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