2
2049-12-15
Variable
0.03218544
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.95% 04/01/24
681936BB5
2866000.00000000
PA
USD
3153392.02000000
0.047136437151
Long
DBT
CORP
US
N
2
2024-04-01
Fixed
0.04950000
N
N
N
N
N
N
ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FIN CORP
N/A
ICAHN ENTERPRISES LP/FIN CORP 6.25% 02/01/2022
451102BJ5
1676000.00000000
PA
USD
1705330.00000000
0.025491020417
Long
DBT
CORP
US
N
2
2022-02-01
Fixed
0.06250000
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.75% 01/15/2028
681936BK5
12067000.00000000
PA
USD
13494328.08000000
0.201711218716
Long
DBT
CORP
US
N
2
2028-01-15
Fixed
0.04750000
N
N
N
N
N
N
TPF II POWER LLC
5493000R3E1L1VM1V279
TPF II TERM B 10/02/23
N/A
7939122.46000000
PA
USD
7901411.63000000
0.118109131482
Long
LON
CORP
US
N
2
2023-10-02
Variable
0.05549380
N
N
N
N
N
N
DYNEX CAP INC
5CIJ4S9HAEBWILA19B65
DYNEX CAP INC 8.5% PRP A
26817Q704
358882.00000000
NS
USD
9397325.17000000
0.140469825653
Long
EP
CORP
US
N
1
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
SENIOR HOUSING PPTYS TR 4.75% 05/01/24
81721MAK5
44393000.00000000
PA
USD
46865668.35000000
0.700541073462
Long
DBT
CORP
US
N
2
2024-05-01
Fixed
0.04750000
N
N
N
N
N
N
FIDELITY REVERE STREET TRUST
549300BDV45LJNXBZC55
Fidelity Cash Central Fund
31635A105
536458676.52100000
NS
USD
536565968.26000000
8.020508671323
Long
STIV
RF
US
N
1
N
N
N
ARLINGTON ASSET INVT CORP
549300LA9ZT7L8G7IT53
ARLINGTON ASSET INVT CORP 8.25% PFD PERP
041356700
147125.00000000
NS
USD
3310312.50000000
0.049482061259
Long
EP
CORP
US
N
1
N
N
N
NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 19-1776
N/A
NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 4.2988% 10/15/2036 144A
63875BAL9
3454000.00000000
PA
USD
3482899.96000000
0.052061873064
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Fixed
0.04298800
N
N
N
N
N
N
ARC PROPERTIES OPERATING PARTNERSHIP LP/CLARK ACQUISITION
N/A
ARC PPTYS OPER PT LP/CLARK LLC 4.6% 02/06/24
03879QAF1
10363000.00000000
PA
USD
11310717.08000000
0.169070924705
Long
DBT
CORP
US
N
2
2024-02-06
Fixed
0.04600000
N
N
N
N
N
N
AMR HMS 15-SFR2
N/A
AMERICAN HOMES 4 RENT 2015-SFR2 TR 6.07% 10/17/2052 144A
02666BAE6
8259000.00000000
PA
USD
9257711.32000000
0.138382898489
Long
ABS-CBDO
CORP
US
N
2
2052-10-17
Fixed
0.06070000
N
N
N
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6
N/A
MORGAN STAN BAML TR-2012-C6 F CSTR 11/15/2045 144A
61761DAU6
2500000.00000000
PA
USD
2484896.00000000
0.037143857594
Long
ABS-MBS
CORP
US
N
2
2045-11-15
Variable
0.04761123
N
N
N
N
N
N
CSAIL 2017-CX10 COML MTG TR
N/A
CSAIL 2017-CX10 UESD CSTR 10/15/2032 144A
12652DAJ6
7129000.00000000
PA
USD
7274949.88000000
0.108744873971
Long
ABS-MBS
CORP
US
N
2
2032-10-15
Variable
0.04377820
N
N
N
N
N
N
MID-AMERICA APT CMNTYS INC
549300FQZKFR5YNSHZ21
MID AMERICA APT CMNTY INC
59522J103
613906.00000000
NS
USD
84234042.26000000
1.259117995421
Long
EC
CORP
US
N
1
N
N
N
STARWOOD PPTY TR INC
BUGSFQZERKRBFWIG5267
STARWOOD PPTY TR INC 4.75% 03/15/2025
85571BAL9
4188000.00000000
PA
USD
4376878.80000000
0.065424936438
Long
DBT
CORP
US
N
2
2025-03-15
Fixed
0.04750000
N
N
N
N
N
N
CALI MTG TR 2019-101C
N/A
CALI MTG TR 2019-101C CSTR 03/10/2039 144A
129890AQ2
4099000.00000000
PA
USD
4254182.40000000
0.063590888813
Long
ABS-MBS
CORP
US
N
2
2039-03-10
Variable
0.04468583
N
N
N
N
N
N
HILTON USA TR 2016-SFP
N/A
HILTON USA TR 2016-SFP 6.15522% 11/05/2035 144A
43289VAS2
10093000.00000000
PA
USD
10134647.76000000
0.151491214590
Long
ABS-MBS
CORP
US
N
2
2035-11-05
Fixed
0.06155223
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C4
N/A
WFRBS 2011-C4 G 5% 06/15/44
92936CBD0
3955000.00000000
PA
USD
3020346.49000000
0.045147692262
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Fixed
0.05000000
N
N
N
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT
02665T306
1004300.00000000
NS
USD
27447519.00000000
0.410281451243
Long
EC
CORP
US
N
1
N
N
N
COLONY CAP INC
G6ZRFL75MXIO4KJEP931
COLONY FINL INC 5% 4/15/23
19624RAA4
25791000.00000000
PA
USD
25694283.75000000
0.384074350239
Long
DBT
CORP
US
N
2
2023-04-15
Fixed
0.05000000
N
N
N
N
N
COLONY CAPITAL INC
COLONY CAPITAL INC
USD
XXXX
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2011-C3
N/A
JP MORGAN CHASE CO MT SE 2011-C3 H CSTR 02/15/2046 144A
46635TBN1
7077000.00000000
PA
USD
5236495.93000000
0.078274366058
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.04409000
N
N
N
N
N
N
JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ
N/A
JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ 1ML+160 06/15/2032 144A
46649VAJ0
5307521.17800000
PA
USD
5319112.27000000
0.079509302879
Long
ABS-MBS
CORP
US
N
2
2032-06-15
Variable
0.03276250
N
N
N
N
N
N
HEALTHCARE TRUST INC
549300Z2NSUGF5NF2Y30
HEALTHCARE TRUST INC SER A 7.375% PFD PERP
42226B204
128500.00000000
NS
USD
3302450.00000000
0.049364533772
Long
EP
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL 2017-SFR TR
N/A
PROGRESS RESIDENTIAL 2017-SFR1 TR 5.35% 08/17/2034 144A
74333JAR2
3073000.00000000
PA
USD
3187474.78000000
0.047645901203
Long
ABS-CBDO
CORP
US
N
2
2034-08-17
Fixed
0.05350000
N
N
N
N
N
N
CAPSTEAD MORTGAGE CORP
549300W6CQE2GR8QBV24
CAPSTEAD MORTGAGE CORP
14067E506
1158100.00000000
NS
USD
9519582.00000000
0.142297302652
Long
EC
CORP
US
N
1
N
N
N
UBS-CITIGROUP COML MTG TR 2011-C1
N/A
UBSC 2011-C1 B CSTR 1/45
90268TAL8
2966000.00000000
PA
USD
3152404.20000000
0.047121671364
Long
ABS-MBS
CORP
US
N
2
2045-01-10
Variable
0.06252105
N
N
N
N
N
N
GS MTG SECS TR 2013-GCJ14
549300ITVQSU1IHX4H03
GS MTG SECS TR 2013-GCJ14 VAR 08/10/2046 144A
36198FAV4
1661000.00000000
PA
USD
1728541.91000000
0.025837988612
Long
ABS-MBS
CORP
US
N
2
2046-08-10
Variable
0.04903546
N
N
N
N
N
N
REALOGY GROUP LLC
N/A
REALOGY TERM B 02/08/2025
75605NAQ3
3939698.50000000
PA
USD
3892422.12000000
0.058183349695
Long
LON
CORP
US
N
2
2025-02-08
Variable
0.03895250
N
N
N
N
N
N
COLONY NORTHSTAR CREDIT REAL ESTATE INC
549300BOIFLLMVU37752
COLONY CREDIT REAL ESTATE INC
19625T101
2109584.00000000
NS
USD
26264320.80000000
0.392595179686
Long
EC
CORP
US
N
1
N
N
N
COMM 2013-CCRE10 MTG TR
549300YJIXJB9DCDOI21
COMM 2013-CCRE10 D MTG TR CSTR 08/10/2046 144A
12626BAW4
4544000.00000000
PA
USD
4789686.36000000
0.071595522742
Long
ABS-MBS
CORP
US
N
2
2046-08-10
Variable
0.04948670
N
N
N
N
N
N
HOME PARTNERS AMER 2017-1 TR
N/A
HOME PARTNERS AMER 2017-1 TR 1ML+353.9 07/17/2034 144A
43730TAL7
6318500.00000000
PA
USD
6326383.59000000
0.094565845475
Long
ABS-CBDO
CORP
US
N
2
2034-07-17
Variable
0.05208000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MSC 2011-C3 D CSTR 7/49
61760RAL6
7317000.00000000
PA
USD
7413590.25000000
0.110817249701
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05419297
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C3
N/A
WFRBS 2011-C3 D CSTR 3/44
92935VAS7
1000000.00000000
PA
USD
784271.70000000
0.011723177284
Long
ABS-MBS
CORP
US
N
2
2044-03-15
Variable
0.05856700
N
N
N
N
N
N
MSJP 2015-HAUL
N/A
MSJP 2015-HAUL E 5.012% 09/05/2047 144A
553697AN3
1500000.00000000
PA
USD
1620046.50000000
0.024216215283
Long
ABS-MBS
CORP
US
N
2
2047-09-05
Variable
0.05012700
N
N
N
N
N
N
WFRBS COML MTG TR 2012-C7
N/A
WFRBS 2012-C7 F 4.5% 6/45
92936TAL6
2000000.00000000
PA
USD
1047362.00000000
0.015655812145
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Fixed
0.04500000
N
N
N
N
N
N
COLONY CAP INC
G6ZRFL75MXIO4KJEP931
COLONY CAP INC CONV 3.875% 01/15/2021
19624RAB2
19064000.00000000
PA
USD
19064000.00000000
0.284965850156
Long
DBT
CORP
US
N
2
2021-01-15
Fixed
0.03875000
N
N
N
N
N
COLONY CAPITAL INC
COLONY CAPITAL INC
USD
XXXX
N
N
N
DBUBS 2011-LC1 MTG TR
N/A
DBUBS 2011-LC1 MTG TR 4.652% 11/10/2046 144A
233050AL7
12222000.00000000
PA
USD
11831474.10000000
0.176855123557
Long
ABS-MBS
CORP
US
N
2
2046-11-10
Fixed
0.04652000
N
N
N
N
N
N
CHC COML MTG TR 2019-CHC
N/A
CHC COML MTG TR 2019-CHC F 1ML+280 06/15/2034 144A
162665AQ6
1500000.00000000
PA
USD
1500937.20000000
0.022435787097
Long
ABS-MBS
CORP
US
N
2
2034-06-15
Variable
0.04284450
N
N
N
N
N
N
GS MORTGAGE SECURITIES CORPORATION II
N/A
GSMS 2012-GC6 E 5% 01/45
36192BAN7
7432000.00000000
PA
USD
7023428.77000000
0.104985173649
Long
ABS-MBS
CORP
US
N
2
2045-01-10
Variable
0.05000000
N
N
N
N
N
N
COMM 2014-CCRE17 MTG TR
N/A
COMM 2014-CCRE17 E CSTR 05/10/2047 144A
12631DAJ2
3098000.00000000
PA
USD
3031054.08000000
0.045307747732
Long
ABS-MBS
CORP
US
N
2
2047-05-10
Variable
0.05009283
N
N
N
N
N
N
VEREIT OPER PARTNERSHIP LP
5493005TQOUJE1LCS698
VEREIT OPER PARTNERSHIP LP 3.1% 12/15/2029
92340LAE9
3000000.00000000
PA
USD
3050607.81000000
0.045600033994
Long
DBT
CORP
US
N
2
2029-12-15
Fixed
0.03100000
N
N
N
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
DIVERSIFIED HEALTHCARE TR
25525P107
3382189.00000000
NS
USD
26110499.08000000
0.390295875384
Long
EC
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 5.25% 09/15/2022
45031UCD1
7000000.00000000
PA
USD
7144382.00000000
0.106793164628
Long
DBT
CORP
US
N
2
2022-09-15
Fixed
0.05250000
N
N
N
N
N
N
WP CAREY INC
54930042CRNE713E3Q67
WP CAREY INC 4% 02/01/2025
92936UAC3
6907000.00000000
PA
USD
7399082.17000000
0.110600385068
Long
DBT
CORP
US
N
2
2025-02-01
Fixed
0.04000000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MORGAN STANLEY CAP I TR 2011-C3 F CSTR 07/15/2049 144A
61760RAQ5
5624050.00000000
PA
USD
5485409.29000000
0.081995086119
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05419297
N
N
N
N
N
N
BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST 2019-AHT
N/A
BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST 2019-AHT 1ML+200 03/15/2034 144A
05525DAJ5
7168000.00000000
PA
USD
7170318.13000000
0.107180854060
Long
ABS-MBS
CORP
US
N
2
2034-03-15
Variable
0.03676250
N
N
N
N
N
N
BRAEMAR HOTELS and RESORTS TRUST 2018-PRIME
N/A
BRAEMAR HOTELS and RESORTS TRUST 2018-PRME E 1ML+240 06/15/2035 144A
10482TAN2
1500000.00000000
PA
USD
1501877.70000000
0.022449845552
Long
ABS-MBS
CORP
US
N
2
2035-06-15
Variable
0.04076250
N
N
N
N
N
N
GS MTG SECS TR 2016-GS3
N/A
GS MTG SECS TR 2016-GS3 2.62% 10/10/2049 144A
36251PAM6
3360000.00000000
PA
USD
3016075.78000000
0.045083854321
Long
ABS-MBS
CORP
US
N
2
2049-10-10
Fixed
0.02620000
N
N
N
N
N
N
NATIONAL STORAGE AFFILIATES TRUST
N/A
NATIONAL STORAGE AFFILIATES SER A 6% PFD PERP
637870205
91575.00000000
NS
USD
2496334.50000000
0.037314838599
Long
EP
CORP
US
N
1
N
N
N
IMT TR 2017-APTS
N/A
IMT TR 2017-APTS FFL 1ML+285 06/15/2034 144A
44974AAQ0
3532751.46000000
PA
USD
3537178.70000000
0.052873223636
Long
ABS-MBS
CORP
US
N
2
2034-06-15
Variable
0.04526250
N
N
N
N
N
N
BX COML MTG TR 2019
N/A
BX COML MTG TR 2019 1ML+198.72 11/25/2028 144A
05608FAN1
6426000.00000000
PA
USD
6430033.60000000
0.096115190482
Long
ABS-MBS
CORP
US
N
2
2032-11-25
Variable
0.03676250
N
N
N
N
N
N
JP MORGAN CHASE COML MTG SECS TR 2012-CIBX
N/A
JPMCC 2012-CBX E CSTR 6/45
46637WAQ6
5892000.00000000
PA
USD
5738834.51000000
0.085783248796
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Variable
0.05303152
N
N
N
N
N
N
MOTEL 6 TR 2017-M6MZ
N/A
MOTEL 6 TR 2017-M6MZ 1ML+692.65 08/15/2024 144A
61975GAA5
5692074.32800000
PA
USD
5749521.59000000
0.085942997685
Long
ABS-MBS
CORP
US
N
2
2024-08-15
Variable
0.08602750
N
N
N
N
N
N
BLACKSTONE MTG TR INC
549300OLDJ20R2Y2UW20
BLACKSTONE MTG TR INC CONV 4.75% 03/15/2023
09257WAC4
3856000.00000000
PA
USD
4144331.90000000
0.061948859799
Long
DBT
CORP
US
N
2
2023-03-15
Fixed
0.04750000
N
N
N
N
Y
BLACKSTONE MTG TR INC
BLACKSTONE MORTGAGE TR CL A
USD
XXXX
N
N
N
GRANITE POINT MORTGAGE TRUST INC
529900VX2HQZ76AYIE02
GRANITE POINT MORTGAGE TRUST INC CONV 5.625% 12/01/2022 144A
38741LAB3
6694000.00000000
PA
USD
6777675.00000000
0.101311682671
Long
DBT
CORP
US
N
2
2022-12-01
Fixed
0.05625000
N
N
N
N
N
GRANITE POINT MORTGAGE TRUST INC
GRANITE POINT MORTGAGE TRUST INC
USD
XXXX
N
N
N
TAYLOR MORRISON CMNTYS INC / MONARCH CMNTYS INC
549300O1Z08HI2MRK572
TAYLOR MORRISON CMNTY/ MONARCH 5.75% 01/15/2028 144A
87724RAB8
989000.00000000
PA
USD
1082955.00000000
0.016187851041
Long
DBT
CORP
US
N
2
2028-01-15
Fixed
0.05750000
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 4.25% 08/01/2025
45031UCG4
10300000.00000000
PA
USD
10351500.00000000
0.154732689776
Long
DBT
CORP
US
N
2
2025-08-01
Fixed
0.04250000
N
N
N
N
N
N
MONMOUTH REAL ESTATE INVT CORP
549300DFIUDCN3KVN260
MONMOUT 6.125% SER C PERP PFD
609720404
342800.00000000
NS
USD
8621420.00000000
0.128871710021
Long
EP
CORP
US
N
1
N
N
N
HCP INC
PZ9HF5U52KPF0MH0QN75
HCP INC 4.25% 11/15/2023
40414LAJ8
792000.00000000
PA
USD
853920.51000000
0.012764277386
Long
DBT
CORP
US
N
2
2023-11-15
Fixed
0.04250000
N
N
N
N
N
N
SOTHERLY HOTELS INC
549300IYTT21F61LSR10
SOTHERLY HOTELS INC SER C 7.875% PERP PFD
83600C400
107000.00000000
NS
USD
2835500.00000000
0.042384634290
Long
EP
CORP
US
N
1
N
N
N
DYNEX CAP INC
5CIJ4S9HAEBWILA19B65
DYNEX CAP INC 7.625% PFD PRP B
26817Q803
249295.00000000
NS
USD
6329550.19000000
0.094613179343
Long
EP
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC
45031U101
3339913.00000000
NS
USD
48629133.28000000
0.726901086209
Long
EC
CORP
US
N
1
N
N
N
COMM 2017-COR2
N/A
COMM 2017-COR2 D 3% 09/10/2050 144A
12595EAN5
2769000.00000000
PA
USD
2651622.09000000
0.039636054509
Long
ABS-MBS
CORP
US
N
2
2050-09-10
Fixed
0.03000000
N
N
N
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT SER H 6.25% PERP PFD
02665T868
98905.00000000
NS
USD
2711975.10000000
0.040538202369
Long
EP
CORP
US
N
1
N
N
N
GLOBAL NET LEASE INC
549300NUYANCT5SU8Z65
GLOBAL NET LEASE INC SER A 7.25% PFD PERP
379378300
531595.00000000
NS
USD
14129795.10000000
0.211210085669
Long
EP
CORP
US
N
1
N
N
N
BROOKFIELD OFFICE PPTYS INC
36ZUFRRMJERSM4Q0S289
BROOKFIELD OFFICE PROPERTIES INC 5.1/VAR SER EE PERP PFD
112900642
679025.00000000
NS
11498375.59000000
0.171876016335
Long
EP
CORP
CA
N
1
N
N
N
READY CAPITAL CORP
549300MYWGZUG7ZUYO87
READY CAPITAL CORP 6.2% PFD 07/30/26
75574U408
378550.00000000
NS
USD
10128786.64000000
0.151403603436
Long
EP
CORP
US
N
1
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAP 7.5 PFD PERP
035710805
599401.00000000
NS
USD
15434575.75000000
0.230713753692
Long
EP
CORP
US
N
1
N
N
N
LONESTAR II GENERATION HOLDINGS LLC
5493008TLUD4K1PDBH71
LONESTAR TERM C 1LN 04/10/2026
54238DAC6
642857.14000000
PA
USD
645267.85000000
0.009645368309
Long
LON
CORP
US
N
2
2026-04-10
Variable
0.06645250
N
N
N
N
N
N
FIDELITY REVERE STREET TRUST
549300BDV45LJNXBZC55
Fidelity Securities Lending Cash Central Fund
31635A303
34587309.39400000
NS
USD
34590768.12000000
0.517057681749
Long
STIV
RF
US
N
1
N
N
REGENCY CTRS LP
5493008PTR2GAOYBXW28
REGENCY CTRS LP 3.6% 02/01/2027
75884RAV5
2529000.00000000
PA
USD
2718656.31000000
0.040638072107
Long
DBT
CORP
US
N
2
2027-02-01
Fixed
0.03600000
N
N
N
N
N
N
HEALTHCARE TRUST OF AMERICA HOLDINGS LP
549300IYGAS4GE6VDL07
HEALTHCARE TRUST OF AMERICA HOLDINGS LP 3.75% 07/01/2027
42225UAF1
8301000.00000000
PA
USD
8984175.29000000
0.134294122401
Long
DBT
CORP
US
N
2
2027-07-01
Fixed
0.03750000
N
N
N
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL 8% PFD 04/15/42
55272X300
532905.00000000
NS
USD
13935465.75000000
0.208305279310
Long
EP
CORP
US
N
1
N
N
N
EQUITY LIFESTYLE PPTYS INC
529900PEQG66LENB6798
EQUITY LIFESTYLE PPTYS INC
29472R108
2415896.00000000
NS
USD
175756434.00000000
2.627181160052
Long
EC
CORP
US
N
1
N
N
N
EG GLOBAL FINANCE PLC
549300TL8Q5207VYET27
EG GLOBAL FINANCE PLC 8.5% 10/30/2025 144A
28228PAB7
6160000.00000000
PA
USD
6529600.00000000
0.097603494291
Long
DBT
CORP
GB
N
2
2025-10-30
Fixed
0.08500000
N
N
N
N
N
N
UBS-BAMLL TR 2012-WRM
N/A
UBSBM 2012-WRM D CSTR 6/30
90269PAL5
2143000.00000000
PA
USD
2122016.17000000
0.031719583609
Long
ABS-MBS
CORP
US
N
2
2030-06-10
Variable
0.04379267
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MSC 2011-C3 E CSTR 7/15/49 144A
61760RAN2
3456000.00000000
PA
USD
3448691.25000000
0.051550526331
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05419297
N
N
N
N
N
N
TAUBMAN CENTERS-REIT
N/A
TAUBMAN CENTERS 6.25% PFD PERP
876664707
155572.00000000
NS
USD
4019980.48000000
0.060090073179
Long
EP
CORP
US
N
1
N
N
N
HOWARD HUGHES CORP
549300BVHY25JZC1KI49
HOWARD HUGHES CORP 5.375% 03/15/2025 144A
44267DAB3
42007000.00000000
PA
USD
43267210.00000000
0.646751850689
Long
DBT
CORP
US
N
2
2025-03-15
Fixed
0.05375000
N
N
N
N
N
N
GLADSTONE LD CORP
54930002B3Q17H38FG74
GLADSTONE LAND CORP SER A 6.375% 9/30/21 PFD
376549200
63275.00000000
NS
USD
1646282.62000000
0.024608388921
Long
EP
CORP
US
N
1
N
N
N
TRI POINTE GROUP INC
N/A
TRI POINTE GROUP INC 5.25% 06/01/2027
87265HAF6
13898000.00000000
PA
USD
14766625.00000000
0.220729324751
Long
DBT
CORP
US
N
2
2027-06-01
Fixed
0.05250000
N
N
N
N
N
N
REXFORD INDL RLTY INC
549300MSLO0DF0EMX355
REXFORD INDL RLTY INC SER A 5.875% PERP PFD
76169C209
133500.00000000
NS
USD
3481466.40000000
0.052040444422
Long
EP
CORP
US
N
1
N
N
N
FREMF 2010-K7 MTG TR
N/A
FREMF 2010-K7 B CSTR 4/20
30263DAJ9
3164000.00000000
PA
USD
3171662.58000000
0.047409542777
Long
ABS-MBS
USGSE
US
N
2
2020-04-25
Variable
0.05728417
N
N
N
N
N
N
MARRIOTT OWNERSHIP RESORTS INC
BW4532OH033VURR0IT68
MARRIOTT OWNERSHIP RESORTS TERM B 1LN 08/31/2025
57163KAH1
4024587.50000000
PA
USD
4022092.26000000
0.060121639754
Long
LON
CORP
US
N
2
2025-08-31
Variable
0.03395250
N
N
N
N
N
N
VICI PROPERTIES / NOTE
N/A
VICI PROPERTIES / NOTE 4.625% 12/01/2029 144A
92564RAB1
6585000.00000000
PA
USD
6881325.00000000
0.102861027529
Long
DBT
CORP
US
N
2
2029-12-01
Fixed
0.04625000
N
N
N
N
N
N
KB HOME
549300LGUCWQURMWLG09
KB HOME 6.875% 06/15/2027
48666KAX7
2966000.00000000
PA
USD
3488757.50000000
0.052149430705
Long
DBT
CORP
US
N
2
2027-06-15
Fixed
0.06875000
N
N
N
N
N
N
BANK 2017-BNK7
N/A
BANK 2017-BNK8 E 2.8% 11/15/2050 144A
06650AAW7
11374393.00000000
PA
USD
8563871.48000000
0.128011483263
Long
ABS-MBS
CORP
US
N
2
2050-11-15
Fixed
0.02800000
N
N
N
N
N
N
DIGITAL RLTY TR INC
549300HKCZ31D08NEI41
DIGITAL REALTY TRUST INC SER C 6.625% PFD PERP
253868848
83050.00000000
NS
USD
2223248.50000000
0.033232789493
Long
EP
CORP
US
N
1
N
N
N
UBS COML MTG TR 2012-C1
N/A
UBSCM 2012-C1 F CSTR 5/10/45 144A
90269GAS0
2221350.00000000
PA
USD
947708.99000000
0.014166213703
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.05000000
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HBRS INVT CORP
90187B408
702170.00000000
NS
USD
10715114.20000000
0.160167941015
Long
EC
CORP
US
N
1
N
N
N
ARBOR RLTY TR INC
549300ASFUWYQO0RW077
ARBOR RLTY TR INC 8.25% PERP PFD
038923603
186964.00000000
NS
USD
4954546.00000000
0.074059820238
Long
EP
CORP
US
N
1
N
N
N
VICI PPTYS 1 LLC
549300XI4XP4JVS3XU20
VICI TERM B 1LN 12/22/2024
92565EAB9
22235000.00000000
PA
USD
22237890.55000000
0.332408696299
Long
LON
CORP
US
N
2
2024-12-22
Variable
0.03409380
N
N
N
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GSMS 2011-GC5 E CSTR 8/44
36191YAN8
8138000.00000000
PA
USD
7607121.64000000
0.113710128272
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05555908
N
N
N
N
N
N
GS MTG SECS TR 2012-GCJ7
N/A
GSMS 2012-GCJ7 D CSTR 5/45
36192KAC1
10078000.00000000
PA
USD
10152050.12000000
0.151751342492
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.05875139
N
N
N
N
N
N
WFRBS COML MTG TR 2013-C11
N/A
WFRBS 2013-C11 E VAR 3/45
92937EAL8
4727000.00000000
PA
USD
4790402.78000000
0.071606231682
Long
ABS-MBS
CORP
US
N
2
2045-03-15
Variable
0.04402737
N
N
N
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
DIVERSIFIED HEALTHCARE TRUST 5.625% PFD 8/1/42
25525P206
3750.00000000
NS
USD
93712.50000000
0.001400800578
Long
EP
CORP
US
N
1
N
N
N
NEW YORK MTG TR INC
549300JFGR0M7ULHWG48
NEW YORK MORTGAGE TRUST SER D 8%/VAR PFD PERP
649604881
317918.00000000
NS
USD
8249972.10000000
0.123319361794
Long
EP
CORP
US
N
1
N
N
N
MERITAGE HOMES CORP
52990044W9UMFJO2FB97
MERITAGE HOMES CORP 5.125% 06/06/2027
59001ABA9
4979000.00000000
PA
USD
5352425.00000000
0.080007256636
Long
DBT
CORP
US
N
2
2027-06-06
Fixed
0.05125000
N
N
N
N
N
N
BX TRUST 2019
N/A
BX TRUST 2019 1ML+230 10/15/2036 144A
056054AK5
2575000.00000000
PA
USD
2584811.27000000
0.038637376261
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.03976250
N
N
N
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP 7/VAR PFD PERP
00123Q500
448340.00000000
NS
USD
11764441.60000000
0.175853131670
Long
EP
CORP
US
N
1
N
N
N
BOARDWALK REAL ESTATE INVT TR
N/A
BOARDWALK REIT UNIT
096631106
256100.00000000
NS
9137858.55000000
0.136591357024
Long
EC
CORP
CA
N
1
N
N
TRICON AMERN HOMES 2017-SFR1 TR
N/A
TRICON AMERN HOMES 2017-SFR1 TR 2017-SFR1 F 5.151% 09/17/2034 144A
89613DAF0
8442000.00000000
PA
USD
8769190.82000000
0.131080566366
Long
ABS-CBDO
CORP
US
N
2
2034-09-17
Fixed
0.05151000
N
N
N
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9
549300PFVBG5704L7K74
MSBAM 13-C9 D CSTR 5/15/46
61762DAG6
5137000.00000000
PA
USD
5286257.59000000
0.079018195986
Long
ABS-MBS
CORP
US
N
2
2046-05-15
Variable
0.04259909
N
N
N
N
N
N
WFRBS COML MTG TR 2013-C13
N/A
WFRBS COML MTG TR 2013-C13 D CSTR 05/15/2045 144A
92937UAJ7
3955000.00000000
PA
USD
4061919.87000000
0.060716976973
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Variable
0.04277112
N
N
N
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PROPERTIES INC 6.75% SER C PFD PERP
903002400
430965.00000000
NS
USD
11386095.30000000
0.170197667180
Long
EP
CORP
US
N
1
N
N
N
WELLS FARGO COML MTG TR 2012-LC5
N/A
WFCM 12-LC5 E VAR 4.775603% 10/15/2045 144A
94988HAR2
8347000.00000000
PA
USD
8432403.17000000
0.126046314425
Long
ABS-MBS
CORP
US
N
2
2045-10-15
Variable
0.04913434
N
N
N
N
N
N
COMM 2013-LC6 MTG TR
N/A
COMM 2013-LC6 D MTG TR CSTR 01/10/2046 144A
20048EAE1
8301000.00000000
PA
USD
8546905.50000000
0.127757878305
Long
ABS-MBS
CORP
US
N
2
2046-01-10
Variable
0.04407181
N
N
N
N
N
N
NEW RESIDENTIAL INVT CORP
549300WNTHGEO5LP2G31
NEW RESIDENTIAL INVESTMENT CORP SER A 7.5%/VAR PFD PERP
64828T300
455239.00000000
NS
USD
12168538.47000000
0.181893511868
Long
EP
CORP
US
N
1
N
N
N
PEBBLEBROOK HOTEL TR
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER F 6.3% PERP PFD
70509V704
237325.00000000
NS
USD
6232154.50000000
0.093157322985
Long
EP
CORP
US
N
1
N
N
N
COMM 2014-UBS2 MTG TR
N/A
COMM 2014-UBS2 D MTG TR CSTR 03/10/2047 144A
12591UAP8
3713000.00000000
PA
USD
3581000.62000000
0.053528267209
Long
ABS-MBS
CORP
US
N
2
2047-03-10
Variable
0.05169046
N
N
N
N
N
N
SABRA HEALTH CARE LTD PARTNERSHIP / SABRA CAP CORP
N/A
SABRA HEALTH CA LP/CAPTL CORP 4.8% 06/01/2024
78572XAF8
7475000.00000000
PA
USD
8017834.50000000
0.119849403310
Long
DBT
CORP
US
N
2
2024-06-01
Fixed
0.04800000
N
N
N
N
N
N
DCP MIDSTREAM LP
52990024YYS3MLGW0E91
DCP MIDSTREAM LP 7.95/VAR PERP PFD
23311P308
206262.00000000
NS
USD
5104984.50000000
0.076308552668
Long
EP
CORP
US
N
1
N
N
N
COMM 2018-HCLV MTG TR
N/A
COMM MORTGAGE TRUST 2018-HCLV G 1ML+505 069/15/2033
20048KAN7
4265000.00000000
PA
USD
4115434.98000000
0.061516912916
Long
ABS-MBS
CORP
US
N
2
2033-09-15
Variable
0.06732550
N
N
N
N
N
N
WFRBS COML MTG TR 2013-C16
N/A
WFRBS COML MTG TR 2013-C16 CSTR 09/15/2046
92938EBR3
3686000.00000000
PA
USD
3683393.63000000
0.055058822767
Long
ABS-MBS
CORP
US
N
2
2046-09-15
Variable
0.05197741
N
N
N
N
N
N
EXANTAS CAPITAL CORP
549300RUJWPCMY4JFR46
EXANTAS CP 8.625%/VAR PFD PERP
30068N402
236708.00000000
NS
USD
6260926.60000000
0.093587404077
Long
EP
CORP
US
N
1
N
N
N
VEREIT INC
5493002H54FNIBW75H44
VEREIT INC
92339V100
525434.00000000
NS
USD
5128235.84000000
0.076656110257
Long
EC
CORP
US
N
1
N
N
N
MSCCG TR 2018-SELF
N/A
MSCCG TR 2018-SELF E 1ML+215 10/15/2028 144A
55358PAN6
5061000.00000000
PA
USD
5064041.66000000
0.075696545156
Long
ABS-MBS
CORP
US
N
2
2037-10-15
Variable
0.03826250
N
N
N
N
N
N
WELLS FARGO COML MTG TR 2016-C35
549300MZIB10PDVAE312
WFCM 2016-C35 D 3.142% 07/48 144A
95000FAC0
18335000.00000000
PA
USD
16268630.83000000
0.243181085572
Long
ABS-MBS
CORP
US
N
2
2048-07-15
Fixed
0.03142000
N
N
N
N
N
N
GS MORTGAGE SECURITIES CORPORATION II
N/A
GSMS 2012-GC6 D CSTR 1/45
36192BAL1
6590000.00000000
PA
USD
6783166.08000000
0.101393762522
Long
ABS-MBS
CORP
US
N
2
2045-01-10
Variable
0.05839481
N
N
N
N
N
N
CBL and ASSOCS LTD PARTNERSHIP
549300VS75TWHD9JTH89
CBL and ASSOCS LP 5.95% 12/15/26
12505JAD5
10317000.00000000
PA
USD
5162162.54000000
0.077163241547
Long
DBT
CORP
US
N
2
2026-12-15
Fixed
0.05950000
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2014-DSTY
N/A
JPMCC 2014-DSTY E CSTR 06/27
46642MAN8
8161000.00000000
PA
USD
3184476.88000000
0.047601089037
Long
ABS-MBS
CORP
US
N
2
2027-06-10
Variable
0.03931420
N
N
N
N
N
N
WP GLIMCHER MALL TR 15-WPG
N/A
JPMDB 2015-WPG PR1 CSTAR 6/5/35 144A
92939VAL8
6725000.00000000
PA
USD
5905046.98000000
0.088267768194
Long
ABS-MBS
CORP
US
N
2
2035-06-05
Variable
0.03633200
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 F CSTR 6/44
617459AL6
4440000.00000000
PA
USD
4184266.21000000
0.062545791954
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.05670536
N
N
N
N
N
N
WYNDHAM DESTINATIONS INC
T4VNTWMFQ7JQB65L7T35
WYNDHAM DESTINATIONS INC
98310W108
270700.00000000
NS
USD
13137071.00000000
0.196370992765
Long
EC
CORP
US
N
1
N
N
N
MACK-CALI REALTY LP
549300MJC9VNA6VSEE11
MACK CALI RLTY 3.15% 5/15/23
55448QAS5
10000.00000000
PA
USD
9970.97000000
0.000149044583
Long
DBT
CORP
US
N
2
2023-05-15
Fixed
0.03150000
N
N
N
N
N
N
GS MTG SECS TR 2012-GCJ9
N/A
GS MTG SECS TR 2012-GCJ9 VAR 11/10/2045 144A
36192PAK2
5503000.00000000
PA
USD
5669809.14000000
0.084751467782
Long
ABS-MBS
CORP
US
N
2
2045-11-10
Variable
0.04899895
N
N
N
N
N
N
CAPSTEAD MORTGAGE CORP
549300W6CQE2GR8QBV24
CAPSTEAD MORT 7.5% PFD PRP E
14067E605
426533.00000000
NS
USD
10855264.85000000
0.162262892186
Long
EP
CORP
US
N
1
N
N
N
WP CAREY INC
54930042CRNE713E3Q67
WP CAREY INC 4.25% 10/01/26
92936UAE9
8261000.00000000
PA
USD
9048854.71000000
0.135260940798
Long
DBT
CORP
US
N
2
2026-10-01
Fixed
0.04250000
N
N
N
N
N
N
COLONY CAPITAL INC
549300XG87L902AGBO89
COLONY CAPITAL INC 7.5 PFD PERP G PAR=25
19626G405
520734.00000000
NS
USD
13039179.36000000
0.194907723020
Long
EP
CORP
US
N
1
N
N
N
SBA COMMUNICATIONS CORP
5299001HX8ZN8Y8QIT49
SBA COMMUNICATIONS CORP 4% 10/01/2022
78410GAB0
5473000.00000000
PA
USD
5568777.50000000
0.083241261782
Long
DBT
CORP
US
N
2
2022-10-01
Fixed
0.04000000
N
N
N
N
N
N
NATIXIS COML MTG SECS TR 2018-FL1
N/A
NATIXIS COML MTG SECS TR 2018-FL1 WAN2 1ML+375 06/15/2035 144A
63874MBE1
651000.00000000
PA
USD
649823.45000000
0.009713464744
Long
ABS-MBS
CORP
US
N
2
2035-06-15
Variable
0.05490000
N
N
N
N
N
N
ARMOUR RESIDENTIAL REIT INC
549300K0WA0EJUX74V72
ARMOUR RESDNTL REIT INC SER C 7% PERP PFD
042315606
102500.00000000
NS
USD
2573775.00000000
0.038472407731
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C5
N/A
MSBAM 2012-C5 E VAR 08/15/2045 144A
61761AAJ7
3845000.00000000
PA
USD
3994628.18000000
0.059711110751
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04833390
N
N
N
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE
74460D109
90700.00000000
NS
USD
20295032.00000000
0.303367134275
Long
EC
CORP
US
N
1
N
N
N
HILTON USA TR 2016-HHV
N/A
HILT 2016-HHV F CSTR 11/38 144A
43300LAQ3
8440000.00000000
PA
USD
8619853.02000000
0.128848287036
Long
ABS-MBS
CORP
US
N
2
2038-11-05
Variable
0.04333283
N
N
N
N
N
N
PENNYMAC CORP
EWN0I878407TKQNXZ933
PENNYMAC CONV 5.375 5/01/20
70932AAB9
35208000.00000000
PA
USD
35384800.84000000
0.528926765315
Long
DBT
CORP
US
N
2
2020-05-01
Fixed
0.05375000
N
N
N
N
N
PENNYMAC MORTGAGE INVESTMENT TRUST
PENNYMAC MORTGAGE INV TRUST
USD
XXXX
N
N
N
COMM 2012-LC4 MTG TR
N/A
COMM 2012-LC4 C CSTR 12/44
126192AG8
1978000.00000000
PA
USD
2063611.00000000
0.030846551773
Long
ABS-MBS
CORP
US
N
2
2044-12-10
Variable
0.05721522
N
N
N
N
N
N
TRICON AMERN HOMES 2018-SFR TR
N/A
TRICON AMERN HOMES 2018-SFR1 F 4.96% 05/17/2037 144A
89613TAF5
4000000.00000000
PA
USD
4260925.60000000
0.063691685168
Long
ABS-CBDO
CORP
US
N
2
2037-05-17
Fixed
0.04960000
N
N
N
N
N
N
MATTAMY GROUP CORP
5493008TNY7A82WCXU31
MATTAMY GROUP CORP 5.25% 12/15/2027 144A
57701RAJ1
17145000.00000000
PA
USD
17959387.50000000
0.268454266010
Long
DBT
CORP
CA
N
2
2027-12-15
Fixed
0.05250000
N
N
N
N
N
N
RETAIL VALUE INC
549300VO5RB7323N1Z31
RETAIL VALUE INC
76133Q102
286702.00000000
NS
USD
9423894.74000000
0.140866983653
Long
EC
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL 2019-SFR3 TR
N/A
PROGRESS RESIDENTIAL 2019-SFR3 TR 3.867% 09/17/2036 144A
74332WAL7
1000000.00000000
PA
USD
1020249.80000000
0.015250542993
Long
ABS-MBS
CORP
US
N
2
2036-09-17
Fixed
0.03867000
N
N
N
N
N
N
COMM 2012-CCRE2 MTG TR
N/A
COMM 2012-CR2 F 4.25% 8/45
12624KBA3
2000000.00000000
PA
USD
1831018.60000000
0.027369795006
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Fixed
0.04250000
N
N
N
N
N
N
KKR REAL ESTATE FINANCE TRUST INC
549300K23AYZDZ2REL62
KKR REAL ESTATE FIN TR INC CONV 6.125% 05/15/2023
48251KAB6
8009000.00000000
PA
USD
8419861.70000000
0.125858846387
Long
DBT
CORP
US
N
2
2023-05-15
Fixed
0.06125000
N
N
N
N
Y
KKR REAL ESTATE FINANCE TRUST INC
KKR REAL ESTATE FINANCE TRUST INC
USD
XXXX
N
N
N
DBCCRE 2014-ARCP MORTGAGE TRUST
N/A
DBCCRE 2014-ARCP MORTGAGE TRUST VAR 01/10/2034 144A
23305MAL9
10732000.00000000
PA
USD
11003432.67000000
0.164477682828
Long
ABS-MBS
CORP
US
N
2
2034-01-10
Variable
0.05098983
N
N
N
N
N
N
HEALTHCARE TR AMER INC
549300L0I14L7I0VLX84
HEALTHCARE TRST OF AMERICA INC
42225P501
1225460.00000000
NS
USD
39251483.80000000
0.586725369857
Long
EC
CORP
US
N
1
N
N
N
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2020
N/A
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2020-SOP E 1ML+281 01/15/2035 144A
95002CAJ0
3250000.00000000
PA
USD
3246395.75000000
0.048526643141
Long
ABS-MBS
CORP
US
N
2
2035-01-15
Variable
0.04360000
N
N
N
N
N
N
APARTMENT INVT and MGMT CO
549300O8FT5GJ4RU1D57
APARTMENT INV and MGMT CO A REIT
03748R754
2714373.00000000
NS
USD
143074600.83000000
2.138657955375
Long
EC
CORP
US
N
1
N
N
N
CENTURY CMNTYS INC
5299002QMB2O7ZL1CA26
CENTURY COMMUNITIES INC 6.75% 06/01/2027 144A
156504AJ1
13230000.00000000
PA
USD
14354550.00000000
0.214569688646
Long
DBT
CORP
US
N
2
2027-06-01
Fixed
0.06750000
N
N
N
N
N
N
ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FIN CORP
N/A
ICAHN ENTERPRISES LP/FIN CORP 4.75% 09/15/2024 144A
451102BU0
4000000.00000000
PA
USD
4095000.00000000
0.061211453860
Long
DBT
CORP
US
N
2
2024-09-15
Fixed
0.04750000
N
N
N
N
N
N
WP CAREY INC
54930042CRNE713E3Q67
WP CAREY INC 4.6% 04/01/2024
92936UAA7
11196000.00000000
PA
USD
12143712.63000000
0.181522418886
Long
DBT
CORP
US
N
2
2024-04-01
Fixed
0.04600000
N
N
N
N
N
N
WP GLIMCHER MALL TR 15-WPG
N/A
JPMDB 2015-WPG PR2 CSTR 06/35
92939VAN4
2541000.00000000
PA
USD
2138304.86000000
0.031963064536
Long
ABS-MBS
CORP
US
N
2
2035-06-05
Variable
0.03633200
N
N
N
N
N
N
ADAMS HOMES INC
N/A
ADAMS HOMES INC 7.5% 02/15/2025 144A
00623PAA9
9530000.00000000
PA
USD
9792075.00000000
0.146370487681
Long
DBT
CORP
US
N
2
2025-02-15
Fixed
0.07500000
N
N
N
N
N
N
BLACKSTONE CQP HOLDCO LP
N/A
BLACKSTONE CQP TERM B 09/30/2024
09259HAB7
5116806.20000000
PA
USD
5112559.25000000
0.076421778910
Long
LON
CORP
US
N
2
2024-09-30
Variable
0.05408000
N
N
N
N
N
N
INVITATION HOMES OPERATING PARTNERSHIP LP
549300147YMUQB3GW319
INVITATION HOMES TERM B 02/06/2022
46187CAC5
23975000.00000000
PA
USD
23735250.00000000
0.354791003720
Long
LON
CORP
US
N
3
2022-02-06
Variable
0.03360880
N
N
N
N
N
N
FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD
N/A
FHMS K013 X3 IO CSTR 1/43
3137AA4Y6
14199000.00000000
PA
USD
277069.35000000
0.004141591632
Long
ABS-MBS
USGSE
US
N
2
2043-01-25
Variable
0.02910132
N
N
N
N
N
N
TAYLOR MORRISON CMNTYS INC / TAYLOR MORRISON HLDGS II INC
N/A
TAYLOR MORRISON CMNTYS / TAYLOR MORRISON HLDGS II 5.875% 04/15/23 144A
87724LAA3
4054000.00000000
PA
USD
4368185.00000000
0.065294982803
Long
DBT
CORP
US
N
2
2023-04-15
Fixed
0.05875000
N
N
N
N
N
N
GS MORTGAGE SECURITIES CORPORATION II
N/A
GSMS 2012-GC6 C CSTR 1/45
36192BAJ6
3560000.00000000
PA
USD
3744658.62000000
0.055974602769
Long
ABS-MBS
CORP
US
N
2
2045-01-10
Variable
0.05839481
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INVT CORP 7.5% SER E PERP PFD
90187B705
491117.00000000
NS
USD
12569255.60000000
0.187883372213
Long
EP
CORP
US
N
1
N
N
N
ANWORTH MTG ASSET CORP
N2KM5OGWVS7HLNUACF84
ANWORTH MTG ASSET CORP
037347101
367236.00000000
NS
USD
1314704.88000000
0.019652013944
Long
EC
CORP
US
N
1
N
N
N
FIVE PT OPER CO LP / FIVE PT PT CAP CORP
N/A
FIVE PT OPER CO LP / FIVE PT PT CAP CORP 7.875% 11/15/2025 144A
33834YAA6
22013000.00000000
PA
USD
22783455.00000000
0.340563712944
Long
DBT
CORP
US
N
2
2025-11-15
Fixed
0.07875000
N
N
N
N
N
N
HUNT COMPANIES FINANCE TRUST INC
5493002OB7SJ4MVQY666
HUNT COMPANIES FINANCE TRUST INC
44558T100
541801.00000000
NS
USD
1777107.28000000
0.026563936574
Long
EC
CORP
US
N
1
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP 6.875/VAR PERP PFD
00123Q609
874072.00000000
NS
USD
22787057.04000000
0.340617555705
Long
EP
CORP
US
N
1
N
N
N
GS MTG SECS TR 2012-GCJ7
N/A
GSMS 2012-GCJ7 C 5.721% 5/45
36192KAY3
6427000.00000000
PA
USD
6765007.50000000
0.101122330756
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.05875139
N
N
N
N
N
N
GPMT 2019-FL2 LTD
N/A
GPMT 2019-FL2 LTD 1ML+295 02/22/2036 144A
36259BAJ6
2142000.00000000
PA
USD
2154055.18000000
0.032198497988
Long
ABS-CBDO
CORP
KY
N
2
2036-02-22
Variable
0.04626250
N
N
N
N
N
N
CITY OFFICE REIT INC
5493003J7157VP25NL57
CITY OFFICE REIT INC 6.625% SER A PFD PERP
178587200
178475.00000000
NS
USD
4688538.25000000
0.070083575765
Long
EP
CORP
US
N
1
N
N
N
DBUBS 2011-LC1 MTG TR
N/A
DBUBS 11-LC1A E 5.55709% 11/46
233050AJ2
13874000.00000000
PA
USD
14169735.41000000
0.211807107511
Long
ABS-MBS
CORP
US
N
2
2046-11-10
Variable
0.05877773
N
N
N
N
N
N
SAUL CENTERS INC
N/A
SAUL CENTERS INC 6.125% SER D PFD PERP
804395804
82775.00000000
NS
USD
2162083.00000000
0.032318496653
Long
EP
CORP
US
N
1
N
N
N
LEXINGTON CORP PPTYS TR REIT
549300S4MH2ICXDBFV43
LEXINGTON CORP PPTYS TR REIT 4.4% 06/15/2024
529043AD3
2156000.00000000
PA
USD
2276887.52000000
0.034034577625
Long
DBT
CORP
US
N
2
2024-06-15
Fixed
0.04400000
N
N
N
N
N
N
PENNSYLVANIA REAL EST INVT TR
5493001GPBXRIG8WJO70
PENNSYLVANIA REAL EST INVT TR SER D 6.875% PFD PERP
709102701
150100.00000000
NS
USD
3012507.00000000
0.045030508726
Long
EP
CORP
US
N
1
N
N
N
OCWEN LOAN SERVICING LLC
549300MEMWF0Y8H4PL17
OCWEN FINANCIAL TERM B 12/05/2020
67574UAC2
6661920.43100000
PA
USD
6616153.04000000
0.098897276322
Long
LON
CORP
US
N
2
2020-12-05
Variable
0.06799380
N
N
N
N
N
N
GREEN ENERGY PARTNERS/STONEWALL LLC
549300BHYFK6M9HVNA29
PANDA STONEWALL TERM B1 11/13/21
39303NAB7
10931126.79500000
PA
USD
10472019.47000000
0.156534196974
Long
LON
CORP
US
N
2
2021-11-13
Variable
0.07444630
N
N
N
N
N
N
WILLIAM LYON HOMES INC
5493001MTHCP4IWKJU06
WILLIAM LYON HOMES INC 7% 08/15/2022
96926DAH3
1115000.00000000
PA
USD
1117787.50000000
0.016708522095
Long
DBT
CORP
US
N
2
2022-08-15
Fixed
0.07000000
N
N
N
N
N
N
JPMDB COML MTG SECS TR 2018-C8
N/A
JPMDB COML MTG SECS TR 2018-C8 CSTR 06/15/2051 144A
46591AAG0
1698000.00000000
PA
USD
1578030.53000000
0.023588166783
Long
ABS-MBS
CORP
US
N
2
2051-06-15
Variable
0.03402585
N
N
N
N
N
N
MORGAN STANLEY CAPITAL I TRUST 2019-AGLN
N/A
MORGAN STANLEY CAPITAL I TRUST 2019-AGLN 1ML+315 03/15/2034 144A
61691TAS1
5946000.00000000
PA
USD
5968619.77000000
0.089218044849
Long
ABS-MBS
CORP
US
N
2
2034-03-15
Variable
0.04826250
N
N
N
N
N
N
HCP INC
PZ9HF5U52KPF0MH0QN75
HCP INC 4.0% 06/01/2025
40414LAN9
989000.00000000
PA
USD
1078371.27000000
0.016119334123
Long
DBT
CORP
US
N
2
2025-06-01
Fixed
0.04000000
N
N
N
N
N
N
PEBBLEBROOK HOTEL TR
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL 6.5% PFD PERP
70509V407
202046.00000000
NS
USD
5160254.84000000
0.077134725529
Long
EP
CORP
US
N
1
N
N
N
REDWOOD TRUST INC
DRBV4N1ERQLEMIF11G78
REDWOOD TRUST INC REIT
758075402
1286252.00000000
NS
USD
22676622.76000000
0.338966800434
Long
EC
CORP
US
N
1
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 5.25% 01/15/2026
681936BH2
1953000.00000000
PA
USD
2211814.27000000
0.033061872316
Long
DBT
CORP
US
N
2
2026-01-15
Fixed
0.05250000
N
N
N
N
N
N
JP MORGAN CHASE COML MTG SECS TR 2012-CIBX
N/A
JPMCC 2012-CBX C CSTR 6/45
46637WAH6
4479000.00000000
PA
USD
4667626.81000000
0.069770994656
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Variable
0.05303152
N
N
N
N
N
N
MOTEL 6 TR 2017-MTL6
N/A
MOTEL 6 TR 2017-MTL6 1ML+425 08/15/2034 144A
61975FAQ2
10881192.98010000
PA
USD
10929059.35000000
0.163365961449
Long
ABS-MBS
CORP
US
N
2
2034-08-15
Variable
0.05926250
N
N
N
N
N
N
VERITAS-B JUNIOR MEZZ C, LLC
N/A
RENT MEZZ C 10.49% 02/06/2021
N/A
12171000.00000000
PA
USD
12405900.30000000
0.185441561369
Long
LON
CORP
US
N
3
2021-02-06
Variable
0.10480000
N
N
N
N
N
N
REXFORD INDL RLTY INC
549300MSLO0DF0EMX355
REXFORD INDL RLTY INC SER B 5.875% PERP PFD
76169C308
78600.00000000
NS
USD
2056962.00000000
0.030747163505
Long
EP
CORP
US
N
1
N
N
N
CITIGROUP COML MTG TR 2013-GC15
N/A
CITIGROUP COML MTG TR 2013-GC15 D CSTR 09/10/2046 144A
17321JAP9
5254000.00000000
PA
USD
5583189.90000000
0.083456696204
Long
ABS-MBS
CORP
US
N
2
2046-09-10
Variable
0.05387838
N
N
N
N
N
N
SABRA HEALTH CARE LP
549300OVKLRFSIQG0H81
SABRA HEALTH CARE LP 5.125% 08/15/2026
14162VAB2
20264000.00000000
PA
USD
22172637.79000000
0.331433307702
Long
DBT
CORP
US
N
2
2026-08-15
Fixed
0.05125000
N
N
N
N
N
N
AVALONBAY COMMUNITIES INC
K9G90K85RBWD2LAGQX17
AVALONBAY COMMUNITIES INC REIT
053484101
140100.00000000
NS
USD
30358269.00000000
0.453790911396
Long
EC
CORP
US
N
1
N
N
N
GLOBAL PARTNERS LP
549300PCHWTW9P4DU444
GLOBAL PARTNERS LP SER A 9.75/VAR PFD PERP
37946R208
161507.00000000
NS
USD
4254094.38000000
0.063589573103
Long
EP
CORP
US
N
1
N
N
N
ESH HOSPITALITY INC
54930042FMK7X7SQ2896
EXTENDED STAY TERM 1LN 09/18/2026
26908BAK9
5990681.01500000
PA
USD
6020993.86000000
0.090000924994
Long
LON
CORP
US
N
2
2026-09-18
Variable
0.03645250
N
N
N
N
N
N
ENBRIDGE INC
98TPTUM4IVMFCZBCUR27
ENBRIDGE INC SER 1 4% PFD PERP
29250N717
498275.00000000
NS
USD
10962050.00000000
0.163859100802
Long
EP
CORP
CA
N
1
N
N
N
MARRIOTT OWNERSHIP RESORTS INC / ILG LLC
N/A
MARRIOTT OWNERSHIP RESORTS INC / ILG LLC 6.5% 09/15/2026
57165PAB1
3955000.00000000
PA
USD
4281287.50000000
0.063996051835
Long
DBT
CORP
US
N
2
2026-09-15
Fixed
0.06500000
N
N
N
N
N
N
BRIXMOR OPERATING PARTNERSHIP LP
549300CJHBL7JBUA6503
BRIXMOR OPERATING PARTNERSHIP LP 3.65% 06/15/2024
11120VAF0
5933000.00000000
PA
USD
6304198.62000000
0.094234227827
Long
DBT
CORP
US
N
2
2024-06-15
Fixed
0.03650000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2012-C4
5493005SNWQW3UUOQX45
MSC 2012-C4 D 5.711069 3/45
61760VAE3
6310000.00000000
PA
USD
6308248.98000000
0.094294772009
Long
ABS-MBS
CORP
US
N
2
2045-03-15
Variable
0.05599863
N
N
N
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13
N/A
MSBAM 2013-C13 E CSTR 11/15/46 144A
61763BAE4
3341000.00000000
PA
USD
3423251.74000000
0.051170260301
Long
ABS-MBS
CORP
US
N
2
2046-11-15
Variable
0.05070948
N
N
N
N
N
N
WFRBS COML MTG TR 2013-UBS1
N/A
WFRBS COML MTG TR 2013-UBS1 VAR 03/15/2046 144A
92938JAN2
4538000.00000000
PA
USD
4678111.66000000
0.069927720641
Long
ABS-MBS
CORP
US
N
2
2046-03-15
Variable
0.04896635
N
N
N
N
N
N
MACK-CALI REALTY LP
549300MJC9VNA6VSEE11
MACK-CALI REALTY LP 4.5% 04/18/2022
55448QAQ9
517000.00000000
PA
USD
530425.40000000
0.007928720365
Long
DBT
CORP
US
N
2
2022-04-18
Fixed
0.04500000
N
N
N
N
N
N
ARBOR RLTY TR INC
549300ASFUWYQO0RW077
ARBOR RLTY TR INC 7.5% PFD PERP
038923702
237325.00000000
NS
USD
6215541.75000000
0.092908998057
Long
EP
CORP
US
N
1
N
N
N
CONSECO FIN SECURITIZATNS CORP
N/A
CNF 2002-2 M2 9.163% 3/33
20846QJZ2
405251.99400000
PA
USD
373036.77000000
0.005576098421
Long
ABS-CBDO
CORP
US
N
2
2033-03-01
Fixed
0.09163000
N
N
N
N
N
N
PENNYMAC MORTGAGE INVESTMENT TRUST
549300BSSOQO1ZWDUJ97
PENNYMAC MTG INVT TR 8%/VAR SER B PREF PERP
70931T400
746321.00000000
NS
USD
19792432.92000000
0.295854357622
Long
EP
CORP
US
N
1
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER C 7.75/VAR PERP PFD
16934Q505
2206386.00000000
NS
USD
58160334.96000000
0.869372078118
Long
EP
CORP
US
N
1
N
N
N
GREAT AJAX CORP
5493004ID2QQWNGDYC18
GREAT AJAX CORP
38983D300
1660062.00000000
NS
USD
25050335.58000000
0.374448708311
Long
EC
CORP
US
N
1
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE 5.15% SER F PFD PERP
74460W685
171450.00000000
NS
USD
4588002.00000000
0.068580774782
Long
EP
CORP
US
N
1
N
N
N
PEBBLEBROOK HOTEL TR
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD
70509V605
351372.00000000
NS
USD
8910793.92000000
0.133197228544
Long
EP
CORP
US
N
1
N
N
N
LIGHTSTONE HOLDCO LLC
N/A
LIGHTSTONE HOLDCO TERM C 1LN 01/30/2024
53226GAH4
947419.61000000
PA
USD
887021.61000000
0.013259067729
Long
LON
CORP
US
N
2
2024-01-30
Variable
0.05395250
N
N
N
N
N
N
INVESTORS REAL ESTATE TRUST
5493002LG2SH9EEHT720
INVESTORS REIT 6.625% SER C PFD PERP
461730400
317300.00000000
NS
USD
8545015.92000000
0.127729633143
Long
EP
CORP
US
N
1
N
N
N
LGI HOMES INC
549300W02B4WNV8CV109
LGI HOMES INC 6.875% 07/15/2026 144A
50187TAE6
24116000.00000000
PA
USD
25472525.00000000
0.380759533269
Long
DBT
CORP
US
N
2
2026-07-15
Fixed
0.06875000
N
N
N
N
N
N
SUMMIT HOTEL PPTYS INC
N/A
SUMMIT HOTEL PPTYS INC 6.45% SER D PREF PERP
866082506
207650.00000000
NS
USD
5417588.50000000
0.080981310989
Long
EP
CORP
US
N
1
N
N
N
GS MTG SECS CORP TR 2016-RENT
N/A
GSMS 2016-REMZ MZB 7.727% 2/10/21
36251TAA4
29492000.00000000
PA
USD
29880153.06000000
0.446644105095
Long
ABS-MBS
CORP
US
N
2
2021-02-10
Fixed
0.07727000
N
N
N
N
N
N
COLONY CAPITAL INC
549300XG87L902AGBO89
COLONY CAPITAL INC
19626G108
6476880.00000000
NS
USD
30247029.60000000
0.452128121310
Long
EC
CORP
US
N
1
N
N
N
STARWOOD WAYPOINT HOMES 2017-1 TR
N/A
STARWOOD WAYPOINT HOMES 2017-1 F 1ML+330 01/07/2035 144A
85572MAF7
12529000.00000000
PA
USD
12538072.25000000
0.187417248113
Long
ABS-CBDO
CORP
US
N
2
2035-01-17
Variable
0.05076250
N
N
N
N
N
N
GREEN ENERGY PARTNERS/STONEWALL LLC
549300BHYFK6M9HVNA29
PANDA STONEWALL TERM B2 DD 11/13/21
39303NAC5
1930253.16000000
PA
USD
1849182.53000000
0.027641306743
Long
LON
CORP
US
N
2
2021-11-13
Variable
0.07444630
N
N
N
N
N
N
FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD
N/A
FHMS K011 X3 CSTR 12/43
3137A7NX4
12069096.00000000
PA
USD
184454.41000000
0.002757197217
Long
ABS-MBS
USGSE
US
N
2
2043-12-25
Variable
0.02660491
N
N
N
N
N
N
HOME PARTNERS AMER 2018-1 TR
N/A
HOME PARTNERS AMER 2018-1 TR 2018-1 F 1ML+235 07/17/2037 144A
43730WAL0
3896000.00000000
PA
USD
3893658.50000000
0.058201830920
Long
ABS-CBDO
CORP
US
N
2
2037-07-17
Variable
0.04019000
N
N
N
N
N
N
WILLIAMS SCOTSMAN CORP
549300HJ4VIXF476Q166
WILLIAMS SCOTSMAN CORP A
971375126
1091800.00000000
NS
USD
20580430.00000000
0.307633221335
Long
EC
CORP
US
N
1
N
N
N
CSAIL 2017-CX9 COML MTG TR
N/A
CSAIL 2017-CX9 D CSTR 09/15/2050 144A
12595FAP7
2539000.00000000
PA
USD
2470782.15000000
0.036932885854
Long
ABS-MBS
CORP
US
N
2
2050-09-15
Variable
0.04291562
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MSC 2011-C3 G CSTR 07/49
61760RAS1
5049500.00000000
PA
USD
4692378.66000000
0.070140981646
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05419297
N
N
N
N
N
N
MERITAGE HOMES CORP
52990044W9UMFJO2FB97
MERITAGE HOMES 7% 4/01/22
59001AAQ5
7441000.00000000
PA
USD
8110690.00000000
0.121237393579
Long
DBT
CORP
US
N
2
2022-04-01
Fixed
0.07000000
N
N
N
N
N
N
GRANITE POINT MORTGAGE TRUST INC
529900VX2HQZ76AYIE02
GRANITE POINT MORTGAGE TRUST INC CONV 6.375% 10/01/2023
38741LAC1
10099000.00000000
PA
USD
10446153.13000000
0.156147550752
Long
DBT
CORP
US
N
2
2023-10-01
Fixed
0.06375000
N
N
N
N
N
GRANITE POINT MORTGAGE TRUST INC
GRANITE POINT MORTGAGE TRUST INC
USD
XXXX
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C31
N/A
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C31 CSTR 11/15/2049 144A
61766RAJ5
1483000.00000000
PA
USD
1285300.23000000
0.019212477588
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Variable
0.03000000
N
N
N
N
N
N
KESTREL ACQUISITION LLC
549300ER0JUHJLPPMH08
HUNTERSTOWN GENERATION TERM B 06/01/2025
49254YAB1
5913703.00000000
PA
USD
5204058.64000000
0.077789498248
Long
LON
CORP
US
N
2
2025-06-01
Variable
0.06050000
N
N
N
N
N
N
ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FIN CORP
N/A
ICAHN ENTERPRISES LP/FIN CORP5.875% 02/01/2022
451102BF3
3639000.00000000
PA
USD
3639000.00000000
0.054395233357
Long
DBT
CORP
US
N
2
2022-02-01
Fixed
0.05875000
N
N
N
N
N
N
NEW YORK MTG TR INC
549300JFGR0M7ULHWG48
NEW YORK MTG TR INC CONV 6.25% 01/15/2022
649604AD7
2472000.00000000
PA
USD
2530710.00000000
0.037828678485
Long
DBT
CORP
US
N
2
2022-01-15
Fixed
0.06250000
N
N
N
N
N
NEW YORK MTG TR INC
NEW YORK MORTGAGE TRUST INC
USD
XXXX
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PPTYS INC 6.75% SER D PFD PERP
903002509
513725.00000000
NS
USD
12848262.25000000
0.192053922319
Long
EP
CORP
US
N
1
N
N
N
M/I HOMES INC
5299005M71FH9CCSFB69
M/I HOMES INC 5.625% 08/01/2025
55305BAQ4
10842000.00000000
PA
USD
11356995.00000000
0.169762680203
Long
DBT
CORP
US
N
2
2025-08-01
Fixed
0.05625000
N
N
N
N
N
N
BROOKFIELD RESIDENTIAL PPTYS INC / BROOKFIELD RESIDENTIAL US CORP
N/A
BROOKFIELD RESIDENTIAL PPTYS INC / US CORP 6.25% 09/15/2027 144A
11283YAB6
8533000.00000000
PA
USD
9130310.00000000
0.136478522416
Long
DBT
CORP
CA
N
2
2027-09-15
Fixed
0.06250000
N
N
N
N
N
N
ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FIN CORP
N/A
ICAHN ENTERPRISES LP/FIN CORP 5.25% 05/15/2027 144A
451102BX4
9225000.00000000
PA
USD
9248062.50000000
0.138238669356
Long
DBT
CORP
US
N
2
2027-05-15
Fixed
0.05250000
N
N
N
N
N
N
APOLLO COML REAL ESTAT FIN INC
549300E0AN7M2AQHSY29
APOLLO COMMERCIAL REAL ESTATE TERM B 05/07/2026
03768DAB3
3442700.00000000
PA
USD
3442700.00000000
0.051460970013
Long
LON
CORP
US
N
2
2026-05-07
Variable
0.04426250
N
N
N
N
N
N
LEHMAN ABS MANUF HSG CNTRCT TR
N/A
LABMH 2001-B M2 7.17% 3/28
52519SAM5
681645.52120000
PA
USD
541326.47000000
0.008091667946
Long
ABS-CBDO
CORP
US
N
2
2040-04-15
Fixed
0.07170000
N
N
N
N
N
N
MPT OPER PARTNERSHIP LP / MPT FIN CORP
N/A
MPT OPER PARTNERSHIP LP/CORP 5% 10/15/2027
55342UAH7
9448000.00000000
PA
USD
9931737.60000000
0.148458143553
Long
DBT
CORP
US
N
2
2027-10-15
Fixed
0.05000000
N
N
N
N
N
N
NEW HOME CO INC
549300PLCE8TB3TVRQ85
NEW HOME CO INC 7.25% 04/01/2022
645370AB3
16142000.00000000
PA
USD
16061290.00000000
0.240081785535
Long
DBT
CORP
US
N
2
2022-04-01
Fixed
0.07250000
N
N
N
N
N
N
AMERICAN FINANCE TRUST INC
549300GN4H0K3IUS8983
AMERICAN FINANCE TRUST INC SER A 7.5% PFD PERP
02607T406
874787.00000000
NS
USD
22213816.21000000
0.332048836629
Long
EP
CORP
US
N
1
N
N
N
CEDAR RLTY TR INC
54930056URX93R2RSN82
CEDAR RLTY TR I 7.25% PFD PERP
150602407
181872.00000000
NS
USD
4610455.20000000
0.068916401892
Long
EP
CORP
US
N
1
N
N
N
JPMBB COML MTG SECS TR 2014-C26
N/A
JPMBB 2014-C26 D CSTR 01/15/2048 144A
46643TAL6
3398000.00000000
PA
USD
3365492.35000000
0.050306881489
Long
ABS-MBS
CORP
US
N
2
2048-01-15
Variable
0.04005818
N
N
N
N
N
N
VICI PROPERTIES / NOTE
N/A
VICI PROPERTIES / NOTE 4.125% 08/15/2030 144A
92564RAE5
5980000.00000000
PA
USD
6069700.00000000
0.090728977166
Long
DBT
CORP
US
N
2
2030-08-15
Fixed
0.04125000
N
N
N
N
N
N
BLUEROCK RESIDENTIAL GROWTH REIT INC
549300KWLV0TGICOUU26
BLUEROCK RESI GROWTH REIT INC 8.25% PFD SER A PERP
09627J508
481325.00000000
NS
USD
12649221.00000000
0.189078683176
Long
EP
CORP
US
N
1
N
N
N
CHERRY HILL MTG INVT CORP
N/A
CHERRY HILL MTG INVT CORP 8.25%/VAR PFD PERP
164651309
245925.00000000
NS
USD
6573575.25000000
0.098260829819
Long
EP
CORP
US
N
1
N
N
N
VEREIT INC
5493002H54FNIBW75H44
VEREIT INC 6.7% PFD PERP
92339V209
1395263.00000000
NS
USD
35607111.76000000
0.532249836041
Long
EP
CORP
US
N
1
N
N
N
ARMADA HOFFLER PPTYS INC
549300WQRSIV6XZT9313
ARMADA HOFFLER PPTYS INC SER A 6.75% PFD PERP
04208T207
154250.00000000
NS
USD
4226450.00000000
0.063176349002
Long
EP
CORP
US
N
1
N
N
N
SERVICE PPTYS TR
529900IS770AG1K9QG27
HOSPITALITY PROP TRUST 4.65% 03/15/2024
44106MAS1
3500000.00000000
PA
USD
3687501.20000000
0.055120222115
Long
DBT
CORP
US
N
2
2024-03-15
Fixed
0.04650000
N
N
N
N
N
N
VB-S1 ISSUER LLC
N/A
VB-S1 ISSUER LLC 2018-1A F 5.25% 02/15/2048 144A
91823AAJ0
1354000.00000000
PA
USD
1359138.84000000
0.020316206201
Long
ABS-CBDO
CORP
US
N
2
2048-02-15
Fixed
0.05250000
N
N
N
N
N
N
BBCMS TR 2015-STP
N/A
BBCMS 2015-STP F CSTR 09/28
05547GAL7
4074000.00000000
PA
USD
3984549.22000000
0.059560451949
Long
ABS-MBS
CORP
US
N
2
2028-09-10
Variable
0.04427162
N
N
N
N
N
N
STAG INDUSTRIAL INC
549300QWYX2W6FASVQ07
STAG INDL INC 6.875% PERP PFD
85254J409
82075.00000000
NS
USD
2171072.52000000
0.032452870667
Long
EP
CORP
US
N
1
N
N
N
HERSHA HOSPITALITY TR
549300DNC58BIN1VO064
HERSHA HOSPITALITY TR 6.5% PERP PFD
427825609
197750.00000000
NS
USD
5103927.50000000
0.076292752789
Long
EP
CORP
US
N
1
N
N
N
GS MTG SECS CORP TR 2016-RENT
N/A
GSMS 2016-RENT F CSTR 2/29
36251GAQ7
19971000.00000000
PA
USD
20019078.19000000
0.299242217570
Long
ABS-MBS
CORP
US
N
2
2029-02-10
Variable
0.04202224
N
N
N
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9
549300PFVBG5704L7K74
MSBAM 2013 - C9 C 4.2117% 5/46
61762DBB6
3302000.00000000
PA
USD
3459609.41000000
0.051713729371
Long
ABS-MBS
CORP
US
N
2
2046-05-15
Variable
0.04171909
N
N
N
N
N
N
COMM 2013 CCRE12 MTG TR
549300MGZ5FI5VFL1177
COMM 2013 CCRE12 D MTG TR CSTR 10/10/2046 144A
12624SAE9
4500000.00000000
PA
USD
4028989.05000000
0.060224731950
Long
ABS-MBS
CORP
US
N
2
2046-10-10
Variable
0.05245082
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 7.65 PFD PERP GPAR=25
45031U705
271473.00000000
NS
USD
6968711.91000000
0.104167274125
Long
EP
CORP
US
N
1
N
N
N
MONMOUTH REAL ESTATE INVT CORP
549300DFIUDCN3KVN260
MONMOUTH RE INV CORP REIT
609720107
1743769.00000000
NS
USD
25511340.47000000
0.381339741169
Long
EC
CORP
US
N
1
N
N
N
VENTAS INC
ORQTRC074CWLT3DKHT41
VENTAS INC REIT
92276F100
1652186.00000000
NS
USD
95595481.96000000
1.428947114342
Long
EC
CORP
US
N
1
N
N
N
EQUITY RESIDENTIAL
5493008RACSH5EP3PI59
EQUITY RESIDENTIAL REIT
29476L107
351703.00000000
NS
USD
29219485.24000000
0.436768540313
Long
EC
CORP
US
N
1
N
N
N
MORGAN STANLEY CAP I INC
N/A
MSC 1998-CF1 G 7.35% 7/32
61745MHW6
148791.12950000
PA
USD
149433.51000000
0.002233709988
Long
ABS-MBS
CORP
US
N
2
2032-07-15
Variable
0.07232927
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.375% 08/01/2023
681936BJ8
3266000.00000000
PA
USD
3493501.66000000
0.052220345707
Long
DBT
CORP
US
N
2
2023-08-01
Fixed
0.04375000
N
N
N
N
N
N
SERVICE PPTYS TR
529900IS770AG1K9QG27
HOSPITALITY PROP 5% 8/15/22
44106MAQ5
3141000.00000000
PA
USD
3310363.63000000
0.049482825542
Long
DBT
CORP
US
N
2
2022-08-15
Fixed
0.05000000
N
N
N
N
N
N
MPT OPER PARTNERSHIP LP / MPT FIN CORP
N/A
MPT OPER PARTNERSHIP LP/CORP 5.25% 08/01/26
55342UAG9
7614000.00000000
PA
USD
7985182.50000000
0.119361326047
Long
DBT
CORP
US
N
2
2026-08-01
Fixed
0.05250000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 E CSTR 6/44
617459AK8
12014000.00000000
PA
USD
11736098.16000000
0.175429458124
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.05670536
N
N
N
N
N
N
BX TR 2018-IND
N/A
BX COML MTG TR 2018-IND G 1ML+218.9 11/15/2035 144A
056059AS7
3281599.99400000
PA
USD
3296087.60000000
0.049269429559
Long
ABS-MBS
CORP
US
N
2
2035-11-15
Variable
0.03726250
N
N
N
N
N
N
DBCCRE 2014-ARCP MORTGAGE TRUST
N/A
DBCCRE 2014-ARCP MORTGAGE TRUST VAR 01/10/2034 144A
23305MAJ4
1000000.00000000
PA
USD
1043911.50000000
0.015604234582
Long
ABS-MBS
CORP
US
N
2
2034-01-10
Variable
0.05098983
N
N
N
N
N
N
BROOKFIELD RESIDENTIAL PPTYS INC
549300C2SXDXVIUV3Q14
BROOKFIELD RESIDENTL PPTYS INC 6.375% 05/15/2025 144A
11283WAC8
5518000.00000000
PA
USD
5711130.00000000
0.085369125881
Long
DBT
CORP
CA
N
2
2025-05-15
Fixed
0.06375000
N
N
N
N
N
N
CSMC 2019-SKLZ
N/A
CSMC 2019-SKLZ D 1ML+400 01/15/2034 144A
12655GAL1
7788000.00000000
PA
USD
7826943.89000000
0.116995998727
Long
ABS-MBS
CORP
US
N
2
2034-01-15
Variable
0.05276250
N
N
N
N
N
N
READY CAP MTG FING 2019-FL3 LLC
N/A
READY CAP MTG FING 2019-FL3 D 1ML+290 03/25/2034 144A
75574XAJ4
3401000.00000000
PA
USD
3400989.80000000
0.050837492117
Long
ABS-MBS
CORP
US
N
2
2034-03-25
Variable
0.04560880
N
N
N
N
N
N
CAMB COML MTG TR 2019-LIFE
N/A
CAMB COML MTG TR 2019-LIFE 1ML+325 12/15/2037 144A
12482HAS3
7428000.00000000
PA
USD
7488417.12000000
0.111935750677
Long
ABS-MBS
CORP
US
N
2
2037-12-15
Variable
0.04926250
N
N
N
N
N
N
CTR PARTNERSHIP LP / CARETRUST CAP CORP
N/A
CTR PARTNERSHIP LP / CARETRUST CAP CORP 5.25% 06/01/2025
126458AD0
7492000.00000000
PA
USD
7772950.00000000
0.116188906051
Long
DBT
CORP
US
N
2
2025-06-01
Fixed
0.05250000
N
N
N
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C7
N/A
MSBAM 2013-C7 D CSTR 2/15/46
61690KAL6
5587000.00000000
PA
USD
5557993.97000000
0.083080071172
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.04376294
N
N
N
N
N
N
ACADIA RLTY TR
N/A
ACADIA RLTY TR REIT
004239109
3376604.00000000
NS
USD
83807311.28000000
1.252739283896
Long
EC
CORP
US
N
1
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PPTYS INC 8% PFD PERP
903002301
316029.00000000
NS
USD
8251517.19000000
0.123342457570
Long
EP
CORP
US
N
1
N
N
N
KENNEDY-WILSON INC
5EA4464UK7FM5QNNKL62
KENNEDY-WILSON INC 5.875% 04/01/24
489399AG0
50939000.00000000
PA
USD
52215021.95000000
0.780502419267
Long
DBT
CORP
US
N
2
2024-04-01
Fixed
0.05875000
N
N
N
N
N
N
EG GLOBAL FINANCE PLC
549300TL8Q5207VYET27
EG GLOBAL FINANCE PLC 6.75% 02/07/2025 144A
28228PAA9
7750000.00000000
PA
USD
7846875.00000000
0.117293926009
Long
DBT
CORP
GB
N
2
2025-02-07
Fixed
0.06750000
N
N
N
N
N
N
AMERICAN HOMES 4 RENT 2014-SFR3 TR
N/A
AH4R 2014-SFR3 E 6.418% 12/36
02665XAE9
8924000.00000000
PA
USD
10067043.93000000
0.150480682546
Long
ABS-CBDO
CORP
US
N
2
2036-12-17
Fixed
0.06418000
N
N
N
N
N
N
APLP HOLDINGS LP
5493007KQL803F6BK452
ATLANTIC POWER TERM B 04/13/2023
N/A
6449381.76000000
PA
USD
6457443.49000000
0.096524909460
Long
LON
CORP
CA
N
2
2023-04-13
Variable
0.04395250
N
N
N
N
N
N
CREST DARTMOUTH STR 03 1 LTD
N/A
CRST DRTMTH ST 2003-1 0% PFD 144A
226065209
1206350.00000000
NS
USD
120.64000000
0.000001803308
Long
EP
CORP
KY
N
3
N
N
N
SOUTHEAST POWERGEN LLC
5493003PEJ398SB1LO34
SOUTHEAST POWER TERM B 12/02/21
84148DAB4
1288563.76000000
PA
USD
1217306.18000000
0.018196112593
Long
LON
CORP
US
N
2
2021-12-02
Variable
0.05150000
N
N
N
N
N
N
PENNSYLVANIA REAL EST INVT TR
5493001GPBXRIG8WJO70
PENNSLVNA 7.375% PFD PERP
709102503
99385.00000000
NS
USD
1831665.55000000
0.027379465519
Long
EP
CORP
US
N
1
N
N
N
MERIT SECURITIES CORP
N/A
MESC 13 M1 VAR 12/33
589962CV9
1444579.26980000
PA
USD
1505602.20000000
0.022505518827
Long
ABS-CBDO
CORP
US
N
2
2033-12-28
Variable
0.07330290
N
N
N
N
N
N
COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR
N/A
CD 2017-CD4 D 3.3% 05/10/2050 144A
12515DAF1
2769000.00000000
PA
USD
2572598.71000000
0.038454824722
Long
ABS-MBS
CORP
US
N
2
2050-05-10
Fixed
0.03300000
N
N
N
N
N
N
PENNYMAC CORP
EWN0I878407TKQNXZ933
PENNYMAC CORP CONV 5.5% 11/01/2024 144A
70932AAC7
25934000.00000000
PA
USD
26149350.49000000
0.390876620510
Long
DBT
CORP
US
N
2
2024-11-01
Fixed
0.05500000
N
N
N
N
N
PENNYMAC MORTGAGE INVESTMENT TRUST
PENNYMAC MORTGAGE INV TRUST
USD
XXXX
N
N
N
DCP MIDSTREAM LP
52990024YYS3MLGW0E91
DCP MIDSTREAM LP SER B 7.875/VAR PFD PERP
23311P209
256314.00000000
NS
USD
6323266.38000000
0.094519249881
Long
EP
CORP
US
N
1
N
N
N
GPMT 2018-FL1 LTD / GPMT 2018-FL1 LLC
N/A
GPMT 2018-FL1 LTD / GPMT 2018-FL1 LLC 2018-FL1 D 1ML+295 11/21/35 144A
36255CAJ8
2500000.00000000
PA
USD
2506230.00000000
0.037462755069
Long
ABS-MBS
CORP
US
N
2
2035-11-21
Variable
0.04603380
N
N
N
N
N
N
GREEN TREE FINANCIAL CORP
N/A
GT 1996-4 M1 7.75% 6/27
393505MR0
668437.21020000
PA
USD
671994.03000000
0.010044867292
Long
ABS-CBDO
CORP
US
N
2
2027-06-15
Variable
0.07750000
N
N
N
N
N
N
BLACKSTONE MTG TR INC
549300OLDJ20R2Y2UW20
BLACKSTONE MTG TR TERM B 04/23/2026
09259GAC7
8565607.31000000
PA
USD
8603124.67000000
0.128598234136
Long
LON
CORP
US
N
2
2026-04-23
Variable
0.03895250
N
N
N
N
N
N
CAPITAL TR RE CDO 05-1 LTD COR
549300EO21RSSTCI1873
CTCDO 2005-1A D 1ML+150 3/50
140558AD9
2250000.00000000
PA
USD
225.00000000
0.000003363266
Long
ABS-CBDO
CORP
KY
N
3
2050-03-20
Variable
0.03346380
N
N
N
N
N
N
GREEN TREE FINANCIAL CORP
N/A
GT 1997-3 M1 7.53% 3/28
393505TZ5
4642499.74940000
PA
USD
4669546.49000000
0.069799689748
Long
ABS-CBDO
CORP
US
N
2
2028-03-15
Fixed
0.07530000
N
N
N
N
N
N
BENCHMARK 2019-B MORTGAGE TRUST
N/A
BENCHMARK 2019-B MORTGAGE TRUST CSTR 12/15/2062 144A
08162YBM3
3427000.00000000
PA
USD
3318034.77000000
0.049597492608
Long
ABS-MBS
CORP
US
N
2
2062-12-15
Variable
0.03404110
N
N
N
N
N
N
PROGRESS RESIDENTIAL 2018 SFR3 TR
N/A
PROGRESS RESIDENTIAL 2018-SFR3 F TR 5.368% 10/17/2035 144A
74331MAF3
3412000.00000000
PA
USD
3547635.87000000
0.053029535865
Long
ABS-CBDO
CORP
US
N
2
2035-10-17
Fixed
0.05368000
N
N
N
N
N
N
BBCMS TR 2015-STP
N/A
BBCMS TR 2015-STP E CSTR 09/10/2028 144A
05547GAJ2
8413000.00000000
PA
USD
8366626.70000000
0.125063097487
Long
ABS-MBS
CORP
US
N
2
2028-09-10
Variable
0.04427162
N
N
N
N
N
N
CBL and ASSOCS LTD PARTNERSHIP
549300VS75TWHD9JTH89
CBL and ASSOCS LP 4.6% 10/15/2024
12505JAB9
26459000.00000000
PA
USD
14287860.00000000
0.213572816398
Long
DBT
CORP
US
N
2
2024-10-15
Fixed
0.04600000
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C5
N/A
WFRBS 2011-C5 E CSTR 11/44
92936JAN4
5097000.00000000
PA
USD
5243875.66000000
0.078384677169
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05859732
N
N
N
N
N
N
COLONY CAPITAL INC
549300XG87L902AGBO89
COLONY CAPITAL INC 7.125% SER J PFD PERP
19626G504
1151024.00000000
NS
USD
27604778.39000000
0.412632141328
Long
EP
CORP
US
N
1
N
N
N
COLONY CAPITAL INC
549300XG87L902AGBO89
COLONY CAPITAL INC 7.125% PERP PFD H
19626G702
727701.00000000
NS
USD
17459511.78000000
0.260982197739
Long
EP
CORP
US
N
1
N
N
N
HOME PARTNERS AMER 2019-2 TR
N/A
HOME PARTNERS AMER 2019-2 TR 3.866% 10/19/2039 144A
43732TAL5
2996908.32000000
PA
USD
2981130.20000000
0.044561492964
Long
ABS-CBDO
CORP
US
N
2
2039-10-19
Fixed
0.03866000
N
N
N
N
N
N
BROOKFIELD RESIDENTIAL PPTYS INC / BROOKFIELD RESIDENTIAL US CORP
N/A
BROOKFIELD RESI 6.125% 7/1/22 144A
11283YAA8
5434000.00000000
PA
USD
5508717.50000000
0.082343493792
Long
DBT
CORP
CA
N
2
2022-07-01
Fixed
0.06125000
N
N
N
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT 4.9% 02/15/2029
02666TAB3
989000.00000000
PA
USD
1138566.02000000
0.017019116336
Long
DBT
CORP
US
N
2
2029-02-15
Fixed
0.04900000
N
N
N
N
N
N
WYNDHAM DESTINATIONS INC
T4VNTWMFQ7JQB65L7T35
WYNDHAM DESTINATIONS INC 4.625% 03/01/2030 144A
98310WAQ1
3435000.00000000
PA
USD
3525168.75000000
0.052693700681
Long
DBT
CORP
US
N
2
2030-03-01
Fixed
0.04625000
N
N
N
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAPITAL MANAGEMENT INC SER I 6.75/VAR PFD PERP
035710847
89000.00000000
NS
USD
2316670.00000000
0.034629240247
Long
EP
CORP
US
N
1
N
N
N
WRIGHTWOOD CAP REAL ESTATE CDO 2005 1 LTD/ WRIGHTWOOD CAP REAL ESTATE CDO 2005 1 LLC
N/A
WWCAP 05-1 F 3ML+195 11/40
982512AF2
250000.00000000
PA
USD
249996.25000000
0.003736906940
Long
ABS-CBDO
CORP
KY
N
2
2040-11-21
Variable
0.03844630
N
N
N
N
N
N
WYNDHAM DESTINATIONS INC
T4VNTWMFQ7JQB65L7T35
WYNDHAM WORLDWIDE TERM B 05/31/2025
98309GAC0
6246949.54000000
PA
USD
6235267.74000000
0.093203859236
Long
LON
CORP
US
N
2
2025-05-31
Variable
0.03895250
N
N
N
N
N
N
HEALTHCARE REALTY TRUST INC
549300CB86LH2IOKHH22
HEALTHCARE REALTY TRUST INC 3.75 4/15/23
421946AH7
955000.00000000
PA
USD
995495.54000000
0.014880519979
Long
DBT
CORP
US
N
2
2023-04-15
Fixed
0.03750000
N
N
N
N
N
N
ESH HOSPITALITY INC
54930042FMK7X7SQ2896
ESH HOSPITALITY INC 5.25% 05/01/2025 144A
26907YAA2
7154000.00000000
PA
USD
7332850.00000000
0.109610356395
Long
DBT
CORP
US
N
2
2025-05-01
Fixed
0.05250000
N
N
N
N
N
N
UBS COML MTG TR 2012-C1
N/A
UBSCM 2012-C1 D CSTR 5/45
90269GAN1
2296000.00000000
PA
USD
2335097.44000000
0.034904690893
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.05755916
N
N
N
N
N
N
JPMCC COML MTG SECS TR 2016-JP4
N/A
JPMCC COML MTG SECS TR 2016-JP4 CSTR 12/15/2049 144A
46645UAC1
10126000.00000000
PA
USD
9452175.46000000
0.141289719669
Long
ABS-MBS
CORP
US
N
2
2049-12-15
Variable
0.03575600
N
N
N
N
N
N
WASHINGTON PRIME GROUP INC
549300RWGA2GV6YQYT67
WASHINGTON PRIME GROUP INC 7.5% PRFD PERP
93964W207
196302.00000000
NS
USD
3926040.00000000
0.058685864789
Long
EP
CORP
US
N
1
N
N
N
WILLIAM LYON HOMES INC
5493001MTHCP4IWKJU06
WILLIAM LYON HOMES INC 6.625% 07/15/2027 144A
96926DAV2
8573000.00000000
PA
USD
9258840.00000000
0.138399769831
Long
DBT
CORP
US
N
2
2027-07-15
Fixed
0.06625000
N
N
N
N
N
N
WASHINGTON PRIME GROUP INC
549300RWGA2GV6YQYT67
WASHINGTON PRIME GROUP INC 6.875% PRFD PERP
93964W306
294790.00000000
NS
USD
5469740.01000000
0.081760864041
Long
EP
CORP
US
N
1
N
N
N
COMM 2013-LC6 MTG TR
N/A
COMM 2013-LC6 E MTG TR 3.5% 01/10/2046 144A
20048EAG6
7300000.00000000
PA
USD
6457258.80000000
0.096522148742
Long
ABS-MBS
CORP
US
N
2
2046-01-10
Fixed
0.03500000
N
N
N
N
N
N
PROLOGIS INC
529900DFH19P073LZ636
PROLOGIS IN SR Q 8.54% PFD PRP
74340W202
93396.00000000
NS
USD
6817908.00000000
0.101913079600
Long
EP
CORP
US
N
1
N
N
N
NATIXIS COML MTG SECS TR 2018-FL1
N/A
NATIXIS COML MTG SECS TR 2018-FL1 WAN1 1ML+275 06/15/2035 144A
63874MBC5
1743000.00000000
PA
USD
1750169.31000000
0.026161271786
Long
ABS-MBS
CORP
US
N
2
2035-06-15
Variable
0.04490000
N
N
N
N
N
N
CBL and ASSOCS LTD PARTNERSHIP
549300VS75TWHD9JTH89
CBL and ASSOCS LP 5.25% 12/01/2023
12505JAA1
11371000.00000000
PA
USD
6822600.00000000
0.101983214922
Long
DBT
CORP
US
N
2
2023-12-01
Fixed
0.05250000
N
N
N
N
N
N
INVESCO MORTGAGE CAPITAL INC
PV3BDP2HFZL2FNXQBL39
INVESCO MTG SR A 7.75% PFD PRP
46131B209
121967.00000000
NS
USD
3201633.75000000
0.047857547390
Long
EP
CORP
US
N
1
N
N
N
LANDMARK INFRASTRUCTURE PARTNERS LP
549300I3H10A778Y4H45
LANDMARK INFRASTRUCTURE PRTN LP SER C VAR PERP PFD
51508J405
189650.00000000
NS
USD
4915010.55000000
0.073468850183
Long
EP
CORP
US
N
2
N
N
N
GLOBAL PARTNERS LP / GLP FIN CORP
N/A
GLOBAL PARTNERS LP / GLP FIN CORP 7.0% 06/15/2023
37954FAD6
3955000.00000000
PA
USD
4053875.00000000
0.060596723447
Long
DBT
CORP
US
N
2
2023-06-15
Fixed
0.07000000
N
N
N
N
N
N
PENNSYLVANIA REAL EST INVT TR
5493001GPBXRIG8WJO70
PENNSYLVANIA REAL EST INVT TR 7.2% PERP PFD C
709102602
50425.00000000
NS
USD
867814.25000000
0.012971958955
Long
EP
CORP
US
N
1
N
N
N
CSMC 2019-ICE4
N/A
CSMC 2019-ICE4 1ML+265.535 05/15/2036 144A
12653VAL0
14767000.00000000
PA
USD
14832154.96000000
0.221708856893
Long
ABS-MBS
CORP
US
N
2
2036-05-15
Variable
0.04326250
N
N
N
N
N
N
SPIRIT REALTY CAPITAL INC
549300LTU6LVPZSHMJ25
SPIRIT RLTY CAP INC SER A 6% PFD PERP
84860W201
94125.00000000
NS
USD
2508431.25000000
0.037495659028
Long
EP
CORP
US
N
1
N
N
N
INVITATION HOMES 2018-SFR3 TR
N/A
INVITATION HOMES 2018-SFR3 TR VAR 07/17/2037 144A
46187VAL3
4946290.22000000
PA
USD
4946276.37000000
0.073936207033
Long
ABS-MBS
CORP
US
N
2
2037-07-17
Variable
0.03919000
N
N
N
N
N
N
BX COML MTG TR 2018-BIOA
N/A
BX COML MTG TR 2018-BIOA E 03/15/2037 144A
056057AN2
2000000.00000000
PA
USD
2005620.00000000
0.029979710889
Long
ABS-MBS
CORP
US
N
2
2037-03-15
Variable
0.03627300
N
N
N
N
N
N
CCRESG COMMERCIAL MORTGAGE TRUST 2016-HEAT
N/A
CCRESG COMMERCIAL MORTGAGE TRUST 2016-HEAT E 5.48825% 10/04/2029 144A
12507GAL1
4536000.00000000
PA
USD
4593972.80000000
0.068670025416
Long
ABS-MBS
CORP
US
N
2
2029-04-10
Variable
0.05671192
N
N
N
N
N
N
WELLS FARGO COML MTG TR 2012-LC5
N/A
WFCM 2012-LC5 D CSTR 10/45
94988HAP6
12819000.00000000
PA
USD
13417289.65000000
0.200559659667
Long
ABS-MBS
CORP
US
N
2
2045-10-15
Variable
0.04913434
N
N
N
N
N
N
ASHTON WOODS USA LLC/FIN CO
N/A
ASHTON WOODS USA LLC/FIN CO 6.75% 08/01/2025 144A
045086AF2
26458000.00000000
PA
USD
27251740.00000000
0.407354975731
Long
DBT
CORP
US
N
2
2025-08-01
Fixed
0.06750000
N
N
N
N
N
N
AMERICAN TOWER CORP
5493006ORUSIL88JOE18
AMERICAN TOWER CORP
03027X100
772200.00000000
NS
USD
178949628.00000000
2.674912551309
Long
EC
CORP
US
N
1
N
N
N
FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD
N/A
FHMS K012 X3 1/41
3137A8PR3
20492732.12430000
PA
USD
310555.06000000
0.004642131068
Long
ABS-MBS
USGSE
US
N
2
2041-01-25
Variable
0.02329055
N
N
N
N
N
N
GS MTG SECS TR 2013-GCJ16
N/A
GSMS 2013-GC16 D CSTR 11/46
36248GAP5
3708000.00000000
PA
USD
4031443.28000000
0.060261417417
Long
ABS-MBS
CORP
US
N
2
2046-11-10
Variable
0.05487693
N
N
N
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C7
N/A
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C7 E CSTR 02/15/2046 144A
61690KAN2
989000.00000000
PA
USD
886383.14000000
0.013249523974
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.04376294
N
N
N
N
N
N
PROGRESS RESIDENTIAL 2015-SFR3 TR
N/A
PROGRESS RESIDENTIAL 2015-SFR3 F 6.643% 11/12/2032 144A
74332NAL7
2940000.00000000
PA
USD
2939306.16000000
0.043936313405
Long
ABS-CBDO
CORP
US
N
2
2032-11-12
Fixed
0.06643000
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2011-C4
N/A
JP MORGAN CHASE MTG SE TR 11C4 3.873% 07/15/2046 144A
46636DBA3
1400000.00000000
PA
USD
1410439.10000000
0.021083034894
Long
ABS-MBS
CORP
US
N
2
2046-07-15
Fixed
0.03873000
N
N
N
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAPITAL MANAGEMENT INC 6.5%/VAR PFD PERP
035710862
1217230.00000000
NS
USD
31331500.20000000
0.468338627316
Long
EP
CORP
US
N
1
N
N
N
BENCHMARK 2019-B MORTGAGE TRUST
N/A
BENCHMARK 2019-B MORTGAGE TRUST CSTR 12/15/2062 144A
08162YBP6
5141000.00000000
PA
USD
4818226.43000000
0.072022135484
Long
ABS-MBS
CORP
US
N
2
2062-12-15
Variable
0.03404110
N
N
N
N
N
N
PEBBLEBROOK HOTEL TR
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR 6.375% SER D PREF PERP
70509V506
346075.00000000
NS
USD
9091390.25000000
0.135896755753
Long
EP
CORP
US
N
1
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HOSPITALITY TRUST INC SER H 7.5% PFD PERP
044103802
215411.00000000
NS
USD
4857518.05000000
0.072609460803
Long
EP
CORP
US
N
1
N
N
N
GREAT AJAX CORP
5493004ID2QQWNGDYC18
GREAT AJAX CORP PC 7.25% 4/30/24
38983D409
357950.00000000
NS
USD
9700445.00000000
0.145000816004
Long
EP
CORP
US
N
2
N
N
N
BLUEROCK RESIDENTIAL GROWTH REIT INC
549300KWLV0TGICOUU26
BLUEROCK RESIDENTIAL GROWTH REIT INC SER D 7.125% PERP PFD
09627J656
168100.00000000
NS
USD
4382669.58000000
0.065511496161
Long
EP
CORP
US
N
1
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER A 8% PERP PFD
16934Q307
202500.00000000
NS
USD
5467500.00000000
0.081727380703
Long
EP
CORP
US
N
1
N
N
N
SAFEHOLD INC
549300MHMP6BIE0XV355
SAFEHOLD INC
78645L100
540835.00000000
NS
USD
24315941.60000000
0.363471095803
Long
EC
CORP
US
N
1
N
N
GLOBAL MEDICAL REIT INC
549300HFRIPQDYU3GU60
GLOBAL MEDICAL REIT INC SER A 7.5% PFD PERP
37957W203
150848.00000000
NS
USD
4027641.60000000
0.060204590467
Long
EP
CORP
US
N
1
N
N
N
MATTAMY GROUP CORP
5493008TNY7A82WCXU31
MATTAMY GROUP CORP 6.5% 10/01/2025
57701RAH5
23840000.00000000
PA
USD
25508800.00000000
0.381301766600
Long
DBT
CORP
CA
N
2
2025-10-01
Fixed
0.06500000
N
N
N
N
N
N
ELLINGTON RESIDENTIAL MTG REIT
549300KA3MR2ZCRGA787
ELLINGTON RESIDENTIAL MTG REIT
288578107
478500.00000000
NS
USD
5148660.00000000
0.076961407577
Long
EC
CORP
US
N
1
N
N
N
EQUINIX INC
549300EVUN2BTLJ3GT74
EQUINIX INC
29444U700
117300.00000000
NS
USD
69175329.00000000
1.034022578594
Long
EC
CORP
US
N
1
N
N
N
FEDERAL NAT MTG ASN GTD REM PA
N/A
FNW 2003-W10 2B3 CSTR 6/43
31393DUL3
68991.00260000
PA
USD
26566.51000000
0.000397112259
Long
ABS-CBDO
USGSE
US
N
2
2043-06-25
Variable
0.04116890
N
N
N
N
N
N
SOTHERLY HOTELS INC
549300IYTT21F61LSR10
SOTHERLY HOTELS INC SER B 8% PERP PFD
83600C301
67250.00000000
NS
USD
1761950.00000000
0.026337367797
Long
EP
CORP
US
N
1
N
N
N
DTZ US BORROWER LLC
N/A
CUSHMAN and WAKEFIELD TERM B 08/21/2025
23340DAN2
31433778.47300000
PA
USD
31567372.03000000
0.471864404517
Long
LON
CORP
US
N
2
2025-08-21
Variable
0.05049380
N
N
N
N
N
N
SAUL CENTERS INC
N/A
SAUL CENTERS INC 6% SER E PFD PERP
804395879
76841.00000000
NS
USD
2007086.92000000
0.030001638192
Long
EP
CORP
US
N
1
N
N
N
SERITAGE GROWTH PPTYS
5493003CJFC2MM82WB25
SERITAGE GROWTH PPTYS SER A 7% PERP PFD
81752R308
91986.00000000
NS
USD
2436709.14000000
0.036423567544
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY CAP I TR 2015-MS1
N/A
MORGAN STANLEY CAP I TR 2015 4.163% 5/15/48
61765DAC2
10833000.00000000
PA
USD
10584659.97000000
0.158217930495
Long
ABS-MBS
CORP
US
N
2
2048-05-15
Variable
0.04165393
N
N
N
N
N
N
ARBOR RLTY TR INC
549300ASFUWYQO0RW077
ARBOR RLTY TR INC 8.5% PFD PERP C
038923801
98875.00000000
NS
USD
2630075.00000000
0.039313971797
Long
EP
CORP
US
N
1
N
N
N
COMM 2018-HCLV MTG TR
N/A
COMM 2018-HCLV MTG TR 1ML+305 09/15/2033 144A
20048KAL1
4265000.00000000
PA
USD
4276071.94000000
0.063918090417
Long
ABS-MBS
CORP
US
N
2
2033-09-15
Variable
0.04726250
N
N
N
N
N
N
READY CAPITAL CORP
549300MYWGZUG7ZUYO87
READY CAPITAL CORP PC 7% 08/15/2023
75574U200
404062.00000000
NS
USD
10707643.00000000
0.160056262624
Long
EP
CORP
US
N
2
N
N
N
AMERICAN HOMES 4 RENT 2015-SFR1 TR
N/A
AH4R 2015-SFR1 F 5.885% 4/52 144A
02666AAF5
2000000.00000000
PA
USD
2185232.80000000
0.032664536437
Long
ABS-CBDO
CORP
US
N
2
2052-04-17
Fixed
0.05885000
N
N
N
N
N
N
COMM 2012-CCRE1 MTG TR
N/A
COMM 2012-CCRE1 G 2.462% 05/15/2045 144A
12624BAS5
6346000.00000000
PA
USD
5373604.32000000
0.080323841977
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Fixed
0.02462000
N
N
N
N
N
N
MID AMERICA APTS LP
549300FXWGE3QSYCUJ38
MID AMERICA APTS LP 3.75% 06/15/2024
59523UAL1
1644000.00000000
PA
USD
1760212.03000000
0.026311388878
Long
DBT
CORP
US
N
2
2024-06-15
Fixed
0.03750000
N
N
N
N
N
N
COMMERCIAL MORTGAGE CD 2016-CD1 MTG TR
N/A
COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES 2016 CD1-D CSTR 8/10/49 144A
12514MAL9
9346000.00000000
PA
USD
8480862.28000000
0.126770674028
Long
ABS-MBS
CORP
US
N
2
2049-08-10
Variable
0.02899989
N
N
N
N
N
N
LIGHTSTONE HOLDCO LLC
N/A
LIGHTSTONE HOLDCO TERM B 1LN 1/30/2024
53226GAG6
16797749.71200000
PA
USD
15726893.17000000
0.235083271218
Long
LON
CORP
US
N
2
2024-01-30
Variable
0.05395250
N
N
N
N
N
N
NEW RESIDENTIAL INVT CORP
549300WNTHGEO5LP2G31
NEW RESIDENTIAL INVESTMENT CORP SER B 7.125%/VAR PFD PERP
64828T409
780976.00000000
NS
USD
20578717.60000000
0.307607624633
Long
EP
CORP
US
N
1
N
N
N
QTS RLTY TR INC
5493006PA4CJK4OG2J54
QTS RLTY TR INC PC 6.5% PERP
74736A301
41525.00000000
NS
USD
5546494.25000000
0.082908175059
Long
EP
CORP
US
N
2
N
N
N
BROOKFIELD ASSET MGMT INC
C6J3FGIWG6MBDGTE8F80
BROOKFIELD ASSET INC VTG CL A
112585104
742900.00000000
NS
45458698.81000000
0.679509901037
Long
EC
CORP
CA
N
1
N
N
N
BRIXMOR OPERATING PARTNERSHIP LP
549300CJHBL7JBUA6503
BRIXMOR OPERATING PART 3.875% 8/15/22
11120VAB9
4000000.00000000
PA
USD
4187566.28000000
0.062595120911
Long
DBT
CORP
US
N
2
2022-08-15
Fixed
0.03875000
N
N
N
N
N
N
LONESTAR II GENERATION HOLDINGS LLC
5493008TLUD4K1PDBH71
LONESTAR TERM B 1LN 04/10/2026
54238DAB8
5330357.14000000
PA
USD
5350345.98000000
0.079976179753
Long
LON
CORP
US
N
2
2026-04-10
Variable
0.06645250
N
N
N
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6
N/A
MORGAN STAN BAML TR-2012-C6 VAR 11/15/2045 144A
61761DAQ5
2000000.00000000
PA
USD
2085996.00000000
0.031181159439
Long
ABS-MBS
CORP
US
N
2
2045-11-15
Variable
0.04761123
N
N
N
N
N
N
SELECT INCOME REIT
529900WFAP4ROYDYS509
SELECT INCOME REIT 4.15% 02/01/2022
81618TAD2
11045000.00000000
PA
USD
11370098.20000000
0.169958544897
Long
DBT
CORP
US
N
2
2022-02-01
Fixed
0.04150000
N
N
N
N
N
N
REDWOOD TRUST INC
DRBV4N1ERQLEMIF11G78
REDWOOD TRUST INC CONV 5.625% 07/15/2024
758075AD7
47936000.00000000
PA
USD
50195215.05000000
0.750310644696
Long
DBT
CORP
US
N
2
2024-07-15
Fixed
0.05625000
N
N
N
N
N
REDWOOD TRUST INC
REDWOOD TRUST INC REIT
USD
XXXX
N
N
N
SUMMIT HOTEL PPTYS INC
N/A
SUMMIT HOTEL PPTYS INC SERIES E 6.25% PFD PERP
866082605
278490.00000000
NS
USD
7423958.57000000
0.110972233813
Long
EP
CORP
US
N
1
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GS MTG SECS TR 2011-GC5 4.5% 08/10/2044 144A
36191YAQ1
7897000.00000000
PA
USD
5643234.11000000
0.084354228167
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Fixed
0.04500000
N
N
N
N
N
N
JPMBB COML MTG SECS TR 2014-C23
N/A
JPMBB 2014-C23 UH5 4.7094% 09/15/2047 144A
46643AAQ6
8640000.00000000
PA
USD
7774453.44000000
0.116211379250
Long
ABS-MBS
CORP
US
N
2
2047-09-15
Fixed
0.04709400
N
N
N
N
N
N
RWT HOLDINGS INC
Z31FN4C0IQMCYFAEUP31
RWT HOLDINGS INC CONV 5.75% 10/01/2025 144A
749772AC3
30970000.00000000
PA
USD
32394291.10000000
0.484225068375
Long
DBT
CORP
US
N
2
2025-10-01
Fixed
0.05750000
N
N
N
N
N
REDWOOD TRUST INC
REDWOOD TRUST INC REIT
USD
XXXX
N
N
N
CORECIVIC INC
529900JFA3K6PTLT8B15
CORECIVIC TERM B 1LN 12/18/2024
21871QAF1
11935000.00000000
PA
USD
11706206.05000000
0.174982635288
Long
LON
CORP
US
N
2
2024-12-18
Variable
0.06160000
N
N
N
N
N
N
IMT TR 2017-APTS
N/A
IMTT 2017-APTS EFX CSTR 06/15/2034 144A
44974ABE6
9213000.00000000
PA
USD
9270173.11000000
0.138569175481
Long
ABS-MBS
CORP
US
N
2
2034-06-15
Variable
0.03613153
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INVT CORP 8.125% SER A PERP PFD
90187B200
444975.00000000
NS
USD
12966571.50000000
0.193822391476
Long
EP
CORP
US
N
1
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2011-C3
N/A
JPMCC 2011-C3 E CSTR 2/46
46635TBD3
13774000.00000000
PA
USD
13699934.45000000
0.204784592301
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.05852766
N
N
N
N
N
N
TERRENO RLTY CORP
N/A
TERRENO REALTY CORP
88146M101
222328.00000000
NS
USD
12730501.28000000
0.190293648770
Long
EC
CORP
US
N
1
N
N
N
STARWOOD PPTY TR INC
BUGSFQZERKRBFWIG5267
STARWOOD PPTY TR INC CONV 4.375% 04/01/2023
85571BAH8
10956000.00000000
PA
USD
11469562.50000000
0.171445322531
Long
DBT
CORP
US
N
2
2023-04-01
Fixed
0.04375000
N
N
N
N
Y
STARWOOD PPTY TR INC
STARWOOD PROPERTY TRUST INC
USD
XXXX
N
N
N
URSTADT BIDDLE PPTYS INC
549300XXD0YL0AER3Z82
URSTADT BIDDLE PPTYS INC SER K 5.875% PFD PERP
917286874
69225.00000000
NS
USD
1786005.00000000
0.026696938376
Long
EP
CORP
US
N
1
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL 7.5% PFD PERP
55272X409
609332.00000000
NS
USD
15757325.52000000
0.235538169481
Long
EP
CORP
US
N
1
N
N
N
FARMLAND PARTNERS INC
549300LB188CHPZ4IL37
FARMLAND PARTNERS INC 6% PFD PERP B
31154R208
623150.00000000
NS
USD
15890325.00000000
0.237526226022
Long
EP
CORP
US
N
1
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT SER F 5.875% PFD PERP
02665T884
248009.00000000
NS
USD
6574718.59000000
0.098277920296
Long
EP
CORP
US
N
1
N
N
N
AMR HMS 15-SFR2
N/A
AMERICAN HOMES 4 RENT 2015-SFR2 TR VAR 10/17/2045 144A
02666BAG1
4673127.34380000
PA
USD
46.73000000
0.000000698513
Long
ABS-CBDO
CORP
US
N
3
2052-10-17
Variable
0.00000000
N
N
N
N
N
N
STORE CAP CORP
5493004EA6C9IHDZ7N66
STORE CAPITAL CORP
862121100
468700.00000000
NS
USD
18396475.00000000
0.274987785262
Long
EC
CORP
US
N
1
N
N
N
GLP CAP LP / GLP FING II INC
N/A
GLP CAP LP / GLP FING II INC 5.25% 06/01/2025
361841AJ8
4500000.00000000
PA
USD
5039775.00000000
0.075333810715
Long
DBT
CORP
US
N
2
2025-06-01
Fixed
0.05250000
N
N
N
N
N
N
BRAEMAR HOTELS and RESORTS INC
549300JDUUEBN868C776
BRAEMAR HOTELS and RESORTS INC 5.5% PERP PFD
10482B200
98091.00000000
NS
USD
1771523.46000000
0.026480470460
Long
EP
CORP
US
N
2
N
N
N
CGMS COML MTG TR 2017-MDDR
N/A
CGCMT 2017-MDRB D 1ML+325 07/15/2022 144A
125333BC7
6131000.00000000
PA
USD
6129017.85000000
0.091615651607
Long
ABS-MBS
CORP
US
N
2
2030-07-15
Variable
0.04926250
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 XB CSTR 6/44
617459AF9
55708619.46830000
PA
USD
226316.27000000
0.003382942104
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.00390193
N
N
N
N
N
N
ARLINGTON ASSET INVT CORP
549300LA9ZT7L8G7IT53
ARLINGTON ASSET 6.625 PFD 5/1/23
041356304
240823.00000000
NS
USD
5912204.65000000
0.088374759986
Long
EP
CORP
US
N
1
N
N
N
HAT Holdings I LLC / HAT Holdings II LLC
N/A
HAT Holdings I LLC / II LLC 5.25% 07/15/2024 144A
418751AA1
4257000.00000000
PA
USD
4469850.00000000
0.066814656175
Long
DBT
CORP
US
N
2
2024-07-15
Fixed
0.05250000
N
N
N
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GSMS 2011-GC5 D 5.47 8/44
36191YAL2
9452000.00000000
PA
USD
9441372.17000000
0.141128233689
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05555908
N
N
N
N
N
N
LEXINGTON CORP PPTYS TR REIT
549300S4MH2ICXDBFV43
LEXINGTON REALTY TRUST REIT
529043101
4263474.00000000
NS
USD
47196657.18000000
0.705488645500
Long
EC
CORP
US
N
1
N
N
N
LTF MERGER SUB INC
N/A
LIFE TIME FITNESS TERM B 06/10/2022
50218KAD0
6182605.86500000
PA
USD
6189344.91000000
0.092517411570
Long
LON
CORP
US
N
2
2022-06-10
Variable
0.04658630
N
N
N
N
N
N
GLOBAL PARTNERS LP / GLP FIN CORP
N/A
GLOBAL PARTNERS LP / GLP FIN CORP 7% 08/01/2027 144A
37954FAF1
3955000.00000000
PA
USD
4241737.50000000
0.063404864290
Long
DBT
CORP
US
N
2
2027-08-01
Fixed
0.07000000
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HBRS INVT CORP CONV 6.25% 01/15/2022
90187BAA9
4331000.00000000
PA
USD
4524543.99000000
0.067632213841
Long
DBT
CORP
US
N
2
2022-01-15
Fixed
0.06250000
N
N
N
N
N
TWO HARBORS INVESTMENT COR
TWO HBRS INVT CORP
USD
XXXX
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HBRS INVT CORP SR C 7.25/VAR PERP PFD
90187B507
899517.00000000
NS
USD
23999113.56000000
0.358735197158
Long
EP
CORP
US
N
1
N
N
N
BRIXMOR OPERATING PARTNERSHIP LP
549300CJHBL7JBUA6503
BRIXMOR OPERATING PARTNERSHIP LP 3.85% 02/01/2025
11120VAA1
8290000.00000000
PA
USD
8874737.31000000
0.132658259675
Long
DBT
CORP
US
N
2
2025-02-01
Fixed
0.03850000
N
N
N
N
N
N
VB-S1 ISSUER LLC
N/A
VB-S1 ISSUER LLC 2016-1A F 6.901% 06/15/2046 144A
91823AAE1
7710000.00000000
PA
USD
7880636.18000000
0.117798583130
Long
ABS-CBDO
CORP
US
N
2
2046-06-15
Fixed
0.06901000
N
N
N
N
N
N
WILLIAM LYON HOMES INC
5493001MTHCP4IWKJU06
WILLIAM LYON HOMES INC 6% 09/01/2023
96926DAU4
6922000.00000000
PA
USD
7216185.00000000
0.107866465243
Long
DBT
CORP
US
N
2
2023-09-01
Fixed
0.06000000
N
N
N
N
N
N
EASTERLY GOVT PPTYS INC
549300ERMCEFC6S8HL77
EASTERLY GOVERNMENT PROPERTIES INC
27616P103
784000.00000000
NS
USD
18980640.00000000
0.283719797215
Long
EC
CORP
US
N
1
N
N
N
SITE CENTERS CORP
W2AVA6SODOQ1LCYJQR54
DDR CORP 3.625% 02/01/2025
23317HAD4
5489000.00000000
PA
USD
5762813.99000000
0.086141690513
Long
DBT
CORP
US
N
2
2025-02-01
Fixed
0.03625000
N
N
N
N
N
N
LINEAGE LOGISTICS LLC
5493003V5XTRX1K1PV14
LINEAGE LOGISTICS TERM B 02/27/2025
53566NAD6
15047381.44000000
PA
USD
15043619.59000000
0.224869798882
Long
LON
CORP
US
N
2
2025-02-27
Variable
0.04645250
N
N
N
N
N
N
NEW YORK MTG TR INC
549300JFGR0M7ULHWG48
NEW YORK MTG TR INC 7.875% PFD
649604808
317125.00000000
NS
USD
8051803.75000000
0.120357170631
Long
EP
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL 2019-SFR2
N/A
PROGRESS RESIDENTIAL 2019-SFR2 F 4.837% 05/17/2036 144A
74333NAL6
3902000.00000000
PA
USD
4039074.92000000
0.060375494042
Long
ABS-CBDO
CORP
US
N
2
2036-05-17
Fixed
0.04837000
N
N
N
N
N
N
2020-03-01
Stacie M. Smith
Stacie M. Smith
Stacie M. Smith
President and Treasurer