0001752724-20-055237.txt : 20200320
0001752724-20-055237.hdr.sgml : 20200320
20200320111908
ACCESSION NUMBER: 0001752724-20-055237
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: 20730874
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
S000031548
Fidelity Series Real Estate Income Fund
C000098199
Fidelity Series Real Estate Income Fund
FSREX
NPORT-P
1
primary_doc.xml
NPORT-P
false
0000754510
XXXXXXXX
S000031548
C000098199
FIDELITY SECURITIES FUND
811-04118
0000754510
LIUMB3NDWOFJPXVROE85
245 Summer Street
Boston
02210
1-800-FIDELITY
FIDELITY SERIES REAL ESTATE INCOME FUND
S000031548
549300CKO1IALL8IIC86
2020-07-31
2020-01-31
N
1091428561.19
5827952.08
1085600609.11
0
0
0
0
0
0
0
0
0
0
3220000
0
0
0
USD
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
482000.00000000
PA
USD
225278.22000000
0.020751482461
Long
ABS-MBS
CORP
US
N
2
2046-04-15
Variable
0.03250000
N
N
N
N
N
N
LIGHTSTONE HOLDCO LLC
N/A
LIGHTSTONE HOLDCO TERM C 1LN 01/30/2024
53226GAH4
104733.19000000
PA
USD
98056.45000000
0.009032460849
Long
LON
CORP
US
N
2
2024-01-30
Variable
0.05395250
N
N
N
N
N
N
SOTHERLY HOTELS INC
549300IYTT21F61LSR10
SOTHERLY HOTELS INC SER B 8% PERP PFD
83600C301
12750.00000000
NS
USD
334050.00000000
0.030770984945
Long
EP
CORP
US
N
1
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
1769173.72300000
PA
USD
1773037.42000000
0.163323178443
Long
ABS-MBS
CORP
US
N
2
2032-06-15
Variable
0.03276250
N
N
N
N
N
N
ELLINGTON FINANCIAL INC
60GS1D1R1YY5G1W7IT74
ELLINGTON FINANCIAL INC
28852N109
152651.00000000
NS
USD
2788933.77000000
0.256902377043
Long
EC
CORP
US
N
1
N
N
N
SELECT INCOME REIT
529900WFAP4ROYDYS509
SELECT INCOME REIT 4.15% 02/01/2022
81618TAD2
2117000.00000000
PA
USD
2179311.71000000
0.200747097202
Long
DBT
CORP
US
N
2
2022-02-01
Fixed
0.04150000
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
1260000.00000000
PA
USD
1066606.76000000
0.098250383340
Long
ABS-MBS
CORP
US
N
2
2049-08-15
Fixed
0.03000000
N
N
N
N
N
N
WILLIAM LYON HOMES INC
5493001MTHCP4IWKJU06
WILLIAM LYON HOMES INC 6.625% 07/15/2027 144A
96926DAV2
1427000.00000000
PA
USD
1541160.00000000
0.141963811282
Long
DBT
CORP
US
N
2
2027-07-15
Fixed
0.06625000
N
N
N
N
N
N
MARRIOTT OWNERSHIP RESORTS INC / ILG LLC
N/A
MARRIOTT OWNERSHIP RESORTS INC / ILG LLC 6.5% 09/15/2026
57165PAB1
45000.00000000
PA
USD
48712.50000000
0.004487147445
Long
DBT
CORP
US
N
2
2026-09-15
Fixed
0.06500000
N
N
N
N
N
N
PENNSYLVANIA REAL EST INVT TR
5493001GPBXRIG8WJO70
PENNSYLVANIA REAL EST INVT TR SER D 6.875% PFD PERP
709102701
27400.00000000
NS
USD
549918.00000000
0.050655645859
Long
EP
CORP
US
N
1
N
N
N
PROLOGIS INC
529900DFH19P073LZ636
PROLOGIS IN SR Q 8.54% PFD PRP
74340W202
16850.00000000
NS
USD
1230050.00000000
0.113305942321
Long
EP
CORP
US
N
1
N
N
N
STARWOOD PPTY TR INC
BUGSFQZERKRBFWIG5267
STARWOOD PPTY TR INC CONV 4.375% 04/01/2023
85571BAH8
2804000.00000000
PA
USD
2935437.50000000
0.270397554622
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
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
1024000.00000000
PA
USD
900445.70000000
0.082944472621
Long
ABS-MBS
CORP
US
N
2
2049-09-15
Fixed
0.03000000
N
N
N
N
N
N
VICI PROPERTIES / NOTE
N/A
VICI PROPERTIES / NOTE 4.125% 08/15/2030 144A
92564RAE5
975000.00000000
PA
USD
989625.00000000
0.091159215617
Long
DBT
CORP
US
N
2
2030-08-15
Fixed
0.04125000
N
N
N
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
1011000.00000000
PA
USD
1041330.00000000
0.095922016924
Long
DBT
CORP
US
N
2
2029-10-15
Fixed
0.03900000
N
N
N
N
N
N
CEDAR RLTY TR INC
54930056URX93R2RSN82
CEDAR RLTY TR I 7.25% PFD PERP
150602407
40856.00000000
NS
USD
1035699.60000000
0.095403373147
Long
EP
CORP
US
N
1
N
N
N
JP MORGAN CHASE COML MTG SECS TR 2012-CIBX
N/A
JPMCC 2012-CBX G 4.0% 6/45 144A
46637WAU7
805000.00000000
PA
USD
533195.78000000
0.049115280106
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Fixed
0.04000000
N
N
N
N
N
N
INVITATION HOMES 2018-SFR2 TR
N/A
IHSFR 2018-SFR2 F 1ML+225 06/17/2037 144A
46185HAL6
585075.56000000
PA
USD
585073.92000000
0.053894030188
Long
ABS-CBDO
CORP
US
N
2
2037-06-17
Variable
0.03926250
N
N
N
N
N
N
BLUEROCK RESIDENTIAL GROWTH REIT INC
549300KWLV0TGICOUU26
BLUEROCK RESIDENTIAL GROWTH REIT INC SER D 7.125% PERP PFD
09627J656
31900.00000000
NS
USD
831690.42000000
0.076611086344
Long
EP
CORP
US
N
1
N
N
N
GS MTG SECS TR 2016-GS3
N/A
GS MTG SECS TR 2016-GS3 2.62% 10/10/2049 144A
36251PAM6
640000.00000000
PA
USD
574490.62000000
0.052919150484
Long
ABS-MBS
CORP
US
N
2
2049-10-10
Fixed
0.02620000
N
N
N
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
SENIOR HOUSING PPTYS TR 4.75% 02/15/2028
81721MAM1
5067000.00000000
PA
USD
5309617.49000000
0.489094925467
Long
DBT
CORP
US
N
2
2028-02-15
Fixed
0.04750000
N
N
N
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAPITAL MANAGEMENT INC SER I 6.75/VAR PFD PERP
035710847
91000.00000000
NS
USD
2368730.00000000
0.218195345518
Long
EP
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
461000.00000000
PA
USD
448613.85000000
0.041324023424
Long
ABS-MBS
CORP
US
N
2
2050-09-15
Variable
0.04291562
N
N
N
N
N
N
SAUL CENTERS INC
N/A
SAUL CENTERS INC 6% SER E PFD PERP
804395879
13475.00000000
NS
USD
351967.00000000
0.032421407748
Long
EP
CORP
US
N
1
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
1924000.00000000
PA
USD
1795969.34000000
0.165435550139
Long
ABS-MBS
CORP
US
N
2
2049-12-15
Variable
0.03575600
N
N
N
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
2375000.00000000
PA
USD
2659881.25000000
0.245014716064
Long
DBT
CORP
US
N
2
2025-06-01
Fixed
0.05250000
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C3
N/A
WFRBS 2011-C3 C 5.335% 03/44
92935VAQ1
2155000.00000000
PA
USD
2216143.60000000
0.204139863353
Long
ABS-MBS
CORP
US
N
2
2044-03-15
Fixed
0.05335000
N
N
N
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
1509000.00000000
PA
USD
1554270.00000000
0.143171437723
Long
DBT
CORP
US
N
2
2025-04-01
Fixed
0.06125000
N
N
N
N
N
N
BX 2020-BXLP
N/A
BX 2020-BXLP 1ML+262.15 12/15/2029 144A
05607QBA5
987000.00000000
PA
USD
991010.08000000
0.091286802133
Long
ABS-MBS
CORP
US
N
2
2029-12-15
Variable
0.04250000
N
N
N
N
N
N
AMERICAN HOMES 4 RENT LP
549300N4PXZ37U8QKI55
AMERICAN HOMES 4 RENT LP 4.25% 02/15/2028
02666TAA5
2000000.00000000
PA
USD
2190270.94000000
0.201756605663
Long
DBT
CORP
US
N
2
2028-02-15
Fixed
0.04250000
N
N
N
N
N
N
DYNEX CAP INC
5CIJ4S9HAEBWILA19B65
DYNEX CAP INC 8.5% PRP A
26817Q704
100363.00000000
NS
USD
2628005.16000000
0.242078452973
Long
EP
CORP
US
N
1
N
N
N
APOLLO COML REAL ESTAT FIN INC
549300E0AN7M2AQHSY29
APOLLO COMMERCIAL REAL ESTATE TERM B 05/07/2026
03768DAB3
537300.00000000
PA
USD
537300.00000000
0.049493339953
Long
LON
CORP
US
N
2
2026-05-07
Variable
0.04426250
N
N
N
N
N
N
WELLS FARGO COML MTG TR 2012-LC5
N/A
WFCM 12-LC5 E VAR 4.775603% 10/15/2045 144A
94988HAR2
1539000.00000000
PA
USD
1554746.43000000
0.143215324029
Long
ABS-MBS
CORP
US
N
2
2045-10-15
Variable
0.04913434
N
N
N
N
N
N
GS MTG SECS TR 2013-GCJ16
N/A
GSMS 2013-GC16 D CSTR 11/46
36248GAP5
3292000.00000000
PA
USD
3579156.22000000
0.329693645155
Long
ABS-MBS
CORP
US
N
2
2046-11-10
Variable
0.05487693
N
N
N
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT 4.9% 02/15/2029
02666TAB3
511000.00000000
PA
USD
588278.29000000
0.054189200435
Long
DBT
CORP
US
N
2
2029-02-15
Fixed
0.04900000
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 5.25% 01/15/2026
681936BH2
22000.00000000
PA
USD
24915.47000000
0.002295086221
Long
DBT
CORP
US
N
2
2026-01-15
Fixed
0.05250000
N
N
N
N
N
N
EASTERLY GOVT PPTYS INC
549300ERMCEFC6S8HL77
EASTERLY GOVERNMENT PROPERTIES INC
27616P103
50900.00000000
NS
USD
1232289.00000000
0.113512187600
Long
EC
CORP
US
N
1
N
N
N
GS MORTGAGE SECURITIES CORPORATION II
N/A
GSMS 2012-GC6 C CSTR 1/45
36192BAJ6
2440000.00000000
PA
USD
2566563.78000000
0.236418785920
Long
ABS-MBS
CORP
US
N
2
2045-01-10
Variable
0.05839481
N
N
N
N
N
N
WESTERN ASSET MTG CAP CORP
549300JOQRROR5SZYY83
WESTERN ASSET MTG CAP CORP CONV 6.75% 10/01/2022
95790DAA3
9744000.00000000
PA
USD
9938207.86000000
0.915457100576
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
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 D CSTR 6/44
617459AJ1
2382000.00000000
PA
USD
2407298.51000000
0.221748080260
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.05670536
N
N
N
N
N
N
GS MORTGAGE SECURITIES CORPORATION II
N/A
GSMS 2012-GC6 D CSTR 1/45
36192BAL1
1891000.00000000
PA
USD
1946428.99000000
0.179295126924
Long
ABS-MBS
CORP
US
N
2
2045-01-10
Variable
0.05839481
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 4.75% 10/01/2024
45031UCF6
3640000.00000000
PA
USD
3785600.00000000
0.348710194912
Long
DBT
CORP
US
N
2
2024-10-01
Fixed
0.04750000
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
625000.00000000
PA
USD
654832.19000000
0.060319806796
Long
ABS-MBS
CORP
US
N
2
2046-05-15
Variable
0.04171909
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
299000.00000000
PA
USD
304232.50000000
0.028024348682
Long
DBT
CORP
US
N
2
2022-02-01
Fixed
0.06250000
N
N
N
N
N
N
WP CAREY INC
54930042CRNE713E3Q67
WP CAREY INC 4.25% 10/01/26
92936UAE9
998000.00000000
PA
USD
1093179.64000000
0.100698141731
Long
DBT
CORP
US
N
2
2026-10-01
Fixed
0.04250000
N
N
N
N
N
N
BBCMS TR 2015-STP
N/A
BBCMS 2015-STP F CSTR 09/28
05547GAL7
800000.00000000
PA
USD
782434.80000000
0.072073909450
Long
ABS-MBS
CORP
US
N
2
2028-09-10
Variable
0.04427162
N
N
N
N
N
N
COLONY CAP INC
G6ZRFL75MXIO4KJEP931
COLONY FINL INC 5% 4/15/23
19624RAA4
3687000.00000000
PA
USD
3673173.75000000
0.338354061261
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
INVESTORS REAL ESTATE TRUST
5493002LG2SH9EEHT720
INVESTORS REIT 6.625% SER C PFD PERP
461730400
57700.00000000
NS
USD
1553884.08000000
0.143135888738
Long
EP
CORP
US
N
1
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INVT CORP 8.125% SER A PERP PFD
90187B200
109525.00000000
NS
USD
3191558.50000000
0.293990116919
Long
EP
CORP
US
N
1
N
N
N
UBS-BAMLL TR 2012-WRM
N/A
UBSBM 2012-WRM D CSTR 6/30
90269PAL5
1817000.00000000
PA
USD
1799208.30000000
0.165733906641
Long
ABS-MBS
CORP
US
N
2
2030-06-10
Variable
0.04379267
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
861000.00000000
PA
USD
861000.00000000
0.079310935603
Long
DBT
CORP
US
N
2
2022-02-01
Fixed
0.05875000
N
N
N
N
N
N
GS MTG SECS CORP TR 2016-RENT
N/A
GSMS 2016-RENT E CSTR 02/10/2029
36251GAN4
2614000.00000000
PA
USD
2635670.84000000
0.242784576379
Long
ABS-MBS
CORP
US
N
2
2029-02-10
Variable
0.04202224
N
N
N
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
1316000.00000000
PA
USD
1193123.24000000
0.109904437229
Long
ABS-MBS
CORP
US
N
2
2046-04-15
Variable
0.04306617
N
N
N
N
N
N
MPT OPER PARTNERSHIP LP / MPT FIN CORP
N/A
MPT OPER PARTNERSHIP LP/CORP 4.625% 08/01/2029
55342UAJ3
1506000.00000000
PA
USD
1575652.50000000
0.145141084739
Long
DBT
CORP
US
N
2
2029-08-01
Fixed
0.04625000
N
N
N
N
N
N
WP CAREY INC
54930042CRNE713E3Q67
WP CAREY INC 4% 02/01/2025
92936UAC3
422000.00000000
PA
USD
452064.96000000
0.041641922103
Long
DBT
CORP
US
N
2
2025-02-01
Fixed
0.04000000
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
255000.00000000
PA
USD
260265.75000000
0.023974355560
Long
DBT
CORP
US
N
2
2024-02-15
Fixed
0.05625000
N
N
N
N
N
N
INVITATION HOMES OPERATING PARTNERSHIP LP
549300147YMUQB3GW319
INVITATION HOMES TERM B 02/06/2022
46187CAC5
5332000.00000000
PA
USD
5278680.00000000
0.486245121428
Long
LON
CORP
US
N
3
2022-02-06
Variable
0.03360880
N
N
N
N
N
N
BRAEMAR HOTELS and RESORTS INC
549300JDUUEBN868C776
BRAEMAR HOTELS and RESORTS INC 5.5% PERP PFD
10482B200
18883.00000000
NS
USD
341026.98000000
0.031413668815
Long
EP
CORP
US
N
2
N
N
N
WFRBS COML MTG TR 2013-C16
N/A
WFRBS COML MTG TR 2013-C16 CSTR 09/15/2046
92938EBR3
715000.00000000
PA
USD
714494.42000000
0.065815587611
Long
ABS-MBS
CORP
US
N
2
2046-09-15
Variable
0.05197741
N
N
N
N
N
N
BRAEMAR HOTELS and RESORTS INC
549300JDUUEBN868C776
BRAEMAR HOTELS and RESORTS INC SER D 8.25% PFD PERP
10482B309
35150.00000000
NS
USD
956080.00000000
0.088069221035
Long
EP
CORP
US
N
1
N
N
N
PEBBLEBROOK HOTEL TR
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD
70509V605
51314.00000000
NS
USD
1301323.04000000
0.119871251828
Long
EP
CORP
US
N
1
N
N
N
READY CAPITAL CORP
549300MYWGZUG7ZUYO87
READY CAPITAL CORP 6.2% PFD 07/30/26
75574U408
136450.00000000
NS
USD
3650965.36000000
0.336308337464
Long
EP
CORP
US
N
1
N
N
N
ARBOR RLTY TR INC
549300ASFUWYQO0RW077
ARBOR RLTY TR INC 7.5% PFD PERP
038923702
42675.00000000
NS
USD
1117658.25000000
0.102952986634
Long
EP
CORP
US
N
1
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL INC CONV 6.25% 06/15/2024
55272XAA0
2908000.00000000
PA
USD
3065682.75000000
0.282395083815
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
CYRUSONE LP/CYRUSONE FIN CORP
N/A
CYRUSONE LP/CYRUSONE FIN CORP 3.45% 11/15/2029
23283PAR5
1500000.00000000
PA
USD
1548030.00000000
0.142596640699
Long
DBT
CORP
US
N
2
2029-11-15
Fixed
0.03450000
N
N
N
N
N
N
ARBOR RLTY TR INC
549300ASFUWYQO0RW077
ARBOR RLTY TR INC 8.25% PERP PFD
038923603
44047.00000000
NS
USD
1167245.50000000
0.107520711595
Long
EP
CORP
US
N
1
N
N
N
COMM 2012-CCRE1 MTG TR
N/A
COMM 2012-CCRE1 G 2.462% 05/15/2045 144A
12624BAS5
1133000.00000000
PA
USD
959390.75000000
0.088374190466
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Fixed
0.02462000
N
N
N
N
N
N
AMERICAN TOWER CORP
5493006ORUSIL88JOE18
AMERICAN TOWER CORP
03027X100
61500.00000000
NS
USD
14252010.00000000
1.312822586907
Long
EC
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
602000.00000000
PA
USD
596240.85000000
0.054922670915
Long
ABS-MBS
CORP
US
N
2
2048-01-15
Variable
0.04005818
N
N
N
N
N
N
QTS RLTY TR INC
5493006PA4CJK4OG2J54
QTS RLTY TR INC PC 6.5% PERP
74736A301
8475.00000000
NS
USD
1132005.75000000
0.104274605273
Long
EP
CORP
US
N
2
N
N
N
KKR REAL ESTATE FINANCE TRUST INC
549300K23AYZDZ2REL62
KKR REAL ESTATE FIN TR INC CONV 6.125% 05/15/2023
48251KAB6
1491000.00000000
PA
USD
1567488.30000000
0.144389040209
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
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HO SR D 8.45% PFD PERP
044103406
61574.00000000
NS
USD
1576294.40000000
0.145200213298
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
2346000.00000000
PA
USD
2197715.67000000
0.202442376280
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Fixed
0.03000000
N
N
N
N
N
N
JPMCC MTG SECS TR
N/A
JPMCC 2015-UES F 3.7417% 09/05/2032
46645FAQ3
1843000.00000000
PA
USD
1841810.16000000
0.169658173046
Long
ABS-MBS
CORP
US
N
2
2032-09-05
Variable
0.03741700
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 8.0% PFD PERPEPAR=25
45031U408
64792.00000000
NS
USD
1665154.40000000
0.153385544004
Long
EP
CORP
US
N
1
N
N
N
SUNSTONE HOTEL INVS INC NEW
529900ZQ2V52V96ATF67
SUNSTONE HOTEL INVS INC SER F 6.45% PFD PERP
867892705
16950.00000000
NS
USD
440696.61000000
0.040594727591
Long
EP
CORP
US
N
1
N
N
N
BLACKSTONE MTG TR INC
549300OLDJ20R2Y2UW20
BLACKSTONE MTG TR INC CONV 4.75% 03/15/2023
09257WAC4
1644000.00000000
PA
USD
1766929.89000000
0.162760583880
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
COLONY CAPITAL INC
549300XG87L902AGBO89
COLONY CAPITAL INC 7.5 PFD PERP G PAR=25
19626G405
114960.00000000
NS
USD
2878598.40000000
0.265161826167
Long
EP
CORP
US
N
1
N
N
N
DEUTSCHE FINL CAP SEC LLC
N/A
DFCS 1997-I M 7.275% 9/27
251547AG0
104806.50910000
PA
USD
105428.88000000
0.009711571559
Long
ABS-CBDO
CORP
US
N
2
2027-09-15
Fixed
0.07275000
N
N
N
N
N
N
DCP MIDSTREAM LP
52990024YYS3MLGW0E91
DCP MIDSTREAM LP 7.95/VAR PERP PFD
23311P308
36975.00000000
NS
USD
915131.25000000
0.084297230705
Long
EP
CORP
US
N
1
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
SENIOR HOUSING PPTYS TR 4.75% 05/01/24
81721MAK5
12480000.00000000
PA
USD
13175129.88000000
1.213625873957
Long
DBT
CORP
US
N
2
2024-05-01
Fixed
0.04750000
N
N
N
N
N
N
NATIONAL STORAGE AFFILIATES TRUST
N/A
NATIONAL STORAGE AFFILIATES SER A 6% PFD PERP
637870205
12325.00000000
NS
USD
335979.50000000
0.030948720660
Long
EP
CORP
US
N
1
N
N
N
GAMING AND LEISURE PROPERTIES INC
5493006GWRDBCZYWTM57
GAMING AND LEISURE PROPRTI INC
36467J108
44300.00000000
NS
USD
2093396.50000000
0.192833025555
Long
EC
CORP
US
N
1
N
N
N
BEAZER HOMES USA INC
549300DUPYT2T0F60I45
BEAZER HOMES USA INC 5.875% 10/15/2027
07556QBR5
1834000.00000000
PA
USD
1902775.00000000
0.175273943661
Long
DBT
CORP
US
N
2
2027-10-15
Fixed
0.05875000
N
N
N
N
N
N
URSTADT BIDDLE PPTYS INC
549300XXD0YL0AER3Z82
URSTADT BIDDLE PPTYS INC SER K 5.875% PFD PERP
917286874
28775.00000000
NS
USD
742395.00000000
0.068385646965
Long
EP
CORP
US
N
1
N
N
N
GPMT 2019-FL2 LTD
N/A
GPMT 2019-FL2 LTD 1ML+295 02/22/2036 144A
36259BAJ6
358000.00000000
PA
USD
360014.82000000
0.033162731945
Long
ABS-CBDO
CORP
KY
N
2
2036-02-22
Variable
0.04626250
N
N
N
N
N
N
READY CAPITAL CORP
549300MYWGZUG7ZUYO87
READY CAPITAL CORP PC 7% 08/15/2023
75574U200
73475.00000000
NS
USD
1947087.50000000
0.179355785512
Long
EP
CORP
US
N
2
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
1500000.00000000
PA
USD
1555267.35000000
0.143263308526
Long
ABS-MBS
CORP
US
N
2
2046-10-15
Variable
0.04924597
N
N
N
N
N
N
KESTREL ACQUISITION LLC
549300ER0JUHJLPPMH08
HUNTERSTOWN GENERATION TERM B 06/01/2025
49254YAB1
1477500.00000000
PA
USD
1300200.00000000
0.119767803102
Long
LON
CORP
US
N
2
2025-06-01
Variable
0.06050000
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
3780000.00000000
PA
USD
4347000.00000000
0.400423504143
Long
DBT
CORP
US
N
2
2027-04-01
Fixed
0.09875000
N
N
N
N
N
N
PS BUSINESS PKS INC CALIF
N/A
PS BUSINESS PARKS INC SER Z 4.875% PFD PERP
69360J552
8000.00000000
NS
USD
202480.00000000
0.018651426528
Long
EP
CORP
US
N
1
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
1137000.00000000
PA
USD
962357.48000000
0.088647470526
Long
ABS-MBS
CORP
US
N
2
2049-12-15
Fixed
0.03396000
N
N
N
N
N
N
COMM 2012-CCRE2 MTG TR
N/A
COMM 2012-CR2 F 4.25% 8/45
12624KBA3
783000.00000000
PA
USD
716843.78000000
0.066031998691
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Fixed
0.04250000
N
N
N
N
N
N
WILLIAMS SCOTSMAN CORP
549300HJ4VIXF476Q166
WILLIAMS SCOTSMAN CORP A
971375126
12400.00000000
NS
USD
233740.00000000
0.021530938545
Long
EC
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 7.65 PFD PERP GPAR=25
45031U705
100575.00000000
NS
USD
2581760.25000000
0.237818607352
Long
EP
CORP
US
N
1
N
N
N
ANWORTH MTG ASSET CORP
N2KM5OGWVS7HLNUACF84
ANWORTH MTG 8.625% PFD A PERP PAR=25
037347200
111413.00000000
NS
USD
2893395.61000000
0.266524869801
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
3233000.00000000
PA
USD
3247264.64000000
0.299121482868
Long
ABS-MBS
CORP
US
N
2
2036-05-15
Variable
0.04326250
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
910000.00000000
PA
USD
938096.43000000
0.086412666143
Long
ABS-MBS
CORP
US
N
2
2046-03-15
Variable
0.04896635
N
N
N
N
N
N
GRANITE POINT MORTGAGE TRUST INC
529900VX2HQZ76AYIE02
GRANITE POINT MORTGAGE TRUST INC CONV 5.625% 12/01/2022 144A
38741LAB3
2696000.00000000
PA
USD
2729700.00000000
0.251446063781
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
SOTHERLY HOTELS INC
549300IYTT21F61LSR10
SOTHERLY HOTELS INC SER C 7.875% PERP PFD
83600C400
19300.00000000
NS
USD
511450.00000000
0.047112169586
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MSC 2011-C3 D CSTR 7/49
61760RAL6
83000.00000000
PA
USD
84095.67000000
0.007746464887
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05419297
N
N
N
N
N
N
BX TRUST 2019
N/A
BX TRUST 2019 1ML+230 10/15/2036 144A
056054AK5
425000.00000000
PA
USD
426619.34000000
0.039298001163
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 6.875/VAR PERP PFD
00123Q609
130650.00000000
NS
USD
3406045.50000000
0.313747567145
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
08162YBM3
573000.00000000
PA
USD
554780.83000000
0.051103584996
Long
ABS-MBS
CORP
US
N
2
2062-12-15
Variable
0.03404110
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
45000.00000000
PA
USD
46216.53000000
0.004257231399
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Variable
0.04277112
N
N
N
N
N
N
RLJ LODGING TR
N/A
RLJ LODGING TR SER A PC 1.95% PERP
74965L200
38950.00000000
NS
USD
1071904.00000000
0.098738338114
Long
EP
CORP
US
N
2
N
N
N
WFRBS COML MTG TR 2011-C3
N/A
WFRBS 2011-C3 E 5% 3/44
92935VAU2
34000.00000000
PA
USD
11668.92000000
0.001074881489
Long
ABS-MBS
CORP
US
N
2
2044-03-15
Fixed
0.05000000
N
N
N
N
N
N
COMM 2012-CCRE1 MTG TR
N/A
COMM 2012-CR1 D CSTR 5/45
12624BAL0
1917000.00000000
PA
USD
1987108.14000000
0.183042283075
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Variable
0.05497275
N
N
N
N
N
N
DYNEX CAP INC
5CIJ4S9HAEBWILA19B65
DYNEX CAP INC
26817Q886
184666.00000000
NS
USD
3290748.12000000
0.303126959618
Long
EC
CORP
US
N
1
N
N
N
DBUBS 2011-LC1 MTG TR
N/A
DBUBS 11-LC1A E 5.55709% 11/46
233050AJ2
2902000.00000000
PA
USD
2963858.45000000
0.273015547810
Long
ABS-MBS
CORP
US
N
2
2046-11-10
Variable
0.05877773
N
N
N
N
N
N
FREMF 2010-K7 MTG TR
N/A
FREMF 2010-K7 B CSTR 4/20
30263DAJ9
2641000.00000000
PA
USD
2647395.97000000
0.243864635648
Long
ABS-MBS
USGSE
US
N
2
2020-04-25
Variable
0.05728417
N
N
N
N
N
N
TAYLOR MORRISON CMNTYS INC / MONARCH CMNTYS INC
549300O1Z08HI2MRK572
TAYLOR MORRISON CMNTY/ MONARCH 5.875% 06/15/2027 144A
87724RAA0
1112000.00000000
PA
USD
1237100.00000000
0.113955352421
Long
DBT
CORP
US
N
2
2027-06-15
Fixed
0.05875000
N
N
N
N
N
N
COMM 2013-LC6 MTG TR
N/A
COMM 2013-LC6 E MTG TR 3.5% 01/10/2046 144A
20048EAG6
2000000.00000000
PA
USD
1769112.00000000
0.162961588742
Long
ABS-MBS
CORP
US
N
2
2046-01-10
Fixed
0.03500000
N
N
N
N
N
N
NEW RESIDENTIAL INVT CORP
549300WNTHGEO5LP2G31
NEW RESIDENTIAL INVESTMENT CORP SER B 7.125%/VAR PFD PERP
64828T409
139236.00000000
NS
USD
3668868.60000000
0.337957492765
Long
EP
CORP
US
N
1
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP 7/VAR PFD PERP
00123Q500
81399.00000000
NS
USD
2135909.76000000
0.196749130580
Long
EP
CORP
US
N
1
N
N
N
DIGITAL RLTY TR INC
549300HKCZ31D08NEI41
DIGITAL REALTY TRUST INC SER C 6.625% PFD PERP
253868848
16950.00000000
NS
USD
453751.50000000
0.041797277580
Long
EP
CORP
US
N
1
N
N
N
UBS-CITIGROUP COML MTG TR 2011-C1
N/A
UBSC 2011-C1 B CSTR 1/45
90268TAL8
34000.00000000
PA
USD
36136.80000000
0.003328737999
Long
ABS-MBS
CORP
US
N
2
2045-01-10
Variable
0.06252105
N
N
N
N
N
N
NEW YORK MTG TR INC
549300JFGR0M7ULHWG48
NEW YORK MTG TR INC CONV 6.25% 01/15/2022
649604AD7
28000.00000000
PA
USD
28665.00000000
0.002640473831
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
FELCOR LODGING LP
N/A
FELCOR LODGING LP 6% 6/1/25
31430QBG1
1281000.00000000
PA
USD
1329037.50000000
0.122424166755
Long
DBT
CORP
US
N
2
2025-06-01
Fixed
0.06000000
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
588000.00000000
PA
USD
611374.53000000
0.056316708453
Long
ABS-CBDO
CORP
US
N
2
2035-10-17
Fixed
0.05368000
N
N
N
N
N
N
SUMMIT HOTEL PPTYS INC
N/A
SUMMIT HOTEL PPTYS INC SERIES E 6.25% PFD PERP
866082605
48387.00000000
NS
USD
1289895.81000000
0.118818633590
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
7675.00000000
NS
129965.81000000
0.011971788603
Long
EP
CORP
CA
N
1
N
N
N
PROGRESS RESIDENTIAL 2018-SFR2
N/A
PROGRESS RESIDENTIAL 2018-SFR2 F 4.953% 08/17/2035 144A
74332UAL1
598000.00000000
PA
USD
617541.15000000
0.056884746085
Long
ABS-CBDO
CORP
US
N
2
2035-08-17
Fixed
0.04953000
N
N
N
N
N
N
CAPSTEAD MORTGAGE CORP
549300W6CQE2GR8QBV24
CAPSTEAD MORT 7.5% PFD PRP E
14067E605
55016.00000000
NS
USD
1400157.20000000
0.128975351363
Long
EP
CORP
US
N
1
N
N
N
BLUEROCK RESIDENTIAL GROWTH REIT INC
549300KWLV0TGICOUU26
BLUEROCK RESI GROWTH REIT INC 8.25% PFD SER A PERP
09627J508
107850.00000000
NS
USD
2834298.00000000
0.261081098906
Long
EP
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL 2015-SFR3 TR
N/A
PROGRESS RESIDENTIAL 2015-SFR3 F 6.643% 11/12/2032 144A
74332NAL7
588000.00000000
PA
USD
587861.23000000
0.054150782992
Long
ABS-CBDO
CORP
US
N
2
2032-11-12
Fixed
0.06643000
N
N
N
N
N
N
HEALTHCARE TR AMER INC
549300L0I14L7I0VLX84
HEALTHCARE TRST OF AMERICA INC
42225P501
105850.00000000
NS
USD
3390375.50000000
0.312304126540
Long
EC
CORP
US
N
1
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP 8%/VAR PERP PFD
16934Q604
125700.00000000
NS
USD
3328536.00000000
0.306607786700
Long
EP
CORP
US
N
1
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
302000.00000000
PA
USD
280662.67000000
0.025853215965
Long
ABS-MBS
CORP
US
N
2
2051-06-15
Variable
0.03402585
N
N
N
N
N
N
INDEPENDENCE PLAZA TR 2018-INDP
N/A
INDEPENDENCE PLAZA TR 2018-INDP E 4.996% 07/10/2035 144A
45378YAS3
504000.00000000
PA
USD
538780.54000000
0.049629719758
Long
ABS-MBS
CORP
US
N
2
2035-07-10
Fixed
0.04996000
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
1386000.00000000
PA
USD
1476410.72000000
0.135999437326
Long
ABS-CBDO
CORP
US
N
2
2037-05-17
Fixed
0.04960000
N
N
N
N
N
N
PLAYA RESORTS HLDG B V
5493005SPBUMPZZCIZ96
PLAYA RESORTS TERM B 04/27/2024
72812NAD8
4029301.46000000
PA
USD
3985664.13000000
0.367139083798
Long
LON
CORP
NL
N
2
2024-04-27
Variable
0.04400000
N
N
N
N
N
N
RAIT FINANCIAL TRUST
5493009H0BU736IRCR38
RAIT FNL TR 7.625% PFD 4/15/24
749227807
48605.00000000
NS
USD
1212694.75000000
0.111707265068
Long
EP
CORP
US
N
1
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PROPERTIES INC
903002103
69300.00000000
NS
USD
1094940.00000000
0.100860297130
Long
EC
CORP
US
N
1
N
N
N
PENNYMAC CORP
EWN0I878407TKQNXZ933
PENNYMAC CONV 5.375 5/01/20
70932AAB9
7282000.00000000
PA
USD
7318567.36000000
0.674149157488
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
TAYLOR MORRISON CMNTYS INC / MONARCH CMNTYS INC
549300O1Z08HI2MRK572
TAYLOR MORRISON CMNTY/ MONARCH 5.75% 01/15/2028 144A
87724RAB8
1511000.00000000
PA
USD
1654545.00000000
0.152408260101
Long
DBT
CORP
US
N
2
2028-01-15
Fixed
0.05750000
N
N
N
N
N
N
EG GLOBAL FINANCE PLC
549300TL8Q5207VYET27
EG GLOBAL FINANCE PLC 6.75% 02/07/2025 144A
28228PAA9
1250000.00000000
PA
USD
1265625.00000000
0.116582930165
Long
DBT
CORP
GB
N
2
2025-02-07
Fixed
0.06750000
N
N
N
N
N
N
MERITAGE HOMES CORP
52990044W9UMFJO2FB97
MERITAGE HOMES CORP 5.125% 06/06/2027
59001ABA9
941000.00000000
PA
USD
1011575.00000000
0.093181137843
Long
DBT
CORP
US
N
2
2027-06-06
Fixed
0.05125000
N
N
N
N
N
N
COMM 2014-UBS2 MTG TR
N/A
COMM 2014-UBS2 D MTG TR CSTR 03/10/2047 144A
12591UAP8
537000.00000000
PA
USD
517909.33000000
0.047707170174
Long
ABS-MBS
CORP
US
N
2
2047-03-10
Variable
0.05169046
N
N
N
N
N
N
OCWEN LOAN SERVICING LLC
549300MEMWF0Y8H4PL17
OCWEN FINANCIAL TERM B 12/05/2020
67574UAC2
931085.60000000
PA
USD
924689.04000000
0.085177645649
Long
LON
CORP
US
N
2
2020-12-05
Variable
0.06799380
N
N
N
N
N
N
GS MTG SECS TR 2012-GCJ7
N/A
GSMS 2012-GCJ7 C 5.721% 5/45
36192KAY3
3573000.00000000
PA
USD
3760910.50000000
0.346435923896
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.05875139
N
N
N
N
N
N
BX TR 2018-IND
N/A
BX TR 2018-EXCL 1ML+300 11/15/2035 144A
056059AU2
1157800.00800000
PA
USD
1158495.04000000
0.106714663779
Long
ABS-MBS
CORP
US
N
2
2035-11-15
Variable
0.04676250
N
N
N
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GS MTG SECS TR 2011-GC5 4.5% 08/10/2044 144A
36191YAQ1
677000.00000000
PA
USD
483787.45000000
0.044564036344
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Fixed
0.04500000
N
N
N
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE 5.15% SER F PFD PERP
74460W685
29950.00000000
NS
USD
801462.00000000
0.073826598223
Long
EP
CORP
US
N
1
N
N
N
DTZ US BORROWER LLC
N/A
CUSHMAN and WAKEFIELD TERM B 08/21/2025
23340DAN2
4747910.14600000
PA
USD
4768088.76000000
0.439212056440
Long
LON
CORP
US
N
2
2025-08-21
Variable
0.05049380
N
N
N
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GSMS 2011-GC5 D 5.47 8/44
36191YAL2
2623000.00000000
PA
USD
2620050.70000000
0.241345728623
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05555908
N
N
N
N
N
N
GLADSTONE LD CORP
54930002B3Q17H38FG74
GLADSTONE LAND CORP SER A 6.375% 9/30/21 PFD
376549200
11725.00000000
NS
USD
305059.88000000
0.028100562715
Long
EP
CORP
US
N
1
N
N
N
OUTFRONT MEDIA INC
549300RZWDYU5722I639
OUTFRONT MEDIA INC
69007J106
16965.00000000
NS
USD
504539.10000000
0.046475572670
Long
EC
CORP
US
N
1
N
N
N
WFRBS COML MTG TR 2013-C11
N/A
WFRBS 2013-C11 D CSTR 3/45
92937EAJ3
65000.00000000
PA
USD
67056.51000000
0.006176904235
Long
ABS-MBS
CORP
US
N
2
2045-03-15
Variable
0.04402737
N
N
N
N
N
N
MATTAMY GROUP CORP
5493008TNY7A82WCXU31
MATTAMY GROUP CORP 5.25% 12/15/2027 144A
57701RAJ1
2855000.00000000
PA
USD
2990612.50000000
0.275479994659
Long
DBT
CORP
CA
N
2
2027-12-15
Fixed
0.05250000
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INVT CORP 7.5% SER E PERP PFD
90187B705
118883.00000000
NS
USD
3042596.40000000
0.280268486814
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
2000000.00000000
PA
USD
1980517.20000000
0.182435159245
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05250000
N
N
N
N
N
N
COMM 2005-LP5
N/A
COMM 2005-LP5 F CSTR 5/43
20047PAP2
727539.87000000
PA
USD
732440.58000000
0.067468696485
Long
ABS-MBS
CORP
US
N
2
2043-05-10
Variable
0.04648058
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
970482.34660000
PA
USD
980276.94000000
0.090298119932
Long
ABS-MBS
CORP
US
N
2
2024-08-15
Variable
0.08602750
N
N
N
N
N
N
HCP INC
PZ9HF5U52KPF0MH0QN75
HCP INC 4.25% 11/15/2023
40414LAJ8
565000.00000000
PA
USD
609173.09000000
0.056113923010
Long
DBT
CORP
US
N
2
2023-11-15
Fixed
0.04250000
N
N
N
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
0.093980216245
Long
ABS-MBS
CORP
US
N
2
2036-09-17
Fixed
0.03867000
N
N
N
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT SER F 5.875% PFD PERP
02665T884
47683.00000000
NS
USD
1264076.33000000
0.116440274571
Long
EP
CORP
US
N
1
N
N
N
FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD
N/A
FHMS K011 X3 CSTR 12/43
3137A7NX4
5084000.00000000
PA
USD
77699.79000000
0.007157308990
Long
ABS-MBS
USGSE
US
N
2
2043-12-25
Variable
0.02660491
N
N
N
N
N
N
WF-RBS COML MTG TR 2012-C8
N/A
WFRBS 2012-C8 E CSTR 8/45
92936YAR2
557000.00000000
PA
USD
568275.96000000
0.052346687652
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.05047855
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
659000.00000000
PA
USD
675223.86000000
0.062198183598
Long
ABS-MBS
CORP
US
N
2
2046-11-15
Variable
0.05070948
N
N
N
N
N
N
SITE CENTERS CORP
W2AVA6SODOQ1LCYJQR54
SITE CENTERS CORP 6.25% 12/31/49 PFD PERP
82981J802
28039.00000000
NS
USD
722565.03000000
0.066559011107
Long
EP
CORP
US
N
1
N
N
N
FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD
N/A
FHMS K013 X3 IO CSTR 1/43
3137AA4Y6
4967000.00000000
PA
USD
96922.56000000
0.008928012676
Long
ABS-MBS
USGSE
US
N
2
2043-01-25
Variable
0.02910132
N
N
N
N
N
N
LTF MERGER SUB INC
N/A
LIFE TIME FITNESS TERM B 06/10/2022
50218KAD0
729148.72700000
PA
USD
729943.50000000
0.067238678191
Long
LON
CORP
US
N
2
2022-06-10
Variable
0.04658630
N
N
N
N
N
N
WILLIAM LYON HOMES INC
5493001MTHCP4IWKJU06
WILLIAM LYON HOMES INC 6% 09/01/2023
96926DAU4
78000.00000000
PA
USD
81315.00000000
0.007490323726
Long
DBT
CORP
US
N
2
2023-09-01
Fixed
0.06000000
N
N
N
N
N
N
BBCMS TR 2015-STP
N/A
BBCMS TR 2015-STP E CSTR 09/10/2028 144A
05547GAJ2
1626000.00000000
PA
USD
1617037.33000000
0.148953244538
Long
ABS-MBS
CORP
US
N
2
2028-09-10
Variable
0.04427162
N
N
N
N
N
N
EQUINIX INC
549300EVUN2BTLJ3GT74
EQUINIX INC
29444U700
10700.00000000
NS
USD
6310111.00000000
0.581255292880
Long
EC
CORP
US
N
1
N
N
N
PLYMOUTH INDL REIT INC
N/A
PLYMOUTH INDL REIT INC SER A STEP PFD PERP
729640201
30350.00000000
NS
USD
820664.00000000
0.075595388682
Long
EP
CORP
US
N
1
N
N
N
AG MORTGAGE INVESTMENT TR INC
549300SNP0PBR2XTFR48
AG MTG INVT 8% PFD PRP
001228303
144509.00000000
NS
USD
3737002.74000000
0.344233662789
Long
EP
CORP
US
N
1
N
N
N
UBS COML MTG TR 2012-C1
N/A
UBSCM 2012-C1 E CSTR 05/45
90269GAQ4
1236000.00000000
PA
USD
1016426.08000000
0.093627994629
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.05000000
N
N
N
N
N
N
EQUITY RESIDENTIAL
5493008RACSH5EP3PI59
EQUITY RESIDENTIAL REIT
29476L107
28900.00000000
NS
USD
2401012.00000000
0.221168998971
Long
EC
CORP
US
N
1
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
1000000.00000000
PA
USD
993958.40000000
0.091558386358
Long
ABS-MBS
CORP
US
N
2
2045-11-15
Variable
0.04761123
N
N
N
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PROPERTIES INC 6.75% SER C PFD PERP
903002400
78695.00000000
NS
USD
2079121.90000000
0.191518122093
Long
EP
CORP
US
N
1
N
N
N
PENNYMAC CORP
EWN0I878407TKQNXZ933
PENNYMAC CORP CONV 5.5% 11/01/2024 144A
70932AAC7
7066000.00000000
PA
USD
7124674.58000000
0.656288741938
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
ANWORTH MTG ASSET CORP
N2KM5OGWVS7HLNUACF84
ANWORTH MTG ASSET CORP
037347101
39712.00000000
NS
USD
142168.96000000
0.013095880640
Long
EC
CORP
US
N
1
N
N
N
WFRBS COML MTG TR 2011-C5
N/A
WFRBS 2011-C5 C CSTR 11/44
92936JAJ3
1250000.00000000
PA
USD
1312065.13000000
0.120860758458
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05859732
N
N
N
N
N
N
COMM 2012-LC4 MTG TR
N/A
COMM 2012-LC4 C CSTR 12/44
126192AG8
802000.00000000
PA
USD
836711.84000000
0.077073633984
Long
ABS-MBS
CORP
US
N
2
2044-12-10
Variable
0.05721522
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
604000.00000000
PA
USD
603637.00000000
0.055603966590
Long
ABS-CBDO
CORP
US
N
2
2037-07-17
Variable
0.04019000
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
94000.00000000
PA
USD
101736.23000000
0.009371423444
Long
DBT
CORP
US
N
2
2027-07-01
Fixed
0.03750000
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
2732000.00000000
PA
USD
2812931.68000000
0.259112942309
Long
ABS-MBS
CORP
US
N
2
2046-01-10
Variable
0.04407181
N
N
N
N
N
N
ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FIN CORP
N/A
ICAHN ENTERPRISES LP/FIN CORP 6.25% 05/15/2026
451102BT3
56000.00000000
PA
USD
58782.08000000
0.005414705878
Long
DBT
CORP
US
N
2
2026-05-15
Fixed
0.06250000
N
N
N
N
N
N
HUNT COMPANIES FINANCE TRUST INC
5493002OB7SJ4MVQY666
HUNT COMPANIES FINANCE TRUST INC
44558T100
23108.00000000
NS
USD
75794.24000000
0.006981779428
Long
EC
CORP
US
N
1
N
N
N
NEW YORK MTG TR INC
549300JFGR0M7ULHWG48
NEW YORK MTG TR INC 7.875% PFD
649604808
121233.00000000
NS
USD
3078105.87000000
0.283539438368
Long
EP
CORP
US
N
1
N
N
N
WP GLIMCHER MALL TR 15-WPG
N/A
JPMDB 2015-WPG PR2 CSTR 06/35
92939VAN4
459000.00000000
PA
USD
386258.14000000
0.035580132947
Long
ABS-MBS
CORP
US
N
2
2035-06-05
Variable
0.03633200
N
N
N
N
N
N
COMM 2018-HCLV MTG TR
N/A
COMM 2018-HCLV MTG TR 1ML+305 09/15/2033 144A
20048KAL1
735000.00000000
PA
USD
736908.06000000
0.067880217993
Long
ABS-MBS
CORP
US
N
2
2033-09-15
Variable
0.04726250
N
N
N
N
N
N
IMT TR 2017-APTS
N/A
IMTT 2017-APTS EFX CSTR 06/15/2034 144A
44974ABE6
1693000.00000000
PA
USD
1703506.25000000
0.156918321130
Long
ABS-MBS
CORP
US
N
2
2034-06-15
Variable
0.03613153
N
N
N
N
N
N
CITIGROUP COML MTG TR 2013-GC15
N/A
CITIGROUP COML MTG TR 2013-GC15 D CSTR 09/10/2046 144A
17321JAP9
2496000.00000000
PA
USD
2652387.13000000
0.244324395891
Long
ABS-MBS
CORP
US
N
2
2046-09-10
Variable
0.05387838
N
N
N
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP SER E 6.5%/VAR PFD PERP
00123Q807
153150.00000000
NS
USD
3974242.50000000
0.366086981404
Long
EP
CORP
US
N
1
N
N
N
DBUBS 2011-LC1 MTG TR
N/A
DBUBS 2011-LC1 MTG TR 4.652% 11/10/2046 144A
233050AL7
2778000.00000000
PA
USD
2689235.40000000
0.247718670884
Long
ABS-MBS
CORP
US
N
2
2046-11-10
Fixed
0.04652000
N
N
N
N
N
N
KIMCO REALTY CORP
549300EA7I6T15IBYS12
KIMCO REALTY CORP SER M 5.25% PFD PERP
49446R711
22400.00000000
NS
USD
596064.00000000
0.054906380394
Long
EP
CORP
US
N
1
N
N
N
KB HOME
549300LGUCWQURMWLG09
KB HOME 6.875% 06/15/2027
48666KAX7
34000.00000000
PA
USD
39992.50000000
0.003683905449
Long
DBT
CORP
US
N
2
2027-06-15
Fixed
0.06875000
N
N
N
N
N
N
UBS COML MTG TR 2012-C1
N/A
UBSCM 2012-C1 D CSTR 5/45
90269GAN1
492000.00000000
PA
USD
500378.02000000
0.046092275170
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.05755916
N
N
N
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER A 8% PERP PFD
16934Q307
38500.00000000
NS
USD
1039500.00000000
0.095753446642
Long
EP
CORP
US
N
1
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
0.096159811558
Long
ABS-MBS
CORP
US
N
2
2034-01-10
Variable
0.05098983
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
1099000.00000000
PA
USD
1100371.22000000
0.101360593460
Long
ABS-CBDO
CORP
US
N
2
2034-07-17
Variable
0.05208000
N
N
N
N
N
N
QTS RLTY TR INC
5493006PA4CJK4OG2J54
QTS RLTY TR INC 7.125% PFD PERP SER A
74736A202
32825.00000000
NS
USD
911222.00000000
0.083937130502
Long
EP
CORP
US
N
1
N
N
N
BLACKSTONE CQP HOLDCO LP
N/A
BLACKSTONE CQP TERM B 09/30/2024
09259HAB7
997493.73000000
PA
USD
996665.81000000
0.091807779181
Long
LON
CORP
US
N
2
2024-09-30
Variable
0.05408000
N
N
N
N
N
N
CAPSTEAD MORTGAGE CORP
549300W6CQE2GR8QBV24
CAPSTEAD MORTGAGE CORP
14067E506
83000.00000000
NS
USD
682260.00000000
0.062846316985
Long
EC
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
1854700.00000000
PA
USD
1838054.99000000
0.169312265908
Long
ABS-MBS
CORP
US
N
2
2034-11-15
Fixed
0.06808700
N
N
N
N
N
N
COMM 2017-COR2
N/A
COMM 2017-COR2 D 3% 09/10/2050 144A
12595EAN5
31000.00000000
PA
USD
29685.91000000
0.002734514862
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 5.875% SER G PFD PERP
02665T876
37050.00000000
NS
USD
974785.50000000
0.089792276443
Long
EP
CORP
US
N
1
N
N
N
HERSHA HOSPITALITY TR
549300DNC58BIN1VO064
HERSHA HOSPITL 6.875% PFD PERP
427825401
550.00000000
NS
USD
14019.50000000
0.001291404949
Long
EP
CORP
US
N
1
N
N
N
PEBBLEBROOK HOTEL TR
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER F 6.3% PERP PFD
70509V704
42675.00000000
NS
USD
1120645.50000000
0.103228156892
Long
EP
CORP
US
N
1
N
N
N
ENERGY TRANSFER OPERATING MLP
5493008K8W3OKZE54J59
ENERGY TRANSFER OPERATING MLP 7.6/VAR PFD PERP
29278N509
54425.00000000
NS
USD
1371510.00000000
0.126336517176
Long
EP
CORP
US
N
1
N
N
N
HEALTHCARE REALTY TRUST INC
549300CB86LH2IOKHH22
HEALTHCARE REALTY TRUST INC 3.75 4/15/23
421946AH7
978000.00000000
PA
USD
1019470.83000000
0.093908461495
Long
DBT
CORP
US
N
2
2023-04-15
Fixed
0.03750000
N
N
N
N
N
N
MONMOUTH REAL ESTATE INVT CORP
549300DFIUDCN3KVN260
MONMOUTH RE INV CORP REIT
609720107
156695.00000000
NS
USD
2292447.85000000
0.211168622305
Long
EC
CORP
US
N
1
N
N
N
CORESITE RLTY CORP
549300H0YYORITFM2B74
CORESITE REALTY CORP
21870Q105
7300.00000000
NS
USD
857385.00000000
0.078977940211
Long
EC
CORP
US
N
1
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP
16934Q208
66800.00000000
NS
USD
1416160.00000000
0.130449447809
Long
EC
CORP
US
N
1
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GSMS 2011-GC5 E CSTR 8/44
36191YAN8
848000.00000000
PA
USD
792681.14000000
0.073017750114
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05555908
N
N
N
N
N
N
CONSECO FIN SECURITIZATNS CORP
N/A
CNF 2002-2 M2 9.163% 3/33
20846QJZ2
1666947.64310000
PA
USD
1534434.81000000
0.141344321025
Long
ABS-CBDO
CORP
US
N
2
2033-03-01
Fixed
0.09163000
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
806000.00000000
PA
USD
868465.00000000
0.079998573389
Long
DBT
CORP
US
N
2
2023-04-15
Fixed
0.05875000
N
N
N
N
N
N
VEREIT OPER PARTNERSHIP LP
5493005TQOUJE1LCS698
VEREIT OPER PARTNERSHIP LP 4.875% 06/01/2026
92340LAA7
2228000.00000000
PA
USD
2518055.61000000
0.231950460313
Long
DBT
CORP
US
N
2
2026-06-01
Fixed
0.04875000
N
N
N
N
N
N
SITE CENTERS CORP
W2AVA6SODOQ1LCYJQR54
DDR CORP 4.625% 7/15/22
23317HAA0
124000.00000000
PA
USD
129977.52000000
0.011972867268
Long
DBT
CORP
US
N
2
2022-07-15
Fixed
0.04625000
N
N
N
N
N
N
MERITAGE HOMES CORP
52990044W9UMFJO2FB97
MERITAGE HOMES 7% 4/01/22
59001AAQ5
2089000.00000000
PA
USD
2277010.00000000
0.209746566176
Long
DBT
CORP
US
N
2
2022-04-01
Fixed
0.07000000
N
N
N
N
N
N
AVALONBAY COMMUNITIES INC
K9G90K85RBWD2LAGQX17
AVALONBAY COMMUNITIES INC REIT
053484101
11700.00000000
NS
USD
2535273.00000000
0.233536438605
Long
EC
CORP
US
N
1
N
N
N
ASHTON WOODS USA LLC/FIN CO
N/A
ASHTON WOODS USA LLC/FIN CO 6.75% 08/01/2025 144A
045086AF2
4354000.00000000
PA
USD
4484620.00000000
0.413100357752
Long
DBT
CORP
US
N
2
2025-08-01
Fixed
0.06750000
N
N
N
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
SENIOR HOUSING 6.75% 12/15/21
81721MAG4
2090000.00000000
PA
USD
2218710.25000000
0.204376290081
Long
DBT
CORP
US
N
2
2021-12-15
Fixed
0.06750000
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
590000.00000000
PA
USD
589998.35000000
0.054347643603
Long
ABS-MBS
CORP
US
N
2
2038-01-17
Variable
0.03869000
N
N
N
N
N
N
JPMDB COML MTG SECS TR 2016-C4
N/A
JPMDB 2016-C4 D CSTR 12/15/2049
46646RAB9
1308000.00000000
PA
USD
1220573.28000000
0.112432995132
Long
ABS-MBS
CORP
US
N
2
2049-12-15
Variable
0.03218544
N
N
N
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE
74460D109
5500.00000000
NS
USD
1230680.00000000
0.113363974713
Long
EC
CORP
US
N
1
N
N
N
SUMMIT HOTEL PPTYS INC
N/A
SUMMIT HOTEL PPTYS INC 6.45% SER D PREF PERP
866082506
42350.00000000
NS
USD
1104911.50000000
0.101778820933
Long
EP
CORP
US
N
1
N
N
N
VB-S1 ISSUER LLC
N/A
VB-S1 ISSUER LLC 2018-1A F 5.25% 02/15/2048 144A
91823AAJ0
2044000.00000000
PA
USD
2051757.59000000
0.188997461200
Long
ABS-CBDO
CORP
US
N
2
2048-02-15
Fixed
0.05250000
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
599000.00000000
PA
USD
598998.20000000
0.055176663956
Long
ABS-MBS
CORP
US
N
2
2034-03-25
Variable
0.04560880
N
N
N
N
N
N
MSJP 2015-HAUL
N/A
MSJP 2015-HAUL E 5.012% 09/05/2047 144A
553697AN3
1000000.00000000
PA
USD
1080031.00000000
0.099486955970
Long
ABS-MBS
CORP
US
N
2
2047-09-05
Variable
0.05012700
N
N
N
N
N
N
COMPASS POWER GENERATION LLC
5493001FXZ2XUTES8E29
COMPASS POWER GENERATION LLC TERM B-1 12/20/2024
20451VAD5
939088.59000000
PA
USD
932928.17000000
0.085936592350
Long
LON
CORP
US
N
2
2024-12-20
Variable
0.05299380
N
N
N
N
N
N
PENNSYLVANIA REAL EST INVT TR
5493001GPBXRIG8WJO70
PENNSYLVANIA REAL EST INVT TR 7.2% PERP PFD C
709102602
9575.00000000
NS
USD
164785.75000000
0.015179224165
Long
EP
CORP
US
N
1
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HOSPITALITY TRUST SER F 7.375% PFD PERP
044103604
95700.00000000
NS
USD
2150379.00000000
0.198081963288
Long
EP
CORP
US
N
1
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL 8% PFD 04/15/42
55272X300
114772.00000000
NS
USD
3001287.80000000
0.276463348934
Long
EP
CORP
US
N
1
N
N
N
WFRBS COML MTG TR 2011-C5
N/A
WFRBS COML MTG TR 2011-C5 VAR 11/15/2044 144A
92936JAS3
1000000.00000000
PA
USD
917466.70000000
0.084512360466
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05250000
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 5.25% 09/15/2022
45031UCD1
1078000.00000000
PA
USD
1100234.83000000
0.101348029907
Long
DBT
CORP
US
N
2
2022-09-15
Fixed
0.05250000
N
N
N
N
N
N
CBL and ASSOCS LTD PARTNERSHIP
549300VS75TWHD9JTH89
CBL and ASSOCS LP 5.25% 12/01/2023
12505JAA1
3629000.00000000
PA
USD
2177400.00000000
0.200571000212
Long
DBT
CORP
US
N
2
2023-12-01
Fixed
0.05250000
N
N
N
N
N
N
GEO GROUP INC NEW
5493003VOR6NTY465495
GEO GROUP TERM B 1LN 03/23/2024
37252KAP7
1735538.46000000
PA
USD
1635206.98000000
0.150626940172
Long
LON
CORP
US
N
2
2024-03-23
Variable
0.03650000
N
N
N
N
N
N
SELECT INCOME REIT
529900WFAP4ROYDYS509
SELECT INCOME REIT 4.25% 05/15/2024
81618TAE0
946000.00000000
PA
USD
997064.65000000
0.091844518290
Long
DBT
CORP
US
N
2
2024-05-15
Fixed
0.04250000
N
N
N
N
N
N
AG MORTGAGE INVESTMENT TR INC
549300SNP0PBR2XTFR48
AG MTG INVT 8.25 PRP
001228204
1725.00000000
NS
USD
44594.70000000
0.004107836678
Long
EP
CORP
US
N
1
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
961000.00000000
PA
USD
983819.91000000
0.090624480287
Long
ABS-MBS
CORP
US
N
2
2031-07-05
Variable
0.04766973
N
N
N
N
N
N
CONSECO FIN SECURITIZATNS CORP
N/A
CNF 2002-1 M2 9.546% 12/33
20846QJT6
1216000.00000000
PA
USD
1285882.67000000
0.118448963569
Long
ABS-CBDO
CORP
US
N
2
2033-12-01
Fixed
0.09546000
N
N
N
N
N
N
ESH HOSPITALITY INC
54930042FMK7X7SQ2896
EXTENDED STAY TERM 1LN 09/18/2026
26908BAK9
1363236.58900000
PA
USD
1370134.57000000
0.126209819569
Long
LON
CORP
US
N
2
2026-09-18
Variable
0.03645250
N
N
N
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
SENIOR HOUSING 6.75% 4/15/20
81721MAE9
728000.00000000
PA
USD
730441.50000000
0.067284551415
Long
DBT
CORP
US
N
2
2020-04-15
Fixed
0.06750000
N
N
N
N
N
N
COMM 2012-CCRE1 MTG TR
N/A
COMM 2012-CR1 C CSTR 5/45
12624BAH9
3011000.00000000
PA
USD
3153903.87000000
0.290521564149
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Variable
0.05497275
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
774000.00000000
PA
USD
735133.05000000
0.067716713110
Long
ABS-MBS
CORP
US
N
2
2045-10-15
Variable
0.04913434
N
N
N
N
N
N
KB HOME
549300LGUCWQURMWLG09
KB HOME 4.8% 11/15/2029
48666KAY5
1452000.00000000
PA
USD
1506450.00000000
0.138766502833
Long
DBT
CORP
US
N
2
2029-11-15
Fixed
0.04800000
N
N
N
N
N
N
DCP MIDSTREAM LP
52990024YYS3MLGW0E91
DCP MIDSTREAM LP SER B 7.875/VAR PFD PERP
23311P209
34150.00000000
NS
USD
842480.50000000
0.077605013568
Long
EP
CORP
US
N
1
N
N
N
SBA SENIOR FINANCE II LLC
549300PVT2ADFWMYEW87
SBA COMMUNICATIONS TERM B 04/11/2025
N/A
3723778.88200000
PA
USD
3726124.86000000
0.343231647875
Long
LON
CORP
US
N
2
2025-04-11
Variable
0.03400000
N
N
N
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
315000.00000000
PA
USD
316295.66000000
0.029135545553
Long
ABS-MBS
CORP
US
N
2
2035-06-15
Variable
0.04490000
N
N
N
N
N
N
APLP HOLDINGS LP
5493007KQL803F6BK452
ATLANTIC POWER TERM B 04/13/2023
N/A
1179432.86000000
PA
USD
1180907.15000000
0.108779153225
Long
LON
CORP
CA
N
2
2023-04-13
Variable
0.04395250
N
N
N
N
N
N
CORECIVIC INC
529900JFA3K6PTLT8B15
CORECIVIC TERM B 1LN 12/18/2024
21871QAF1
1975000.00000000
PA
USD
1937139.25000000
0.178439403381
Long
LON
CORP
US
N
2
2024-12-18
Variable
0.06160000
N
N
N
N
N
N
TAUBMAN CENTERS-REIT
N/A
TAUBMAN CENTERS 6.25% PFD PERP
876664707
21311.00000000
NS
USD
550676.24000000
0.050725491067
Long
EP
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC
45031U101
405987.00000000
NS
USD
5911170.72000000
0.544506945776
Long
EC
CORP
US
N
1
N
N
N
WFRBS COML MTG TR 2013-C11
N/A
WFRBS 2013-C11 E VAR 3/45
92937EAL8
53000.00000000
PA
USD
53710.88000000
0.004947572758
Long
ABS-MBS
CORP
US
N
2
2045-03-15
Variable
0.04402737
N
N
N
N
N
N
STAG INDUSTRIAL INC
549300QWYX2W6FASVQ07
STAG INDL INC 6.875% PERP PFD
85254J409
17925.00000000
NS
USD
474157.48000000
0.043676972545
Long
EP
CORP
US
N
1
N
N
N
CREST DARTMOUTH STR 03 1 LTD
N/A
CRST DRTMTH ST 2003-1 0% PFD 144A
226065209
13650.00000000
NS
USD
1.37000000
0.000000126197
Long
EP
CORP
KY
N
3
N
N
N
MASON FINANCE SUB INC
N/A
MASON FINANCE SUB INC 6.875% 08/15/2023 144A
96950GAB8
134000.00000000
PA
USD
140744.22000000
0.012964640846
Long
DBT
CORP
US
N
2
2023-08-15
Fixed
0.06875000
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
4557000.00000000
PA
USD
4575804.00000000
0.421499763504
Long
ABS-MBS
CORP
US
N
2
2035-11-05
Fixed
0.06155223
N
N
N
N
N
N
COLONY CAPITAL INC
549300XG87L902AGBO89
COLONY CAPITAL INC 7.15% SER I PERP PFD
19626G603
205785.00000000
NS
USD
4937811.08000000
0.454846012296
Long
EP
CORP
US
N
1
N
N
N
GS MTG SECS TR 2013-GCJ16
N/A
GSMS 2013-GC16 F 3.5% 11/10/2046
36248GAT7
1510000.00000000
PA
USD
1397948.79000000
0.128771923879
Long
ABS-MBS
CORP
US
N
2
2046-11-10
Fixed
0.03500000
N
N
N
N
N
N
MACK-CALI REALTY LP
549300MJC9VNA6VSEE11
MACK CALI RLTY 3.15% 5/15/23
55448QAS5
5000.00000000
PA
USD
4985.49000000
0.000459237951
Long
DBT
CORP
US
N
2
2023-05-15
Fixed
0.03150000
N
N
N
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HOSPITALITY TRUST INC SER G 7.375% PFD PERP
044103703
34229.00000000
NS
USD
753722.58000000
0.069429085952
Long
EP
CORP
US
N
1
N
N
N
GS MORTGAGE SECURITIES CORPORATION II
N/A
GSMS 2012-GC6 E 5% 01/45
36192BAN7
2889000.00000000
PA
USD
2730178.38000000
0.251490129711
Long
ABS-MBS
CORP
US
N
2
2045-01-10
Variable
0.05000000
N
N
N
N
N
N
EXANTAS CAPITAL CORP
549300RUJWPCMY4JFR46
EXANTAS CP 8.625%/VAR PFD PERP
30068N402
16193.00000000
NS
USD
428304.85000000
0.039453261761
Long
EP
CORP
US
N
1
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
806000.00000000
PA
USD
816301.16000000
0.075193506078
Long
ABS-MBS
CORP
US
N
2
2029-04-10
Variable
0.05671192
N
N
N
N
N
N
BX TR 2019-OC11
N/A
BX TR 2019-OC11 4.075457% 12/09/2041 144A
05606FAN3
3066000.00000000
PA
USD
3168983.26000000
0.291910600768
Long
ABS-MBS
CORP
US
N
2
2041-12-09
Fixed
0.04075457
N
N
N
N
N
N
SERVICE PPTYS TR
529900IS770AG1K9QG27
HOSPITALITY PROP TRUST 4.65% 03/15/2024
44106MAS1
1556000.00000000
PA
USD
1639357.67000000
0.151009280599
Long
DBT
CORP
US
N
2
2024-03-15
Fixed
0.04650000
N
N
N
N
N
N
NEW RESIDENTIAL INVT CORP
549300WNTHGEO5LP2G31
NEW RESIDENTIAL INVESTMENT CRP
64828T201
565200.00000000
NS
USD
9461448.00000000
0.871540410036
Long
EC
CORP
US
N
1
N
N
N
BROADMARK REALTY CAPITAL INC
N/A
BROADMARK REALTY CAPITAL INC
11135B100
262900.00000000
NS
USD
3302024.00000000
0.304165636265
Long
EC
CORP
US
N
1
N
N
N
CEDAR RLTY TR INC
54930056URX93R2RSN82
CEDAR REALTY TRUST INC SER C 6.50% PFD PERP
150602506
53500.00000000
NS
USD
1278650.00000000
0.117782726839
Long
EP
CORP
US
N
1
N
N
N
REDWOOD TRUST INC
DRBV4N1ERQLEMIF11G78
REDWOOD TRUST INC CONV 5.625% 07/15/2024
758075AD7
10445000.00000000
PA
USD
10937270.97000000
1.007485706826
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
ARBOR RLTY TR INC
549300ASFUWYQO0RW077
ARBOR RLTY TR INC CONV 4.75% 11/01/2022 144A
038923AN8
2174000.00000000
PA
USD
2175413.21000000
0.200387987234
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
PEBBLEBROOK HOTEL TR
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL 6.5% PFD PERP
70509V407
73405.00000000
NS
USD
1874763.70000000
0.172693685345
Long
EP
CORP
US
N
1
N
N
N
EG GLOBAL FINANCE PLC
549300TL8Q5207VYET27
EG GLOBAL FINANCE PLC 8.5% 10/30/2025 144A
28228PAB7
985000.00000000
PA
USD
1044100.00000000
0.096177175218
Long
DBT
CORP
GB
N
2
2025-10-30
Fixed
0.08500000
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
16807.14730000
PA
USD
16864.89000000
0.001553507787
Long
ABS-MBS
CORP
US
N
2
2035-06-15
Variable
0.04676250
N
N
N
N
N
N
ARBOR RLTY TR INC
549300ASFUWYQO0RW077
ARBOR RLTY TR INC 8.5% PFD PERP C
038923801
16125.00000000
NS
USD
428925.00000000
0.039510386821
Long
EP
CORP
US
N
1
N
N
N
HILTON USA TR 2016-HHV
N/A
HILT 2016-HHV F CSTR 11/38 144A
43300LAQ3
1460000.00000000
PA
USD
1491112.02000000
0.137353646220
Long
ABS-MBS
CORP
US
N
2
2038-11-05
Variable
0.04333283
N
N
N
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HOSPITALITY TRUST INC SER I 7.5% PFD PERP
044103885
58911.00000000
NS
USD
1316660.85000000
0.121284092782
Long
EP
CORP
US
N
1
N
N
N
HILTON GRAND VACATIONS BORROWER LLC / HILTON GRAND VACATIONS BORROWER INC
N/A
HILTON GRAND VACATIONS BORROWER LLC / HILTON GRAND VACATIONS BORROWER INC 6.125% 12/01/2024
43283QAB6
460000.00000000
PA
USD
495650.00000000
0.045656754043
Long
DBT
CORP
US
N
2
2024-12-01
Fixed
0.06125000
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
64250.00000000
NS
USD
1669343.50000000
0.153771422564
Long
EP
CORP
US
N
1
N
N
N
SELECT INCOME REIT
529900WFAP4ROYDYS509
SELECT INCOME REIT 4.50% 02/01/2025
81618TAC4
3695000.00000000
PA
USD
3942873.27000000
0.363197407675
Long
DBT
CORP
US
N
2
2025-02-01
Fixed
0.04500000
N
N
N
N
N
N
LANDMARK INFRASTRUCTURE PARTNERS LP
549300I3H10A778Y4H45
LANDMARK INFRASTRUCTURE PRTN LP SER C VAR PERP PFD
51508J405
57650.00000000
NS
USD
1494069.91000000
0.137626111984
Long
EP
CORP
US
N
2
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 7.5 PFD PERP IPAR:25
45031U804
28700.00000000
NS
USD
731850.00000000
0.067414295262
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
714000.00000000
PA
USD
741785.31000000
0.068329485427
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04833390
N
N
N
N
N
N
CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-C3
N/A
CGCMT 2016-C3 D 3% 11/15/2049 144A
17325GAL0
2990000.00000000
PA
USD
2551949.45000000
0.235072588259
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Fixed
0.03000000
N
N
N
N
N
N
SBA COMMUNICATIONS CORP
5299001HX8ZN8Y8QIT49
SBA COMMUNICATIONS CORP 4% 10/01/2022
78410GAB0
487000.00000000
PA
USD
495522.50000000
0.045645009393
Long
DBT
CORP
US
N
2
2022-10-01
Fixed
0.04000000
N
N
N
N
N
N
GREYSTAR REAL ESTATE PARTNERS LLC
254900HGC806SXAS4M46
GREYSTAR REAL ESTATE PARTNERS LLC 5.75% 12/01/2025 144A
39807UAB2
2430000.00000000
PA
USD
2512304.10000000
0.231420660500
Long
DBT
CORP
US
N
2
2025-12-01
Fixed
0.05750000
N
N
N
N
N
N
JERNIGAN CAPITAL INC
N/A
JERNIGAN CAPITAL INC SER B 7% PERP PFD
476405204
50892.00000000
NS
USD
1346749.91000000
0.124055743769
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 4.8% 06/01/2024
78572XAF8
1267000.00000000
PA
USD
1359009.54000000
0.125185038456
Long
DBT
CORP
US
N
2
2024-06-01
Fixed
0.04800000
N
N
N
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
1320000.00000000
PA
USD
976709.71000000
0.089969524869
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.04409000
N
N
N
N
N
N
RWT HOLDINGS INC
Z31FN4C0IQMCYFAEUP31
RWT HOLDINGS INC CONV 5.75% 10/01/2025 144A
749772AC3
8800000.00000000
PA
USD
9204706.54000000
0.847890694124
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
TRI POINTE HLDGS INC
N/A
WEYERHAEUSER REAL ESTATE CO 5.875% 06/15/2024
962178AN9
1250000.00000000
PA
USD
1356250.00000000
0.124930843684
Long
DBT
CORP
US
N
2
2024-06-15
Fixed
0.05875000
N
N
N
N
N
N
GS MTG SECS TR 2010-C2
N/A
GSMS 2010-C2 D CSTR 12/43
36248EAG0
2000000.00000000
PA
USD
2040112.80000000
0.187924802443
Long
ABS-MBS
CORP
US
N
2
2043-12-10
Variable
0.05352231
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HBRS INVT CORP CONV 6.25% 01/15/2022
90187BAA9
829000.00000000
PA
USD
866046.40000000
0.079775784273
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
LGI HOMES INC
549300W02B4WNV8CV109
LGI HOMES INC 6.875% 07/15/2026 144A
50187TAE6
4133000.00000000
PA
USD
4365481.25000000
0.402125902782
Long
DBT
CORP
US
N
2
2026-07-15
Fixed
0.06875000
N
N
N
N
N
N
INVESCO MORTGAGE CAPITAL INC
PV3BDP2HFZL2FNXQBL39
INVESCO MTG SR A 7.75% PFD PRP
46131B209
31526.00000000
NS
USD
827557.50000000
0.076230382799
Long
EP
CORP
US
N
1
N
N
N
COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR
N/A
CD 2017-CD4 D 3.3% 05/10/2050 144A
12515DAF1
1192000.00000000
PA
USD
1107453.11000000
0.102012941104
Long
ABS-MBS
CORP
US
N
2
2050-05-10
Fixed
0.03300000
N
N
N
N
N
N
ARMOUR RESIDENTIAL REIT INC
549300K0WA0EJUX74V72
ARMOUR RESDNTL REIT INC 7.875% PERP PFD
042315408
27426.00000000
NS
USD
689215.38000000
0.063487011173
Long
EP
CORP
US
N
1
N
N
N
GREEN TREE FINANCIAL CORP
N/A
GT 1996-4 M1 7.75% 6/27
393505MR0
7434.59980000
PA
USD
7474.16000000
0.000688481559
Long
ABS-CBDO
CORP
US
N
2
2027-06-15
Variable
0.07750000
N
N
N
N
N
N
UBS COML MTG TR 2012-C1
N/A
UBSCM 2012-C1 F CSTR 5/10/45 144A
90269GAS0
399000.00000000
PA
USD
170227.96000000
0.015680532837
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.05000000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 XB CSTR 6/44
617459AF9
45156633.28360000
PA
USD
183448.82000000
0.016898371137
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.00390193
N
N
N
N
N
N
DIGITAL RLTY TR INC
549300HKCZ31D08NEI41
DIGITAL RLTY TR 5.875 PFD PRP G
253868889
28720.00000000
NS
USD
741263.20000000
0.068281391312
Long
EP
CORP
US
N
1
N
N
N
WYNDHAM DESTINATIONS INC
T4VNTWMFQ7JQB65L7T35
WYNDHAM DESTINATIONS INC
98310W108
25800.00000000
NS
USD
1252074.00000000
0.115334681050
Long
EC
CORP
US
N
1
N
N
N
GREAT AJAX CORP
5493004ID2QQWNGDYC18
GREAT AJAX CORP PC 7.25% 4/30/24
38983D409
310550.00000000
NS
USD
8415905.00000000
0.775230313006
Long
EP
CORP
US
N
2
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HBRS INVT CORP SER D 7.75% PERP PFD
90187B606
11639.00000000
NS
USD
297842.01000000
0.027435689285
Long
EP
CORP
US
N
1
N
N
N
SITE CENTERS CORP
W2AVA6SODOQ1LCYJQR54
SITE CENTERS CORP
82981J109
127100.00000000
NS
USD
1615441.00000000
0.148806198747
Long
EC
CORP
US
N
1
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER C 7.75/VAR PERP PFD
16934Q505
303766.00000000
NS
USD
8007271.76000000
0.737589099785
Long
EP
CORP
US
N
1
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
1467000.00000000
PA
USD
1569690.00000000
0.144591849601
Long
DBT
CORP
CA
N
2
2027-09-15
Fixed
0.06250000
N
N
N
N
N
N
STARWOOD WAYPOINT HOMES 2017-1 TR
N/A
STARWOOD WAYPOINT HOMES 2017-1 F 1ML+330 01/07/2035 144A
85572MAF7
2274000.00000000
PA
USD
2275646.60000000
0.209620976711
Long
ABS-CBDO
CORP
US
N
2
2035-01-17
Variable
0.05076250
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
4237000.00000000
PA
USD
4453934.40000000
0.410273756538
Long
DBT
CORP
US
N
2
2027-10-15
Fixed
0.05000000
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.95% 04/01/24
681936BB5
659000.00000000
PA
USD
725082.11000000
0.066790871699
Long
DBT
CORP
US
N
2
2024-04-01
Fixed
0.04950000
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
652000.00000000
PA
USD
650621.15000000
0.059931907235
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05419297
N
N
N
N
N
N
WILLIAM LYON HOMES INC
5493001MTHCP4IWKJU06
WILLIAM LYON HOMES INC 5.875% 01/31/2025
96926DAR1
2028000.00000000
PA
USD
2088840.00000000
0.192413303978
Long
DBT
CORP
US
N
2
2025-01-31
Fixed
0.05875000
N
N
N
N
N
N
ARLINGTON ASSET INVT CORP
549300LA9ZT7L8G7IT53
ARLINGTON ASSET 6.625 PFD 5/1/23
041356304
39038.00000000
NS
USD
958382.90000000
0.088281352456
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MSC 2011-C3 G CSTR 07/49
61760RAS1
979600.00000000
PA
USD
910318.67000000
0.083853920342
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05419297
N
N
N
N
N
N
MOXIE PATRIOT LLC
549300B93KXN86RHX930
PANDA MOXIE PATRIOT TERM B 12/19/20
62471MAB7
4812749.70600000
PA
USD
4620239.72000000
0.425592955754
Long
LON
CORP
US
N
2
2020-12-19
Variable
0.07694630
N
N
N
N
N
N
PENNYMAC MORTGAGE INVESTMENT TRUST
549300BSSOQO1ZWDUJ97
PENNYMAC MTG INVT TR 8%/VAR SER B PREF PERP
70931T400
125400.00000000
NS
USD
3325608.00000000
0.306338074250
Long
EP
CORP
US
N
1
N
N
N
AMERICAN FINANCE TRUST INC
549300GN4H0K3IUS8983
AMERICAN FINANCE TRUST INC SER A 7.5% PFD PERP
02607T406
104325.00000000
NS
USD
2649166.46000000
0.244027724171
Long
EP
CORP
US
N
1
N
N
N
COLONY CAPITAL INC
549300XG87L902AGBO89
COLONY CAPITAL INC 7.125% SER J PFD PERP
19626G504
277243.00000000
NS
USD
6649063.42000000
0.612477863792
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
39775.00000000
NS
USD
1042900.50000000
0.096066683386
Long
EP
CORP
US
N
1
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.75% 01/15/2028
681936BK5
1616000.00000000
PA
USD
1807146.28000000
0.166465112937
Long
DBT
CORP
US
N
2
2028-01-15
Fixed
0.04750000
N
N
N
N
N
N
NEW HOME CO INC
549300PLCE8TB3TVRQ85
NEW HOME CO INC 7.25% 04/01/2022
645370AB3
2698000.00000000
PA
USD
2684510.00000000
0.247283391099
Long
DBT
CORP
US
N
2
2022-04-01
Fixed
0.07250000
N
N
N
N
N
N
GLOBAL NET LEASE INC
549300NUYANCT5SU8Z65
GLOBAL NET LEASE INC SER A 7.25% PFD PERP
379378300
129625.00000000
NS
USD
3445432.50000000
0.317375697018
Long
EP
CORP
US
N
1
N
N
N
VEREIT OPER PARTNERSHIP LP
5493005TQOUJE1LCS698
VEREIT OPER PARTNERSHIP LP 3.1% 12/15/2029
92340LAE9
1000000.00000000
PA
USD
1016869.27000000
0.093668819035
Long
DBT
CORP
US
N
2
2029-12-15
Fixed
0.03100000
N
N
N
N
N
N
NEW YORK MTG TR INC
549300JFGR0M7ULHWG48
NEW YORK MORTGAGE TRUST SER D 8%/VAR PFD PERP
649604881
78000.00000000
NS
USD
2024100.00000000
0.186449784848
Long
EP
CORP
US
N
1
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER B 8%/VAR PREF PERP
16934Q406
342958.00000000
NS
USD
9390190.04000000
0.864976489622
Long
EP
CORP
US
N
1
N
N
N
FARMLAND PARTNERS INC
549300LB188CHPZ4IL37
FARMLAND PARTNERS INC 6% PFD PERP B
31154R208
117050.00000000
NS
USD
2984775.00000000
0.274942273885
Long
EP
CORP
US
N
1
N
N
N
TERRENO RLTY CORP
N/A
TERRENO REALTY CORP
88146M101
19180.00000000
NS
USD
1098246.80000000
0.101164902707
Long
EC
CORP
US
N
1
N
N
N
TRI POINTE GROUP INC
N/A
TRI POINTE GROUP INC 5.25% 06/01/2027
87265HAF6
2522000.00000000
PA
USD
2679625.00000000
0.246833409774
Long
DBT
CORP
US
N
2
2027-06-01
Fixed
0.05250000
N
N
N
N
N
N
BLACKSTONE MTG TR INC
549300OLDJ20R2Y2UW20
BLACKSTONE MTG TR TERM B 04/23/2026
09259GAC7
1394430.19000000
PA
USD
1400537.79000000
0.129010409375
Long
LON
CORP
US
N
2
2026-04-23
Variable
0.03895250
N
N
N
N
N
N
WELLS FARGO COML MTG TR 2016-C35
549300MZIB10PDVAE312
WFCM 2016-C35 D 3.142% 07/48 144A
95000FAC0
3524000.00000000
PA
USD
3126842.38000000
0.288028797493
Long
ABS-MBS
CORP
US
N
2
2048-07-15
Fixed
0.03142000
N
N
N
N
N
N
ENBRIDGE INC
98TPTUM4IVMFCZBCUR27
ENBRIDGE INC SER 1 4% PFD PERP
29250N717
99425.00000000
NS
USD
2187350.00000000
0.201487543544
Long
EP
CORP
CA
N
1
N
N
N
PROGRESS RESIDENTIAL 2017-SFR TR
N/A
PROGRESS RESIDENTIAL 2017-SFR1 TR 5.35% 08/17/2034 144A
74333JAR2
526000.00000000
PA
USD
545594.45000000
0.050257382450
Long
ABS-CBDO
CORP
US
N
2
2034-08-17
Fixed
0.05350000
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
1190700.00500000
PA
USD
1195956.71000000
0.110165442057
Long
ABS-MBS
CORP
US
N
2
2035-11-15
Variable
0.03726250
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
1078000.00000000
PA
USD
1049976.85000000
0.096718520714
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Variable
0.05303152
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
1466000.00000000
PA
USD
1537467.50000000
0.141623676985
Long
DBT
CORP
US
N
2
2026-08-01
Fixed
0.05250000
N
N
N
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL INC
55272X102
1098100.00000000
NS
USD
8565180.00000000
0.788980765865
Long
EC
CORP
US
N
1
N
N
N
EQUITY LIFESTYLE PPTYS INC
529900PEQG66LENB6798
EQUITY LIFESTYLE PPTYS INC
29472R108
201800.00000000
NS
USD
14680950.00000000
1.352334355452
Long
EC
CORP
US
N
1
N
N
N
TIMES SQUARE HOTEL TR
N/A
TIMES SQUARE 8.528% 8/26 144A
887367AA8
1783798.36070000
PA
USD
2094400.82000000
0.192925538400
Long
DBT
CORP
US
N
2
2026-08-01
Fixed
0.08528000
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
994000.00000000
PA
USD
994732.78000000
0.091629718300
Long
ABS-CBDO
CORP
US
N
2
2035-01-17
Variable
0.04276250
N
N
N
N
N
N
HCP INC
PZ9HF5U52KPF0MH0QN75
HCP INC 4.0% 06/01/2025
40414LAN9
2011000.00000000
PA
USD
2192724.60000000
0.201982624327
Long
DBT
CORP
US
N
2
2025-06-01
Fixed
0.04000000
N
N
N
N
N
N
REGENCY CTRS LP
5493008PTR2GAOYBXW28
REGENCY CTRS LP 3.6% 02/01/2027
75884RAV5
471000.00000000
PA
USD
506321.52000000
0.046639760124
Long
DBT
CORP
US
N
2
2027-02-01
Fixed
0.03600000
N
N
N
N
N
N
MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
549300U6G4UOCMLQK204
MGM GROWTH PROPERTIES TERM B 03/23/2025
55303KAC7
319063.41000000
PA
USD
319462.24000000
0.029427234778
Long
LON
CORP
US
N
2
2025-03-23
Variable
0.03565500
N
N
N
N
N
N
ACADIA RLTY TR
N/A
ACADIA RLTY TR REIT
004239109
279800.00000000
NS
USD
6944636.00000000
0.639704504743
Long
EC
CORP
US
N
1
N
N
N
MONMOUTH REAL ESTATE INVT CORP
549300DFIUDCN3KVN260
MONMOUT 6.125% SER C PERP PFD
609720404
99636.00000000
NS
USD
2505845.40000000
0.230825717945
Long
EP
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
3032078.59080000
PA
USD
45949.33000000
0.004232618295
Long
ABS-MBS
USGSE
US
N
2
2041-01-25
Variable
0.02329055
N
N
N
N
N
N
LEXINGTON CORP PPTYS TR REIT
549300S4MH2ICXDBFV43
LEXINGTON CORP PPTYS TR REIT 4.4% 06/15/2024
529043AD3
409000.00000000
PA
USD
431932.74000000
0.039787444514
Long
DBT
CORP
US
N
2
2024-06-15
Fixed
0.04400000
N
N
N
N
N
N
WASHINGTON PRIME GROUP INC
549300RWGA2GV6YQYT67
WASHINGTON PRIME GROUP INC 7.5% PRFD PERP
93964W207
55800.00000000
NS
USD
1116000.00000000
0.102800237088
Long
EP
CORP
US
N
1
N
N
N
BLUEROCK RESIDENTIAL GROWTH REIT INC
549300KWLV0TGICOUU26
BLUEROCK RESIDENTIAL GROWTH REIT INC 7.625% SER C PREF PERP
09627J748
44175.00000000
NS
USD
1156965.34000000
0.106573755605
Long
EP
CORP
US
N
1
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAPITAL MANAGEMENT INC 6.5%/VAR PFD PERP
035710862
183550.00000000
NS
USD
4724577.00000000
0.435203974680
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
5857000.00000000
PA
USD
5934085.73000000
0.546617759809
Long
ABS-MBS
CORP
US
N
2
2021-02-10
Fixed
0.07727000
N
N
N
N
N
N
ADAMS HOMES INC
N/A
ADAMS HOMES INC 7.5% 02/15/2025 144A
00623PAA9
1550000.00000000
PA
USD
1592625.00000000
0.146704505011
Long
DBT
CORP
US
N
2
2025-02-15
Fixed
0.07500000
N
N
N
N
N
N
BROOKFIELD PROPERTY PARTN LP
5493004J5Z0TZW83NU62
BROOKFIELD PROPERTY PARTN LP 6.5% PERP PFD
N/A
5875.00000000
NS
USD
156157.50000000
0.014384433712
Long
EP
CORP
BM
N
1
N
N
N
APOLLO COML REAL ESTAT FIN INC
549300E0AN7M2AQHSY29
APOLLO COMMERCIAL REAL ESTATE FINANCE INC CONV 5.375% 10/15/2023
03762UAC9
319000.00000000
PA
USD
323585.63000000
0.029807060468
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
GLOBAL MEDICAL REIT INC
549300HFRIPQDYU3GU60
GLOBAL MEDICAL REIT INC SER A 7.5% PFD PERP
37957W203
27461.00000000
NS
USD
733208.70000000
0.067539451787
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 E CSTR 6/44
617459AK8
2532000.00000000
PA
USD
2473431.04000000
0.227839872163
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.05670536
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
1990070.69260000
PA
USD
1998825.01000000
0.184121581475
Long
ABS-MBS
CORP
US
N
2
2034-08-15
Variable
0.05926250
N
N
N
N
N
N
CSAIL 2017-CX10 COML MTG TR
N/A
CSAIL 2017-CX10 UESD CSTR 10/15/2032 144A
12652DAJ6
1287000.00000000
PA
USD
1313348.36000000
0.120978963071
Long
ABS-MBS
CORP
US
N
2
2032-10-15
Variable
0.04377820
N
N
N
N
N
N
GS MTG SECS TR 2012-GCJ7
N/A
GSMS 2012-GCJ7 D CSTR 5/45
36192KAC1
3539000.00000000
PA
USD
3565003.51000000
0.328389969578
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.05875139
N
N
N
N
N
N
TPF II POWER LLC
5493000R3E1L1VM1V279
TPF II TERM B 10/02/23
N/A
951534.15000000
PA
USD
947014.36000000
0.087234140442
Long
LON
CORP
US
N
2
2023-10-02
Variable
0.05549380
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
355000.00000000
PA
USD
343629.42000000
0.031653392335
Long
ABS-MBS
CORP
US
N
2
2045-11-10
Variable
0.04899895
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
1456000.00000000
PA
USD
1572480.00000000
0.144848850194
Long
DBT
CORP
US
N
2
2024-03-01
Fixed
0.05625000
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
1043000.00000000
PA
USD
954342.18000000
0.087909141906
Long
ABS-MBS
CORP
US
N
2
2048-12-15
Fixed
0.03180000
N
N
N
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
708000.00000000
PA
USD
743400.00000000
0.068478222447
Long
DBT
CORP
US
N
2
2024-07-15
Fixed
0.05250000
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
1428000.00000000
PA
USD
1481550.00000000
0.136472841629
Long
DBT
CORP
US
N
2
2025-06-01
Fixed
0.05250000
N
N
N
N
N
N
MID AMERICA APTS LP
549300FXWGE3QSYCUJ38
MID AMERICA APTS LP 3.75% 06/15/2024
59523UAL1
356000.00000000
PA
USD
381165.13000000
0.035110990800
Long
DBT
CORP
US
N
2
2024-06-15
Fixed
0.03750000
N
N
N
N
N
N
TAH 2017
N/A
TAH 2017 5.104% 01/17/2036 144A
89613FAF5
628000.00000000
PA
USD
657994.35000000
0.060611088873
Long
ABS-CBDO
CORP
US
N
2
2036-01-17
Fixed
0.05104000
N
N
N
N
N
N
COLONY CAP INC
G6ZRFL75MXIO4KJEP931
COLONY CAP INC CONV 3.875% 01/15/2021
19624RAB2
5436000.00000000
PA
USD
5436000.00000000
0.500736638721
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
M/I HOMES INC
5299005M71FH9CCSFB69
M/I HOMES INC 5.625% 08/01/2025
55305BAQ4
1518000.00000000
PA
USD
1590105.00000000
0.146472375444
Long
DBT
CORP
US
N
2
2025-08-01
Fixed
0.05625000
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
1680000.00000000
PA
USD
1493069.26000000
0.137533937202
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.04409000
N
N
N
N
N
N
MID-AMERICA APT CMNTYS INC
549300FQZKFR5YNSHZ21
MID AMERICA APT CMNTY INC
59522J103
50214.00000000
NS
USD
6889862.94000000
0.634659089372
Long
EC
CORP
US
N
1
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
1000000.00000000
PA
USD
1000624.80000000
0.092172461179
Long
ABS-MBS
CORP
US
N
2
2034-06-15
Variable
0.04284450
N
N
N
N
N
N
LEHMAN ABS MANUF HSG CNTRCT TR
N/A
LABMH 2001-B M2 7.17% 3/28
52519SAM5
2327155.31010000
PA
USD
1848102.48000000
0.170237789523
Long
ABS-CBDO
CORP
US
N
2
2040-04-15
Fixed
0.07170000
N
N
N
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
2994000.00000000
PA
USD
3131610.23000000
0.288467987556
Long
ABS-MBS
CORP
US
N
2
2046-11-15
Variable
0.05070948
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
924000.00000000
PA
USD
360550.99000000
0.033212121195
Long
ABS-MBS
CORP
US
N
2
2027-06-10
Variable
0.03931420
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 F CSTR 6/44
617459AL6
1467000.00000000
PA
USD
1382504.17000000
0.127349244132
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.05670536
N
N
N
N
N
N
AG MORTGAGE INVESTMENT TR INC
549300SNP0PBR2XTFR48
AG MORTTGAGE INVVESTMENT TRUST SER C 8% PFD PRP
001228402
102793.00000000
NS
USD
2761019.98000000
0.254331100851
Long
EP
CORP
US
N
1
N
N
N
TRICON AMERN HOMES 2016-SFR1 TR
N/A
TRICON AMERICAN HOMES 2016-SFR1 F 5.769% 11/17/33 144A
89613BAF4
1310000.00000000
PA
USD
1342298.44000000
0.123645697021
Long
ABS-CBDO
CORP
US
N
2
2033-11-17
Fixed
0.05769000
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2011-C4
N/A
JPMCC 2011-C4 E CSTR 7/46
46636DAY2
1390000.00000000
PA
USD
1435820.24000000
0.132260449004
Long
ABS-MBS
CORP
US
N
2
2046-07-15
Variable
0.05717882
N
N
N
N
N
N
URSTADT BIDDLE PPTYS INC
549300XXD0YL0AER3Z82
URSTADT BIDDLE PPTYS INC SER H 6.25% PFD PERP
917286882
51175.00000000
NS
USD
1374048.75000000
0.126570373898
Long
EP
CORP
US
N
1
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
2210000.00000000
PA
USD
2005425.38000000
0.184729573949
Long
ABS-MBS
CORP
US
N
2
2049-08-10
Variable
0.02899989
N
N
N
N
N
N
GLADSTONE COMMERCIAL CORP
529900EVVV534W8R0T32
GLADSTONE COMMERCIAL CORP SER E 6.625% PFD 12/31/2049
376536702
41125.00000000
NS
USD
1109601.85000000
0.102210872091
Long
EP
CORP
US
N
1
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PPTYS INC 8% PFD PERP
903002301
154275.00000000
NS
USD
4028120.25000000
0.371049925377
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
783000.00000000
PA
USD
800728.76000000
0.073759055888
Long
ABS-CBDO
CORP
US
N
2
2034-12-17
Fixed
0.04836000
N
N
N
N
N
N
COLONY CAPITAL INC
549300XG87L902AGBO89
COLONY CAPITAL INC
19626G108
570699.00000000
NS
USD
2665164.33000000
0.245501366491
Long
EC
CORP
US
N
1
N
N
N
REDWOOD TRUST INC
DRBV4N1ERQLEMIF11G78
REDWOOD TRUST INC REIT
758075402
120100.00000000
NS
USD
2117363.00000000
0.195040697493
Long
EC
CORP
US
N
1
N
N
N
RETAIL VALUE INC
549300VO5RB7323N1Z31
RETAIL VALUE INC
76133Q102
22650.00000000
NS
USD
744505.50000000
0.068580055478
Long
EC
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
36575.00000000
NS
USD
977649.75000000
0.090056116567
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
8475.00000000
NS
USD
220431.36000000
0.020305014399
Long
EP
CORP
US
N
1
N
N
N
VEREIT INC
5493002H54FNIBW75H44
VEREIT INC 6.7% PFD PERP
92339V209
199034.00000000
NS
USD
5079347.68000000
0.467883643153
Long
EP
CORP
US
N
1
N
N
N
DYNEX CAP INC
5CIJ4S9HAEBWILA19B65
DYNEX CAP INC 7.625% PFD PRP B
26817Q803
50160.00000000
NS
USD
1273552.37000000
0.117313159122
Long
EP
CORP
US
N
1
N
N
N
COLONY CAPITAL INC
549300XG87L902AGBO89
COLONY CAPITAL INC 7.125% PERP PFD H
19626G702
187112.00000000
NS
USD
4489322.08000000
0.413533489418
Long
EP
CORP
US
N
1
N
N
N
ARMOUR RESIDENTIAL REIT INC
549300K0WA0EJUX74V72
ARMOUR RESDNTL REIT INC SER C 7% PERP PFD
042315606
16500.00000000
NS
USD
414315.00000000
0.038164588019
Long
EP
CORP
US
N
1
N
N
N
SITE CENTERS CORP
W2AVA6SODOQ1LCYJQR54
DDR CORP 3.625% 02/01/2025
23317HAD4
190000.00000000
PA
USD
199477.98000000
0.018374895732
Long
DBT
CORP
US
N
2
2025-02-01
Fixed
0.03625000
N
N
N
N
N
N
WASHINGTON PRIME GROUP INC
549300RWGA2GV6YQYT67
WASHINGTON PRIME GROUP INC 6.875% PRFD PERP
93964W306
13808.00000000
NS
USD
256203.30000000
0.023600143353
Long
EP
CORP
US
N
1
N
N
N
WP CAREY INC
54930042CRNE713E3Q67
WP CAREY INC 4.6% 04/01/2024
92936UAA7
2095000.00000000
PA
USD
2272336.37000000
0.209316055180
Long
DBT
CORP
US
N
2
2024-04-01
Fixed
0.04600000
N
N
N
N
N
N
NEW YORK MTG TR INC
549300JFGR0M7ULHWG48
NEW YORK MTG TR 7.75% PFD PRP
649604709
81977.00000000
NS
USD
2084675.11000000
0.192029655520
Long
EP
CORP
US
N
1
N
N
N
M/I HOMES INC
5299005M71FH9CCSFB69
M/I HOMES INC 4.95% 02/01/2028 144A
55305BAR2
355000.00000000
PA
USD
365650.00000000
0.033681816031
Long
DBT
CORP
US
N
2
2028-02-01
Fixed
0.04950000
N
N
N
N
N
N
WHEELER REAL ESTATE INVESTMENT TRUST
5493005TOFFG62ETJY29
WHEELER REAL ESTATE INT TR INC 8.75% PC PERP
963025606
213775.00000000
NS
USD
3239424.93000000
0.298399328704
Long
EP
CORP
US
N
2
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
113725.00000000
PA
USD
113519.46000000
0.010456834589
Long
ABS-MBS
CORP
US
N
2
2035-06-15
Variable
0.05490000
N
N
N
N
N
N
CAESARS RESORT COLLECTION LLC
N/A
CAESARS RESORT COLLECTION TERM B 1LN 12/22/2024
12769LAB5
844947.60000000
PA
USD
844077.30000000
0.077752102653
Long
LON
CORP
US
N
2
2024-12-22
Variable
0.04395250
N
N
N
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL 7.5% PFD PERP
55272X409
195649.00000000
NS
USD
5059483.14000000
0.466053822883
Long
EP
CORP
US
N
1
N
N
N
CAMB COML MTG TR 2019-LIFE
N/A
CAMB COML MTG TR 2019-LIFE 1ML+325 12/15/2037 144A
12482HAS3
1021000.00000000
PA
USD
1029304.51000000
0.094814290021
Long
ABS-MBS
CORP
US
N
2
2037-12-15
Variable
0.04926250
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.5% 04/01/2027
681936BF6
483000.00000000
PA
USD
531540.51000000
0.048962805062
Long
DBT
CORP
US
N
2
2027-04-01
Fixed
0.04500000
N
N
N
N
N
N
CBL and ASSOCS LTD PARTNERSHIP
549300VS75TWHD9JTH89
CBL and ASSOCS LP 4.6% 10/15/2024
12505JAB9
5700000.00000000
PA
USD
3078000.00000000
0.283529686163
Long
DBT
CORP
US
N
2
2024-10-15
Fixed
0.04600000
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
45000.00000000
PA
USD
45112.55000000
0.004155538383
Long
ABS-MBS
CORP
US
N
2
2034-03-15
Variable
0.04276250
N
N
N
N
N
N
REXFORD INDL RLTY INC
549300MSLO0DF0EMX355
REXFORD INDL RLTY INC SER C 5.625% PERP PFD
76169C407
11775.00000000
NS
USD
304501.50000000
0.028049127593
Long
EP
CORP
US
N
1
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP
00123Q104
99200.00000000
NS
USD
1844128.00000000
0.169871680664
Long
EC
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 4.25% 08/01/2025
45031UCG4
1700000.00000000
PA
USD
1708500.00000000
0.157378319951
Long
DBT
CORP
US
N
2
2025-08-01
Fixed
0.04250000
N
N
N
N
N
N
C AND S GROUP ENTERPRISES LLC
N/A
C AND S GROUP ENTERPRISES LLC 5.375% 07/15/2022 144A
12467AAD0
2389000.00000000
PA
USD
2397958.75000000
0.220887749129
Long
DBT
CORP
US
N
2
2022-07-15
Fixed
0.05375000
N
N
N
N
N
N
BX TRUST 2018-EXCL
N/A
BX TRUST 2019-IMC G 1ML+360 04/15/2034 144A
05608BAS9
819000.00000000
PA
USD
824667.97000000
0.075964214010
Long
ABS-MBS
CORP
US
N
2
2034-04-15
Variable
0.05276250
N
N
N
N
N
N
WELLS FARGO COML MTG TR 2012-LC5
N/A
WFCM 2012-LC5 D CSTR 10/45
94988HAP6
637000.00000000
PA
USD
666730.13000000
0.061415784442
Long
ABS-MBS
CORP
US
N
2
2045-10-15
Variable
0.04913434
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
1071000.00000000
PA
USD
1071672.27000000
0.098716992327
Long
ABS-MBS
CORP
US
N
2
2032-11-25
Variable
0.03676250
N
N
N
N
N
N
KENNEDY-WILSON INC
5EA4464UK7FM5QNNKL62
KENNEDY-WILSON INC 5.875% 04/01/24
489399AG0
10481000.00000000
PA
USD
10743549.05000000
0.989641030029
Long
DBT
CORP
US
N
2
2024-04-01
Fixed
0.05875000
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
669000.00000000
PA
USD
666530.85000000
0.061397427783
Long
ABS-MBS
CORP
US
N
2
2035-07-15
Variable
0.04276250
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
440000.00000000
PA
USD
442473.72000000
0.040758425915
Long
ABS-MBS
CORP
US
N
2
2036-06-15
Variable
0.04219000
N
N
N
N
N
N
GLOBAL PARTNERS LP
549300PCHWTW9P4DU444
GLOBAL PARTNERS LP SER A 9.75/VAR PFD PERP
37946R208
1825.00000000
NS
USD
48070.50000000
0.004428009674
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
2045000.00000000
PA
USD
1998119.60000000
0.184056602698
Long
ABS-MBS
CORP
US
N
2
2048-05-15
Variable
0.04165393
N
N
N
N
N
N
SG COML MTG SECS TR 2019-PRES
N/A
SG COMMERCIAL MORTGAGE SECURITIES TRUST 2019-PREZ F CSTR 09/15/2039 144A
78430EAN5
2000000.00000000
PA
USD
1865811.40000000
0.171869045056
Long
ABS-MBS
CORP
US
N
2
2039-09-15
Variable
0.03592900
N
N
N
N
N
N
ARLINGTON ASSET INVT CORP
549300LA9ZT7L8G7IT53
ARLINGTON ASSET INVT CORP 8.25% PFD PERP
041356700
22175.00000000
NS
USD
498937.50000000
0.045959581803
Long
EP
CORP
US
N
1
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAP 7.5 PFD PERP
035710805
88175.00000000
NS
USD
2270506.25000000
0.209147473845
Long
EP
CORP
US
N
1
N
N
N
WFRBS COML MTG TR 2011-C4
N/A
WFRBS 2011-C4 G 5% 06/15/44
92936CBD0
45000.00000000
PA
USD
34365.51000000
0.003165575784
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Fixed
0.05000000
N
N
N
N
N
N
NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 19-1776
N/A
NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 4.2988% 10/15/2036 144A
63875BAL9
546000.00000000
PA
USD
550568.44000000
0.050715561080
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Fixed
0.04298800
N
N
N
N
N
N
FORESTAR GROUP INC
549300BC2UB0GHV60V70
FORESTAR GROUP INC 8% 04/15/2024 144A
346232AD3
2784000.00000000
PA
USD
3034560.00000000
0.279528214569
Long
DBT
CORP
US
N
2
2024-04-15
Fixed
0.08000000
N
N
N
N
N
N
FIDELITY REVERE STREET TRUST
549300BDV45LJNXBZC55
Fidelity Cash Central Fund
31635A105
48490005.72700000
NS
USD
48499703.73000000
4.467545736710
Long
STIV
RF
US
N
1
N
N
N
MERITAGE HOMES CORP
52990044W9UMFJO2FB97
MERITAGE HOMES CORP 6.0% 06/01/25
59001AAY8
3130000.00000000
PA
USD
3536900.00000000
0.325801217346
Long
DBT
CORP
US
N
2
2025-06-01
Fixed
0.06000000
N
N
N
N
N
N
INVESCO MORTGAGE CAPITAL INC
PV3BDP2HFZL2FNXQBL39
INVESCO MORTGAGE CAPITAL INC 7.75% VAR PFD PERP 25
46131B407
236491.00000000
NS
USD
6474177.62000000
0.596368274452
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
25750.00000000
NS
USD
705550.00000000
0.064991673188
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
35575.00000000
NS
USD
802216.25000000
0.073896075892
Long
EP
CORP
US
N
1
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
636000.00000000
PA
USD
620321.71000000
0.057140877113
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05419297
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
1501000.00000000
PA
USD
1345258.94000000
0.123918403205
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.04376294
N
N
N
N
N
N
SABRA HEALTH CARE REIT INC
549300E3BC7GU7TAZ621
SABRA HEALTHCARE REIT INC
78573L106
200200.00000000
NS
USD
4304300.00000000
0.396490197580
Long
EC
CORP
US
N
1
N
N
N
AMERICAN HOMES 4 RENT 2014-SFR3 TR
N/A
AH4R 2014-SFR3 E 6.418% 12/36
02665XAE9
1841000.00000000
PA
USD
2076807.25000000
0.191304908321
Long
ABS-CBDO
CORP
US
N
2
2036-12-17
Fixed
0.06418000
N
N
N
N
N
N
APARTMENT INVT and MGMT CO
549300O8FT5GJ4RU1D57
APARTMENT INV and MGMT CO A REIT
03748R754
224402.00000000
NS
USD
11828229.42000000
1.089556262288
Long
EC
CORP
US
N
1
N
N
N
WFRBS COML MTG TR 2011-C5
N/A
WFRBS 2011-C5 E CSTR 11/44
92936JAN4
903000.00000000
PA
USD
929020.94000000
0.085576678218
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05859732
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
339000.00000000
PA
USD
352784.89000000
0.032496747610
Long
ABS-MBS
CORP
US
N
2
2046-08-10
Variable
0.04903546
N
N
N
N
N
N
WP GLIMCHER MALL TR 15-WPG
N/A
JPMDB 2015-WPG PR1 CSTAR 6/5/35 144A
92939VAL8
1168000.00000000
PA
USD
1025590.32000000
0.094472157752
Long
ABS-MBS
CORP
US
N
2
2035-06-05
Variable
0.03633200
N
N
N
N
N
N
BANK 2017-BNK7
N/A
BANK 2017-BNK8 E 2.8% 11/15/2050 144A
06650AAW7
1848000.00000000
PA
USD
1391373.98000000
0.128166285862
Long
ABS-MBS
CORP
US
N
2
2050-11-15
Fixed
0.02800000
N
N
N
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
DIVERSIFIED HEALTHCARE TR
25525P107
285500.00000000
NS
USD
2204060.00000000
0.203026783653
Long
EC
CORP
US
N
1
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAPITAL MANAGEMENT INC 6.95%/VAR PERP PFD
035710870
261800.00000000
NS
USD
6861778.00000000
0.632072047714
Long
EP
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
3734000.00000000
PA
USD
3864690.00000000
0.355995562969
Long
DBT
CORP
US
N
2
2025-11-15
Fixed
0.07875000
N
N
N
N
N
N
VENTAS INC
ORQTRC074CWLT3DKHT41
VENTAS INC REIT
92276F100
136655.00000000
NS
USD
7906858.30000000
0.728339523177
Long
EC
CORP
US
N
1
N
N
N
GREAT AJAX CORP
5493004ID2QQWNGDYC18
GREAT AJAX CORP
38983D300
217626.00000000
NS
USD
3283976.34000000
0.302503177728
Long
EC
CORP
US
N
1
N
N
N
SAFEHOLD INC
549300MHMP6BIE0XV355
SAFEHOLD INC
78645L100
46100.00000000
NS
USD
2072656.00000000
0.190922516310
Long
EC
CORP
US
N
1
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT SER D 6.5% PFD PERP
02665T702
43125.00000000
NS
USD
1140656.25000000
0.105071445283
Long
EP
CORP
US
N
1
N
N
N
SAUL CENTERS INC
N/A
SAUL CENTERS INC 6.125% SER D PFD PERP
804395804
15958.00000000
NS
USD
416822.96000000
0.038395608523
Long
EP
CORP
US
N
1
N
N
N
CGMS COML MTG TR 2017-MDDR
N/A
CGCMT 2017-MDRB D 1ML+325 07/15/2022 144A
125333BC7
69000.00000000
PA
USD
68977.69000000
0.006353873553
Long
ABS-MBS
CORP
US
N
2
2030-07-15
Variable
0.04926250
N
N
N
N
N
N
CITY OFFICE REIT INC
5493003J7157VP25NL57
CITY OFFICE REIT INC 6.625% SER A PFD PERP
178587200
27525.00000000
NS
USD
723081.75000000
0.066606608722
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
35775.00000000
NS
682844.57000000
0.062900164597
Long
EP
CORP
BM
N
1
N
N
N
BROOKFIELD RESIDENTIAL PPTYS INC / BROOKFIELD RESIDENTIAL US CORP
N/A
BROOKFIELD RESI 6.125% 7/1/22 144A
11283YAA8
1121000.00000000
PA
USD
1136413.75000000
0.104680647787
Long
DBT
CORP
CA
N
2
2022-07-01
Fixed
0.06125000
N
N
N
N
N
N
GREEN TREE FINANCIAL CORP
N/A
GT 1997-3 M1 7.53% 3/28
393505TZ5
52593.27400000
PA
USD
52899.68000000
0.004872849145
Long
ABS-CBDO
CORP
US
N
2
2028-03-15
Fixed
0.07530000
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.375% 08/01/2023
681936BJ8
616000.00000000
PA
USD
658909.07000000
0.060695348222
Long
DBT
CORP
US
N
2
2023-08-01
Fixed
0.04375000
N
N
N
N
N
N
LEXINGTON CORP PPTYS TR REIT
549300S4MH2ICXDBFV43
LEXINGTON REALTY TRUST REIT
529043101
362122.00000000
NS
USD
4008690.54000000
0.369260159432
Long
EC
CORP
US
N
1
N
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
1432000.00000000
PA
USD
1487500.74000000
0.137020993495
Long
ABS-CBDO
CORP
US
N
2
2034-09-17
Fixed
0.05151000
N
N
N
N
N
N
HOWARD HUGHES CORP
549300BVHY25JZC1KI49
HOWARD HUGHES CORP 5.375% 03/15/2025 144A
44267DAB3
7940000.00000000
PA
USD
8178200.00000000
0.753334138850
Long
DBT
CORP
US
N
2
2025-03-15
Fixed
0.05375000
N
N
N
N
N
N
HEALTHCARE TRUST INC
549300Z2NSUGF5NF2Y30
HEALTHCARE TRUST INC SER A 7.375% PFD PERP
42226B204
24500.00000000
NS
USD
629650.00000000
0.058000151687
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
735000.00000000
PA
USD
709225.02000000
0.065330197316
Long
ABS-MBS
CORP
US
N
2
2033-09-15
Variable
0.06732550
N
N
N
N
N
N
WEYERHAEUSER CO
08IRJODWFYBI7QWRGS31
WEYERHAEUSER CO
962166104
52500.00000000
NS
USD
1519875.00000000
0.140003145470
Long
EC
CORP
US
N
1
N
N
N
REXFORD INDL RLTY INC
549300MSLO0DF0EMX355
REXFORD INDL RLTY INC SER B 5.875% PERP PFD
76169C308
50000.00000000
NS
USD
1308500.00000000
0.120532356837
Long
EP
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL 2019-SFR4 TR
N/A
PROGRESS RESIDENTIAL 2019-SFR4 TR 3.684% 10/17/2036 144A
74331AAL6
1000000.00000000
PA
USD
1013563.70000000
0.093364326760
Long
ABS-CBDO
CORP
US
N
2
2036-10-17
Fixed
0.03684000
N
N
N
N
N
N
MORGAN STANLEY CAP I INC
N/A
MSC 1998-CF1 G 7.35% 7/32
61745MHW6
104277.99050000
PA
USD
104728.19000000
0.009647027564
Long
ABS-MBS
CORP
US
N
2
2032-07-15
Variable
0.07232927
N
N
N
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GSMS 2011-GC5 C 5.47 8/44
36191YAJ7
101000.00000000
PA
USD
104520.58000000
0.009627903588
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05555908
N
N
N
N
N
N
GS MTG SECS TR 2016-GS2
N/A
GS MTG SECS TR 2016-GS2 2.753% 05/10/2049
36252TAA3
1964000.00000000
PA
USD
1791802.76000000
0.165051746007
Long
ABS-MBS
CORP
US
N
2
2049-05-10
Fixed
0.02753000
N
N
N
N
N
N
IMT TR 2017-APTS
N/A
IMT TR 2017-APTS FFL 1ML+285 06/15/2034 144A
44974AAQ0
600088.76000000
PA
USD
600840.79000000
0.055346393964
Long
ABS-MBS
CORP
US
N
2
2034-06-15
Variable
0.04526250
N
N
N
N
N
N
WFRBS COML MTG TR 2012-C7
N/A
WFRBS 2012-C7 D 4.8512% 6/45
92936TAJ1
620000.00000000
PA
USD
585855.17000000
0.053965994960
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Variable
0.04967537
N
N
N
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT SER E 6.35% PFD PERP
02665T801
50025.00000000
NS
USD
1329164.25000000
0.122435842320
Long
EP
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
1999000.00000000
PA
USD
2016524.43000000
0.185751961916
Long
ABS-MBS
CORP
US
N
2
2029-04-10
Variable
0.05671192
N
N
N
N
N
N
VEREIT INC
5493002H54FNIBW75H44
VEREIT INC
92339V100
51200.00000000
NS
USD
499712.00000000
0.046030924799
Long
EC
CORP
US
N
1
N
N
N
LINEAGE LOGISTICS LLC
5493003V5XTRX1K1PV14
LINEAGE LOGISTICS TERM B 02/27/2025
53566NAD6
3699894.80000000
PA
USD
3698969.83000000
0.340730264791
Long
LON
CORP
US
N
2
2025-02-27
Variable
0.04645250
N
N
N
N
N
N
VICI PROPERTIES / NOTE
N/A
VICI PROPERTIES / NOTE 3.75% 02/15/2027 144A
92564RAD7
695000.00000000
PA
USD
698475.00000000
0.064339960215
Long
DBT
CORP
US
N
2
2027-02-15
Fixed
0.03750000
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
3808000.00000000
PA
USD
3908383.45000000
0.360020381086
Long
ABS-MBS
CORP
US
N
2
2034-11-15
Fixed
0.06550000
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
1624000.00000000
PA
USD
1820380.58000000
0.167684189261
Long
ABS-CBDO
CORP
US
N
2
2052-10-17
Fixed
0.06070000
N
N
N
N
N
N
DBCCRE 2014-ARCP MORTGAGE TRUST
N/A
DBCCRE 2014-ARCP MORTGAGE TRUST VAR 01/10/2034 144A
23305MAL9
2168000.00000000
PA
USD
2222832.84000000
0.204756042079
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
2062000.00000000
PA
USD
2134170.00000000
0.196588872748
Long
DBT
CORP
CA
N
2
2025-05-15
Fixed
0.06375000
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
1766000.00000000
PA
USD
1734595.93000000
0.159782144136
Long
ABS-MBS
CORP
US
N
2
2050-06-15
Fixed
0.04470070
N
N
N
N
N
N
CENTURY CMNTYS INC
5299002QMB2O7ZL1CA26
CENTURY COMMUNITIES INC 5.875% 07/15/2025
156504AH5
1518000.00000000
PA
USD
1593900.00000000
0.146821951519
Long
DBT
CORP
US
N
2
2025-07-15
Fixed
0.05875000
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HBRS INVT CORP
90187B408
36300.00000000
NS
USD
553938.00000000
0.051025947788
Long
EC
CORP
US
N
1
N
N
N
VEREIT INC
5493002H54FNIBW75H44
AMERICAN RLTY CAP PPTYS INC CONV 3.75% 12/15/2020
02917TAB0
2660000.00000000
PA
USD
2686598.80000000
0.247475800718
Long
DBT
CORP
US
N
2
2020-12-15
Fixed
0.03750000
N
N
N
N
Y
VEREIT INC
VEREIT INC
USD
XXXX
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2011-C3
N/A
JPMCC 2011-C3 E CSTR 2/46
46635TBD3
3467000.00000000
PA
USD
3448357.25000000
0.317645110095
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.05852766
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
1054000.00000000
PA
USD
1058009.63000000
0.097458459503
Long
ABS-MBS
CORP
US
N
2
2034-03-15
Variable
0.04826250
N
N
N
N
N
N
LANDMARK INFRASTRUCTURE PARTNERS LP
549300I3H10A778Y4H45
LANDMARK INFRASTRUCTURE PRTN LP SER B 7.9% PERP PFD
51508J306
22125.00000000
NS
USD
567439.88000000
0.052269672219
Long
EP
CORP
US
N
1
N
N
N
SABRA HEALTH CARE LP
549300OVKLRFSIQG0H81
SABRA HEALTH CARE LP 5.125% 08/15/2026
14162VAB2
6615000.00000000
PA
USD
7238057.59000000
0.666733007448
Long
DBT
CORP
US
N
2
2026-08-15
Fixed
0.05125000
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
0.192151329180
Long
ABS-MBS
CORP
US
N
2
2045-11-15
Variable
0.04761123
N
N
N
N
N
N
GLADSTONE COMMERCIAL CORP
529900EVVV534W8R0T32
GLADSTONE COMMERCIAL CORP SER D 7% PERP PFD
376536603
107225.00000000
NS
USD
2801789.25000000
0.258086558398
Long
EP
CORP
US
N
1
N
N
N
VERITAS-B JUNIOR MEZZ C, LLC
N/A
RENT MEZZ C 10.49% 02/06/2021
N/A
3629000.00000000
PA
USD
3699039.70000000
0.340736700860
Long
LON
CORP
US
N
3
2021-02-06
Variable
0.10480000
N
N
N
N
N
N
CALI MTG TR 2019-101C
N/A
CALI MTG TR 2019-101C CSTR 03/10/2039 144A
129890AQ2
651000.00000000
PA
USD
675645.95000000
0.062237064379
Long
ABS-MBS
CORP
US
N
2
2039-03-10
Variable
0.04468583
N
N
N
N
N
N
STARWOOD PPTY TR INC
BUGSFQZERKRBFWIG5267
STARWOOD PPTY TR INC 4.75% 03/15/2025
85571BAL9
747000.00000000
PA
USD
780689.70000000
0.071913159724
Long
DBT
CORP
US
N
2
2025-03-15
Fixed
0.04750000
N
N
N
N
N
N
BX TRUST 2019
N/A
BX TRUST 2019 1ML+265 10/15/2036 144A
056054AL3
1874000.00000000
PA
USD
1882270.34000000
0.173385158796
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.04326250
N
N
N
N
N
N
VICI PPTYS 1 LLC
549300XI4XP4JVS3XU20
VICI TERM B 1LN 12/22/2024
92565EAB9
3765000.00000000
PA
USD
3765489.45000000
0.346857713453
Long
LON
CORP
US
N
2
2024-12-22
Variable
0.03409380
N
N
N
N
N
N
BX COML MTG TR 2018-BIOA
N/A
BX COML MTG TR 2018-BIOA F 1ML+247 03/15/2037 144A
056057AQ5
2000000.00000000
PA
USD
2006872.00000000
0.184862829217
Long
ABS-MBS
CORP
US
N
2
2037-03-15
Variable
0.04147300
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
1291000.00000000
PA
USD
1345368.66000000
0.123928510053
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Variable
0.05303152
N
N
N
N
N
N
GLOBAL PARTNERS LP / GLP FIN CORP
N/A
GLOBAL PARTNERS LP / GLP FIN CORP 7.0% 06/15/2023
37954FAD6
45000.00000000
PA
USD
46125.00000000
0.004248800121
Long
DBT
CORP
US
N
2
2023-06-15
Fixed
0.07000000
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
1540000.00000000
PA
USD
1574082.97000000
0.144996507628
Long
ABS-CBDO
CORP
US
N
2
2046-06-15
Fixed
0.06901000
N
N
N
N
N
N
PEBBLEBROOK HOTEL TR
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR 6.375% SER D PREF PERP
70509V506
53925.00000000
NS
USD
1416609.75000000
0.130490876489
Long
EP
CORP
US
N
1
N
N
N
NEW RESIDENTIAL INVT CORP
549300WNTHGEO5LP2G31
NEW RESIDENTIAL INVESTMENT CORP SER A 7.5%/VAR PFD PERP
64828T300
76059.00000000
NS
USD
2033057.07000000
0.187274864525
Long
EP
CORP
US
N
1
N
N
N
GS MTG SECS TR 2012-GCJ9
N/A
GS MTG SECS TR 2012-GCJ9 VAR 11/10/2045 144A
36192PAK2
1569000.00000000
PA
USD
1616560.16000000
0.148909290068
Long
ABS-MBS
CORP
US
N
2
2045-11-10
Variable
0.04899895
N
N
N
N
N
N
WASHINGTON PRIME GROUP LP
549300K4BNOIQ154O537
WASHINGTON PRIME GROUP LP 5.95% 08/15/2024
939648AE1
5316000.00000000
PA
USD
4744530.00000000
0.437041943435
Long
DBT
CORP
US
N
2
2024-08-15
Variable
0.06450000
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
1624000.00000000
PA
USD
1461309.30000000
0.134608371415
Long
ABS-MBS
CORP
US
N
2
2047-09-15
Fixed
0.04709400
N
N
N
N
N
N
PROVIDENCE PLACE GROUP LTD PARTNERSHIP
N/A
PPGLP 2000-C1 A2 7.75% 7/28
743784AB6
1044387.43010000
PA
USD
1301769.92000000
0.119912416138
Long
ABS-MBS
CORP
US
N
2
2028-07-20
Fixed
0.07750000
N
N
N
N
N
N
MID AMERICA APTS LP
549300FXWGE3QSYCUJ38
MID-AMERICA APTS L P 4.3% 10/15/2023
59523UAA5
765000.00000000
PA
USD
825426.55000000
0.076034090536
Long
DBT
CORP
US
N
2
2023-10-15
Fixed
0.04300000
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
1757000.00000000
PA
USD
1917681.16000000
0.176647023215
Long
DBT
CORP
US
N
2
2024-02-06
Fixed
0.04600000
N
N
N
N
N
N
CD 2017-CD3 MTG TR
N/A
CD 2017-CD3 D 3.25% 02/10/2050 144A
12515GAM9
2226000.00000000
PA
USD
2108830.48000000
0.194254725200
Long
ABS-MBS
CORP
US
N
2
2050-02-10
Fixed
0.03250000
N
N
N
N
N
N
ESH HOSPITALITY INC
54930042FMK7X7SQ2896
ESH HOSPITALITY INC 5.25% 05/01/2025 144A
26907YAA2
2346000.00000000
PA
USD
2404650.00000000
0.221504113006
Long
DBT
CORP
US
N
2
2025-05-01
Fixed
0.05250000
N
N
N
N
N
N
GRANITE POINT MORTGAGE TRUST INC
529900VX2HQZ76AYIE02
GRANITE POINT MORTGAGE TRUST INC CONV 6.375% 10/01/2023
38741LAC1
1901000.00000000
PA
USD
1966346.88000000
0.181129861525
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
BENCHMARK 2019-B MORTGAGE TRUST
N/A
BENCHMARK 2019-B MORTGAGE TRUST CSTR 12/15/2062 144A
08162YBP6
859000.00000000
PA
USD
805068.37000000
0.074158798663
Long
ABS-MBS
CORP
US
N
2
2062-12-15
Variable
0.03404110
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HBRS INVT CORP SR C 7.25/VAR PERP PFD
90187B507
158732.00000000
NS
USD
4234969.76000000
0.390103848916
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C7
N/A
MSBAM 2013-C7 D CSTR 2/15/46
61690KAL6
1061000.00000000
PA
USD
1055491.61000000
0.097226512323
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.04376294
N
N
N
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PPTYS INC 6.75% SER D PFD PERP
903002509
49775.00000000
NS
USD
1244872.75000000
0.114671338570
Long
EP
CORP
US
N
1
N
N
N
BANK 2017-BNK4
N/A
BANK 2017-BNK4 D 3.357% 05/15/2050 144A
06541FAJ8
625000.00000000
PA
USD
587598.25000000
0.054126558613
Long
ABS-MBS
CORP
US
N
2
2050-05-15
Fixed
0.03357000
N
N
N
N
N
N
BRIXMOR OPERATING PARTNERSHIP LP
549300CJHBL7JBUA6503
BRIXMOR OPERATING PART 3.875% 8/15/22
11120VAB9
1869000.00000000
PA
USD
1956640.34000000
0.180235744488
Long
DBT
CORP
US
N
2
2022-08-15
Fixed
0.03875000
N
N
N
N
N
N
LEXINGTON CORP PPTYS TR REIT
549300S4MH2ICXDBFV43
LEXINGTON RLTY 6.5 CV PFD PERPPAR=50
529043309
71519.00000000
NS
USD
4068715.91000000
0.374789390854
Long
EP
CORP
US
N
2
N
N
N
INVITATION HOMES 2018-SFR3 TR
N/A
INVITATION HOMES 2018-SFR3 TR VAR 07/17/2037 144A
46187VAL3
877444.23000000
PA
USD
877441.77000000
0.080825467730
Long
ABS-MBS
CORP
US
N
2
2037-07-17
Variable
0.03919000
N
N
N
N
N
N
VICI PROPERTIES / NOTE
N/A
VICI PROPERTIES / NOTE 4.625% 12/01/2029 144A
92564RAB1
1095000.00000000
PA
USD
1144275.00000000
0.105404786106
Long
DBT
CORP
US
N
2
2029-12-01
Fixed
0.04625000
N
N
N
N
N
N
LEXINGTON CORP PPTYS TR REIT
549300S4MH2ICXDBFV43
LEXINGTON CORP PPTYS TR REIT 4.25% 06/15/2023
529043AC5
2500000.00000000
PA
USD
2596898.40000000
0.239213056644
Long
DBT
CORP
US
N
2
2023-06-15
Fixed
0.04250000
N
N
N
N
N
N
CROWN CASTLE INTL CORP
54930012H97VSM0I2R19
CROWN CASTLE INTL CORP
22822V101
55500.00000000
NS
USD
8316120.00000000
0.766038626932
Long
EC
CORP
US
N
1
N
N
N
DBUBS 2011 LC3
N/A
DBUBS 2011-LC3A D CSTR 8/44
23305YAM1
728000.00000000
PA
USD
749927.07000000
0.069079462898
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05512149
N
N
N
N
N
N
ELLINGTON RESIDENTIAL MTG REIT
549300KA3MR2ZCRGA787
ELLINGTON RESIDENTIAL MTG REIT
288578107
45300.00000000
NS
USD
487428.00000000
0.044899385272
Long
EC
CORP
US
N
1
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT SER H 6.25% PERP PFD
02665T868
18925.00000000
NS
USD
518923.50000000
0.047800590350
Long
EP
CORP
US
N
1
N
N
N
COMM 2012-CCRE2 MTG TR
N/A
COMM 2012-CR2 D CSTR 8/45
12624KAW6
836000.00000000
PA
USD
861500.68000000
0.079357055695
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04991955
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
1354586.00000000
PA
USD
1499138.34000000
0.138092989946
Long
ABS-CBDO
CORP
US
N
2
2052-04-17
Fixed
0.05639000
N
N
N
N
N
N
BRIXMOR OPERATING PARTNERSHIP LP
549300CJHBL7JBUA6503
BRIXMOR OPERATING PARTNERSHIP LP 3.65% 06/15/2024
11120VAF0
67000.00000000
PA
USD
71191.86000000
0.006557831618
Long
DBT
CORP
US
N
2
2024-06-15
Fixed
0.03650000
N
N
N
N
N
N
GLOBAL NET LEASE INC
549300NUYANCT5SU8Z65
GLOBAL NET LEASE INC SER B 6.875% PFD PERP
379378409
47200.00000000
NS
USD
1221531.28000000
0.112521241214
Long
EP
CORP
US
N
1
N
N
N
SOUTHEAST POWERGEN LLC
5493003PEJ398SB1LO34
SOUTHEAST POWER TERM B 12/02/21
84148DAB4
248874.23000000
PA
USD
235111.49000000
0.021657273220
Long
LON
CORP
US
N
2
2021-12-02
Variable
0.05150000
N
N
N
N
N
N
GS MTG SECS CORP TR 2016-RENT
N/A
GSMS 2016-RENT F CSTR 2/29
36251GAQ7
4029000.00000000
PA
USD
4038699.41000000
0.372024423725
Long
ABS-MBS
CORP
US
N
2
2029-02-10
Variable
0.04202224
N
N
N
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
1500000.00000000
PA
USD
1503738.00000000
0.138516687203
Long
ABS-MBS
CORP
US
N
2
2035-11-21
Variable
0.04603380
N
N
N
N
N
N
CENTURY CMNTYS INC
5299002QMB2O7ZL1CA26
CENTURY COMMUNITIES INC 6.75% 06/01/2027 144A
156504AJ1
1770000.00000000
PA
USD
1920450.00000000
0.176902074656
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 5.25% 05/15/2027 144A
451102BX4
705000.00000000
PA
USD
706762.50000000
0.065103362513
Long
DBT
CORP
US
N
2
2027-05-15
Fixed
0.05250000
N
N
N
N
N
N
STORE CAP CORP
5493004EA6C9IHDZ7N66
STORE CAPITAL CORP
862121100
37300.00000000
NS
USD
1464025.00000000
0.134858527870
Long
EC
CORP
US
N
1
N
N
N
MACK-CALI REALTY LP
549300MJC9VNA6VSEE11
MACK-CALI REALTY LP 4.5% 04/18/2022
55448QAQ9
91000.00000000
PA
USD
93363.08000000
0.008600131504
Long
DBT
CORP
US
N
2
2022-04-18
Fixed
0.04500000
N
N
N
N
N
N
ENBRIDGE INC
98TPTUM4IVMFCZBCUR27
ENBRIDGE INC SER L 4.959%/VAR PFD PERP
29250N790
19600.00000000
NS
USD
394156.00000000
0.036307643593
Long
EP
CORP
CA
N
1
N
N
N
CGMS COML MTG TR 2017-MDDR
N/A
CGCMT 2017-MDRB E 1ML+387.15 7/22
125333BE3
1229000.00000000
PA
USD
1221245.26000000
0.112494894508
Long
ABS-MBS
CORP
US
N
2
2030-07-15
Variable
0.05547750
N
N
N
N
N
N
MSCCG TR 2018-SELF
N/A
MSCCG TR 2018-SELF E 1ML+215 10/15/2028 144A
55358PAN6
939000.00000000
PA
USD
939564.34000000
0.086547882537
Long
ABS-MBS
CORP
US
N
2
2037-10-15
Variable
0.03826250
N
N
N
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
DIVERSIFIED HEALTHCARE TRUST 5.625% PFD 8/1/42
25525P206
1057.00000000
NS
USD
26414.43000000
0.002433162783
Long
EP
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR FINANCIAL TERM B 1LN 06/28/2023
46521HAB1
2003868.83000000
PA
USD
2006373.67000000
0.184816925595
Long
LON
CORP
US
N
2
2023-06-28
Variable
0.04457120
N
N
N
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT
02665T306
82900.00000000
NS
USD
2265657.00000000
0.208700785628
Long
EC
CORP
US
N
1
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
963000.00000000
PA
USD
881700.84000000
0.081217791570
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Fixed
0.03059000
N
N
N
N
N
N
PENNSYLVANIA REAL EST INVT TR
5493001GPBXRIG8WJO70
PENNSLVNA 7.375% PFD PERP
709102503
56533.00000000
NS
USD
1041903.19000000
0.095974816268
Long
EP
CORP
US
N
1
N
N
N
SPIRIT REALTY CAPITAL INC
549300LTU6LVPZSHMJ25
SPIRIT RLTY CAP INC SER A 6% PFD PERP
84860W201
16575.00000000
NS
USD
441723.75000000
0.040689342497
Long
EP
CORP
US
N
1
N
N
N
REXFORD INDL RLTY INC
549300MSLO0DF0EMX355
REXFORD INDL RLTY INC SER A 5.875% PERP PFD
76169C209
26500.00000000
NS
USD
691077.60000000
0.063658549396
Long
EP
CORP
US
N
1
N
N
N
REDWOOD TRUST INC
DRBV4N1ERQLEMIF11G78
REDWOOD TRUST INC CONV 4.75% 08/15/2023
758075AC9
1805000.00000000
PA
USD
1876242.25000000
0.172829881841
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
MOTEL 6 TR 2017-MTL6
N/A
MOTEL 6 TR 2017-MTL6 STEP 08/15/2034 144A
61975FAJ8
751091.19410000
PA
USD
751084.43000000
0.069186073008
Long
ABS-MBS
CORP
US
N
2
2034-08-15
Variable
0.03076250
N
N
N
N
N
N
PENNYMAC MORTGAGE INVESTMENT TRUST
549300BSSOQO1ZWDUJ97
PENNYMAC MTG INVT TR 8.125/VAR PREF PERP
70931T301
76075.00000000
NS
USD
2039570.75000000
0.187874871558
Long
EP
CORP
US
N
1
N
N
N
WYNDHAM DESTINATIONS INC
T4VNTWMFQ7JQB65L7T35
WYNDHAM DESTINATIONS INC 4.625% 03/01/2030 144A
98310WAQ1
565000.00000000
PA
USD
579831.25000000
0.053411102124
Long
DBT
CORP
US
N
2
2030-03-01
Fixed
0.04625000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2012-C4
5493005SNWQW3UUOQX45
MSC 2012-C4 D 5.711069 3/45
61760VAE3
1640000.00000000
PA
USD
1639544.90000000
0.151026527273
Long
ABS-MBS
CORP
US
N
2
2045-03-15
Variable
0.05599863
N
N
N
N
N
N
COMM 2013 CCRE12 MTG TR
549300MGZ5FI5VFL1177
COMM 2013 CCRE12 D MTG TR CSTR 10/10/2046 144A
12624SAE9
2900000.00000000
PA
USD
2596459.61000000
0.239172637543
Long
ABS-MBS
CORP
US
N
2
2046-10-10
Variable
0.05245082
N
N
N
N
N
N
COMM 2013-CCRE10 MTG TR
549300YJIXJB9DCDOI21
COMM 2013-CCRE10 D MTG TR CSTR 08/10/2046 144A
12626BAW4
1756000.00000000
PA
USD
1850943.93000000
0.170499529427
Long
ABS-MBS
CORP
US
N
2
2046-08-10
Variable
0.04948670
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
0.072243115324
Long
ABS-MBS
CORP
US
N
2
2044-03-15
Variable
0.05856700
N
N
N
N
N
N
CSMC 2019-SKLZ
N/A
CSMC 2019-SKLZ D 1ML+400 01/15/2034 144A
12655GAL1
1430000.00000000
PA
USD
1437150.72000000
0.132383006046
Long
ABS-MBS
CORP
US
N
2
2034-01-15
Variable
0.05276250
N
N
N
N
N
N
AMR HMS 15-SFR2
N/A
AMERICAN HOMES 4 RENT 2015-SFR2 TR VAR 10/17/2045 144A
02666BAG1
923724.38020000
PA
USD
9.24000000
0.000000851141
Long
ABS-CBDO
CORP
US
N
3
2052-10-17
Variable
0.00000000
N
N
N
N
N
N
LIGHTSTONE HOLDCO LLC
N/A
LIGHTSTONE HOLDCO TERM B 1LN 1/30/2024
53226GAG6
1856919.35000000
PA
USD
1738540.74000000
0.160145519946
Long
LON
CORP
US
N
2
2024-01-30
Variable
0.05395250
N
N
N
N
N
N
EQUINIX INC
549300EVUN2BTLJ3GT74
EQUINIX INC 5.375% 05/15/2027
29444UAR7
1249000.00000000
PA
USD
1353666.20000000
0.124692837185
Long
DBT
CORP
US
N
2
2027-05-15
Fixed
0.05375000
N
N
N
N
N
N
BRIXMOR OPERATING PARTNERSHIP LP
549300CJHBL7JBUA6503
BRIXMOR OPERATING PARTNERSHIP LP 3.85% 02/01/2025
11120VAA1
1753000.00000000
PA
USD
1876648.31000000
0.172867286021
Long
DBT
CORP
US
N
2
2025-02-01
Fixed
0.03850000
N
N
N
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
1517000.00000000
PA
USD
1314767.67000000
0.121109702681
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Variable
0.03000000
N
N
N
N
N
N
HERSHA HOSPITALITY TR
549300DNC58BIN1VO064
HERSHA HOSPITALITY TR 6.5% PERP PFD
427825609
42250.00000000
NS
USD
1090472.50000000
0.100448773780
Long
EP
CORP
US
N
1
N
N
N
INVESCO MORTGAGE CAPITAL INC
PV3BDP2HFZL2FNXQBL39
INVESCO MORTGAGE CAPITAL INC 7.5/VAR PFD PERP
46131B506
397081.00000000
NS
USD
10841780.50000000
0.998689610987
Long
EP
CORP
US
N
1
N
N
N
SERVICE PPTYS TR
529900IS770AG1K9QG27
HOSPITALITY PROP 5% 8/15/22
44106MAQ5
859000.00000000
PA
USD
905317.53000000
0.083393240792
Long
DBT
CORP
US
N
2
2022-08-15
Fixed
0.05000000
N
N
N
N
N
N
BANK 2018-BNK12
N/A
BANK 2018-BNK12 D 3% 05/15/2061 144A
06541KAJ7
318000.00000000
PA
USD
294162.91000000
0.027096789328
Long
ABS-MBS
CORP
US
N
2
2061-05-15
Fixed
0.03000000
N
N
N
N
N
N
COLONY NORTHSTAR CREDIT REAL ESTATE INC
549300BOIFLLMVU37752
COLONY CREDIT REAL ESTATE INC
19625T101
165240.00000000
NS
USD
2057238.00000000
0.189502288662
Long
EC
CORP
US
N
1
N
N
N
MATTAMY GROUP CORP
5493008TNY7A82WCXU31
MATTAMY GROUP CORP 6.5% 10/01/2025
57701RAH5
3725000.00000000
PA
USD
3985750.00000000
0.367146993705
Long
DBT
CORP
CA
N
2
2025-10-01
Fixed
0.06500000
N
N
N
N
N
N
WYNDHAM DESTINATIONS INC
T4VNTWMFQ7JQB65L7T35
WYNDHAM WORLDWIDE TERM B 05/31/2025
98309GAC0
449312.50000000
PA
USD
448472.29000000
0.041310983637
Long
LON
CORP
US
N
2
2025-05-31
Variable
0.03895250
N
N
N
N
N
N
WILLIAM LYON HOMES INC
5493001MTHCP4IWKJU06
WILLIAM LYON HOMES INC 7% 08/15/2022
96926DAH3
185000.00000000
PA
USD
185462.50000000
0.017083861085
Long
DBT
CORP
US
N
2
2022-08-15
Fixed
0.07000000
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
2045000.00000000
PA
USD
2193262.50000000
0.202032172936
Long
DBT
CORP
US
N
2
2027-08-01
Fixed
0.07000000
N
N
N
N
N
N
SERITAGE GROWTH PPTYS
5493003CJFC2MM82WB25
SERITAGE GROWTH PPTYS SER A 7% PERP PFD
81752R308
1050.00000000
NS
USD
27814.50000000
0.002562130102
Long
EP
CORP
US
N
1
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INV CORP 7.625% SER B PFD PERP
90187B309
235372.00000000
NS
USD
6571586.24000000
0.605341060501
Long
EP
CORP
US
N
1
N
N
N
ELLINGTON FINANCIAL INC
60GS1D1R1YY5G1W7IT74
ELLINGTON FINANCIAL INC 6.75/VAR PFD PERP
28852N208
55707.00000000
NS
USD
1442811.30000000
0.132904429851
Long
EP
CORP
US
N
1
N
N
N
CBL and ASSOCS LTD PARTNERSHIP
549300VS75TWHD9JTH89
CBL and ASSOCS LP 5.95% 12/15/26
12505JAD5
2551000.00000000
PA
USD
1276405.61000000
0.117575985061
Long
DBT
CORP
US
N
2
2026-12-15
Fixed
0.05950000
N
N
N
N
N
N
2020-03-01
Stacie M. Smith
Stacie M. Smith
Stacie M. Smith
President and Treasurer