0001752724-22-068169.txt : 20220322
0001752724-22-068169.hdr.sgml : 20220322
20220322163927
ACCESSION NUMBER: 0001752724-22-068169
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20220131
FILED AS OF DATE: 20220322
PERIOD START: 20220731
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: 22760132
BUSINESS ADDRESS:
STREET 1: 245 SUMMER STREET
CITY: BOSTON
STATE: MA
ZIP: 02210
BUSINESS PHONE: 617-563-7000
MAIL ADDRESS:
STREET 1: 245 SUMMER STREET
CITY: BOSTON
STATE: MA
ZIP: 02210
0000754510
S000007192
Fidelity Real Estate Income Fund
C000019680
Fidelity Real Estate Income Fund
FRIFX
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Fidelity Advisor Real Estate Income Fund: Class A
FRINX
C000087889
Fidelity Advisor Real Estate Income Fund: Class C
FRIOX
C000087890
Fidelity Advisor Real Estate Income Fund: Class M
FRIQX
C000087891
Fidelity Advisor Real Estate Income Fund: Class I
FRIRX
C000205040
Fidelity Advisor Real Estate Income Fund: Class Z
FIKMX
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245 Summer Street
Boston
02210
1-800-FIDELITY
Fidelity Real Estate Income Fund
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2022-07-31
2022-01-31
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DIGITAL REALTY TRUST INC
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DIGITAL REALTY TRUST INC
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102400.00000000
NS
USD
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Long
EC
CORP
US
N
1
N
N
N
MOTEL 6 TR 2021-MTL6
N/A
MOTEL 6 TR 2021-MTL6 1ML+355 09/15/2038 144A
61977KAN6
12865000.00000000
PA
USD
12849478.38000000
0.172096494185
Long
ABS-MBS
CORP
US
N
2
2038-09-15
Variable
0.03656290
N
N
N
N
N
N
LIFE 2021-BMR MTG TR
N/A
LIFE 2021-BMR MTG G TR 1ML+305.6 03/15/2036 144A
53218CAN0
18824000.00000000
PA
USD
18589068.95000000
0.248968362906
Long
ABS-MBS
CORP
US
N
2
2038-03-15
Variable
0.03056000
N
N
N
N
N
N
CSAIL 2017-CX10 COML MTG TR
N/A
CSAIL 2017-CX10 UESD CSTR 10/15/2032 144A
12652DAJ6
7129000.00000000
PA
USD
6994947.71000000
0.093685202021
Long
ABS-MBS
CORP
US
N
2
2032-10-15
Variable
0.04236600
N
N
N
N
N
N
BX 2020-BXLP
N/A
BX 2020-BXLP 1ML+262.15 12/15/2029 144A
05607QBA5
4943531.63000000
PA
USD
4893955.42000000
0.065546051409
Long
ABS-MBS
CORP
US
N
2
2036-12-15
Variable
0.02606000
N
N
N
N
N
N
PUBLIC STORAGE
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PUBLIC STORAGE SER S 4.1% PFD PERP
74460W396
200000.00000000
NS
USD
4833000.00000000
0.064729659197
Long
EP
CORP
US
N
1
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2011-C3
N/A
JPMCC 2011-C3 G CSTR 02/15/2046 144A
46635TBK7
4671000.00000000
PA
USD
446429.42000000
0.005979148398
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.04409000
N
N
N
N
N
N
CAMB COML MTG TR 2019-LIFE
N/A
CAMB COML MTG TR 2019-LIFE 1ML+325 12/15/2037 144A
12482HAS3
14973000.00000000
PA
USD
14920796.64000000
0.199838212592
Long
ABS-MBS
CORP
US
N
2
2037-12-15
Variable
0.03356000
N
N
N
N
N
N
SERITAGE GROWTH PPTYS
5493003CJFC2MM82WB25
SERITAGE GROWTH PPTYS SER A 7% PERP PFD
81752R308
91986.00000000
NS
USD
1981378.44000000
0.026537130387
Long
EP
CORP
US
N
1
N
N
N
WELLS FARGO COML MTG TR 2012-LC5
N/A
WELLS FARGO COML MTG TR 12-LC5 CSTR 10/15/2045
94988HAT8
2000000.00000000
PA
USD
1796126.80000000
0.024056005718
Long
ABS-MBS
CORP
US
N
2
2045-10-15
Variable
0.04756483
N
N
N
N
N
N
EQUINIX INC
549300EVUN2BTLJ3GT74
EQUINIX INC
29444U700
105100.00000000
NS
USD
76186990.00000000
1.020392695625
Long
EC
CORP
US
N
1
N
N
N
UBS COML MTG TR 2012-C1
N/A
UBSCM 2012-C1 F CSTR 5/10/45 144A
90269GAS0
2221350.00000000
PA
USD
111066.61000000
0.001487544757
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.05000000
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC
45031U101
3982313.00000000
NS
USD
85500260.11000000
1.145127808440
Long
EC
CORP
US
N
1
N
N
BENCHMARK 2019-B13 MTG TR
N/A
BENCHMARK 2019-B13 A4 2.952% 08/15/2057
08162DAE8
19715000.00000000
PA
USD
20274210.06000000
0.271537907650
Long
ABS-MBS
CORP
US
N
2
2057-08-15
Fixed
0.02952000
N
N
N
N
N
N
PENNSYLVANIA REAL EST INVT TR
5493001GPBXRIG8WJO70
PENNSYLVANIA REAL EST INVT TR 7.2% PERP PFD C
709102602
50325.00000000
NS
USD
295156.13000000
0.003953104842
Long
EP
CORP
US
N
1
N
N
N
BRE/EVERBRIGHT M6 BORROWER LLC
N/A
MOTEL 6 TERM B 1LN 09/09/2026
05601QAB0
9905175.00000000
PA
USD
9925777.76000000
0.132938591283
Long
LON
CORP
US
N
2
2026-09-09
Variable
0.05750000
N
N
N
N
N
N
SERVICE PROPERTIES TRUST
529900IS770AG1K9QG27
SERVICE PPTYS TR 4.65% 03/15/2024
44106MAS1
3500000.00000000
PA
USD
3403750.00000000
0.045587332400
Long
DBT
CORP
US
N
2
2024-03-15
Fixed
0.04650000
N
N
N
N
N
N
WFRBS COML MTG TR 2013-C11
N/A
WFRBS 2013-C11 D CSTR 3/45
92937EAJ3
5765000.00000000
PA
USD
5683706.01000000
0.076123391889
Long
ABS-MBS
CORP
US
N
2
2045-03-15
Variable
0.04238813
N
N
N
N
N
N
OFFICE PROPERTIES INCOME TRUST
N/A
OFFICE PROPERTIES INCOME TRUST 4.5% 02/01/2025
81618TAC4
21056000.00000000
PA
USD
21949036.13000000
0.293969300310
Long
DBT
CORP
US
N
2
2025-02-01
Fixed
0.04500000
N
N
N
N
N
N
HOWARD HUGHES CORP
549300BVHY25JZC1KI49
HOWARD HUGHES CORP 5.375% 08/01/2028 144A
44267DAD9
12625000.00000000
PA
USD
12860645.63000000
0.172246060146
Long
DBT
CORP
US
N
2
2028-08-01
Fixed
0.05375000
N
N
N
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6
N/A
MORGAN STAN BAML TR-2012-C6 F CSTR 11/15/2045 144A
61761DAU6
2500000.00000000
PA
USD
2137516.00000000
0.028628322410
Long
ABS-MBS
CORP
US
N
3
2045-11-15
Variable
0.04602398
N
N
N
N
N
N
CSAIL 2019-C15 COML MTG TR
N/A
CSAIL 2019-C15 COML MTG TR 4.0529% 03/15/2052
22945DAG8
9425000.00000000
PA
USD
10286602.40000000
0.137771212010
Long
ABS-MBS
CORP
US
N
2
2052-03-15
Fixed
0.04052900
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HBRS INVT CORP SR C 7.25/VAR PERP PFD
90187B507
1697415.00000000
NS
USD
41790357.30000000
0.559709411495
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 4.875% 02/15/2030 144A
11283YAD2
1590000.00000000
PA
USD
1544716.80000000
0.020688804473
Long
DBT
CORP
CA
N
2
2030-02-15
Fixed
0.04875000
N
N
N
N
N
N
CENTURY CMNTYS INC
5299002QMB2O7ZL1CA26
CENTURY COMMUNITIES INC 6.75% 06/01/2027
156504AL6
6230000.00000000
PA
USD
6482392.88000000
0.086820418353
Long
DBT
CORP
US
N
2
2027-06-01
Fixed
0.06750000
N
N
N
N
N
N
CREDIT SUISSE MORTGAGE TRUST 2021
N/A
CREDIT SUISSE MORTGAGE TRUST 2021-BRIT A 1ML+345.92 05/15/2023 144A
12658RAA8
9280000.00000000
PA
USD
9233257.57000000
0.123663483506
Long
ABS-MBS
CORP
US
N
2
2023-05-15
Variable
0.03709200
N
N
N
N
N
N
DBCCRE 2014-ARCP MORTGAGE TRUST
N/A
DBCCRE 2014-ARCP MORTGAGE TRUST VAR 01/10/2034 144A
23305MAL9
10732000.00000000
PA
USD
10766700.85000000
0.144201298716
Long
ABS-MBS
CORP
US
N
2
2034-01-10
Variable
0.04934500
N
N
N
N
N
N
TAYLOR MORRISON COMMUNITIES INC
549300O1Z08HI2MRK572
TAYLOR MORRISON COMMUNITIES INC 6.625% 07/15/2027 144A
87724RAG7
4573000.00000000
PA
USD
4755920.00000000
0.063697306180
Long
DBT
CORP
US
N
2
2027-07-15
Fixed
0.06625000
N
N
N
N
N
N
BX 2021-VOLT G
N/A
BX 2021-VOLT G 1ML+245 09/15/2023 144A
05609VAQ8
10443000.00000000
PA
USD
10338351.74000000
0.138464304736
Long
ABS-MBS
CORP
US
N
2
2036-09-15
Variable
0.02506290
N
N
N
N
N
N
EXTRA SPACE STORAGE INC
N/A
EXTRA SPACE STORAGE INC
30225T102
133900.00000000
NS
USD
26537641.00000000
0.355425710289
Long
EC
CORP
US
N
1
N
N
N
WILLIAMS SCOTSMAN INTL INC
549300V3TCHCBOBTGH07
WILLIAMS SCOTSMAN INTL INC 4.625% 08/15/2028 144A
96950GAE2
4250000.00000000
PA
USD
4287187.50000000
0.057419446676
Long
DBT
CORP
US
N
2
2028-08-15
Fixed
0.04625000
N
N
N
N
N
N
CGMS COML MTG TR 2017-MDDR
N/A
CGCMT 2017-MDRB D 1ML+325 07/15/2022 144A
125333BC7
6131000.00000000
PA
USD
6106000.23000000
0.081779291112
Long
ABS-MBS
CORP
US
N
2
2030-07-15
Variable
0.03356000
N
N
N
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9
549300PFVBG5704L7K74
MSBAM 13-C9 D CSTR 5/15/46
61762DAG6
5137000.00000000
PA
USD
4770748.34000000
0.063895906096
Long
ABS-MBS
CORP
US
N
2
2046-05-15
Variable
0.04108248
N
N
N
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE 4% PFD PERP
74460W420
320000.00000000
NS
USD
7494400.00000000
0.100374499873
Long
EP
CORP
US
N
1
N
N
N
NEW RESIDENTIAL INVT CORP
549300WNTHGEO5LP2G31
NEW RESIDENTIAL INVESTMENT CORP SER C 6.375%/VAR PFD PERP
64828T508
1257554.00000000
NS
USD
28294965.00000000
0.378962019748
Long
EP
CORP
US
N
1
N
N
N
EXTENDED STAY AMER TR 2021-ESH
N/A
EXTENDED STAY AMER TR 2021-ESH F 1ML+370 07/15/2038 144A
30227FAN0
20814894.53000000
PA
USD
20808381.55000000
0.278692209016
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.03807000
N
N
N
N
N
N
SREIT TR 2021-MFP
N/A
SREIT TR 2021-MFP G 1ML+297.38 11/15/2038 144A
78472UAN8
22874000.00000000
PA
USD
22731286.83000000
0.304446192762
Long
ABS-MBS
CORP
US
N
2
2038-11-15
Variable
0.03080090
N
N
N
N
N
N
ARMADA HOFFLER PROPERTIES INC
549300WQRSIV6XZT9313
ARMADA HOFFLER PPTYS INC SER A 6.75% PFD PERP
04208T207
213474.00000000
NS
USD
5620770.42000000
0.075280478732
Long
EP
CORP
US
N
1
N
N
N
HEALTHCARE TR AMER INC
549300L0I14L7I0VLX84
HEALTHCARE TRST OF AMERICA INC
42225P501
310260.00000000
NS
USD
10098963.00000000
0.135258107435
Long
EC
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
1354000.00000000
PA
USD
1353639.02000000
0.018129648756
Long
ABS-CBDO
CORP
US
N
2
2048-02-15
Fixed
0.05250000
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
5254000.00000000
PA
USD
5192067.42000000
0.069538745008
Long
ABS-MBS
CORP
US
N
2
2046-09-10
Variable
0.05178043
N
N
N
N
N
N
COMM 2017-COR2
N/A
COMM 2017-COR2 D 3% 09/10/2050 144A
12595EAN5
2769000.00000000
PA
USD
2523972.30000000
0.033804234802
Long
ABS-MBS
CORP
US
N
2
2050-09-10
Fixed
0.03000000
N
N
N
N
N
N
SPIRIT REALTY CAPITAL INC
549300LTU6LVPZSHMJ25
SPIRIT RLTY CAP INC SER A 6% PFD PERP
84860W201
94125.00000000
NS
USD
2392657.50000000
0.032045500631
Long
EP
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL TRUST 2021-SFR6
N/A
PROGRESS RESIDENTIAL TRUST 2021-SFR6 3.422% 07/17/2038 144A
74333HAN5
9198000.00000000
PA
USD
8867550.81000000
0.118765475242
Long
ABS-CBDO
CORP
US
N
2
2038-07-17
Fixed
0.03422000
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.95% 04/01/2024
681936BB5
2866000.00000000
PA
USD
3029034.36000000
0.040568665801
Long
DBT
CORP
US
N
2
2024-04-01
Fixed
0.04950000
N
N
N
N
N
N
VASA TR 2021-VASA
N/A
VASA TR 2021-VASA F 1ML+390 04/15/2060 144A
92230AAL0
6685000.00000000
PA
USD
6686943.33000000
0.089560017136
Long
ABS-MBS
CORP
US
N
2
2039-07-15
Variable
0.04006000
N
N
N
N
N
N
XHR LP
549300M88BPT83ZL2164
XHR LP 6.375% 08/15/2025 144A
98372MAA3
4250000.00000000
PA
USD
4393437.50000000
0.058842481290
Long
DBT
CORP
US
N
2
2025-08-15
Fixed
0.06375000
N
N
N
N
N
N
PENNYMAC MORTGAGE INVESTMENT TRUST
549300BSSOQO1ZWDUJ97
PENNYMAC MTG INVT TR 6.75% PERP PFD
70931T509
240000.00000000
NS
USD
5990400.00000000
0.080231026371
Long
EP
CORP
US
N
1
N
N
N
IMT TR 2017-APTS
N/A
IMT TR 2017-APTS FFL 1ML+285 06/15/2034 144A
44974AAQ0
2752375.32000000
PA
USD
2743105.60000000
0.036739145588
Long
ABS-MBS
CORP
US
N
2
2034-06-15
Variable
0.02956290
N
N
N
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PPTYS INC 6.75% SER D PFD PERP
903002509
601125.00000000
NS
USD
15460935.00000000
0.207072429840
Long
EP
CORP
US
N
1
N
N
N
REDWOOD TRUST INC
DRBV4N1ERQLEMIF11G78
REDWOOD TRUST INC CONV 5.625% 07/15/2024
758075AD7
56618000.00000000
PA
USD
57113407.50000000
0.764935113400
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
DYNEX CAPITAL INC
5CIJ4S9HAEBWILA19B65
DYNEX CAP INC 6.9%/VAR PFD PERP C
26817Q878
372483.00000000
NS
USD
9401470.92000000
0.125916409808
Long
EP
CORP
US
N
1
N
N
N
OFFICE PROPERTIES INCOME TRUST
N/A
OFFICE PROPERTIES INCOME TRUST 4.25% 05/15/2024
81618TAE0
4974000.00000000
PA
USD
5140586.27000000
0.068849244223
Long
DBT
CORP
US
N
2
2024-05-15
Fixed
0.04250000
N
N
N
N
N
N
CBL and ASSOCS LTD PARTNERSHIP
549300VS75TWHD9JTH89
CBL and ASSOCS LP 5.25% 12/01/2023
12505JAA1
11371000.00000000
PA
USD
1.14000000
0.000000015268
Long
DBT
CORP
US
N
3
2023-12-01
Fixed
0.05250000
Y
Y
N
N
N
N
EASTERLY GOVERNMENT PROPERTIES INC
549300ERMCEFC6S8HL77
EASTERLY GOVERNMENT PROPERTIES INC
27616P103
1276400.00000000
NS
USD
26766108.00000000
0.358485629810
Long
EC
CORP
US
N
1
N
N
N
LXP INDUSTRIAL TRUST
549300S4MH2ICXDBFV43
LXP INDUSTRIAL TRUST REIT
529043101
6634874.00000000
NS
USD
98793273.86000000
1.323164690240
Long
EC
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL TRUST 2021-SFR8
N/A
PROGRESS RESIDENTIAL TRUST 2021-SFR8 4.005% 10/17/2038 144A
74333TAQ2
16129000.00000000
PA
USD
15753887.85000000
0.210996025566
Long
ABS-CBDO
CORP
US
N
2
2038-10-17
Fixed
0.04005000
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C3
N/A
WFRBS 2011-C3 D CSTR 3/44
92935VAS7
1874404.27000000
PA
USD
938701.66000000
0.012572281924
Long
ABS-MBS
CORP
US
N
2
2044-03-15
Variable
0.05513340
N
N
N
N
N
N
BX TR 2018-IND
N/A
BX TR 2018-EXCL 1ML+300 11/15/2035 144A
056059AU2
6206899.98200000
PA
USD
6175774.24000000
0.082713793054
Long
ABS-MBS
CORP
US
N
2
2035-11-15
Variable
0.03106000
N
N
N
N
N
N
VORNADO REALTY TRUST
N/A
VORNADO REALTY TRUST SER N 5.25% PERP PFD
929042810
73546.00000000
NS
USD
1887190.36000000
0.025275644287
Long
EP
CORP
US
N
1
N
N
N
ADAMS HOMES INC
N/A
ADAMS HOMES INC 7.5% 02/15/2025 144A
00623PAA9
9530000.00000000
PA
USD
9815900.00000000
0.131466969111
Long
DBT
CORP
US
N
2
2025-02-15
Fixed
0.07500000
N
N
N
N
N
N
BX TR 2022-LBA6
N/A
BX TR 2022-LBA6 SOFR30A+ 01/15/2039 144A
12433EAS0
11340000.00000000
PA
USD
11340000.00000000
0.151879647278
Long
ABS-MBS
CORP
US
N
2
2039-01-15
Variable
0.04258350
N
N
N
N
N
N
DIGITALBRIDGE GROUP INC
549300XG87L902AGBO89
DIGITALBRIDGE GROUP INC
25401T108
609855.00000000
NS
USD
4451941.50000000
0.059626040980
Long
EC
CORP
US
N
1
N
N
N
AMR HMS 15-SFR2
N/A
AMERICAN HOMES 4 RENT 2015-SFR2 TR VAR 10/17/2045 144A
02666BAG1
4567907.57380000
PA
USD
45.68000000
0.000000611804
Long
ABS-CBDO
CORP
US
N
3
2052-10-17
Variable
0.00000000
N
N
N
N
N
N
CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATE
N/A
CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATES 1ML+371.44 08/15/2023 144A
12659XAA4
18000000.00000000
PA
USD
17999953.20000000
0.241078178398
Long
ABS-MBS
CORP
US
N
2
2023-08-15
Variable
0.03821400
N
N
N
N
N
N
CENTURY CMNTYS INC
5299002QMB2O7ZL1CA26
CENTURY COMMUNITIES INC 3.875% 08/15/2029 144A
156504AM4
13005000.00000000
PA
USD
12481548.75000000
0.167168714430
Long
DBT
CORP
US
N
2
2029-08-15
Fixed
0.03875000
N
N
N
N
N
N
SWITCH LTD
5493002D70VTFFLT8L43
SWITCH LTD 4.125% 06/15/2029 144A
87105NAC4
7000000.00000000
PA
USD
6817860.00000000
0.091313419047
Long
DBT
CORP
US
N
2
2029-06-15
Fixed
0.04125000
N
N
N
N
N
N
WFRBS COML MTG TR 2013-C13
N/A
WFRBS COML MTG TR 2013-C13 D CSTR 05/15/2045 144A
92937UAJ7
3955000.00000000
PA
USD
3873523.84000000
0.051879138848
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Variable
0.04141259
N
N
N
N
N
N
PLYMOUTH INDL REIT INC
N/A
PLYMOUTH INDL REIT INC SER A STEP PFD PERP
729640201
171625.00000000
NS
USD
4505156.25000000
0.060338760333
Long
EP
CORP
US
N
1
N
N
N
CBL and ASSOCIATES HOLDCO II LLC
N/A
CBL and ASSOCIATES HOLDCO II LLC CONV 7% 11/15/2028
12511CAC4
3614040.00000000
PA
USD
7022379.65000000
0.094052605317
Long
DBT
CORP
US
N
2
2028-11-15
Fixed
0.07000000
N
N
N
N
N
CBL and ASSOCIATES HOLDCO II LLC
CBL and ASSOCIATES HOLDCO II LLC
USD
XXXX
N
N
N
CRSNT TR 2021-MOON
N/A
CRSNT TR 2021-MOON 1ML+255 04/15/2036 144A
22877LAG2
12201000.00000000
PA
USD
12181856.63000000
0.163154857862
Long
ABS-MBS
CORP
US
N
2
2036-04-15
Variable
0.02660000
N
N
N
N
N
N
TERRENO RLTY CORP
N/A
TERRENO REALTY CORP
88146M101
371028.00000000
NS
USD
27741763.56000000
0.371552845182
Long
EC
CORP
US
N
1
N
N
N
OPG TR 2021-PORT
N/A
OPG TR 2021-PORT 1ML+343.6 10/15/2036 144A
67118AAU9
12482000.00000000
PA
USD
12396332.29000000
0.166027387632
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.03452000
N
N
N
N
N
N
BLACKSTONE MTG TR INC
549300OLDJ20R2Y2UW20
BLACKSTONE MTG TR INC CONV 4.75% 03/15/2023
09257WAC4
3856000.00000000
PA
USD
3948544.00000000
0.052883903878
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
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL INC CONV 6.25% 06/15/2024
55272XAA0
25352000.00000000
PA
USD
26105505.81000000
0.349638008328
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
INVESCO MORTGAGE CAPITAL INC
PV3BDP2HFZL2FNXQBL39
INVESCO MORTGAGE CAPITAL INC 7.5/VAR PFD PERP
46131B506
2624692.00000000
NS
USD
63202583.36000000
0.846489071234
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
5503000.00000000
PA
USD
5497389.14000000
0.073628000311
Long
ABS-MBS
CORP
US
N
2
2045-11-10
Variable
0.04737602
N
N
N
N
N
N
POSTAL REALTY TRUST INC
5493007B7ZZSIJRGWC41
POSTAL REALTY TRUST INC
73757R102
920300.00000000
NS
USD
16454964.00000000
0.220385725599
Long
EC
CORP
US
N
1
N
N
N
ENBRIDGE INC
98TPTUM4IVMFCZBCUR27
ENBRIDGE INC SER L 4/VAR PFD PERP
29250N790
111400.00000000
NS
USD
2538806.00000000
0.034002906506
Long
EP
CORP
CA
N
1
N
N
N
CUSHMAN and WAKEFIELD US BORROWER LLC
N/A
CUSHMAN and WAKEFIELD TERM B 1LN 08/21/2025
23340DAP7
51838535.18800000
PA
USD
51625478.81000000
0.691433819421
Long
LON
CORP
US
N
2
2025-08-21
Variable
0.02855000
N
N
N
N
N
N
GS MTG SECS TR 2013-GCJ16
N/A
GSMS 2013-GC16 F 3.5% 11/10/2046
36248GAT7
7221000.00000000
PA
USD
5376828.81000000
0.072013303627
Long
ABS-MBS
CORP
US
N
2
2046-11-10
Fixed
0.03500000
N
N
N
N
N
N
WELLTOWER INC
T6IZ0MBEG5ACZDTR7D06
WELLTOWER INC
95040Q104
686100.00000000
NS
USD
59436843.00000000
0.796053505306
Long
EC
CORP
US
N
1
N
N
N
DCP MIDSTREAM LP
52990024YYS3MLGW0E91
DCP MIDSTREAM LP SER B 7.875/VAR PFD PERP
23311P209
256314.00000000
NS
USD
6274566.72000000
0.084036947112
Long
EP
CORP
US
N
1
N
N
N
MERIT 2021
N/A
MERIT 2021-STOR G 1ML+275 07/15/2038 144A
55293BAP0
5445000.00000000
PA
USD
5369690.21000000
0.071917694452
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.02856000
N
N
N
N
N
N
ENERGY TRANSFER LP
MTLVN9N7JE8MIBIJ1H73
ENERGY TRANSFER LP 7.125/VAR PERP
29273VAM2
6000000.00000000
PA
USD
6101250.00000000
0.081715670013
Long
EP
CORP
US
N
2
N
N
N
SREIT TR 2021-IND
N/A
SREIT TR 2021-IND G 1ML+343.21 10/15/2038 144A
78473JAS1
26754000.00000000
PA
USD
26431212.99000000
0.354000291539
Long
ABS-MBS
CORP
US
N
2
2038-10-15
Variable
0.03371775
N
N
N
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER F 6.3% PERP PFD
70509V704
269997.00000000
NS
USD
6428628.57000000
0.086100338597
Long
EP
CORP
US
N
1
N
N
N
WFRBS COML MTG TR 2013-C11
N/A
WFRBS 2013-C11 E VAR 3/45
92937EAL8
4727000.00000000
PA
USD
4364820.10000000
0.058459200813
Long
ABS-MBS
CORP
US
N
3
2045-03-15
Variable
0.04238813
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2014-DSTY
N/A
JPMCC 2014-DSTY E CSTR 06/27
46642MAN8
8161000.00000000
PA
USD
163220.00000000
0.002186049032
Long
ABS-MBS
CORP
US
N
3
2027-06-10
Variable
0.03804600
N
N
N
N
N
N
JP MORGAN CHASE COML MTG SECS TR 2012-CIBX
N/A
JP MORGAN CHASE CMS TR 12-CIBX 4.0% 06/15/2045 144A
46637WAS2
8192000.00000000
PA
USD
1679360.00000000
0.022492116794
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Fixed
0.04000000
N
N
N
N
N
N
SERVICE PROPERTIES TRUST
529900IS770AG1K9QG27
SERVICE PPTYS TR 5% 08/15/2022
44106MAQ5
3141000.00000000
PA
USD
3129127.02000000
0.041909233517
Long
DBT
CORP
US
N
2
2022-08-15
Fixed
0.05000000
N
N
N
N
N
N
WFRBS COML MTG TR 2013-UBS1
N/A
WFRBS COML MTG TR 2013-UBS1 VAR 03/15/2046 144A
92938JAN2
4538000.00000000
PA
USD
4675738.74000000
0.062623417160
Long
ABS-MBS
CORP
US
N
2
2046-03-15
Variable
0.05039361
N
N
N
N
N
N
MOTEL 6 TR 2021-MTL6
N/A
MOTEL 6 TR 2021-MTL6 1ML+270 09/15/2038 144A
61977KAL0
6741000.00000000
PA
USD
6732869.01000000
0.090175112029
Long
ABS-MBS
CORP
US
N
2
2038-09-15
Variable
0.02806290
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
4265000.00000000
PA
USD
3898352.88000000
0.052211680809
Long
ABS-MBS
CORP
US
N
2
2033-09-15
Variable
0.03156000
N
N
N
N
N
N
KESTREL ACQUISITION LLC
549300ER0JUHJLPPMH08
HUNTERSTOWN GENERATION TERM B 06/01/2025
49254YAB1
5793627.80000000
PA
USD
5461942.61000000
0.073153255472
Long
LON
CORP
US
N
2
2025-06-01
Variable
0.05250000
N
N
N
N
N
N
LIGHTSTONE HOLDCO LLC
549300VXK6UGDG7H3G98
LIGHTSTONE HOLDCO TERM C 1LN 01/30/2024
53226GAH4
529009.46000000
PA
USD
450462.14000000
0.006033159694
Long
LON
CORP
US
N
2
2024-01-30
Variable
0.04750000
N
N
N
N
N
N
GLADSTONE COMMERCIAL CORP
529900EVVV534W8R0T32
GLADSTONE COMMERCIAL CORP SER E 6.625% PFD 12/31/2049
376536702
98875.00000000
NS
USD
2610300.00000000
0.034960444734
Long
EP
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL 2019-SFR2
N/A
PROGRESS RESIDENTIAL 2019-SFR2 F 4.837% 05/17/2036 144A
74333NAL6
3902000.00000000
PA
USD
3910665.56000000
0.052376587819
Long
ABS-CBDO
CORP
US
N
2
2036-05-17
Fixed
0.04837000
N
N
N
N
N
N
ASHTON WOODS USA LLC / ASHTON WOODS FINANCE CO
N/A
ASHTON WOODS USA LLC/FIN CO 4.625% 04/01/2030 144A
045086AP0
13005000.00000000
PA
USD
12824100.45000000
0.171756600794
Long
DBT
CORP
US
N
2
2030-04-01
Fixed
0.04625000
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
3051000.00000000
PA
USD
2479623.36000000
0.033210257610
Long
ABS-MBS
CORP
US
N
2
2048-12-15
Fixed
0.03180000
N
N
N
N
N
N
ACADIA REALTY TRUST
N/A
ACADIA RLTY TR REIT
004239109
889626.00000000
NS
USD
17605698.54000000
0.235797820488
Long
EC
CORP
US
N
1
N
N
N
BX TRUST
N/A
BX TRUST 2021-SOAR J 3.85% 06/15/2023 144A
05608WAU8
19005000.00000000
PA
USD
18671946.88000000
0.250078369147
Long
ABS-MBS
CORP
US
N
2
2038-06-15
Variable
0.03856000
N
N
N
N
N
N
PENNYMAC CORP
EWN0I878407TKQNXZ933
PENNYMAC CORP CONV 5.5% 03/15/2026 144A
70932AAE3
2000000.00000000
PA
USD
1971362.34000000
0.026402982086
Long
DBT
CORP
US
N
2
2026-03-15
Fixed
0.05500000
N
N
N
N
Y
PENNYMAC MORTGAGE INVESTMENT TRUST
PENNYMAC MORTGAGE INV TRUST
USD
XXXX
N
N
N
BX COMMERCIAL MORTGAGE TRUST 2021-PAC
N/A
BX COMMERCIAL MORTGAGE TRUST 2021-PAC G 1ML+262.21 10/15/2036 144A
05609PAS7
27232000.00000000
PA
USD
27110466.31000000
0.363097712585
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.03053100
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INVT CORP 8.125% SER A PERP PFD
90187B200
697850.00000000
NS
USD
18206906.50000000
0.243849959193
Long
EP
CORP
US
N
1
N
N
N
MOTEL 6 TR 2021-MTL6
N/A
MOTEL 6 TR 2021-MTL6 1ML+210 09/15/2038 144A
61977KAJ5
3941000.00000000
PA
USD
3936249.52000000
0.052719240625
Long
ABS-MBS
CORP
US
N
2
2038-09-15
Variable
0.02206290
N
N
N
N
N
N
URSTADT BIDDLE PPTYS INC
549300XXD0YL0AER3Z82
URSTADT BIDDLE PPTYS INC SER K 5.875% PFD PERP
917286874
69225.00000000
NS
USD
1786005.00000000
0.023920441749
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
7317000.00000000
PA
USD
7353391.83000000
0.098485939809
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05085812
N
N
N
N
N
N
COMM 2013-CCRE10 MTG TR
549300YJIXJB9DCDOI21
COMM 2013-CCRE10 D MTG TR CSTR 08/10/2046 144A
12626BAW4
4544000.00000000
PA
USD
4569820.83000000
0.061204830316
Long
ABS-MBS
CORP
US
N
2
2046-08-10
Variable
0.04899912
N
N
N
N
N
N
WFRBS COML MTG TR 2012-C7
N/A
WFRBS 2012-C7 D 4.8512% 6/45
92936TAJ1
2380000.00000000
PA
USD
952741.37000000
0.012760319508
Long
ABS-MBS
CORP
US
N
3
2045-06-15
Variable
0.04739746
N
N
N
N
N
N
PKHL COML MTG TR 2021-MF
N/A
PKHL COML MTG TR 2021-MF G 1ML+410 07/15/2038 144A
69356GAS8
5944000.00000000
PA
USD
5940366.43000000
0.079560913412
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.04457000
N
N
N
N
N
N
LIGHTSTONE HOLDCO LLC
549300VXK6UGDG7H3G98
LIGHTSTONE HOLDCO TERM B 1LN 1/30/2024
53226GAG6
9379338.00200000
PA
USD
7986693.90000000
0.106967923496
Long
LON
CORP
US
N
2
2024-01-30
Variable
0.04750000
N
N
N
N
N
N
READY CAPITAL CORP
549300MYWGZUG7ZUYO87
READY CAPITAL CORP PC 7% 08/15/2023
75574U200
404062.00000000
NS
USD
10606627.50000000
0.142057393607
Long
EP
CORP
US
N
2
N
N
N
HEALTHCARE TRUST INC
549300Z2NSUGF5NF2Y30
HEALTHCARE TRUST INC 7.125% PERP PFD
42226B303
190000.00000000
NS
USD
4788000.00000000
0.064126962184
Long
EP
CORP
US
N
1
N
N
N
BX TR 2022-LBA6
N/A
BX TR 2022-LBA6 SOFR30A+ 01/15/2039 144A
12433EAQ4
6200000.00000000
PA
USD
6200000.00000000
0.083038255125
Long
ABS-MBS
CORP
US
N
2
2039-01-15
Variable
0.03408350
N
N
N
N
N
N
BX TRUST
N/A
BX TRUST 2.9% 06/15/2023 144A
05608WAS3
5000000.00000000
PA
USD
4912291.00000000
0.065791624727
Long
ABS-MBS
CORP
US
N
2
2038-06-15
Variable
0.02906000
N
N
N
N
N
N
JPMDB COML MTG SECS TR 2016-C4
N/A
JPMDB 2016-C4 D CSTR 12/15/2049
46646RAB9
4388000.00000000
PA
USD
3831670.05000000
0.051318579866
Long
ABS-MBS
CORP
US
N
2
2049-12-15
Variable
0.03070736
N
N
N
N
N
N
FOUR SEASONS HLDGS INC
549300KN76IMZYPMJC43
FOUR SEASONS HLDGS INC TERM B 11/30/2023
35100DAR7
17336759.15000000
PA
USD
17271746.30000000
0.231325108988
Long
LON
CORP
CA
N
2
2023-11-30
Variable
0.02105000
N
N
N
N
N
N
BPR TRUST 2021-TY
N/A
BPR TRUST 2021-TY 1ML+360 09/23/2023 144A
05592AAN0
10400000.00000000
PA
USD
10380199.44000000
0.139024782153
Long
ABS-MBS
CORP
US
N
2
2038-09-15
Variable
0.03706000
N
N
N
N
N
N
SAUL CENTERS INC
N/A
SAUL CENTERS INC 6.125% SER D PFD PERP
804395804
82775.00000000
NS
USD
2107451.50000000
0.028225660535
Long
EP
CORP
US
N
1
N
N
N
NATIONAL RETAIL PROPERTIES INC
5493008JKH5SOTI0JS97
NATIONAL RETAIL PROPERTIES INC
637417106
259900.00000000
NS
USD
11534362.00000000
0.154482789430
Long
EC
CORP
US
N
1
N
N
N
AGREE REALTY CORP
N/A
AGREE REALTY CORP 4.375% PERP PFD
008492209
240000.00000000
NS
USD
5556000.00000000
0.074412991206
Long
EP
CORP
US
N
1
N
N
N
HILTON GRAND VACATIONS BORROWER ESCROW LLC
N/A
HILTON GRAND VACATIONS BORROWER ESCROW LLC 4.875% 07/01/2031 144A
43284MAB4
15000000.00000000
PA
USD
14517300.00000000
0.194434074376
Long
DBT
CORP
US
N
2
2031-07-01
Fixed
0.04875000
N
N
N
N
N
N
DIGITALBRIDGE GROUP INC
549300XG87L902AGBO89
DIGITALBRIDGE GROUP INC CONV 5% 04/15/2023
19624RAA4
25791000.00000000
PA
USD
26253962.89000000
0.351626333632
Long
DBT
CORP
US
N
2
2023-04-15
Fixed
0.05000000
N
N
N
N
N
DIGITALBRIDGE GROUP INC
DIGITALBRIDGE GROUP INC
USD
XXXX
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT SER F 5.875% PFD PERP
02665T884
248009.00000000
NS
USD
6279587.88000000
0.084104196849
Long
EP
CORP
US
N
1
N
N
N
SABRA HEALTH CARE LP
549300OVKLRFSIQG0H81
SABRA HEALTH CARE LP 3.9% 10/15/2029
78572XAG6
989000.00000000
PA
USD
1009079.45000000
0.013514870453
Long
DBT
CORP
US
N
2
2029-10-15
Fixed
0.03900000
N
N
N
N
N
N
SOTHERLY HOTELS INC
549300IYTT21F61LSR10
SOTHERLY HOTELS INC SER C 7.875% PERP PFD
83600C400
107000.00000000
NS
USD
1995550.00000000
0.026726933873
Long
EP
CORP
US
N
1
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2011-C3
N/A
JPMCC 2011-C3 E CSTR 2/46
46635TBD3
13774000.00000000
PA
USD
5177223.74000000
0.069339939639
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.05523584
N
N
N
N
N
N
KENNEDY-WILSON INC
5EA4464UK7FM5QNNKL62
KENNEDY-WILSON INC 4.75% 02/01/2030
489399AN5
25385000.00000000
PA
USD
24940762.50000000
0.334038290242
Long
DBT
CORP
US
N
2
2030-02-01
Fixed
0.04750000
N
N
N
N
N
N
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1
549300DNBJ7A0SEFVK31
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1 D 3% 08/15/2049 144A
95000GAJ3
6979000.00000000
PA
USD
4869320.88000000
0.065216114439
Long
ABS-MBS
CORP
US
N
2
2049-08-15
Fixed
0.03000000
N
N
N
N
N
N
CUBESMART
N/A
CUBESMART
229663109
373300.00000000
NS
USD
18941242.00000000
0.253685110579
Long
EC
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 8.0% PFD PERPEPAR=25
45031U408
340621.00000000
NS
USD
8781209.38000000
0.117609081420
Long
EP
CORP
US
N
1
N
N
N
CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-C3
N/A
CGCMT 2016-C3 D 3% 11/15/2049 144A
17325GAL0
7010000.00000000
PA
USD
5550234.10000000
0.074335766968
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Fixed
0.03000000
N
N
N
N
N
N
HILTON GRAND VACATIONS BORROWER LLC
254900HF0EZ734FDVY79
HILTON GRAND VACATIONS TERM B 1LN 08/02/2028
43283LAH4
22867687.50000000
PA
USD
22815320.50000000
0.305571678137
Long
LON
CORP
US
N
2
2028-08-02
Variable
0.03500000
N
N
N
N
N
N
LIFE STORAGE INC
W9EE01AFDDF9DQCQZC68
LIFE STORAGE INC
53223X107
17400.00000000
NS
USD
2348130.00000000
0.031449131936
Long
EC
CORP
US
N
1
N
N
N
BROOKFIELD PROPERTY PARTNERS LP
5493004J5Z0TZW83NU62
BROOKFIELD PROPERTY PARTN LP 5.75% PFD PERP
N/A
43000.00000000
NS
USD
978250.00000000
0.013101963399
Long
EP
CORP
BM
N
1
N
N
N
LONESTAR II GENERATION HOLDINGS LLC
5493008TLUD4K1PDBH71
LONESTAR TERM C 1LN 04/18/2026
54238DAC6
1273529.78000000
PA
USD
1256018.75000000
0.016822194420
Long
LON
CORP
US
N
2
2026-04-18
Variable
0.05105000
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 7.5 PFD PERP IPAR:25
45031U804
552696.00000000
NS
USD
14032951.44000000
0.187947064813
Long
EP
CORP
US
N
1
N
N
N
GLOBAL NET LEASE INC
549300NUYANCT5SU8Z65
GLOBAL NET LEASE INC SER B 6.875% PFD PERP
379378409
294000.00000000
NS
USD
7743960.00000000
0.103716923574
Long
EP
CORP
US
N
1
N
N
N
PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD
N/A
PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD 3% 12/01/2070 144A
74167UAE7
9277000.00000000
PA
USD
8460290.03000000
0.113310922894
Long
ABS-MBS
CORP
US
N
2
2070-12-01
Fixed
0.03000000
N
N
N
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP 8%/VAR PERP PFD
16934Q604
1018131.00000000
NS
USD
25504181.55000000
0.341584311987
Long
EP
CORP
US
N
1
N
N
N
VENTAS INC
ORQTRC074CWLT3DKHT41
VENTAS INC REIT
92276F100
1420086.00000000
NS
USD
75292959.72000000
1.008418709419
Long
EC
CORP
US
N
1
N
N
N
SERVICE PROPERTIES TRUST
529900IS770AG1K9QG27
SERVICE PPTYS TR 7.5% 09/15/2025
81761LAA0
7950000.00000000
PA
USD
8377948.50000000
0.112208100802
Long
DBT
CORP
US
N
2
2025-09-15
Fixed
0.07500000
N
N
N
N
N
N
UBS-CITIGROUP COML MTG TR 2011-C1
N/A
UBSC 2011-C1 B CSTR 1/45
90268TAL8
763498.73000000
PA
USD
762695.99000000
0.010214991000
Long
ABS-MBS
CORP
US
N
2
2045-01-10
Variable
0.06412165
N
N
N
N
N
N
GLOBAL MEDICAL REIT INC
549300HFRIPQDYU3GU60
GLOBAL MEDICAL REIT INC SER A 7.5% PFD PERP
37957W203
150848.00000000
NS
USD
3902437.76000000
0.052266390697
Long
EP
CORP
US
N
1
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2013-LC11
N/A
JP MORGAN CH CMS 13-LC11 VAR 04/15/2046 144A
46639YAE7
2518000.00000000
PA
USD
1051343.06000000
0.014080918264
Long
ABS-MBS
CORP
US
N
3
2046-04-15
Variable
0.03250000
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INV CORP 7.625% SER B PFD PERP
90187B309
1483255.00000000
NS
USD
36680896.15000000
0.491277034313
Long
EP
CORP
US
N
1
N
N
N
CSMC 2017-CHOP A
N/A
CSMC 2017-CHOP F 1ML+435 07/15/2032 144A
12651QAQ2
6000000.00000000
PA
USD
5683743.00000000
0.076123887306
Long
ABS-MBS
CORP
US
N
2
2032-07-15
Variable
0.04706000
N
N
N
N
N
N
CUSHMAN and WAKEFIELD US BORROWER LLC
N/A
CUSHMAN and WAKEFIELD US BORROWER LLC 6.75% 05/15/2028 144A
23166MAA1
8165000.00000000
PA
USD
8624362.90000000
0.115508394643
Long
DBT
CORP
US
N
2
2028-05-15
Fixed
0.06750000
N
N
N
N
N
N
HUDSON PAC PPTYS INC
N/A
HUDSON PACIFIC PROPERTIES INC 4.75% PFD PERP C
444097307
760000.00000000
NS
USD
19182400.00000000
0.256915004052
Long
EP
CORP
US
N
1
N
N
N
CALI MTG TR 2019-101C
N/A
CALI MTG TR 2019-101C CSTR 03/10/2039 144A
129890AQ2
4099000.00000000
PA
USD
3772338.80000000
0.050523940595
Long
ABS-MBS
CORP
US
N
2
2039-03-10
Variable
0.04324435
N
N
N
N
N
N
CGMS COML MTG TR 2017-MDDR
N/A
CGCMT 2017-MDRB E 1ML+387.15 7/22
125333BE3
6666000.00000000
PA
USD
6425672.70000000
0.086060749841
Long
ABS-MBS
CORP
US
N
2
2030-07-15
Variable
0.03977500
N
N
N
N
N
N
BRAEMAR HOTELS and RESORTS TRUST 2018-PRIME
N/A
BRAEMAR HOTELS and RESORTS TRUST 2018-PRME E 1ML+240 06/15/2035 144A
10482TAN2
1500000.00000000
PA
USD
1460726.70000000
0.019563902642
Long
ABS-MBS
CORP
US
N
2
2035-06-15
Variable
0.02506000
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2013-LC11
N/A
JP MORGAN CH CMS 13-LC11 E CSTR 04/15/2046 144A
46639YAC1
472000.00000000
PA
USD
345382.27000000
0.004625796943
Long
ABS-MBS
CORP
US
N
2
2046-04-15
Variable
0.03250000
N
N
N
N
N
N
GRANITE POINT MORTGAGE TRUST INC
529900VX2HQZ76AYIE02
GRANITE POINT MORTGAGE TRUST INC CONV 6.375% 10/01/2023
38741LAC1
10099000.00000000
PA
USD
10200536.15000000
0.136618503748
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
GLADSTONE COMMERCIAL CORP
529900EVVV534W8R0T32
GLADSTONE COMMERCIAL CORP SER G 6% PFD PERP
376536884
516000.00000000
NS
USD
13410840.00000000
0.179614960221
Long
EP
CORP
US
N
1
N
N
N
MHC COML MTG TR 2021-MHC
N/A
MHC 2021 MHC G 1ML+286.9 04/15/2026 144A
55316VAN4
20601000.00000000
PA
USD
20575316.73000000
0.275570709664
Long
ABS-MBS
CORP
US
N
2
2038-04-15
Variable
0.03307252
N
N
N
N
N
N
FARMLAND PARTNERS INC
549300LB188CHPZ4IL37
FARMLAND PARTNERS INC
31154R109
1084656.00000000
NS
USD
12354231.84000000
0.165463525066
Long
EC
CORP
US
N
1
N
N
N
MATTAMY GROUP CORP
5493008TNY7A82WCXU31
MATTAMY GROUP CORP 5.25% 12/15/2027 144A
57701RAJ1
13411000.00000000
PA
USD
13647435.93000000
0.182783752672
Long
DBT
CORP
CA
N
2
2027-12-15
Fixed
0.05250000
N
N
N
N
N
N
GLOBAL PARTNERS LP
549300PCHWTW9P4DU444
GLOBAL PARTNERS LP SER A 9.75/VAR PFD PERP
37946R208
161507.00000000
NS
USD
4231483.40000000
0.056673386795
Long
EP
CORP
US
N
1
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE
74460D109
78100.00000000
NS
USD
28001193.00000000
0.375027452928
Long
EC
CORP
US
N
1
N
N
N
COMM 2018-HCLV MTG TR
N/A
COMM MORTGAGE TRUST 2018-HCLV G 1ML+505 069/15/2033
20048KAN7
4265000.00000000
PA
USD
3706672.26000000
0.049644451095
Long
ABS-MBS
CORP
US
N
2
2033-09-15
Variable
0.05162327
N
N
N
N
N
N
PENNYMAC CORP
EWN0I878407TKQNXZ933
PENNYMAC CORP CONV 5.5% 11/01/2024
70932AAD5
33934000.00000000
PA
USD
34273340.00000000
0.459031992085
Long
DBT
CORP
US
N
2
2024-11-01
Fixed
0.05500000
N
N
N
N
Y
PENNYMAC MORTGAGE INVESTMENT TRUST
PENNYMAC MORTGAGE INV TRUST
USD
XXXX
N
N
N
UBS-BAMLL TR 2012-WRM
N/A
UBSBM 2012-WRM D CSTR 6/30
90269PAL5
2143000.00000000
PA
USD
1618382.89000000
0.021675434082
Long
ABS-MBS
CORP
US
N
2
2030-06-10
Variable
0.04238000
N
N
N
N
N
N
MORGAN STANLEY BK OF AMER MERRILL LYNCH TR 2013-C12
N/A
MORGAN STANLEY BNK AML TR13-C12 4.94% 10/15/2046
61762XAC1
7164000.00000000
PA
USD
6828133.77000000
0.091451018391
Long
ABS-MBS
CORP
US
N
2
2046-10-15
Variable
0.04762527
N
N
N
N
N
N
BENCHMARK 2019-B14 MTG TR
N/A
BENCHMARK 2019-B14 MTG TR VAR 12/15/2062 144A
08162YBM3
3427000.00000000
PA
USD
3177245.04000000
0.042553691004
Long
ABS-MBS
CORP
US
N
2
2062-12-15
Variable
0.03294300
N
N
N
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP
16934Q208
677400.00000000
NS
USD
9822300.00000000
0.131552686019
Long
EC
CORP
US
N
1
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP 7/VAR PFD PERP
00123Q500
958602.00000000
NS
USD
24089668.26000000
0.322639357881
Long
EP
CORP
US
N
1
N
N
N
READY CAPITAL CORP
549300MYWGZUG7ZUYO87
READY CAPITAL CORP 5.75% PFD 02/15/2026
75574U606
120000.00000000
NS
USD
3060000.00000000
0.040983396884
Long
EP
CORP
US
N
1
N
N
N
NATIONAL STORAGE AFFILIATES TRUST
N/A
NATIONAL STORAGE AFFILIATES SER A 6% PFD PERP
637870205
91575.00000000
NS
USD
2367213.75000000
0.031704725695
Long
EP
CORP
US
N
1
N
N
N
STWD TR 2021-LIH
N/A
STWD TR 2021-LIH 1ML+420 11/15/2036 144A
78486EAU2
9177000.00000000
PA
USD
9124492.88000000
0.122206768977
Long
ABS-MBS
CORP
US
N
2
2036-11-15
Variable
0.04306000
N
N
N
N
N
N
PENNSYLVANIA REAL EST INVT TR
5493001GPBXRIG8WJO70
PENNSYLVANIA REAL EST INVT TR SER D 6.875% PFD PERP
709102701
150100.00000000
NS
USD
755003.00000000
0.010111956731
Long
EP
CORP
US
N
1
N
N
N
SFO COMMERICAL MORTGAGE TRUST 2021
N/A
SFO COMMERICAL MORTGAGE TRUST 2021-555 F 1ML+365 05/15/2038 144A
78432WAL7
3720000.00000000
PA
USD
3717752.00000000
0.049792845011
Long
ABS-MBS
CORP
US
N
2
2038-05-15
Variable
0.03756000
N
N
N
N
N
N
BX TRUST 2019
N/A
BX TRUST 2019 1ML+265 10/15/2036 144A
056054AL3
15217549.99600000
PA
USD
14988565.43000000
0.200745858087
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.02756000
N
N
N
N
N
N
PROGRESS RESIDENTIAL 2020-SFR1 TR
N/A
PROGRESS RESIDENTIAL 2020-SFR1 TR 5.268% 04/17/2037 144A
74331CAH1
3633000.00000000
PA
USD
3660988.27000000
0.049032593222
Long
ABS-CBDO
CORP
US
N
2
2037-04-17
Fixed
0.05268000
N
N
N
N
N
N
MSCCG TR 2018-SELF
N/A
MSCCG TR 2018-SELF E 1ML+215 10/15/2028 144A
55358PAN6
5061000.00000000
PA
USD
5022956.97000000
0.067273803606
Long
ABS-MBS
CORP
US
N
2
2037-10-15
Variable
0.02256000
N
N
N
N
N
N
BX COML MTG TR 2020-FOX
N/A
BX COML MTG TR 2020-FOX 1ML+425 11/15/2032 144A
12433AAL3
6742429.43800000
PA
USD
6736352.49000000
0.090221767206
Long
ABS-MBS
CORP
US
N
2
2032-11-15
Variable
0.04356000
N
N
N
N
N
N
MORGAN STANLEY CAPITAL I TRUST 2018-H4
N/A
MORGAN STANLEY CAPITAL I TRUST 2018-H4 4.31% 12/15/2051
61691RAE6
14240929.00000000
PA
USD
15797771.57000000
0.211583771943
Long
ABS-MBS
CORP
US
N
2
2051-12-15
Fixed
0.04310000
N
N
N
N
N
N
CITY OFFICE REIT INC
5493003J7157VP25NL57
CITY OFFICE REIT INC 6.625% SER A PFD PERP
178587200
178475.00000000
NS
USD
4485076.75000000
0.060069830229
Long
EP
CORP
US
N
1
N
N
N
CAESARS RESORT COLLECTION LLC
549300V3UCT773B1KR38
CAESARS RESORT COLLECTION TERM B 1LN 12/22/2024
12769LAB5
40661989.22500000
PA
USD
40420457.01000000
0.541361971208
Long
LON
CORP
US
N
2
2024-12-22
Variable
0.02855000
N
N
N
N
N
N
BCP TR 2021-330N
N/A
BCP TR 2021-330N 1ML+337.5 06/15/2038 144A
05553BAN5
10000000.00000000
PA
USD
9884803.00000000
0.132389805384
Long
ABS-MBS
CORP
US
N
2
2038-06-15
Variable
0.03744000
N
N
N
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD
70509V605
371094.00000000
NS
USD
8817193.44000000
0.118091025542
Long
EP
CORP
US
N
1
N
N
N
VASA TR 2021-VASA
N/A
VASA TR 2021-VASA G 1ML+500 04/15/2060 144A
92230AAN6
800000.00000000
PA
USD
800419.68000000
0.010720234450
Long
ABS-MBS
CORP
US
N
2
2039-07-15
Variable
0.05106000
N
N
N
N
N
N
PROGRESS RESIDENTIAL 2019-SFR1 TR
N/A
PROGRESS RESIDENTIAL 2019-SFR1 TR 5.061% 08/17/2035 144A
74333BAL2
3000000.00000000
PA
USD
2985444.30000000
0.039984852491
Long
ABS-CBDO
CORP
US
N
2
2035-08-17
Fixed
0.05061000
N
N
N
N
N
N
COMPASS POWER GENERATION LLC
5493001FXZ2XUTES8E29
COMPASS POWER GENERATION LLC TERM B-1 12/20/2024
20451VAD5
7887191.01000000
PA
USD
7859033.74000000
0.105258136894
Long
LON
CORP
US
N
2
2024-12-20
Variable
0.04500000
N
N
N
N
N
N
CUSHMAN and WAKEFIELD PLC
N/A
CUSHMAN and WAKEFIELD PLC
N/A
2400.00000000
NS
USD
50376.00000000
0.000674699216
Long
EC
CORP
GB
N
1
N
N
N
PICASSO FINANCE SUB INC
N/A
PICASSO FINANCE SUB INC 6.125% 06/15/2025 144A
71953LAA9
3240000.00000000
PA
USD
3358195.20000000
0.044977204803
Long
DBT
CORP
US
N
2
2025-06-15
Fixed
0.06125000
N
N
N
N
N
N
COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR
N/A
CD 2017-CD4 D 3.3% 05/10/2050 144A
12515DAF1
2769000.00000000
PA
USD
2482950.12000000
0.033254813795
Long
ABS-MBS
CORP
US
N
2
2050-05-10
Fixed
0.03300000
N
N
N
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL 7.5% PFD PERP
55272X409
609332.00000000
NS
USD
15318606.48000000
0.205166185976
Long
EP
CORP
US
N
1
N
N
N
COMM 2014-UBS2 MTG TR
N/A
COMM 2014-UBS2 D MTG TR CSTR 03/10/2047 144A
12591UAP8
3713000.00000000
PA
USD
3651819.04000000
0.048909787276
Long
ABS-MBS
CORP
US
N
2
2047-03-10
Variable
0.05003903
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
7077000.00000000
PA
USD
433464.83000000
0.005805510184
Long
ABS-MBS
CORP
US
N
3
2046-02-15
Variable
0.04409000
N
N
N
N
N
N
HOME PARTNERS AMER 2021-1 TR
N/A
HOME PARTNERS AMER 2021-1 TR 3.325% 09/17/2041 144A
437300AL0
7359492.81000000
PA
USD
7068660.37000000
0.094672455355
Long
ABS-CBDO
CORP
US
N
2
2041-09-17
Fixed
0.03325000
N
N
N
N
N
N
GLOBAL NET LEASE INC
549300NUYANCT5SU8Z65
GLOBAL NET LEASE INC SER A 7.25% PFD PERP
379378300
531595.00000000
NS
USD
13741730.75000000
0.184046668368
Long
EP
CORP
US
N
1
N
N
N
WP GLIMCHER MALL TR 15-WPG
N/A
JPMDB 2015-WPG PR1 CSTAR 6/5/35 144A
92939VAL8
6725000.00000000
PA
USD
5844803.76000000
0.078281017061
Long
ABS-MBS
CORP
US
N
2
2035-06-05
Variable
0.03516000
N
N
N
N
N
N
SUMMIT HOTEL PROPERTIES INC
254900OBQWJK6X20LS71
SUMMIT HOTEL PPTYS INC SERIES E 6.25% PFD PERP
866082605
309963.00000000
NS
USD
7439112.00000000
0.099634012929
Long
EP
CORP
US
N
1
N
N
N
HOME PARTNERS AMER 2021-3 TR
N/A
HOME PARTNERS AMER 2021-3 TR 4.242% 01/17/2041 144A
43730XAG9
10822000.00000000
PA
USD
10672346.89000000
0.142937590942
Long
ABS-CBDO
CORP
US
N
2
2041-01-17
Fixed
0.04242000
N
N
N
N
N
N
BANK 2017-BNK8
N/A
BANK 2017-BNK8 E 2.8% 11/15/2050 144A
06650AAW7
11374393.00000000
PA
USD
8028090.94000000
0.107522365104
Long
ABS-MBS
CORP
US
N
2
2050-11-15
Fixed
0.02800000
N
N
N
N
N
N
COMM 2012-CCRE1 MTG TR
N/A
COMM 2012-CR1 D CSTR 5/45
12624BAL0
5550000.00000000
PA
USD
5044201.31000000
0.067558334723
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Variable
0.05451188
N
N
N
N
N
N
BAMLL COML MTG SECS TR 2021-JACX
N/A
BAMLL COML MTG SECS TR 2021-JACX E 1ML+375 09/15/2038 144A
05493LAN6
19979000.00000000
PA
USD
19937437.69000000
0.267027425396
Long
ABS-MBS
CORP
US
N
2
2038-09-15
Variable
0.03856000
N
N
N
N
N
N
BX COML MTG TR 2020-BXLP
N/A
BX COMMERCIAL MORTGAGE TRUST 2020-BXLP 1ML+ 12/15/2036 144A
05607QAX6
25326042.20100000
PA
USD
25135542.24000000
0.336647027298
Long
ABS-MBS
CORP
US
N
2
2036-12-15
Variable
0.02106000
N
N
N
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
DIVERSIFIED HEALTHCARE TR 4.75% 02/15/2028
81721MAM1
9933000.00000000
PA
USD
9328378.29000000
0.124937460702
Long
DBT
CORP
US
N
2
2028-02-15
Fixed
0.04750000
N
N
N
N
N
N
GREYSTAR REAL ESTATE PARTNERS LLC
254900HGC806SXAS4M46
GREYSTAR REAL ESTATE PARTNERS LLC 5.75% 12/01/2025 144A
39807UAB2
13480000.00000000
PA
USD
13703633.20000000
0.183536417711
Long
DBT
CORP
US
N
2
2025-12-01
Fixed
0.05750000
N
N
N
N
N
N
SUNSTONE HOTEL INVS INC NEW
529900ZQ2V52V96ATF67
SUNSTONE HOTEL INVS INC SER I 5.7% PERP PFD
867892887
240000.00000000
NS
USD
5796000.00000000
0.077627375275
Long
EP
CORP
US
N
1
N
N
N
ARBOR REALTY TRUST INC
549300ASFUWYQO0RW077
ARBOR REALTY TRUST INC SER F 6.25%/VAR PFD PERP
038923850
560000.00000000
NS
USD
13608000.00000000
0.182255576734
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
8533000.00000000
PA
USD
8799656.25000000
0.117856145275
Long
DBT
CORP
CA
N
2
2027-09-15
Fixed
0.06250000
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
1743000.00000000
PA
USD
1664124.72000000
0.022288066622
Long
ABS-MBS
CORP
US
N
2
2035-06-15
Variable
0.02856290
N
N
N
N
N
N
ARBOR REALTY TRUST INC
549300ASFUWYQO0RW077
ARBOR REALTY TRUST INC CONV 4.75% 11/01/2022
038923AP3
19326000.00000000
PA
USD
20630309.23000000
0.276307238897
Long
DBT
CORP
US
N
2
2022-11-01
Fixed
0.04750000
N
N
N
N
Y
ARBOR REALTY TRUST INC
ARBOR REALTY TRUST INC
USD
XXXX
N
N
N
ENERGY TRANSFER LP
MTLVN9N7JE8MIBIJ1H73
ENERGY TRANSFER LP 7.6/VAR PFD PERP
29273V605
525651.00000000
NS
USD
13088709.90000000
0.175300585797
Long
EP
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR FINANCIAL TERM B 1LN 06/28/2023
46521HAB1
25981443.67400000
PA
USD
25916490.06000000
0.347106469929
Long
LON
CORP
US
N
2
2023-06-28
Variable
0.02854820
N
N
N
N
N
N
REALOGY GROUP LLC / REALOGY CO-ISSUER CORP
N/A
REALOGY GROUP LLC / REALOGY CO-ISSUER CORP 7.625% 06/15/2025 144A
75606DAJ0
3025000.00000000
PA
USD
3208920.00000000
0.042977922199
Long
DBT
CORP
US
N
2
2025-06-15
Fixed
0.07625000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MSC 2011-C3 G CSTR 07/49
61760RAS1
5049500.00000000
PA
USD
2783633.32000000
0.037281944161
Long
ABS-MBS
CORP
US
N
3
2049-07-15
Variable
0.05085812
N
N
N
N
N
N
HOME PARTNERS AMER 2019-2 TR
N/A
HOME PARTNERS AMER 2019-2 TR 3.866% 10/19/2039 144A
43732TAL5
2812650.10000000
PA
USD
2761216.01000000
0.036981703144
Long
ABS-CBDO
CORP
US
N
2
2039-10-19
Fixed
0.03866000
N
N
N
N
N
N
DCP MIDSTREAM LP
52990024YYS3MLGW0E91
DCP MIDSTREAM LP 7.95/VAR PERP PFD
23311P308
328262.00000000
NS
USD
8094940.92000000
0.108417704732
Long
EP
CORP
US
N
1
N
N
N
FORESTAR GROUP INC
549300BC2UB0GHV60V70
FORESTAR GROUP INC 5% 03/01/2028 144A
346232AE1
7000000.00000000
PA
USD
7052500.00000000
0.094456015205
Long
DBT
CORP
US
N
2
2028-03-01
Fixed
0.05000000
N
N
N
N
N
N
HERSHA HOSPITALITY TR
549300DNC58BIN1VO064
HERSHA HOSPITL 6.875% PFD PERP
427825401
49450.00000000
NS
USD
1149712.50000000
0.015398406434
Long
EP
CORP
US
N
1
N
N
N
CEDAR REALTY TRUST INC
54930056URX93R2RSN82
CEDAR RLTY TR I 7.25% PFD PERP
150602407
181872.00000000
NS
USD
4623168.05000000
0.061919323874
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
10126000.00000000
PA
USD
8691525.53000000
0.116407921676
Long
ABS-MBS
CORP
US
N
2
2049-12-15
Variable
0.03388319
N
N
N
N
N
N
KKR REAL ESTATE FINANCE TRUST INC
549300K23AYZDZ2REL62
KKR REAL ESTATE FINANCE TRUST INC 6.5% PERP PFD
48251K209
240000.00000000
NS
USD
6067200.00000000
0.081259629273
Long
EP
CORP
US
N
1
N
N
N
BX 2021-21M MTG TR
N/A
BX 2021-21M MTG TR 1ML+401 10/15/2036 144A
05609CAU1
16916000.00000000
PA
USD
16723382.58000000
0.223980727297
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.04116000
N
N
N
N
N
N
CTR PARTNERSHIP LP / CARETRUST CAP CORP
N/A
CTR PARTNERSHIP LP / CARETRUST CAP CORP 3.875% 06/30/2028 144A
126458AE8
20610000.00000000
PA
USD
20403900.00000000
0.273274879638
Long
DBT
CORP
US
N
2
2028-06-30
Fixed
0.03875000
N
N
N
N
N
N
KENNEDY-WILSON INC
5EA4464UK7FM5QNNKL62
KENNEDY-WILSON INC 5% 03/01/2031
489399AM7
6960000.00000000
PA
USD
6866388.00000000
0.091963367505
Long
DBT
CORP
US
N
2
2031-03-01
Fixed
0.05000000
N
N
N
N
N
N
PROGRESS RESIDENTIAL TRUST 2021-SFR6
N/A
PROGRESS RESIDENTIAL TRUST 2021-SFR6 4.003% 07/17/2038 144A
74333HAQ8
6466000.00000000
PA
USD
6232764.91000000
0.083477084312
Long
ABS-CBDO
CORP
US
N
2
2038-07-17
Fixed
0.04003000
N
N
N
N
N
N
CENTERSPACE
5493002LG2SH9EEHT720
CENTERSPACE 6.625% SER C PFD PERP
15202L206
317300.00000000
NS
USD
8297395.00000000
0.111129226272
Long
EP
CORP
US
N
1
N
N
N
BSREP COML MTG TR 2021-DC
N/A
BSREP COML MTG TR 2021-DC 1ML+285 08/15/2038 144A
05591UAL1
8489000.00000000
PA
USD
8383065.77000000
0.112276637765
Long
ABS-MBS
CORP
US
N
2
2038-08-15
Variable
0.02957000
N
N
N
N
N
N
JP MORGAN CHASE COML MTG SECS TR 2012-CIBX
N/A
JPMCC 2012-CBX E CSTR 6/45
46637WAQ6
5892000.00000000
PA
USD
2651400.00000000
0.035510908006
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Variable
0.04799295
N
N
N
N
N
N
TAYLOR MORRISON COMMUNITIES INC
549300O1Z08HI2MRK572
TAYLOR MORRISON COMMUNITIES INC 5.875% 06/15/2027 144A
87724RAA0
1798000.00000000
PA
USD
1928355.00000000
0.025826973300
Long
DBT
CORP
US
N
2
2027-06-15
Fixed
0.05875000
N
N
N
N
N
N
BLOX 2021-BLOX
N/A
BLOX 2021-BLOX E 1ML+250 09/15/2026 144A
055522AJ5
5126000.00000000
PA
USD
5112456.08000000
0.068472489079
Long
ABS-MBS
CORP
US
N
2
2026-09-15
Variable
0.02606000
N
N
N
N
N
N
TRICON RESIDENTIAL 2021-SFR1 TR
N/A
TRICON RESIDENTIAL 2021-SFR1 TR 4.133% 07/17/2038 144A
89614YAH9
3000000.00000000
PA
USD
2889899.70000000
0.038705198157
Long
ABS-CBDO
CORP
US
N
2
2038-07-17
Fixed
0.04133000
N
N
N
N
N
N
NEW HOME CO INC/THE
549300PLCE8TB3TVRQ85
NEW HOME CO INC/THE 7.25% 10/15/2025 144A
645370AC1
8180000.00000000
PA
USD
8282250.00000000
0.110926385244
Long
DBT
CORP
US
N
2
2025-10-15
Fixed
0.07250000
N
N
N
N
N
N
MRCD 2019-PARK G
N/A
MRCD 2019-PARK G 2.71752% 12/15/2036 144A
55348UAW8
2000000.00000000
PA
USD
1857380.00000000
0.024876386178
Long
ABS-MBS
CORP
US
N
2
2036-12-15
Fixed
0.02717520
N
N
N
N
N
N
EG GLOBAL FINANCE PLC
549300TL8Q5207VYET27
EG GLOBAL FINANCE PLC 8.5% 10/30/2025 144A
28228PAB7
1682000.00000000
PA
USD
1705253.65000000
0.022838917361
Long
DBT
CORP
GB
N
2
2025-10-30
Fixed
0.08500000
N
N
N
N
N
N
ASHTON WOODS USA LLC / ASHTON WOODS FINANCE CO
N/A
ASHTON WOODS USA LLC/FIN CO 6.625% 01/15/2028 144A
045086AK1
9925000.00000000
PA
USD
10435244.25000000
0.139762011988
Long
DBT
CORP
US
N
2
2028-01-15
Fixed
0.06625000
N
N
N
N
N
N
SMRT 2022-MINI
N/A
SMRT 2022-MINI SOFR30A+330 01/15/2024 144A
78457JAQ5
27615000.00000000
PA
USD
27615000.00000000
0.369855066983
Long
ABS-MBS
CORP
US
N
2
2024-01-15
Variable
0.03350000
N
N
N
N
N
N
BX TR 2022-VAMF
N/A
BX TR 2022-VAMF SOFR30A+329.9 01/15/2039 144A
05609TAL4
2550000.00000000
PA
USD
2540441.33000000
0.034024808918
Long
ABS-MBS
CORP
US
N
2
2039-01-15
Variable
0.03359000
N
N
N
N
N
N
MHP 2022-MHIL F
N/A
MHP 2022-MHIL F SOFR30A+399.71 01/15/2027 144A
55293DAN1
19424000.00000000
PA
USD
19303392.50000000
0.258535488904
Long
ABS-MBS
CORP
US
N
2
2027-01-15
Variable
0.04007500
N
N
N
N
N
N
ACRES COMMERCIAL REALTY CORP
549300RUJWPCMY4JFR46
ACRES COMMERCIAL REALTY CORP 8.625%/VAR PFD PERP
00489Q201
236708.00000000
NS
USD
5941370.80000000
0.079574365207
Long
EP
CORP
US
N
1
N
N
N
INDEPENDENCE PLAZA TR 2018-INDP
N/A
INDEPENDENCE PLAZA TR 2018-INDP E 4.996% 07/10/2035 144A
45378YAS3
2896000.00000000
PA
USD
2791940.35000000
0.037393202432
Long
ABS-MBS
CORP
US
N
2
2035-07-10
Fixed
0.04996000
N
N
N
N
N
N
RWT HOLDINGS INC
Z31FN4C0IQMCYFAEUP31
RWT HOLDINGS INC CONV 5.75% 10/01/2025
749772AD1
38299000.00000000
PA
USD
38749479.35000000
0.518982121331
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
WEYERHAEUSER CO
08IRJODWFYBI7QWRGS31
WEYERHAEUSER CO
962166104
193700.00000000
NS
USD
7831291.00000000
0.104886570971
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
1489130.68000000
PA
USD
1408952.91000000
0.018870482451
Long
ABS-MBS
CORP
US
N
2
2034-06-15
Variable
0.02714200
N
N
N
N
N
N
PENNYMAC MORTGAGE INVESTMENT TRUST
549300BSSOQO1ZWDUJ97
PENNYMAC MTG INVT TR 8.125/VAR PREF PERP
70931T301
414254.00000000
NS
USD
10878310.04000000
0.145696110393
Long
EP
CORP
US
N
1
N
N
N
SUMIT 2022-BVUE MTG TR
N/A
SUMIT 2022-BVUE MTG TR 3.29249% 02/12/2041 144A
865592AJ8
6000000.00000000
PA
USD
5789283.60000000
0.077537420737
Long
ABS-MBS
CORP
US
N
2
2041-02-12
Fixed
0.02892490
N
N
N
N
N
N
TAH 2017
N/A
TAH 2017 5.104% 01/17/2036 144A
89613FAF5
3785000.00000000
PA
USD
3828917.73000000
0.051281717309
Long
ABS-CBDO
CORP
US
N
2
2036-01-17
Fixed
0.05104000
N
N
N
N
N
N
WFRBS COML MTG TR 2013-C16
N/A
WFRBS COML MTG TR 2013-C16 CSTR 09/15/2046
92938EBR3
3686000.00000000
PA
USD
3653573.15000000
0.048933280540
Long
ABS-MBS
CORP
US
N
2
2046-09-15
Variable
0.05001085
N
N
N
N
N
N
COMM 2013-LC6 MTG TR
N/A
COMM 2013-LC6 D MTG TR CSTR 01/10/2046 144A
20048EAE1
8301000.00000000
PA
USD
8215117.85000000
0.110027266438
Long
ABS-MBS
CORP
US
N
2
2046-01-10
Variable
0.04288422
N
N
N
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GSMS 2011-GC5 D 5.47 8/44
36191YAL2
2733635.00000000
PA
USD
1318978.89000000
0.017665436382
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05157998
N
N
N
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL 6.5%/VAR PFD PERP
55272X508
1412051.00000000
NS
USD
32604257.59000000
0.436677525797
Long
EP
CORP
US
N
1
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GS MTG SECS TR 2011-GC5 4.5% 08/10/2044 144A
36191YAQ1
7897000.00000000
PA
USD
86952.29000000
0.001164575232
Long
ABS-MBS
CORP
US
N
3
2044-08-10
Fixed
0.04500000
N
N
N
N
N
N
TRI POINTE HOMES INC
N/A
TRI POINTE HOMES INC 5.25% 06/01/2027
87265HAF6
11458000.00000000
PA
USD
11816062.50000000
0.158255679428
Long
DBT
CORP
US
N
2
2027-06-01
Fixed
0.05250000
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C5
N/A
WFRBS COML MTG TR 2011-C5 VAR 11/15/2044 144A
92936JAS3
2000000.00000000
PA
USD
1775043.60000000
0.023773632792
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05250000
N
N
N
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP SER F 6.125%/VAR PFD PERP
00123Q872
1046700.00000000
NS
USD
25675551.00000000
0.343879508779
Long
EP
CORP
US
N
1
N
N
N
READY CAPITAL CORP
549300MYWGZUG7ZUYO87
READY CAPITAL CORP 6.5% PERP PFD
75574U887
34400.00000000
NS
USD
830072.00000000
0.011117375888
Long
EP
CORP
US
N
1
N
N
N
VERITAS MULTIFAMILY PORTFOLIO POOL A
N/A
VERITAS POOL A MEZZ 1ML+850 11/15/2022
N/A
29336049.37000000
PA
USD
29336049.37000000
0.392905540639
Long
LON
CORP
US
N
3
2022-11-15
Variable
0.08750000
N
N
N
N
N
N
JP MORGAN CHASE COML MTG SECS TR 2012-CIBX
N/A
JPMCC 2012-CBX G 4.0% 6/45 144A
46637WAU7
4044000.00000000
PA
USD
319862.20000000
0.004283999833
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Fixed
0.04000000
N
N
N
N
N
N
CBL and ASSOCS LTD PARTNERSHIP
549300VS75TWHD9JTH89
CBL and ASSOCS LP 4.6% 10/15/2024
12505JAB9
18229000.00000000
PA
USD
1.82000000
0.000000024375
Long
DBT
CORP
US
N
3
2024-10-15
Fixed
0.04600000
Y
Y
N
N
N
N
VICI PPTYS INC
254900RKH6RY9KCJQH63
VICI PPTYS INC
925652109
1441400.00000000
NS
USD
41252868.00000000
0.552510673814
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
78600.00000000
NS
USD
2012946.00000000
0.026959923145
Long
EP
CORP
US
N
1
N
N
N
EXTENDED STAY AMER TR 2021-ESH
N/A
EXTENDED STAY AMER TR 2021-ESH E 1ML+285 07/15/2038 144A
30227FAL4
18213902.35000000
PA
USD
18202957.62000000
0.243797070789
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.02957000
N
N
N
N
N
N
BX COMMERCIAL MORTGAGE TRUST 2021
N/A
BX COMMERCIAL MORTGAGE TRUST 2021 VINO G 1ML+389.82 05/15/2038 144A
05608KAN0
33979000.00000000
PA
USD
33680450.31000000
0.451091262192
Long
ABS-MBS
CORP
US
N
2
2038-05-15
Variable
0.04058330
N
N
N
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAPITAL MANAGEMENT INC 6.5%/VAR PFD PERP
035710862
1329790.00000000
NS
USD
33005387.80000000
0.442049969783
Long
EP
CORP
US
N
1
N
N
N
EG GLOBAL FINANCE PLC
549300TL8Q5207VYET27
EG GLOBAL FINANCE PLC 6.75% 02/07/2025 144A
28228PAA9
7750000.00000000
PA
USD
7723843.75000000
0.103447501268
Long
DBT
CORP
GB
N
2
2025-02-07
Fixed
0.06750000
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
998250.10000000
0.013369830077
Long
ABS-CBDO
CORP
US
N
2
2036-09-17
Fixed
0.03867000
N
N
N
N
N
N
GS MTG SECS TR 2013-GCJ16
N/A
GSMS 2013-GC16 D CSTR 11/46
36248GAP5
3708000.00000000
PA
USD
3700704.51000000
0.049564523426
Long
ABS-MBS
CORP
US
N
2
2046-11-10
Variable
0.05310726
N
N
N
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER H 5.7% PERP PFD
70509V886
692200.00000000
NS
USD
16266630.78000000
0.217863328507
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
3955000.00000000
PA
USD
235806.59000000
0.003158220609
Long
ABS-MBS
CORP
US
N
3
2044-06-15
Variable
0.04887434
N
N
N
N
N
N
NATIXIS COML MTG SECS TR 2018-FL1
N/A
NATIXIS COML MTG SECS TR 2018-FL1 WAN2 1ML+375 06/15/2035 144A
63874MBE1
651000.00000000
PA
USD
602103.72000000
0.008064135857
Long
ABS-MBS
CORP
US
N
3
2035-06-15
Variable
0.03856290
N
N
N
N
N
N
UBS COML MTG TR 2012-C1
N/A
UBSCM 2012-C1 D CSTR 5/45
90269GAN1
2296000.00000000
PA
USD
2159078.50000000
0.028917114728
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.05676340
N
N
N
N
N
N
XHR LP
549300M88BPT83ZL2164
XHR LP 4.875% 06/01/2029 144A
98372MAC9
10000000.00000000
PA
USD
9805000.00000000
0.131320982501
Long
DBT
CORP
US
N
2
2029-06-01
Fixed
0.04875000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2016-BNK2
N/A
MORGAN STANLEY CAP I TR 2016-BNK2 3% 11/15/2049 144A
61690YAC6
2966000.00000000
PA
USD
2552518.54000000
0.034186562215
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Fixed
0.03000000
N
N
N
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP 6.875/VAR PERP PFD
00123Q609
874072.00000000
NS
USD
21764392.80000000
0.291496322900
Long
EP
CORP
US
N
1
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
DIVERSIFIED HEALTHCARE TR 4.75% 05/01/2024
81721MAK5
44393000.00000000
PA
USD
44393000.00000000
0.594567299967
Long
DBT
CORP
US
N
2
2024-05-01
Fixed
0.04750000
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
6694000.00000000
PA
USD
6666126.59000000
0.089281212980
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
GREEN TREE FINANCIAL CORP
N/A
GT 1996-4 M1 7.75% 6/27
393505MR0
340288.84020000
PA
USD
349252.90000000
0.004677637324
Long
ABS-CBDO
CORP
US
N
2
2027-06-15
Variable
0.07750000
N
N
N
N
N
N
CREST CLARENDON STR 02 1 LTD
N/A
CREST CLARENDON STR 02 1 LTD 3ML+47 12/28/2035 144A
226063204
500000.00000000
PA
USD
10000.00000000
0.000133932669
Long
ABS-CBDO
CORP
KY
N
3
2035-12-28
Variable
0.00687880
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
15990799.99600000
PA
USD
15929862.26000000
0.213352897816
Long
ABS-MBS
CORP
US
N
2
2035-11-15
Variable
0.02156000
N
N
N
N
N
N
GS MTG SECS TR 2021
N/A
GS MTG SECS TR 2021-RENT G 1ML+570 11/21/2023 144A
36260XAW6
19794905.10000000
PA
USD
19943814.25000000
0.267112828366
Long
ABS-MBS
CORP
US
N
2
2035-11-21
Variable
0.05809100
N
N
N
N
N
N
HERSHA HOSPITALITY TR
549300DNC58BIN1VO064
HERSHA HOSPITALITY TR 6.5% PERP PFD
427825609
197750.00000000
NS
USD
4524520.00000000
0.060598104206
Long
EP
CORP
US
N
1
N
N
N
COLOGIX DATA CTRS US ISSUER LLC / COLOGIX DATA CTRS US CO-ISSUER LLC
N/A
COLOGIX DATA CTRS US ISSUER LLC / COLOGIX DATA CTRS US CO-ISSUER LLC 3.3% 12/26/2051 144A
19521UAA1
10000000.00000000
PA
USD
9983603.00000000
0.133713060159
Long
ABS-MBS
CORP
US
N
2
2051-12-26
Fixed
0.03300000
N
N
N
N
N
N
MHC COML MTG TR 2021-MHC
N/A
MHC COML MTG TR 2021-MHC 1ML+260.096 04/15/2038 144A
55316VAL8
15322000.00000000
PA
USD
15206819.93000000
0.203668998870
Long
ABS-MBS
CORP
US
N
2
2038-04-15
Variable
0.02707252
N
N
N
N
N
N
BX TR 2019-OC11
N/A
BX TR 2019-OC11 4.075457% 12/09/2041 144A
05606FAN3
22122000.00000000
PA
USD
21271225.49000000
0.284891201463
Long
ABS-MBS
CORP
US
N
2
2041-12-09
Variable
0.04075457
N
N
N
N
N
N
PS BUSINESS PKS INC CALIF
N/A
PS BUSINESS PARKS INC SER Z 4.875% PFD PERP
69360J552
52000.00000000
NS
USD
1323920.00000000
0.017731613988
Long
EP
CORP
US
N
1
N
N
N
OPG TR 2021-PORT
N/A
OPG TR 2021-PORT G 1ML+244 10/15/2036 144A
67118AAS4
24469000.00000000
PA
USD
23972864.11000000
0.321074968719
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.02504000
N
N
N
N
N
N
MSJP 2015-HAUL
N/A
MSJP 2015-HAUL E 5.012% 09/05/2047 144A
553697AN3
1500000.00000000
PA
USD
1366250.10000000
0.018298552317
Long
ABS-MBS
CORP
US
N
2
2047-09-05
Variable
0.04851000
N
N
N
N
N
N
KKR REAL ESTATE FINANCE TRUST INC
549300K23AYZDZ2REL62
KKR REAL ESTATE FIN TR INC CONV 6.125% 05/15/2023
48251KAB6
15629000.00000000
PA
USD
16611759.18000000
0.222485725302
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
DBUBS 2011 LC3
N/A
DBUBS 2011-LC3A D CSTR 8/44
23305YAM1
3789691.72000000
PA
USD
3681685.51000000
0.049309796882
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05365058
N
N
N
N
N
N
BX TRUST 2019
N/A
BX TRUST 2019 1ML+230 10/15/2036 144A
056054AK5
13391750.00800000
PA
USD
13223838.89000000
0.177110404433
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.02406000
N
N
N
N
N
N
APARTMENT INCOME REIT CORP
N/A
APARTMENT INCOME REIT CORP CL A
03750L109
318340.00000000
NS
USD
16814718.80000000
0.225204017674
Long
EC
CORP
US
N
1
N
N
N
HOWARD HUGHES CORP
549300BVHY25JZC1KI49
HOWARD HUGHES CORP 4.125% 02/01/2029 144A
44267DAE7
14970000.00000000
PA
USD
14389613.10000000
0.192723929638
Long
DBT
CORP
US
N
2
2029-02-01
Fixed
0.04125000
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
1328800.02270000
PA
USD
1324659.22000000
0.017741514558
Long
ABS-MBS
CORP
US
N
2
2035-06-15
Variable
0.03106000
N
N
N
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAPITAL MANAGEMENT INC 6.95%/VAR PERP PFD
035710870
2151343.00000000
NS
USD
53482386.98000000
0.716303886254
Long
EP
CORP
US
N
1
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER A 8% PERP PFD
16934Q307
202500.00000000
NS
USD
5123250.00000000
0.068617054931
Long
EP
CORP
US
N
1
N
N
N
BRAEMAR HOTELS and RESORTS INC
549300JDUUEBN868C776
BRAEMAR HOTELS and RESORTS INC SER D 8.25% PFD PERP
10482B309
173050.00000000
NS
USD
4430945.25000000
0.059344832599
Long
EP
CORP
US
N
1
N
N
N
CREDIT SUISSE MORTGAGE TRUST 2021-4SZN
N/A
CREDIT SUISSE MORTGAGE TRUST 2021-4SZN SOFR30A+396.65 11/15/2023 144A
12663FAA7
24906000.00000000
PA
USD
24823967.11000000
0.332474018405
Long
ABS-MBS
CORP
US
N
2
2023-11-15
Variable
0.04066500
N
N
N
N
N
N
SITE CENTERS CORP
W2AVA6SODOQ1LCYJQR54
SITE CENTERS CORP
82981J109
1602638.00000000
NS
USD
23735068.78000000
0.317890112383
Long
EC
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL 2021-SFR3 TR
N/A
PROGRESS RESIDENTIAL 2021-SFR3 TR 4.254% 05/17/2026 144A
74333VAQ7
7492000.00000000
PA
USD
7407158.34000000
0.099206049031
Long
ABS-CBDO
CORP
US
N
2
2026-05-17
Fixed
0.04254000
N
N
N
N
N
N
PENNSYLVANIA REAL EST INVT TR
5493001GPBXRIG8WJO70
PENNSLVNA 7.375% PFD PERP
709102503
99385.00000000
NS
USD
557549.85000000
0.007467413982
Long
EP
CORP
US
N
1
N
N
N
RLJ LODGING TRUST LP
549300RX5I8Z6I6LDZ74
RLJ LODGING TRUST LP 4% 09/15/2029 144A
74965LAB7
15675000.00000000
PA
USD
14773687.50000000
0.197867940608
Long
DBT
CORP
US
N
2
2029-09-15
Fixed
0.04000000
N
N
N
N
N
N
MARRIOTT OWNERSHIP RESORTS INC
BW4532OH033VURR0IT68
MARRIOTT OWNERSHIP RESORTS INC 4.5% 06/15/2029 144A
57164PAH9
15350000.00000000
PA
USD
15058964.00000000
0.201688724929
Long
DBT
CORP
US
N
2
2029-06-15
Fixed
0.04500000
N
N
N
N
N
N
BX COML MTG TR 2019
N/A
BX COML MTG TR 2019 1ML+198.72 11/25/2028 144A
05608FAN1
6426000.00000000
PA
USD
6385149.92000000
0.085518017431
Long
ABS-MBS
CORP
US
N
2
2032-11-15
Variable
0.02106000
N
N
N
N
N
N
JPMDB COML MTG SECS TR 2018-C8
N/A
JPMDB COML MTG SECS TR 2018-C8 CSTR 06/15/2051 144A
46591AAG0
1698000.00000000
PA
USD
1429501.37000000
0.019145693462
Long
ABS-MBS
CORP
US
N
2
2051-06-15
Variable
0.03218038
N
N
N
N
N
N
NEXPOINT RESIDENTIAL TRUST INC
549300U2J6XVYBF87166
NEXPOINT RESIDENTIAL TRUST INC
65341D102
69600.00000000
NS
USD
5519280.00000000
0.073921190443
Long
EC
CORP
US
N
1
N
N
N
REXFORD INDL RLTY INC
549300MSLO0DF0EMX355
REXFORD INDL RLTY INC SER C 5.625% PERP PFD
76169C407
68225.00000000
NS
USD
1749289.00000000
0.023428694559
Long
EP
CORP
US
N
1
N
N
N
REDWOOD TRUST INC
DRBV4N1ERQLEMIF11G78
REDWOOD TRUST INC CONV 4.75% 08/15/2023
758075AC9
14195000.00000000
PA
USD
14372437.50000000
0.192493892242
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
STWD TR 2021-LIH
N/A
STWD TR 2021-LIH 1ML+ 11/15/2036 144A
78486EAQ1
4985000.00000000
PA
USD
4941032.30000000
0.066176564630
Long
ABS-MBS
CORP
US
N
2
2036-11-15
Variable
0.03009000
N
N
N
N
N
N
HOME PARTNERS AMER 2021-2 TR
N/A
HOME PARTNERS AMER 2021-2 TR 4.505% 12/17/2026 144A
43732VAN6
33733607.20000000
PA
USD
33281877.09000000
0.445753064655
Long
ABS-CBDO
CORP
US
N
2
2026-12-17
Fixed
0.04505000
N
N
N
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HOSPITALITY TRUST SER F 7.375% PFD PERP
044103604
327400.00000000
NS
USD
7350130.00000000
0.098442253249
Long
EP
CORP
US
N
1
N
N
N
DATABANK ISSUER LLC 2021-1A
N/A
DATABANK ISSUER LLC 2021-1A 4.43% 02/27/2051 144A
23802WAE1
2300000.00000000
PA
USD
2173385.00000000
0.029108725502
Long
ABS-CBDO
CORP
US
N
2
2051-02-27
Fixed
0.04430000
N
N
N
N
N
N
ALEN 2021-ACEN MTG TR
N/A
ALEN 2021-ACEN F 1ML+500 04/15/2038 144A
01449NAL0
3384000.00000000
PA
USD
3341607.96000000
0.044755047469
Long
ABS-MBS
CORP
US
N
2
2034-04-15
Variable
0.05106000
N
N
N
N
N
N
CHERRY HILL MORTGAGE INVESTMENT CORP
N/A
CHERRY HILL MTG INVT CORP 8.25%/VAR PFD PERP
164651309
245925.00000000
NS
USD
6209606.25000000
0.083166914196
Long
EP
CORP
US
N
1
N
N
N
MED TR 2021-MDLN
N/A
MED TR 2021-MDLN 1ML+525 11/15/2026 144A
58403YBA3
37080000.00000000
PA
USD
36615446.93000000
0.490400455438
Long
ABS-MBS
CORP
US
N
2
2038-11-15
Variable
0.05357000
N
N
N
N
N
N
SABRA HEALTH CARE LP
549300OVKLRFSIQG0H81
SABRA HEALTH CARE LP 5.125% 08/15/2026
14162VAB2
20264000.00000000
PA
USD
21920452.11000000
0.293586466900
Long
DBT
CORP
US
N
2
2026-08-15
Fixed
0.05125000
N
N
N
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HO SR D 8.45% PFD PERP
044103406
190073.00000000
NS
USD
4648805.43000000
0.062262692149
Long
EP
CORP
US
N
1
N
N
N
AG MORTGAGE INVESTMENT TR INC
549300SNP0PBR2XTFR48
AG MTG INVT 8.25 PRP
001228204
38510.00000000
NS
USD
963135.10000000
0.012899525508
Long
EP
CORP
US
N
1
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
6218000.00000000
PA
USD
5924307.69000000
0.079345834420
Long
ABS-MBS
CORP
US
N
2
2046-11-15
Variable
0.04896786
N
N
N
N
N
N
SABRA HEALTH CARE REIT INC
549300E3BC7GU7TAZ621
SABRA HEALTHCARE REIT INC
78573L106
1554475.00000000
NS
USD
21156404.75000000
0.283353376640
Long
EC
CORP
US
N
1
N
N
N
KENNEDY-WILSON INC
5EA4464UK7FM5QNNKL62
KENNEDY-WILSON INC 4.75% 03/01/2029
489399AL9
24385000.00000000
PA
USD
24218206.60000000
0.324360906183
Long
DBT
CORP
US
N
2
2029-03-01
Fixed
0.04750000
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2020-NNN
N/A
JPMCC 2020-NNN FFX 4.6254% 01/16/2037 144A
46652BBN8
2000000.00000000
PA
USD
1932918.60000000
0.025888094813
Long
ABS-MBS
CORP
US
N
2
2037-01-16
Fixed
0.04625400
N
N
N
N
N
N
GS MTG SECS CORP TR 2018-RIVR
N/A
GS MTG SECS CORP TR 2018-RIVR G 1ML+260 07/15/2035 144A
36255WAN5
3808000.00000000
PA
USD
3425863.39000000
0.045883502936
Long
ABS-MBS
CORP
US
N
2
2035-07-15
Variable
0.02706000
N
N
N
N
N
N
AMERICAN FINANCE TRUST INC
549300GN4H0K3IUS8983
AMERICAN FINANCE TRUST INC SER A 7.5% PFD PERP
02607T406
874787.00000000
NS
USD
23601753.26000000
0.316104582035
Long
EP
CORP
US
N
1
N
N
N
GPMT 2018-FL1 LTD / GPMT 2018-FL1 LLC
N/A
GPMT 2018-FL1 LTD / GPMT 2018-FL1 LLC 2018-FL1 D 1ML+295 11/21/35 144A
36255CAJ8
2500000.00000000
PA
USD
2497835.00000000
0.033454170966
Long
ABS-MBS
CORP
US
N
2
2035-11-21
Variable
0.03059290
N
N
N
N
N
N
BALLYS CORP
549300NS4D5IK406VT62
BALLY'S TERM B 1LN 10/01/2028
05875CAB0
37240000.00000000
PA
USD
37188236.40000000
0.498071977719
Long
LON
CORP
US
N
2
2028-10-01
Variable
0.03750000
N
N
N
N
N
N
CROWN CASTLE INTERNATIONAL CORP
54930012H97VSM0I2R19
CROWN CASTLE INTL CORP
22822V101
502310.00000000
NS
USD
91676598.10000000
1.227849151949
Long
EC
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 4.75% 10/01/2024
45031UCF6
25920000.00000000
PA
USD
26244000.00000000
0.351492897987
Long
DBT
CORP
US
N
2
2024-10-01
Fixed
0.04750000
N
N
N
N
N
N
HILTON USA TR 2016-HHV
N/A
HILT 2016-HHV F CSTR 11/38 144A
43300LAQ3
20270000.00000000
PA
USD
19267808.63000000
0.258058904634
Long
ABS-MBS
CORP
US
N
2
2038-11-05
Variable
0.04193500
N
N
N
N
N
N
VORNADO REALTY TRUST
N/A
VORNADO REALTY TRUST SER O 4.45% PERP PFD
929042794
342900.00000000
NS
USD
7845552.00000000
0.105077572351
Long
EP
CORP
US
N
1
N
N
N
GLOBAL NET LEASE INC / GLOBAL NET LEASE OPERATING PARTNERSHIP LP
N/A
GLOBAL NET LEASE INC / GLOBAL NET LEASE OPERATING PARTNERSHIP LP 3.75% 12/15/2027 144A
37892AAA8
5075000.00000000
PA
USD
4883440.88000000
0.065405227368
Long
DBT
CORP
US
N
2
2027-12-15
Fixed
0.03750000
N
N
N
N
N
N
BCP TR 2021-330N
N/A
BCP TR 2021-330N F 1ML+437.5 06/15/2038 144A
05553BAQ8
9000000.00000000
PA
USD
8876434.50000000
0.118884456873
Long
ABS-MBS
CORP
US
N
2
2038-06-15
Variable
0.04740000
N
N
N
N
N
N
BX TR 2021-ACNT
N/A
BX TR 2021-ACNT 1ML+317.3 11/15/2026 144A
05609QAN6
20581000.00000000
PA
USD
20493588.38000000
0.274476100054
Long
ABS-MBS
CORP
US
N
2
2026-11-15
Variable
0.03402000
N
N
N
N
N
N
JPMDB COML MTG SECS TR 2019
N/A
JPMDB 2019-COR6 A4 3.0565% 11/13/52
48129RAX3
13000000.00000000
PA
USD
13447109.00000000
0.180100720620
Long
ABS-MBS
CORP
US
N
2
2052-11-13
Fixed
0.03056500
N
N
N
N
N
N
UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAPITAL LLC
N/A
UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAPITAL LLC 6.5% 02/15/2029 144A
91327BAA8
24920000.00000000
PA
USD
23574070.80000000
0.315733823458
Long
DBT
CORP
US
N
2
2029-02-15
Fixed
0.06500000
N
N
N
N
N
N
ASHTON WOODS USA LLC / ASHTON WOODS FINANCE CO
N/A
ASHTON WOODS USA LLC/FIN CO 4.625% 08/01/2029 144A
045086AM7
4015000.00000000
PA
USD
3954775.00000000
0.052967357324
Long
DBT
CORP
US
N
2
2029-08-01
Fixed
0.04625000
N
N
N
N
N
N
TIMES SQUARE HOTEL TR
N/A
TIMES SQUARE HOTEL TR 8.528% 08/01/2026 144A
887367AA8
4162735.40410000
PA
USD
4385236.94000000
0.058732649001
Long
DBT
CORP
US
N
3
2026-08-01
Fixed
0.08528000
N
N
N
N
N
N
FRTKL 2021-SFR1
N/A
FRTKL 2021-SFR1 4.105% 09/17/2038 144A
30322DAN9
4976000.00000000
PA
USD
4809512.49000000
0.064415084705
Long
ABS-CBDO
CORP
US
N
2
2038-09-17
Fixed
0.04105000
N
N
N
N
N
N
BRIGHTSPIRE CAPITAL INC
549300BOIFLLMVU37752
BRIGHTSPIRE CAPITAL INC
10949T109
253450.00000000
NS
USD
2379895.50000000
0.031874575758
Long
EC
CORP
US
N
1
N
N
N
BROOKFIELD RESIDENTIAL PPTYS INC / BROOKFIELD RESIDENTIAL US CORP
N/A
BROOKFIELD RESIDENTIAL PPTYS INC / US CORP 5% 06/15/2029 144A
11283YAG5
5000000.00000000
PA
USD
4936000.00000000
0.066109165693
Long
DBT
CORP
CA
N
2
2029-06-15
Fixed
0.05000000
N
N
N
N
N
N
BX COML MTG TR 2020-VIVA
N/A
BX COML MTG TR 2020-VIVA 3.54875% 03/09/2044 144A
12433XAJ8
7832990.00000000
PA
USD
7209042.22000000
0.096552626947
Long
ABS-MBS
CORP
US
N
2
2044-03-11
Variable
0.03548750
N
N
N
N
N
N
BX TRUST
N/A
BX TRUST 1ML+372.55 10/15/2036 144A
05609KAQ2
45008000.00000000
PA
USD
44444531.35000000
0.595257473094
Long
ABS-MBS
CORP
US
N
2
2038-10-15
Variable
0.03996000
N
N
N
N
N
N
NEW RESIDENTIAL INVT CORP
549300WNTHGEO5LP2G31
NEW RESIDENTIAL INVESTMENT CRP
64828T201
3136399.00000000
NS
USD
33402649.35000000
0.447370599774
Long
EC
CORP
US
N
1
N
N
N
CREDIT SUISSE COM MTG TR 2021
N/A
CREDIT SUISSE COM MTG TR 2021-SOP2 F STEP 06/15/2034 144A
12657VAQ5
8900000.00000000
PA
USD
8788915.54000000
0.117712292078
Long
ABS-MBS
CORP
US
N
2
2034-06-15
Variable
0.04323168
N
N
N
N
N
N
WFRBS COML MTG TR 2012-C7
N/A
WFRBS 2012-C7 F 4.5% 6/45
92936TAL6
2000000.00000000
PA
USD
59999.80000000
0.000803593338
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Fixed
0.04500000
N
N
N
N
N
N
BENCHMARK 2019-B14 MTG TR
N/A
BENCHMARK 2019-B14 MTG TR VAR 12/15/2062 144A
08162YBP6
5141000.00000000
PA
USD
4526265.95000000
0.060621488181
Long
ABS-MBS
CORP
US
N
2
2062-12-15
Variable
0.03294300
N
N
N
N
N
N
INVITATION HOMES INC
N/A
INVITATION HOMES INC
46187W107
397200.00000000
NS
USD
16674456.00000000
0.223325440550
Long
EC
CORP
US
N
1
N
N
N
PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER
N/A
PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER 4.875% 05/15/2029 144A
70052LAC7
12000000.00000000
PA
USD
11861040.00000000
0.158858075092
Long
DBT
CORP
US
N
2
2029-05-15
Fixed
0.04875000
N
N
N
N
N
N
PROGRESS RESIDENTIAL 2021
N/A
PROGRESS RESIDENTIAL 2021 4.998% 04/19/2038 144A
74333DAS3
8467000.00000000
PA
USD
8310148.83000000
0.111300041722
Long
ABS-CBDO
CORP
US
N
2
2038-04-19
Fixed
0.04998000
N
N
N
N
N
N
SFO COMMERICAL MORTGAGE TRUST 2021
N/A
SFO COMMERICAL MORTGAGE TRUST 2021-555 E 1ML+290 05/15/2038 144A
78432WAJ2
4600000.00000000
PA
USD
4597176.98000000
0.061571218536
Long
ABS-MBS
CORP
US
N
2
2038-05-15
Variable
0.03006000
N
N
N
N
N
N
JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ
N/A
JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ 1ML+160 06/15/2032 144A
46649VAJ0
4184899.30800000
PA
USD
4176888.16000000
0.055942178171
Long
ABS-MBS
CORP
US
N
2
2032-06-15
Variable
0.01706000
N
N
N
N
N
N
CRSNT TR 2021-MOON
N/A
CRSNT TR 2021-MOON F 1ML+350 04/15/2036 144A
22877LAH0
4844000.00000000
PA
USD
4836544.12000000
0.064777126542
Long
ABS-MBS
CORP
US
N
2
2036-04-15
Variable
0.03610000
N
N
N
N
N
N
BRAEMAR HOTELS and RESORTS INC
549300JDUUEBN868C776
BRAEMAR HOTELS and RESORTS INC 5.5% PERP PFD
10482B200
98091.00000000
NS
USD
1898060.85000000
0.025421235662
Long
EP
CORP
US
N
2
N
N
N
UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CAPITAL LLC
N/A
UNITI GRP/UNITI HLD/CSL 7.875% 02/15/2025 144A
91327AAA0
5000000.00000000
PA
USD
5207500.00000000
0.069745437672
Long
DBT
CORP
US
N
2
2025-02-15
Fixed
0.07875000
N
N
N
N
N
N
DOUGLAS EMMETT INC
N/A
DOUGLAS EMMETT INC REIT
25960P109
548100.00000000
NS
USD
17111682.00000000
0.229181325088
Long
EC
CORP
US
N
1
N
N
N
GS MTG SECS CORP TR 2019-70P
N/A
GS MTG SECS CORP TR 2019-70P E 1ML+220 10/15/2036 144A
36257MAQ8
7437000.00000000
PA
USD
7026670.22000000
0.094110070066
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.02306000
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
8347000.00000000
PA
USD
8230580.22000000
0.110234358087
Long
ABS-MBS
CORP
US
N
2
2045-10-15
Variable
0.04756483
N
N
N
N
N
N
ARMOUR RESIDENTIAL REIT INC
549300K0WA0EJUX74V72
ARMOUR RESDNTL REIT INC SER C 7% PERP PFD
042315606
102500.00000000
NS
USD
2585050.00000000
0.034622264743
Long
EP
CORP
US
N
1
N
N
N
BPR TRUST 2021-TY
N/A
BPR TRUST 2021-TY 1ML+420 09/15/2038 144A
05592AAQ3
1996000.00000000
PA
USD
1990995.03000000
0.026665927944
Long
ABS-MBS
CORP
US
N
2
2038-09-15
Variable
0.04306000
N
N
N
N
N
N
WASHINGTON REAL ESTATE INVS TR
549300DI34BGS8LVKW95
WASHINGTON REAL ESTATE IVST TR
939653101
1190347.00000000
NS
USD
29306343.14000000
0.392507677171
Long
EC
CORP
US
N
1
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER C 7.75/VAR PERP PFD
16934Q505
2359586.00000000
NS
USD
58942458.28000000
0.789432078772
Long
EP
CORP
US
N
1
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
DIVERSIFIED HEALTHCARE TR 9.75% 06/15/2025
25525PAA5
21500000.00000000
PA
USD
22805480.00000000
0.305439881694
Long
DBT
CORP
US
N
2
2025-06-15
Fixed
0.09750000
N
N
N
N
N
N
BX 2021-BXMF
N/A
BX 2021-BXMF 1ML+359.02 10/15/2026 144A
05609RAS3
23874000.00000000
PA
USD
23337842.48000000
0.312569954506
Long
ABS-MBS
CORP
US
N
2
2026-10-15
Variable
0.03455513
N
N
N
N
N
N
BX TR 2021-LGCY
N/A
BX TR 2021-LGCY 1ML+334.6 10/15/2023 144A
12434DAY8
19151000.00000000
PA
USD
18941587.65000000
0.253689739962
Long
ABS-MBS
CORP
US
N
2
2023-10-15
Variable
0.03299000
N
N
N
N
N
N
MID-AMERICA APT CMNTYS INC
549300FQZKFR5YNSHZ21
MID AMERICA APT CMNTY INC
59522J103
370806.00000000
NS
USD
76638184.08000000
1.026435658388
Long
EC
CORP
US
N
1
N
N
N
NATIXIS COML MTG SECS TR 2020-2PAC
N/A
NATIXIS COML MTG SECS TR 2020-2PAC AMZ3 VAR 01/15/2025 144A
63875DAS0
2502675.00000000
PA
USD
2452375.49000000
0.032845319613
Long
ABS-MBS
CORP
US
N
2
2037-01-15
Variable
0.03500000
N
N
N
N
N
N
ELP COMMERCIAL MORTGAGE TRUST 2021-ELP
N/A
ELP COMMERCIAL MORTGAGE TRUST 2021-ELP 1ML+361.49 11/15/2036 144A
26863LAS3
15448000.00000000
PA
USD
15369312.52000000
0.205845305506
Long
ABS-MBS
CORP
US
N
2
2038-11-15
Variable
0.03721900
N
N
N
N
N
N
ENBRIDGE INC
98TPTUM4IVMFCZBCUR27
ENBRIDGE INC SER 1 4% PFD PERP
29250N717
498275.00000000
NS
USD
11938669.00000000
0.159897781013
Long
EP
CORP
CA
N
1
N
N
N
MERIT 2021
N/A
MERIT 2021-STOR F 1ML+230 07/15/2038 144A
55293BAM7
7827000.00000000
PA
USD
7748545.28000000
0.103778335453
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.02306000
N
N
N
N
N
N
REALTY INCOME CORP
549300CUWDAUZSH43859
REALTY INCOME CORP 4.875% 06/01/2026
756109BF0
436000.00000000
PA
USD
482909.53000000
0.006467736250
Long
DBT
CORP
US
N
2
2026-06-01
Fixed
0.04875000
N
N
N
N
N
N
REALOGY GROUP LLC / REALOGY CO-ISSUER CORP
N/A
REALOGY GROUP LLC / REALOGY CO-ISSUER CORP 5.25% 04/15/2030 144A
75606DAQ4
15000000.00000000
PA
USD
14362500.00000000
0.192360796652
Long
DBT
CORP
US
N
2
2030-04-15
Fixed
0.05250000
N
N
N
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PROPERTIES INC
903002103
401423.00000000
NS
USD
9473582.80000000
0.126882223467
Long
EC
CORP
US
N
1
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP SER E 6.5%/VAR PFD PERP
00123Q807
1669083.00000000
NS
USD
41860601.64000000
0.560650212693
Long
EP
CORP
US
N
1
N
N
N
WHEELER REAL ESTATE INVESTMENT TRUST
5493005TOFFG62ETJY29
WHEELER REAL ESTATE INT TR INC 8.75% PC PERP
963025606
133886.00000000
NS
USD
1727129.40000000
0.023131905121
Long
EP
CORP
US
N
2
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TRUST 6.375% PERP PFD
70509V803
532053.00000000
NS
USD
13306645.53000000
0.178219455868
Long
EP
CORP
US
N
1
N
N
N
FKH 2021-SFR1 F1
N/A
FKH 2021-SFR1 F1 3.238% 08/17/2038 144A
33767WAN3
7916000.00000000
PA
USD
7660655.17000000
0.102601199747
Long
ABS-CBDO
CORP
US
N
2
2038-08-17
Fixed
0.03238000
N
N
N
N
N
N
VMC FINANCE 2021-HT1
N/A
VMC FINANCE 2021-HT1 B 1ML+450 01/18/2037 144A
91835TAC0
29580000.00000000
PA
USD
29570797.66000000
0.396049587155
Long
ABS-MBS
CORP
US
N
2
2037-01-18
Variable
0.04603000
N
N
N
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAPITAL MANAGEMENT INC SER I 6.75/VAR PFD PERP
035710847
535092.00000000
NS
USD
13671600.60000000
0.183107396548
Long
EP
CORP
US
N
1
N
N
N
GS MTG SECS TR 2012-GCJ9
N/A
GS MTG SECS TR 2012-GCJ9 E CSTR 11/10/2045 144A
36192PAN6
1908000.00000000
PA
USD
1735343.74000000
0.023241921969
Long
ABS-MBS
CORP
US
N
3
2045-11-10
Variable
0.04737602
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2018-AON
N/A
J P MORGAN CHASE COML MTG SECS TR 2018-AON-F 4.6132% 07/05/2031 144A
46649XAU1
5039000.00000000
PA
USD
4979269.21000000
0.066688681774
Long
ABS-MBS
CORP
US
N
2
2031-07-05
Variable
0.04613200
N
N
N
N
N
N
Fidelity Revere Street Trust
549300BDV45LJNXBZC55
Fidelity Cash Central Fund
31635A105
503060312.18600000
NS
USD
503160924.25000000
6.738968580187
Long
STIV
RF
US
N
1
N
N
N
CRSNT TR 2021-MOON
N/A
CRSNT TR 2021-MOON G 1ML+450 04/15/2036 144A
22877LAJ6
2787000.00000000
PA
USD
2782794.14000000
0.037270704799
Long
ABS-MBS
CORP
US
N
2
2036-04-15
Variable
0.04610000
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
451102BZ9
5000000.00000000
PA
USD
5018750.00000000
0.067217458534
Long
DBT
CORP
US
N
2
2027-05-15
Fixed
0.05250000
N
N
N
N
N
N
BROOKFIELD ASSET MANAGEMENT INC
C6J3FGIWG6MBDGTE8F80
BROOKFIELD ASSET INC VTG CL A
112585104
235800.00000000
NS
12985092.24000000
0.173912806815
Long
EC
CORP
CA
N
1
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT
02665T306
866200.00000000
NS
USD
33894406.00000000
0.453956827864
Long
EC
CORP
US
N
1
N
N
N
SUGARHOUSE HSP GAMING PROP MEZZ LP / SUGARHOUSE HSP GAMING FIN CORP
N/A
SUGARHOUSE HS GMNG MEZZ LP/CRP 5.875% 05/15/2025 144A
865033AC8
5000000.00000000
PA
USD
4987500.00000000
0.066798918941
Long
DBT
CORP
US
N
2
2025-05-15
Fixed
0.05875000
N
N
N
N
N
N
FRTKL 2021-SFR1
N/A
FRTKL 2021-SFR1 3.171% 09/17/2038 144A
30322DAL3
3900000.00000000
PA
USD
3752506.29000000
0.050258318495
Long
ABS-CBDO
CORP
US
N
2
2038-09-17
Fixed
0.03171000
N
N
N
N
N
N
COMM 2012-CCRE2 MTG TR
N/A
COMM 2012-CR2 F 4.25% 8/45
12624KBA3
2000000.00000000
PA
USD
1593940.00000000
0.021348063931
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Fixed
0.04250000
N
N
N
N
N
N
GAMING AND LEISURE PROPERTIES INC
5493006GWRDBCZYWTM57
GAMING AND LEISURE PROPRTI INC
36467J108
1304246.00000000
NS
USD
58925834.28000000
0.789209429103
Long
EC
CORP
US
N
1
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2013-LC11
N/A
JP MORGAN CH CMS 13-LC11 D CSTR 04/15/2046
46639YAX5
7722000.00000000
PA
USD
6330656.99000000
0.084788179072
Long
ABS-MBS
CORP
US
N
2
2046-04-15
Variable
0.04164241
N
N
N
N
N
N
JPMCC 2021-MHC
N/A
JPMCC 2021-MHC E 1ML+245 04/15/2038 144A
466330AN7
4022000.00000000
PA
USD
4004230.40000000
0.053629726699
Long
ABS-MBS
CORP
US
N
2
2038-04-15
Variable
0.02556000
N
N
N
N
N
N
SUMMIT HOTEL PROPERTIES INC
254900OBQWJK6X20LS71
SUMMIT HOTEL PPTYS INC SER F 5.875% PERP PFD
866082704
377000.00000000
NS
USD
9274200.00000000
0.124211836401
Long
EP
CORP
US
N
1
N
N
N
SG COML MTG SECS TR 2020-COVE
N/A
SG COMMERCIAL MORTGAGE SECURITIES TRUST 2020-COVE F CSTR 03/15/2037 144A
78397FAL7
5000000.00000000
PA
USD
4668657.00000000
0.062528569525
Long
ABS-MBS
CORP
US
N
2
2037-03-15
Variable
0.03727570
N
N
N
N
N
N
LAST MILE LOGISTICS PAN EURO FINANCE DAC
635400NOPX1IKIAX7N90
LAST MILE LOGISTICS PAN EURO FINANCE DAC 1A E 3MEUR+0 08/17/2026 144A
N/A
4479924.51000000
PA
5029750.09000000
0.067364785676
Long
ABS-MBS
CORP
IE
N
2
2033-08-17
Variable
0.02700000
N
N
N
N
N
N
COMM 2012-CCRE2 MTG TR
N/A
COMM 2012-CR2 E CSTR 8/45
12624KAY2
8000000.00000000
PA
USD
7147200.00000000
0.095724357586
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04830474
N
N
N
N
N
N
MONMOUTH REAL ESTATE INVT CORP
549300DFIUDCN3KVN260
MONMOUTH RE INV CORP REIT
609720107
2018169.00000000
NS
USD
42361367.31000000
0.567357100993
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
2288585.14000000
PA
USD
2285202.15000000
0.030606322442
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05519899
N
N
N
N
N
N
GLOBAL PARTNERS LP / GLP FIN CORP
N/A
GLOBAL PARTNERS LP / GLP FIN CORP 7% 08/01/2027
37954FAG9
3955000.00000000
PA
USD
4083537.50000000
0.054691907861
Long
DBT
CORP
US
N
2
2027-08-01
Fixed
0.07000000
N
N
N
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER B 8%/VAR PREF PERP
16934Q406
2133504.00000000
NS
USD
54020321.28000000
0.723508583939
Long
EP
CORP
US
N
1
N
N
N
LXP INDUSTRIAL TRUST
549300S4MH2ICXDBFV43
LEXINGTON RLTY 6.5 CV PFD PERPPAR=50
529043309
440102.00000000
NS
USD
24810688.64000000
0.332296176311
Long
EP
CORP
US
N
2
N
N
N
MSCCG TR 2018-SELF
N/A
MSCCG TR 2018-SELF 1ML+305 10/15/2037 144A
55358PAQ9
7312000.00000000
PA
USD
7275291.57000000
0.097439922178
Long
ABS-MBS
CORP
US
N
2
2037-10-15
Variable
0.03156000
N
N
N
N
N
N
SPIRIT REALTY CAPITAL INC
549300LTU6LVPZSHMJ25
SPIRIT RLTY CAP INC
84860W300
876700.00000000
NS
USD
41608182.00000000
0.557269489069
Long
EC
CORP
US
N
1
N
N
N
SAUL CENTERS INC
N/A
SAUL CENTERS INC 6% SER E PFD PERP
804395879
76841.00000000
NS
USD
2013234.20000000
0.026963783085
Long
EP
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL 2021
N/A
PROGRESS RESIDENTIAL 2021 3.395% 04/19/2038 144A
74333DAN4
2407000.00000000
PA
USD
2350719.53000000
0.031483814203
Long
ABS-MBS
CORP
US
N
2
2038-04-19
Fixed
0.03395000
N
N
N
N
N
N
COMM 2012-CCRE1 MTG TR
N/A
COMM 2012-CCRE1 G 2.462% 05/15/2045 144A
12624BAS5
6346000.00000000
PA
USD
1263384.53000000
0.016920846278
Long
ABS-MBS
CORP
US
N
3
2045-05-15
Fixed
0.02462000
N
N
N
N
N
N
CTO NEWCO REIT INC
N/A
CTO REALTY GROWTH INC 6.375% PFD PERP
22948Q200
120000.00000000
NS
USD
3102000.00000000
0.041545914096
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
231565.00000000
NS
USD
5175477.75000000
0.069316555129
Long
EP
CORP
US
N
1
N
N
N
ASHFORD HOSPITALITY TRUST 2018-ASHF
N/A
ASHFORD HOSPITALITY TRUST 2018-ASHF 3ML+310 04/15/2035 144A
04410RAN6
3000000.00000000
PA
USD
2911631.10000000
0.038996252598
Long
ABS-MBS
CORP
US
N
2
2035-04-15
Variable
0.03206000
N
N
N
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT 5.875% SER G PFD PERP
02665T876
199750.00000000
NS
USD
5043687.50000000
0.067551453128
Long
EP
CORP
US
N
1
N
N
N
SREIT TR 2021-MFP2
N/A
SREIT TR 2021-MFP2 1ML+391.55 11/15/2036 144A
85236WCU8
22872000.00000000
PA
USD
22781209.60000000
0.305114821747
Long
ABS-MBS
CORP
US
N
2
2036-11-15
Variable
0.04021500
N
N
N
N
N
N
MOTEL 6 TR 2021-MTL6
N/A
MOTEL 6 TR 2021-MTL6 G 1ML+470 09/15/2038 144A
61977KAQ9
9015000.00000000
PA
USD
9004127.91000000
0.120594688802
Long
ABS-MBS
CORP
US
N
2
2038-09-15
Variable
0.04806290
N
N
N
N
N
N
BX COML MTG TR 2021-CIP
N/A
BX COML MTG TR 2021-CIP 1ML+397.69 11/15/2036 144A
12434FAQ0
36246000.00000000
PA
USD
36177023.86000000
0.484528538221
Long
ABS-MBS
CORP
US
N
2
2038-12-15
Variable
0.04075000
N
N
N
N
N
N
READY CAP MTG FING 2019-FL3 LLC
N/A
READY CAP MTG FING 2019-FL3 D 1ML+290 03/25/2034 144A
75574XAJ4
3401000.00000000
PA
USD
3270496.83000000
0.043802637122
Long
ABS-MBS
CORP
US
N
2
2034-03-25
Variable
0.03007710
N
N
N
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PROPERTIES INC 6.75% SER C PFD PERP
903002400
471265.00000000
NS
USD
12036108.10000000
0.161202808891
Long
EP
CORP
US
N
1
N
N
N
BX 2021-VOLT G
N/A
BX 2021-VOLT G 1ML+295 09/15/2023 144A
05609VAS4
19446000.00000000
PA
USD
19251084.96000000
0.257834920057
Long
ABS-MBS
CORP
US
N
2
2036-09-15
Variable
0.02956290
N
N
N
N
N
N
PKHL COML MTG TR 2021-MF
N/A
PKHL COMML MTG 2021-MF E 1ML+235 07/15/2038 144A
69356GAN9
7400000.00000000
PA
USD
7389793.18000000
0.098973472807
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.02707000
N
N
N
N
N
N
KNDR 2021-KIND F
N/A
KNDR 2021-KIND F 1ML+405 08/15/2026 144A
482606AS9
14155000.00000000
PA
USD
14126210.15000000
0.189196103612
Long
ABS-MBS
CORP
US
N
2
2038-08-15
Variable
0.04056000
N
N
N
N
N
N
RETAIL VALUE INC
549300VO5RB7323N1Z31
RETAIL VALUE INC
76133Q102
274131.00000000
NS
USD
863512.65000000
0.011565255441
Long
EC
CORP
US
N
1
N
N
N
NEW RESIDENTIAL INVT CORP
549300WNTHGEO5LP2G31
NEW RESIDENTIAL INVESTMENT CORP SER A 7.5%/VAR PFD PERP
64828T300
964527.00000000
NS
USD
24228918.24000000
0.324504370037
Long
EP
CORP
US
N
1
N
N
N
BENCHMARK 2020-B18 MORTGAGE TRUST
N/A
BENCHMARK 2020-B18 MORTGAGE TRUST 4.534% 07/15/2053 144A
08163ABT9
11379000.00000000
PA
USD
10944932.11000000
0.146588397561
Long
ABS-MBS
CORP
US
N
2
2053-07-15
Variable
0.04388490
N
N
N
N
N
N
BX TRUST 2018-EXCL
N/A
BX TRUST 2019-IMC G 1ML+360 04/15/2034 144A
05608BAS9
5181000.00000000
PA
USD
5077989.29000000
0.068010866159
Long
ABS-MBS
CORP
US
N
2
2034-04-15
Variable
0.03706000
N
N
N
N
N
N
URSTADT BIDDLE PPTYS INC
549300XXD0YL0AER3Z82
URSTADT BIDDLE PPTYS INC SER H 6.25% PFD PERP
917286882
281325.00000000
NS
USD
7069697.25000000
0.094686342565
Long
EP
CORP
US
N
1
N
N
N
INVESCO MORTGAGE CAPITAL INC
PV3BDP2HFZL2FNXQBL39
INVESCO MORTGAGE CAPITAL INC 7.75% VAR PFD PERP 25
46131B407
1419346.00000000
NS
USD
34475914.34000000
0.461745124299
Long
EP
CORP
US
N
1
N
N
N
RLJ LODGING TR
N/A
RLJ LODGING TR SER A PC 1.95% PERP
74965L200
31585.00000000
NS
USD
881221.50000000
0.011802434796
Long
EP
CORP
US
N
2
N
N
N
PROLOGIS INC
529900DFH19P073LZ636
PROLOGIS IN SR Q 8.54% PFD PRP
74340W202
93396.00000000
NS
USD
5982947.76000000
0.080131216532
Long
EP
CORP
US
N
1
N
N
N
CAPITAL TR RE CDO 05-1 LTD COR
549300EO21RSSTCI1873
CTCDO 2005-1A D 1ML+150 3/50
140558AD9
2250000.00000000
PA
USD
225.00000000
0.000003013485
Long
ABS-CBDO
CORP
KY
N
3
2050-03-20
Variable
0.03346380
N
N
N
N
N
N
MONMOUTH REAL ESTATE INVT CORP
549300DFIUDCN3KVN260
MONMOUT 6.125% SER C PERP PFD
609720404
342800.00000000
NS
USD
8631704.00000000
0.115606715955
Long
EP
CORP
US
N
1
N
N
N
DIGITALBRIDGE ISSUER LLC / DIGITALBRIDGE CO-ISSUER LLC
N/A
DIGITALBRIDGE ISSUER LLC / DIGITALBRIDGE CO-ISSUER LLC 3.933% 09/25/2051 144A
25402JAA7
15915000.00000000
PA
USD
15886384.83000000
0.212770592990
Long
ABS-CBDO
CORP
US
N
2
2051-09-25
Fixed
0.03933000
N
N
N
N
N
N
KNDL 2019-KNSQ MORTGAGE TRUST
N/A
KNDL 2019-KNSQ MORTGAGE TRUST 1ML+ 05/15/2036 144A
482598AN9
5000000.00000000
PA
USD
4977891.00000000
0.066670223039
Long
ABS-MBS
CORP
US
N
2
2036-05-15
Variable
0.01906000
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2011-C4
N/A
JP MORGAN CHASE MTG SE TR 11C4 3.873% 07/15/2046 144A
46636DBA3
1400000.00000000
PA
USD
1366149.26000000
0.018297201740
Long
ABS-MBS
CORP
US
N
2
2046-07-15
Fixed
0.03873000
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INVESTMENT COR CONV 6.25% 01/15/2026
90187BAB7
18400000.00000000
PA
USD
18555330.04000000
0.248516488677
Long
DBT
CORP
US
N
2
2026-01-15
Fixed
0.06250000
N
N
N
N
N
TWO HARBORS INVESTMENT COR
TWO HBRS INVT CORP
USD
XXXX
N
N
N
WP GLIMCHER MALL TR 15-WPG
N/A
JPMDB 2015-WPG PR2 CSTR 06/35
92939VAN4
2541000.00000000
PA
USD
2028953.18000000
0.027174311580
Long
ABS-MBS
CORP
US
N
2
2035-06-05
Variable
0.03516000
N
N
N
N
N
N
AGELLAN PORTFOLIO
N/A
AGELLAN PORTFOLIO MEZZ 9% 08/07/2025
N/A
6611000.00000000
PA
USD
6759747.50000000
0.090535102821
Long
LON
CORP
US
N
3
2025-08-07
Variable
0.09000000
N
N
N
N
N
N
GREAT AJAX CORP
5493004ID2QQWNGDYC18
GREAT AJAX CORP PC 7.25% 4/30/24
38983D409
611442.00000000
NS
USD
15646800.78000000
0.209561779850
Long
EP
CORP
US
N
2
N
N
N
BROOKFIELD ASSET MANAGEMENT REINSURANCE PARTNERS LTD
9845004583U3B8E06924
BROOKFIELD ASSET MANAGEMENT REINSURANCE PARTNERS LTD
N/A
6722.00000000
NS
375086.70000000
0.005023636304
Long
EC
CORP
CA
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
5037000.00000000
PA
USD
4385070.16000000
0.058730415272
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Fixed
0.03059000
N
N
N
N
N
N
BLUEROCK RESIDENTIAL GROWTH REIT INC
549300KWLV0TGICOUU26
BLUEROCK RESIDENTIAL GROWTH REIT INC 7.625% SER C PREF PERP
09627J748
252994.00000000
NS
USD
6431107.48000000
0.086133539300
Long
EP
CORP
US
N
1
N
N
N
BLUEROCK RESIDENTIAL GROWTH REIT INC
549300KWLV0TGICOUU26
BLUEROCK RESIDENTIAL GROWTH REIT INC SER D 7.125% PERP PFD
09627J656
168100.00000000
NS
USD
4249568.00000000
0.056915598670
Long
EP
CORP
US
N
1
N
N
N
BX TR 2021-ARIA
N/A
BX TR 2021-ARIA G 1ML+320 10/15/2036 144A
05608RAQ8
21226000.00000000
PA
USD
21066461.14000000
0.282148737861
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.03248100
N
N
N
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
18463000.00000000
PA
USD
19039968.75000000
0.255007384298
Long
DBT
CORP
US
N
2
2025-11-15
Fixed
0.07875000
N
N
N
N
N
N
ARBOR REALTY TRUST INC
549300ASFUWYQO0RW077
ARBOR REALTY TRUST INC SER D 6.375% PERP PFD
038923876
85700.00000000
NS
USD
2123646.00000000
0.028442557797
Long
EP
CORP
US
N
1
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL INC
55272X102
21329541.00000000
NS
USD
98755774.83000000
1.322662455721
Long
EC
CORP
US
N
1
N
N
N
PENNYMAC MORTGAGE INVESTMENT TRUST
549300BSSOQO1ZWDUJ97
PENNYMAC MTG INVT TR 8%/VAR SER B PREF PERP
70931T400
750508.00000000
NS
USD
19520713.08000000
0.261446121447
Long
EP
CORP
US
N
1
N
N
N
SBA SENIOR FINANCE II LLC
549300PVT2ADFWMYEW87
SBA COMMUNICATIONS TERM B 04/11/2025
N/A
44404885.22900000
PA
USD
44007017.46000000
0.589397732768
Long
LON
CORP
US
N
2
2025-04-11
Variable
0.01860000
N
N
N
N
N
N
BX 2021-SDMF
N/A
BX 2021-SDMF 1ML+193.7 09/15/2023 144A
12434CAQ7
9650000.00000000
PA
USD
9470592.99000000
0.126842180144
Long
ABS-MBS
CORP
US
N
2
2034-09-15
Variable
0.02043000
N
N
N
N
N
N
IMT TR 2017-APTS
N/A
IMTT 2017-APTS EFX CSTR 06/15/2034 144A
44974ABE6
9213000.00000000
PA
USD
9108229.76000000
0.121988952670
Long
ABS-MBS
CORP
US
N
2
2034-06-15
Variable
0.03496600
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
4741000.00000000
PA
USD
3899144.42000000
0.052222282116
Long
ABS-MBS
CORP
US
N
2
2046-01-10
Fixed
0.03500000
N
N
N
N
N
N
FEDERAL NAT MTG ASN GTD REM PA
N/A
FNW 2002-W1 3B3 CSTR 2/42
31392CMZ4
26660.51960000
PA
USD
7725.02000000
0.000103463255
Long
ABS-CBDO
USGSE
US
N
2
2042-02-25
Variable
0.03263310
N
N
N
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GSMS 2011-GC5 C 5.47 8/44
36191YAJ7
8899000.00000000
PA
USD
7630892.50000000
0.102202580363
Long
ABS-MBS
CORP
US
N
3
2044-08-10
Variable
0.05157998
N
N
N
N
N
N
NEW RESIDENTIAL INVT CORP
549300WNTHGEO5LP2G31
NEW RESIDENTIAL INVESTMENT CORP SER B 7.125%/VAR PFD PERP
64828T409
1524162.00000000
NS
USD
37433418.72000000
0.501355769983
Long
EP
CORP
US
N
1
N
N
N
CSMC 2019-ICE4
N/A
CSMC 2019-ICE4 1ML+215 05/15/2036 144A
12653VAJ5
7090000.00000000
PA
USD
7083302.08000000
0.094868555685
Long
ABS-MBS
CORP
US
N
2
2036-05-15
Variable
0.02256000
N
N
N
N
N
N
ELLINGTON FINANCIAL INC
60GS1D1R1YY5G1W7IT74
ELLINGTON FINANCIAL INC 6.75/VAR PFD PERP
28852N208
368770.00000000
NS
USD
9256127.00000000
0.123969779887
Long
EP
CORP
US
N
1
N
N
N
AMERICAN FINANCE TRUST INC
549300GN4H0K3IUS8983
AMERICAN FINANCE TRUST INC SER C 7.375% PFD PERP
02607T505
379839.00000000
NS
USD
10141701.30000000
0.135830512896
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
2142000.00000000
PA
USD
2141371.75000000
0.028679963499
Long
ABS-CBDO
CORP
KY
N
2
2036-02-22
Variable
0.03059290
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MSC 2011-C3 E CSTR 7/15/49 144A
61760RAN2
3456000.00000000
PA
USD
3142007.54000000
0.042081745760
Long
ABS-MBS
CORP
US
N
3
2049-07-15
Variable
0.05085812
N
N
N
N
N
N
PILOT TRAVEL CTRS LLC
549300115UILLXNE1Z49
PILOT TRAVEL CENTERS TERM B 1LN 08/04/2028
72165NBH1
33481087.50000000
PA
USD
33277187.68000000
0.445690258135
Long
LON
CORP
US
N
2
2028-08-04
Variable
0.02105000
N
N
N
N
N
N
GLOBAL PARTNERS LP
549300PCHWTW9P4DU444
GLOBAL PARTNERS LP SER B 9.5% PERP PFD
37946R307
67800.00000000
NS
USD
1793743.92000000
0.024024091170
Long
EP
CORP
US
N
1
N
N
N
BX TR 2021-ARIA
N/A
BX TR 2021-ARIA 1ML+259.35 10/15/2036 144A
05608RAN5
4973000.00000000
PA
USD
4929133.66000000
0.066017202969
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.02699500
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 5.5% 02/15/2026
45031UCJ8
16985000.00000000
PA
USD
17282237.50000000
0.231465620430
Long
DBT
CORP
US
N
2
2026-02-15
Fixed
0.05500000
N
N
N
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GSMS 2011-GC5 E CSTR 8/44
36191YAN8
8138000.00000000
PA
USD
834145.00000000
0.011171926664
Long
ABS-MBS
CORP
US
N
3
2044-08-10
Variable
0.05157998
N
N
N
N
N
N
HOWARD HUGHES CORP
549300BVHY25JZC1KI49
HOWARD HUGHES CORP 4.375% 02/01/2031 144A
44267DAF4
15730000.00000000
PA
USD
14963162.50000000
0.200405629864
Long
DBT
CORP
US
N
2
2031-02-01
Fixed
0.04375000
N
N
N
N
N
N
DIAMOND INFRASTRUCTURE FUNDING LLC
N/A
DIAMOND INFRASTRUCTURE FUNDING LLC 3.475% 04/15/2049 144A
25265LAE0
6311000.00000000
PA
USD
6185890.74000000
0.082849286039
Long
ABS-CBDO
CORP
US
N
2
2049-04-15
Fixed
0.03475000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2012-C4
5493005SNWQW3UUOQX45
MSC 2012-C4 D 5.711069 3/45
61760VAE3
6310000.00000000
PA
USD
5968120.41000000
0.079932629875
Long
ABS-MBS
CORP
US
N
2
2045-03-15
Variable
0.05476574
N
N
N
N
N
N
PROVIDENCE PLACE GROUP LTD PARTNERSHIP
N/A
PPGLP 2000-C1 A2 7.75% 7/28
743784AB6
3263448.83000000
PA
USD
3806658.05000000
0.050983587472
Long
ABS-MBS
CORP
US
N
3
2028-07-20
Fixed
0.07750000
N
N
N
N
N
N
FORESTAR GROUP INC
549300BC2UB0GHV60V70
FORESTAR GROUP INC 3.85% 05/15/2026 144A
346232AF8
9000000.00000000
PA
USD
8820000.00000000
0.118128614549
Long
DBT
CORP
US
N
2
2026-05-15
Fixed
0.03850000
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C3
N/A
WFRBS 2011-C3 E 5% 3/44
92935VAU2
2966000.00000000
PA
USD
192790.00000000
0.002582087936
Long
ABS-MBS
CORP
US
N
3
2044-03-15
Fixed
0.05000000
N
N
N
N
N
N
DIGITALBRIDGE GROUP INC
549300XG87L902AGBO89
DIGITALBRIDGE GROUP INC 7.15% SER I PERP PFD
25401T405
1074492.00000000
NS
USD
27249117.12000000
0.364954699896
Long
EP
CORP
US
N
1
N
N
N
AG MORTGAGE INVESTMENT TR INC
549300SNP0PBR2XTFR48
AG MTG INVT 8% PFD PRP
001228303
611362.00000000
NS
USD
14856096.60000000
0.198971667684
Long
EP
CORP
US
N
1
N
N
N
MERIT SECURITIES CORP
N/A
MESC 13 M1 VAR 12/33
589962CV9
952518.67980000
PA
USD
994877.95000000
0.013324665972
Long
ABS-CBDO
CORP
US
N
2
2033-12-28
Variable
0.07880000
N
N
N
N
N
N
EQUITY LIFESTYLE PROPERTIES INC
529900PEQG66LENB6798
EQUITY LIFESTYLE PPTYS INC
29472R108
2999596.00000000
NS
USD
234838370.84000000
3.145252992116
Long
EC
CORP
US
N
1
N
N
N
KREF HOLDINGS X LLC
N/A
KKR REAL ESTATE FINANCE TERM B 1LN 09/01/2027
N/A
885000.00000000
PA
USD
880575.00000000
0.011793776049
Long
LON
CORP
US
N
3
2027-09-01
Variable
0.03687500
N
N
N
N
N
N
Fidelity Revere Street Trust
549300BDV45LJNXBZC55
Fidelity Securities Lending Cash Central Fund
31635A303
65234184.31400000
NS
USD
65240707.73000000
0.873786215010
Long
STIV
RF
US
N
1
N
N
GLADSTONE LAND CORP
54930002B3Q17H38FG74
GLADSTONE LAND CORP SER D 5% PFD 01/31/26
376549507
30000.00000000
NS
USD
769200.00000000
0.010302100942
Long
EP
CORP
US
N
1
N
N
N
BANK 2018-BNK12
N/A
BANK 2018-BNK12 D 3% 05/15/2061 144A
06541KAJ7
1682000.00000000
PA
USD
1416193.88000000
0.018967462695
Long
ABS-MBS
CORP
US
N
2
2061-05-15
Fixed
0.03000000
N
N
N
N
N
N
MHC TR 2021-MHC2
N/A
MHC TR 2021-MHC2 1ML+240 05/15/2023 144A
55293AAQ0
20000000.00000000
PA
USD
19936802.00000000
0.267018911430
Long
ABS-MBS
CORP
US
N
2
2023-05-15
Variable
0.02506000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2015-MS1
N/A
MORGAN STANLEY CAP I TR 2015 4.163% 5/15/48
61765DAC2
10833000.00000000
PA
USD
9965762.02000000
0.133474111151
Long
ABS-MBS
CORP
US
N
2
2048-05-15
Variable
0.04031209
N
N
N
N
N
N
CSAIL 2017-C8 COML MTG TR
N/A
CSAIL 2017-C8 COML MTG TR 4.47% 06/15/2050 144A
12595BAK7
4297000.00000000
PA
USD
3775757.57000000
0.050569729095
Long
ABS-MBS
CORP
US
N
2
2050-06-15
Variable
0.04475369
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C5
N/A
WFRBS COML MTG TR 2011-C5 F CSTR VAR 11/15/2044 144A
92936JAQ7
3500000.00000000
PA
USD
3212726.30000000
0.043028900991
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05250000
N
N
N
N
N
N
CD 2017-CD3 MTG TR
N/A
CD 2017-CD3 D 3.25% 02/10/2050 144A
12515GAM9
3353000.00000000
PA
USD
2535895.69000000
0.033963927948
Long
ABS-MBS
CORP
US
N
2
2050-02-10
Fixed
0.03250000
N
N
N
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13
N/A
MSBAM 2013-C13 E CSTR 11/15/46 144A
61763BAE4
3341000.00000000
PA
USD
2775928.65000000
0.037178753459
Long
ABS-MBS
CORP
US
N
2
2046-11-15
Variable
0.04896786
N
N
N
N
N
N
AMERICAN FIN TR FINAN OP
N/A
AMERICAN FIN TR FINAN OP 4.5% 09/30/2028 144A
02608AAA7
27255000.00000000
PA
USD
26437350.00000000
0.354082486152
Long
DBT
CORP
US
N
2
2028-09-30
Fixed
0.04500000
N
N
N
N
N
N
UBS COML MTG TR 2012-C1
N/A
UBSCM 2012-C1 E CSTR 05/45
90269GAQ4
6268000.00000000
PA
USD
2440791.79000000
0.032690176026
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.05000000
N
N
N
N
N
N
WILLSCOT MOBILE MINI HOLDINGS CORP
549300HJ4VIXF476Q166
WILLSCOT MOBILE MINI HOLDINGS CORP
971378104
461400.00000000
NS
USD
17090256.00000000
0.228894360950
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
98905.00000000
NS
USD
2641317.37000000
0.035375868651
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
1220000.00000000
NS
USD
122.00000000
0.000001633978
Long
EP
CORP
KY
N
3
N
N
N
CLEAR CHANNEL OUTDOOR HOLDINGS INC
N/A
CLEAR CHANNEL OUTDOOR HOLDINGS INC 7.75% 04/15/2028 144A
18453HAC0
14000000.00000000
PA
USD
14525000.00000000
0.194537202532
Long
DBT
CORP
US
N
2
2028-04-15
Fixed
0.07750000
N
N
N
N
N
N
SUMIT 2022-BVUE MTG TR
N/A
SUMI TRUST CORE RMBS 2022-BVUE F CSTR 02/12/2041 144A
865592AN9
3211000.00000000
PA
USD
2929577.04000000
0.039236607364
Long
ABS-MBS
CORP
US
N
2
2041-02-12
Fixed
0.02892490
N
N
N
N
N
N
GS MORTGAGE SECURITIES CORPORATION II
N/A
GSMS 2012-GC6 E 5% 01/45
36192BAN7
2450110.92000000
PA
USD
2401108.70000000
0.032158689808
Long
ABS-MBS
CORP
US
N
2
2045-01-10
Variable
0.05000000
N
N
N
N
N
N
TPGI 2021-DGWD G
N/A
TPGI 2021-DGWD G 1ML+380 06/15/2026 144A
87267HAU1
7308000.00000000
PA
USD
7260133.33000000
0.097236903823
Long
ABS-MBS
CORP
US
N
2
2026-06-15
Variable
0.03960000
N
N
N
N
N
N
ESSEX PROPERTY TRUST INC
549300TR2H2VEFX0NC60
ESSEX PROPERTY TRUST INC
297178105
145000.00000000
NS
USD
48212500.00000000
0.645722883104
Long
EC
CORP
US
N
1
N
N
N
CSAIL 2017-CX9 COML MTG TR
N/A
CSAIL 2017-CX9 D CSTR 09/15/2050 144A
12595FAP7
2539000.00000000
PA
USD
2249665.72000000
0.030130373549
Long
ABS-MBS
CORP
US
N
2
2050-09-15
Variable
0.04131525
N
N
N
N
N
N
SOTHERLY HOTELS INC
549300IYTT21F61LSR10
SOTHERLY HOTELS INC SER B 8% PERP PFD
83600C301
67250.00000000
NS
USD
1227312.50000000
0.016437723950
Long
EP
CORP
US
N
1
N
N
N
CYXTERA TECHNOLOGIES INC
N/A
CYXTERA TECHNOLOGIES INC A
23284C102
803700.00000000
NS
USD
9620289.00000000
0.128847098768
Long
EC
CORP
US
N
1
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C30
N/A
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C30 D 3% 09/15/2049 144A
61766NAJ4
2726000.00000000
PA
USD
2053459.00000000
0.027502524569
Long
ABS-MBS
CORP
US
N
2
2049-09-15
Fixed
0.03000000
N
N
N
N
N
N
PLAYA RESORTS HLDG B V
5493005SPBUMPZZCIZ96
PLAYA RESORTS TERM B 04/27/2024
72812NAD8
24652183.49000000
PA
USD
24206718.53000000
0.324207043395
Long
LON
CORP
NL
N
2
2024-04-27
Variable
0.03750000
N
N
N
N
N
N
RLJ LODGING TRUST LP
549300RX5I8Z6I6LDZ74
RLJ LODGING TRUST LP 3.75% 07/01/2026 144A
74965LAA9
10000000.00000000
PA
USD
9700000.00000000
0.129914689470
Long
DBT
CORP
US
N
2
2026-07-01
Fixed
0.03750000
N
N
N
N
N
N
M/I HOMES INC
5299005M71FH9CCSFB69
M/I HOMES INC 3.95% 02/15/2030
55305BAV3
20000000.00000000
PA
USD
19000000.00000000
0.254472072159
Long
DBT
CORP
US
N
2
2030-02-15
Fixed
0.03950000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 XB CSTR 6/44
617459AF9
29696347.65830000
PA
USD
117858.86000000
0.001578515175
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.00430044
N
N
N
N
N
N
CBL and ASSOCIATES HOLDCO II LLC
N/A
CBL and ASSOCIATES HOLDCO II LLC 10% 11/15/2029
12511CAA8
9212904.00000000
PA
USD
9212904.00000000
0.123390882709
Long
DBT
CORP
US
N
2
2029-11-15
Fixed
0.10000000
N
N
N
N
N
N
DIGITALBRIDGE GROUP INC
549300XG87L902AGBO89
DIGITALBRIDGE GROUP INC 7.125% SER J PFD PERP
25401T306
1387346.00000000
NS
USD
35238588.40000000
0.471959821585
Long
EP
CORP
US
N
1
N
N
N
GREAT AJAX CORP
5493004ID2QQWNGDYC18
GREAT AJAX CORP
38983D300
1663364.00000000
NS
USD
21690266.56000000
0.290503530379
Long
EC
CORP
US
N
1
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HOSPITALITY TRUST INC SER I 7.5% PFD PERP
044103885
323909.00000000
NS
USD
7527645.16000000
0.100819761176
Long
EP
CORP
US
N
1
N
N
N
MPT OPER PARTNERSHIP LP / MPT FIN CORP
N/A
MPT OPER PARTNERSHIP LP/CORP 4.625% 08/01/2029
55342UAJ3
11935000.00000000
PA
USD
12272641.15000000
0.164370759174
Long
DBT
CORP
US
N
2
2029-08-01
Fixed
0.04625000
N
N
N
N
N
N
BROOKFIELD PROPERTY PARTNERS LP
5493004J5Z0TZW83NU62
BROOKFIELD PROPERTY PARTN LP 6.5% PERP PFD
N/A
34125.00000000
NS
USD
836062.50000000
0.011197608254
Long
EP
CORP
BM
N
1
N
N
N
SREIT TR 2021-FLWR
N/A
SREIT TR 2021-FLWR E 1ML+192.4 07/15/2036 144A
78485GAN4
11469000.00000000
PA
USD
11283511.86000000
0.151123086539
Long
ABS-MBS
CORP
US
N
2
2036-07-15
Variable
0.02029990
N
N
N
N
N
N
COMM 2014-CCRE17 MTG TR
N/A
COMM 2014-CCRE17 E CSTR 05/10/2047 144A
12631DAJ2
3098000.00000000
PA
USD
2277649.60000000
0.030505169124
Long
ABS-MBS
CORP
US
N
2
2047-05-10
Variable
0.04847555
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MORGAN STANLEY CAP I TR 2011-C3 F CSTR 07/15/2049 144A
61760RAQ5
5624050.00000000
PA
USD
4140466.10000000
0.055454367798
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05085812
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 7.65 PFD PERP GPAR=25
45031U705
385473.00000000
NS
USD
9829561.50000000
0.131649941227
Long
EP
CORP
US
N
1
N
N
N
BROOKFIELD OFFICE PROPERTIES INC
36ZUFRRMJERSM4Q0S289
BROOKFIELD OFFICE PROPERTIES INC 5.1/VAR SER EE PERP PFD
112900642
679025.00000000
NS
13044715.81000000
0.174711361205
Long
EP
CORP
CA
N
1
N
N
N
TRICON AMERN HOMES 2018-SFR TR
N/A
TRICON AMERN HOMES 2018-SFR1 F 4.96% 05/17/2037 144A
89613TAF5
8282000.00000000
PA
USD
8505291.00000000
0.113913632899
Long
ABS-CBDO
CORP
US
N
2
2037-05-17
Fixed
0.04960000
N
N
N
N
N
N
CBL and ASSOCS LTD PARTNERSHIP
549300VS75TWHD9JTH89
CBL and ASSOCS LP 5.95% 12/15/2026
12505JAD5
10317000.00000000
PA
USD
1.03000000
0.000000013795
Long
DBT
CORP
US
N
3
2026-12-15
Fixed
0.05950000
Y
Y
N
N
N
N
JP MORGAN CHASE COML MTG SECS TR 2012-CIBX
N/A
JPMCC 2012-CBX C CSTR 6/45
46637WAH6
4479000.00000000
PA
USD
4383993.24000000
0.058715991795
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Variable
0.04799295
N
N
N
N
N
N
HEALTHCARE TRUST INC
549300Z2NSUGF5NF2Y30
HEALTHCARE TRUST INC SER A 7.375% PFD PERP
42226B204
364800.00000000
NS
USD
9163411.20000000
0.122728012427
Long
EP
CORP
US
N
1
N
N
N
AMERICAN HOMES 4 RENT 2015-SFR1 TR
N/A
AH4R 2015-SFR1 F 5.885% 4/52 144A
02666AAF5
2000000.00000000
PA
USD
2122562.20000000
0.028428042174
Long
ABS-CBDO
CORP
US
N
2
2052-04-17
Fixed
0.05885000
N
N
N
N
N
N
NEW RESIDENTIAL INVT CORP
549300WNTHGEO5LP2G31
NEW RESIDENTIAL INVESTMENT CORP SER D 7%/VAR PFD PERP
64828T706
514400.00000000
NS
USD
12818848.00000000
0.171686253329
Long
EP
CORP
US
N
1
N
N
N
MHP 2022-MHIL MEZZ
N/A
MHP 2022-MHIL MEZZ SOFR+500 01/09/2024
N/A
25400000.00000000
PA
USD
25400000.00000000
0.340188980676
Long
LON
CORP
US
N
3
2024-01-09
Variable
0.05053000
N
N
N
N
N
N
CLEAR CHANNEL OUTDOOR HOLDINGS INC
N/A
CLEAR CHANNEL OUTDOOR HOLDINGS INC 7.5% 06/01/2029 144A
18453HAD8
17830000.00000000
PA
USD
18476337.50000000
0.247458520502
Long
DBT
CORP
US
N
2
2029-06-01
Fixed
0.07500000
N
N
N
N
N
N
COMM 2012-CCRE2 MTG TR
N/A
COMM 2012-CR2 D CSTR 8/45
12624KAW6
4500000.00000000
PA
USD
4428720.00000000
0.059315029232
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04830474
N
N
N
N
N
N
BSREP COML MTG TR 2021-DC
N/A
BSREP COML MTG TR 2021-DC 1ML+385 08/15/2038 144A
05591UAN7
6594000.00000000
PA
USD
6498085.65000000
0.087030595811
Long
ABS-MBS
CORP
US
N
2
2038-08-15
Variable
0.03957000
N
N
N
N
N
N
OREGON CLEAN ENERGY LLC
549300F5O4JADXBZO874
OREGON CLEAN ENERGY TERM B 1LN 03/01/2026
68583LAF2
5288693.43000000
PA
USD
4823711.50000000
0.064605255837
Long
LON
CORP
US
N
2
2026-03-01
Variable
0.04750000
N
N
N
N
N
N
READY CAPITAL CORP
549300MYWGZUG7ZUYO87
READY CAPITAL CORP 6.2% PFD 07/30/26
75574U408
378550.00000000
NS
USD
9690880.00000000
0.129792542876
Long
EP
CORP
US
N
1
N
N
N
LGI HOMES INC
549300W02B4WNV8CV109
LGI HOMES INC 4% 07/15/2029 144A
50187TAF3
13310000.00000000
PA
USD
12578482.40000000
0.168466972681
Long
DBT
CORP
US
N
2
2029-07-15
Fixed
0.04000000
N
N
N
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HOSPITALITY TRUST INC SER G 7.375% PFD PERP
044103703
238068.00000000
NS
USD
5289870.96000000
0.070848653928
Long
EP
CORP
US
N
1
N
N
N
UBS-CITIGROUP COML MTG TR 2011-C1
N/A
UBS-CITIGR COML MTG TR 2011-C1 C CSTR 01/10/2045
90268TAN4
4746000.00000000
PA
USD
4698540.00000000
0.062928800522
Long
ABS-MBS
CORP
US
N
2
2045-01-10
Variable
0.06412165
N
N
N
N
N
N
LONESTAR II GENERATION HOLDINGS LLC
5493008TLUD4K1PDBH71
LONESTAR TERM B 1LN 04/18/2026
54238DAB8
9742925.45800000
PA
USD
9608960.23000000
0.128695369527
Long
LON
CORP
US
N
2
2026-04-18
Variable
0.05105000
N
N
N
N
N
N
COMM 2012-LC4 MTG TR
N/A
COMM 2012-LC4 C CSTR 12/44
126192AG8
1978000.00000000
PA
USD
1920569.36000000
0.025722698145
Long
ABS-MBS
CORP
US
N
2
2044-12-10
Variable
0.05558067
N
N
N
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9
549300PFVBG5704L7K74
MSBAM 2013 - C9 C 4.2117% 5/46
61762DBB6
3302000.00000000
PA
USD
3329702.13000000
0.044595589510
Long
ABS-MBS
CORP
US
N
2
2046-05-15
Variable
0.04020248
N
N
N
N
N
N
MRCD 2019-PARK G
N/A
MRCD 2019-PARK G 4.25% 12/15/2036 144A
55348UBA5
10357000.00000000
PA
USD
9850403.92000000
0.131929089322
Long
ABS-MBS
CORP
US
N
2
2036-12-15
Fixed
0.04250000
N
N
N
N
N
N
UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CAPITAL LLC
N/A
UNITI GRP/UNITI HLD/CSL 6% 01/15/2030 144A
91327AAB8
18035000.00000000
PA
USD
16502025.00000000
0.221016026135
Long
DBT
CORP
US
N
2
2030-01-15
Fixed
0.06000000
N
N
N
N
N
N
PROGRESS RESIDENTIAL TRUST 2021-SFR8
N/A
PROGRESS RESIDENTIAL TRUST 2021-SFR8 3.181% 10/17/2038 144A
74333TAN9
6406000.00000000
PA
USD
6161242.11000000
0.082519160358
Long
ABS-CBDO
CORP
US
N
2
2038-10-17
Fixed
0.03181000
N
N
N
N
N
N
LEHMAN ABS MANUF HSG CNTRCT TR
N/A
LABMH 2001-B M2 7.17% 3/28
52519SAM5
518734.67210000
PA
USD
387708.62000000
0.005192685048
Long
ABS-CBDO
CORP
US
N
2
2040-04-15
Fixed
0.07170000
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 4.25% 08/01/2025
45031UCG4
16925000.00000000
PA
USD
16809664.59000000
0.225136325290
Long
DBT
CORP
US
N
2
2025-08-01
Fixed
0.04250000
N
N
N
N
N
N
AG MORTGAGE INVESTMENT TR INC
549300SNP0PBR2XTFR48
AG MORTTGAGE INVVESTMENT TRUST SER C 8% PFD PRP
001228402
638138.00000000
NS
USD
15585052.93000000
0.208734774411
Long
EP
CORP
US
N
1
N
N
N
AMR HMS 15-SFR2
N/A
AMERICAN HOMES 4 RENT 2015-SFR2 TR 6.07% 10/17/2052 144A
02666BAE6
8259000.00000000
PA
USD
8908251.55000000
0.119310591118
Long
ABS-CBDO
CORP
US
N
2
2052-10-17
Fixed
0.06070000
N
N
N
N
N
N
WF-RBS COML MTG TR 2012-C8
N/A
WFRBS 2012-C8 E CSTR 8/45
92936YAR2
2889500.00000000
PA
USD
2856594.09000000
0.038259127231
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04857400
N
N
N
N
N
N
BXP TR 2021-601L
N/A
BXP TR 2021-601L VAR 01/15/2044 144A
05607TAL6
5754000.00000000
PA
USD
4847312.30000000
0.064921347651
Long
ABS-MBS
CORP
US
N
2
2044-01-15
Variable
0.02775460
N
N
N
N
N
N
ARLINGTON ASSET INVESTMENT CORP
549300LA9ZT7L8G7IT53
ARLINGTON ASSET INVT CORP 8.25% PFD PERP
041356700
147125.00000000
NS
USD
3648700.00000000
0.048868013141
Long
EP
CORP
US
N
1
N
N
N
CONSECO FIN SECURITIZATNS CORP
N/A
CNF 2002-2 M2 9.163% 3/33
20846QJZ2
370679.07250000
PA
USD
345860.51000000
0.004632202139
Long
ABS-CBDO
CORP
US
N
2
2033-03-01
Fixed
0.09163000
N
N
N
N
N
N
AMERICAN TOWER CORP
5493006ORUSIL88JOE18
AMERICAN TOWER CORP
03027X100
768000.00000000
NS
USD
193152000.00000000
2.586936299039
Long
EC
CORP
US
N
1
N
N
N
JPMBB COML MTG SECS TR 2014-C23
N/A
JPMBB 2014-C23 UH5 4.7094% 09/15/2047 144A
46643AAQ6
8640000.00000000
PA
USD
7416379.01000000
0.099329543926
Long
ABS-MBS
CORP
US
N
2
2047-09-15
Fixed
0.04709400
N
N
N
N
N
N
FRANKLIN BSP REALTY TRUST INC/DUPE
N/A
FRANKLIN BSP RE 7.5% PFD PERP
35243J200
488533.00000000
NS
USD
12203554.34000000
0.163445461084
Long
EP
CORP
US
N
1
N
N
N
WALKER and DUNLOP INC
N/A
WALKER and DUNLOP TERM B 1LN 12/16/2028
N/A
475000.00000000
PA
USD
473812.50000000
0.006345897299
Long
LON
CORP
US
N
2
2028-12-16
Variable
0.02750000
N
N
N
N
N
N
CHERRY HILL MORTGAGE INVESTMENT CORP
N/A
CHERRY HILL MTG INVT CORP 8.2% SER A PFD PERP
164651200
248750.00000000
NS
USD
6349766.63000000
0.085044119582
Long
EP
CORP
US
N
1
N
N
N
SITE CENTERS CORP
W2AVA6SODOQ1LCYJQR54
SITE CENTERS CORP 6.375% 12/31/99 PFD PERP
82981J877
102400.00000000
NS
USD
2579456.00000000
0.034547342808
Long
EP
CORP
US
N
1
N
N
N
JPMBB COML MTG SECS TR 2014-C26
N/A
JPMBB 2014-C26 D CSTR 01/15/2048 144A
46643TAL6
3398000.00000000
PA
USD
3232927.54000000
0.043299461591
Long
ABS-MBS
CORP
US
N
2
2048-01-15
Variable
0.03877078
N
N
N
N
N
N
BXHPP TRUST 2021-FILM
N/A
BXHPP TRUST 2021-FILM E 1ML+200 08/15/2036 144A
05609JAQ5
2403000.00000000
PA
USD
2379013.25000000
0.031862759548
Long
ABS-MBS
CORP
US
N
2
2036-08-15
Variable
0.02106000
N
N
N
N
N
N
BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST 2019-AHT
N/A
BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST 2019-AHT 1ML+200 03/15/2034 144A
05525DAJ5
7168000.00000000
PA
USD
7132172.90000000
0.095523095624
Long
ABS-MBS
CORP
US
N
2
2034-03-15
Variable
0.02106000
N
N
N
N
N
N
BX COML MTG TR 2021-CIP
N/A
BX COML MTG TR 2021-CIP F 1ML+322.73 11/15/2036 144A
12434FAN7
7790000.00000000
PA
USD
7780644.21000000
0.104208244992
Long
ABS-MBS
CORP
US
N
2
2038-12-15
Variable
0.03325000
N
N
N
N
N
N
BX 2021-SOAR
N/A
BX 2021-SOAR 2.45% 06/15/2023 144A
05608WAQ7
16093000.00000000
PA
USD
15931794.81000000
0.213378780974
Long
ABS-MBS
CORP
US
N
2
2038-06-15
Variable
0.02456000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 D CSTR 6/44
617459AJ1
3998682.03000000
PA
USD
3913211.40000000
0.052410684934
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.05211300
N
N
N
N
N
N
FIRSTKEY HOMES 2021-SFR2 TR
N/A
FIRSTKEY HOMES 2021-SFR2 TR 2.908% 09/17/2038 144A
33767TAN0
12677000.00000000
PA
USD
12130502.14000000
0.162467053468
Long
ABS-CBDO
CORP
US
N
2
2038-09-17
Fixed
0.02908000
N
N
N
N
N
N
SUNSTONE HOTEL INVS INC NEW
529900ZQ2V52V96ATF67
SUNSTONE HOTEL INVS INC SER H 6.125% PFD PERP
867892804
180000.00000000
NS
USD
4586256.00000000
0.061424950935
Long
EP
CORP
US
N
1
N
N
N
GREEN TREE FINANCIAL CORP
N/A
GT 1997-3 M1 7.53% 3/28
393505TZ5
2888914.40490000
PA
USD
2900131.19000000
0.038842231234
Long
ABS-CBDO
CORP
US
N
2
2028-03-15
Fixed
0.07530000
N
N
N
N
N
N
TPGI 2021-DGWD G
N/A
TPGI 2021-DGWD G 1ML+ 06/15/2026 144A
87267HAQ0
16537000.00000000
PA
USD
16389188.99000000
0.219504783331
Long
ABS-MBS
CORP
US
N
2
2026-06-15
Variable
0.02460000
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.5% 04/01/2027 REGS
681936BF6
2434000.00000000
PA
USD
2632089.63000000
0.035252279066
Long
DBT
CORP
US
N
2
2027-04-01
Fixed
0.04500000
N
N
N
N
N
N
NEW YORK MORTGAGE TRUST INC
549300JFGR0M7ULHWG48
NEW YORK MORTGAGE TRUST SER D 8%/VAR PFD PERP
649604881
317918.00000000
NS
USD
7973383.44000000
0.106789652952
Long
EP
CORP
US
N
1
N
N
N
STWD TR 2021-LIH
N/A
STWD TR 2021-LIH 1ML+355.1 11/15/2036 144A
78486EAS7
15282000.00000000
PA
USD
15147746.10000000
0.202877807295
Long
ABS-MBS
CORP
US
N
2
2036-11-15
Variable
0.03657000
N
N
N
N
N
N
DIGITALBRIDGE GROUP INC
549300XG87L902AGBO89
DIGITALBRIDGE GROUP INC SER H 7.125% PERP PFD
25401T504
965305.00000000
NS
USD
24267767.70000000
0.325024691226
Long
EP
CORP
US
N
1
N
N
N
FEDERAL NAT MTG ASN GTD REM PA
N/A
FNW 2003-W10 2B3 CSTR 6/43
31393DUL3
51348.47260000
PA
USD
30481.02000000
0.000408240437
Long
ABS-CBDO
USGSE
US
N
2
2043-06-25
Variable
0.03228160
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
1990167.80000000
0.026654848632
Long
ABS-MBS
CORP
US
N
2
2045-11-15
Variable
0.04602398
N
N
N
N
N
N
CSMC 2020-NET
N/A
CSMC 2020-NET F CSTR 08/15/2037 144A
126438AN0
7050000.00000000
PA
USD
6973214.93000000
0.093394129097
Long
ABS-MBS
CORP
US
N
2
2037-08-15
Variable
0.03704200
N
N
N
N
N
N
DIAMONDROCK HOSPITALITY CO
529900KKD4BPVBUAQ734
DIAMONDROCK HOSPITALITY CO 8.25% PFD PERP
252784400
441331.00000000
NS
USD
12110122.64000000
0.162194105384
Long
EP
CORP
US
N
1
N
N
N
AVALONBAY COMMUNITIES INC
K9G90K85RBWD2LAGQX17
AVALONBAY COMMUNITIES INC REIT
053484101
160700.00000000
NS
USD
39247761.00000000
0.525655740488
Long
EC
CORP
US
N
1
N
N
N
BX TRUST
N/A
BX TRUST 1ML+233.66 10/15/2036 144A
056058AN0
2500000.00000000
PA
USD
2443579.00000000
0.032727505874
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.02342600
N
N
N
N
N
N
COLOGIX DATA CTRS US ISSUER LLC / COLOGIX DATA CTRS US CO-ISSUER LLC
N/A
COLOGIX DATA CTRS US ISSUER LLC / COLOGIX DATA CTRS US CO-ISSUER LLC 5.99% 12/26/2051 144A
19521UAE3
6400000.00000000
PA
USD
6366636.80000000
0.085270066272
Long
ABS-MBS
CORP
US
N
2
2051-12-26
Fixed
0.05990000
N
N
N
N
N
N
MORGAN STANLEY CAP I INC
N/A
MSC 1998-CF1 G 7.35% 7/32
61745MHW6
62534.74950000
PA
USD
62777.61000000
0.000840797289
Long
ABS-MBS
CORP
US
N
2
2032-07-15
Variable
0.07350000
N
N
N
N
N
N
TTN 2021
N/A
TTN 2021 1ML+240 03/15/2038 144A
87303TAN7
17157530.51000000
PA
USD
17006139.32000000
0.227767763799
Long
ABS-MBS
CORP
US
N
2
2038-03-15
Variable
0.02507000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 F CSTR 6/44
617459AL6
4440000.00000000
PA
USD
2886000.00000000
0.038652968434
Long
ABS-MBS
CORP
US
N
3
2044-06-15
Variable
0.05211300
N
N
N
N
N
N
JPMCC 2021-1
N/A
JPMCC 2021-1MEM E CSTR 10/09/2042 144A
46654BAL1
9552000.00000000
PA
USD
8134691.43000000
0.108950093924
Long
ABS-MBS
CORP
US
N
2
2042-10-09
Variable
0.02653530
N
N
N
N
N
N
WELLS FARGO COML MTG TR 2012-LC5
N/A
WFCM 2012-LC5 D CSTR 10/45
94988HAP6
12819000.00000000
PA
USD
12910518.69000000
0.172914023352
Long
ABS-MBS
CORP
US
N
2
2045-10-15
Variable
0.04756483
N
N
N
N
N
N
LAMAR ADVERTISING CO
529900Y8WW4MKVPTB543
LAMAR ADVERTISING CO CL A
512816109
301000.00000000
NS
USD
33338760.00000000
0.446514912654
Long
EC
CORP
US
N
1
N
N
N
GRANITE GENERATION LLC
549300XXYYGFHXPYVM94
GRANITE ENERGY TERM 1LN 11/1/2026
38750BAB3
5429652.52000000
PA
USD
5370523.60000000
0.071928856267
Long
LON
CORP
US
N
2
2026-11-01
Variable
0.04750000
N
N
N
N
N
N
CSMC 2020-NET
N/A
CSMC 2020-NET VAR 08/15/2037 144A
126438AL4
9400000.00000000
PA
USD
9447136.30000000
0.126528018433
Long
ABS-MBS
CORP
US
N
2
2037-08-15
Variable
0.03704200
N
N
N
N
N
N
CEDAR REALTY TRUST INC
54930056URX93R2RSN82
CEDAR REALTY TRUST INC SER C 6.50% PFD PERP
150602506
291600.00000000
NS
USD
7319160.00000000
0.098027463771
Long
EP
CORP
US
N
1
N
N
N
MOTEL 6 TR 2021-MTL6
N/A
MOTEL 6 TR 2021-MTL6 H 1ML+600 09/15/2038 144A
61977KAS5
4908000.00000000
PA
USD
4924519.84000000
0.065955408846
Long
ABS-MBS
CORP
US
N
2
2038-09-15
Variable
0.06106290
N
N
N
N
N
N
2022-03-02
Stacie M. Smith
Stacie M. Smith
Stacie M. Smith
President and Treasurer