0001752724-22-219180.txt : 20220927
0001752724-22-219180.hdr.sgml : 20220927
20220927143825
ACCESSION NUMBER: 0001752724-22-219180
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20220731
FILED AS OF DATE: 20220927
DATE AS OF CHANGE: 20220927
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: 221270386
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
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Fidelity Real Estate Income Fund
FRIFX
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Fidelity Advisor Real Estate Income Fund: Class A
FRINX
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Fidelity Advisor Real Estate Income Fund: Class C
FRIOX
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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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DIGITAL REALTY TRUST INC
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EC
CORP
US
N
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N
N
N
EQUINIX INC
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EQUINIX INC 3.2% 11/18/2029
29444UBE5
5000000.00000000
PA
USD
4608131.60000000
0.077347956306
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DBT
CORP
US
N
2
2029-11-18
Fixed
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N
N
N
N
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PUBLIC STORAGE
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PUBLIC STORAGE SER S 4.1% PFD PERP
74460W396
200000.00000000
NS
USD
4054000.00000000
0.068046801194
Long
EP
CORP
US
N
1
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2011-C3
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PA
USD
323736.73000000
0.005433953849
Long
ABS-MBS
CORP
US
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2
2046-02-15
Variable
0.04409000
N
N
N
N
N
N
CAMB COML MTG TR 2019-LIFE
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CAMB COML MTG TR 2019-LIFE 1ML+325 12/15/2037 144A
12482HAS3
14973000.00000000
PA
USD
14251175.63000000
0.239207428438
Long
ABS-MBS
CORP
US
N
2
2037-12-15
Variable
0.05249000
N
N
N
N
N
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SERITAGE GROWTH PPTYS
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SERITAGE GROWTH PPTYS SER A 7% PERP PFD
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91986.00000000
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USD
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0.035064111463
Long
EP
CORP
US
N
1
N
N
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94988HAT8
2000000.00000000
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USD
1798673.40000000
0.030190915457
Long
ABS-MBS
CORP
US
N
2
2045-10-15
Variable
0.04727183
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N
N
N
N
N
BX TRUST
N/A
BX 2022-LP2 G TSFR1M+411.27 02/15/39 144A
05610HAN3
5136037.66000000
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USD
4707644.87000000
0.079018296636
Long
ABS-MBS
CORP
US
N
2
2039-02-15
Variable
0.06206800
N
N
N
N
N
N
Morgan Stanley Capital I Trust
N/A
Morgan Stanley Capital I Trust 3.536% 02/15/2053
61770KBC8
2765000.00000000
PA
USD
2377871.80000000
0.039912819349
Long
ABS-MBS
CORP
US
N
2
2053-02-15
Fixed
0.03536000
N
N
N
N
N
N
EQUINIX INC
549300EVUN2BTLJ3GT74
EQUINIX INC
29444U700
96500.00000000
NS
USD
67910910.00000000
1.139891512515
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
113532.98000000
0.001905662584
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
77413.00000000
NS
USD
1293571.23000000
0.021712724301
Long
EC
CORP
US
N
1
N
N
N
BENCHMARK 2019-B13 MTG TR
N/A
BENCHMARK 2019-B13 A4 2.952% 08/15/2057
08162DAE8
19715000.00000000
PA
USD
18550050.51000000
0.311364479331
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
172614.75000000
0.002897356086
Long
EP
CORP
US
N
1
N
N
N
BANK 2022-BNK41
N/A
BANK 2022-BNK41 CSTR 04/15/2065
06540MCA1
4433000.00000000
PA
USD
3733686.27000000
0.062670302747
Long
ABS-MBS
CORP
US
N
2
2065-04-15
Variable
0.03789947
N
N
N
N
N
N
GS MTG SECS TR 2021-GSA3
N/A
GS MTG SECS TR 2021-GSA3 2.6183% 12/15/2054
36263UAN9
12657000.00000000
PA
USD
11220725.41000000
0.188341014118
Long
ABS-MBS
CORP
US
N
2
2054-12-15
Fixed
0.02618300
N
N
N
N
N
N
BRE/EVERBRIGHT M6 BORROWER LLC
N/A
MOTEL 6 TERM B 1LN 09/09/2026
05601QAB0
9855525.00000000
PA
USD
9551679.16000000
0.160325903522
Long
LON
CORP
US
N
2
2026-09-09
Variable
0.07346000
N
N
N
N
N
N
SERVICE PROPERTIES TRUST
529900IS770AG1K9QG27
SERVICE PPTYS TR 4.65% 03/15/2024
44106MAS1
3500000.00000000
PA
USD
3182865.00000000
0.053424711861
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
5566006.61000000
0.093425985505
Long
ABS-MBS
CORP
US
N
2
2045-03-15
Variable
0.04229479
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
19802956.39000000
0.332394631608
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
11900000.00000000
PA
USD
11142446.00000000
0.187027086282
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
2333795.00000000
0.039172985790
Long
ABS-MBS
CORP
US
N
3
2045-11-15
Variable
0.04573752
N
N
N
N
N
N
MSC 2021-L7 A3
N/A
MSC 2021-L7 A5 2.574% 10/15/2054
61772TBH6
10055000.00000000
PA
USD
8958176.47000000
0.150363900671
Long
ABS-MBS
CORP
US
N
2
2054-10-15
Fixed
0.02574000
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
9408224.44000000
0.157918001496
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
1644079.00000000
NS
USD
35199731.39000000
0.590831061670
Long
EP
CORP
US
N
1
N
N
N
CENTURY CMNTYS INC
5299002QMB2O7ZL1CA26
CENTURY COMMUNITIES INC 6.75% 06/01/2027
156504AL6
4670000.00000000
PA
USD
4745934.20000000
0.079660986924
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
8764398.56000000
0.147111318797
Long
ABS-MBS
CORP
US
N
2
2023-05-15
Variable
0.05532680
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
9935415.15000000
0.166766951036
Long
ABS-MBS
CORP
US
N
2
2034-01-10
Variable
0.04934500
N
N
N
N
N
N
EXTRA SPACE STORAGE INC
N/A
EXTRA SPACE STORAGE INC
30225T102
137200.00000000
NS
USD
26002144.00000000
0.436448624422
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
3985033.75000000
0.066889195693
Long
DBT
CORP
US
N
2
2028-08-15
Fixed
0.04625000
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
4791438.12000000
0.080424774837
Long
ABS-MBS
CORP
US
N
2
2046-05-15
Variable
0.04106035
N
N
N
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE 4% PFD PERP
74460W420
295000.00000000
NS
USD
5873450.00000000
0.098586453990
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
1149554.00000000
NS
USD
23106035.40000000
0.387837147821
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
15845478.84700000
PA
USD
15566983.46000000
0.261293396326
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.05700000
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
13874000.00000000
PA
USD
12902820.00000000
0.216575142425
Long
ABS-MBS
CORP
US
N
2
2038-11-15
Variable
0.04972940
N
N
N
N
N
N
ARMADA HOFFLER PROPERTIES INC
549300WQRSIV6XZT9313
ARMADA HOFFLER PPTYS INC SER A 6.75% PFD PERP
04208T207
255050.00000000
NS
USD
6580290.00000000
0.110450835085
Long
EP
CORP
US
N
1
N
N
N
HEALTHCARE REALTY TRUST INC
549300L0I14L7I0VLX84
HEALTHCARE REALTY TRUST INC
42226K105
209860.00000000
NS
USD
5508825.00000000
0.092466186382
Long
EC
CORP
US
N
1
N
N
N
CITIGROUP COML MTG TR 2013-GC15
N/A
CITIGROUP COML MTG TR 2013-GC15 D CSTR 09/10/2046 144A
17321JAP9
5254000.00000000
PA
USD
5010177.62000000
0.084096339531
Long
ABS-MBS
CORP
US
N
2
2046-09-10
Variable
0.05173449
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
2174725.53000000
0.036502988602
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
2445367.50000000
0.041045741519
Long
EP
CORP
US
N
1
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.95% 04/01/2024
681936BB5
2866000.00000000
PA
USD
2875621.99000000
0.048267606774
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
6311620.69000000
0.105941193465
Long
ABS-MBS
CORP
US
N
2
2039-07-15
Variable
0.05899000
N
N
N
N
N
N
XHR LP
549300M88BPT83ZL2164
XHR LP 6.375% 08/15/2025 144A
98372MAA3
4250000.00000000
PA
USD
4280217.50000000
0.071843884877
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
5107200.00000000
0.085724870020
Long
EP
CORP
US
N
1
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PPTYS INC 6.75% SER D PFD PERP
903002509
601125.00000000
NS
USD
15316665.00000000
0.257091775585
Long
EP
CORP
US
N
1
N
N
N
REDWOOD TRUST INC
DRBV4N1ERQLEMIF11G78
REDWOOD TRUST INC CONV 5.625% 07/15/2024
758075AD7
41580000.00000000
PA
USD
37003809.98000000
0.621112703789
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
247075.00000000
NS
USD
5635780.75000000
0.094597151522
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
4794670.19000000
0.080479025459
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
0.000000019135
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
1161600.00000000
NS
USD
23545632.00000000
0.395215821340
Long
EC
CORP
US
N
1
N
N
N
LXP INDUSTRIAL TRUST
549300S4MH2ICXDBFV43
LXP INDUSTRIAL TRUST REIT
529043101
5265874.00000000
NS
USD
57766637.78000000
0.969618874374
Long
EC
CORP
US
N
1
N
N
N
VICI PROPERTIES LP
254900X4QE7SGKQLLN38
VICI PROPERTIES LP 5.125% 05/15/2032
925650AD5
27000000.00000000
PA
USD
26832870.00000000
0.450392444592
Long
DBT
CORP
US
N
2
2032-05-15
Fixed
0.05125000
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C3
N/A
WFRBS 2011-C3 D CSTR 3/44
92935VAS7
1543666.86000000
PA
USD
657602.08000000
0.011037917613
Long
ABS-MBS
CORP
US
N
2
2044-03-15
Variable
0.22813291
N
N
N
N
N
N
VORNADO REALTY TRUST
N/A
VORNADO REALTY TRUST SER N 5.25% PERP PFD
929042810
147400.00000000
NS
USD
3371038.00000000
0.056583214752
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
8338750.00000000
0.139966764544
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 TSFR1M+420 01/15/2039 144A
12433EAS0
11340000.00000000
PA
USD
10632755.95000000
0.178471887095
Long
ABS-MBS
CORP
US
N
2
2039-01-15
Variable
0.06158580
N
N
N
N
N
N
DIGITALBRIDGE GROUP INC
549300XG87L902AGBO89
DIGITALBRIDGE GROUP INC
25401T108
1566855.00000000
NS
USD
8586365.40000000
0.144123014149
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
4541274.76380000
PA
USD
45.41000000
0.000000762211
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
17130414.60000000
0.287535746589
Long
ABS-MBS
CORP
US
N
2
2023-08-15
Variable
0.05714400
N
N
N
N
N
N
CENTURY CMNTYS INC
5299002QMB2O7ZL1CA26
CENTURY COMMUNITIES INC 3.875% 08/15/2029 144A
156504AM4
13005000.00000000
PA
USD
11072775.23000000
0.185857655340
Long
DBT
CORP
US
N
2
2029-08-15
Fixed
0.03875000
N
N
N
N
N
N
BBCMS 2022
N/A
BBCMS 2022-C15 C CSTR 04/15/2055
05552FBG1
3094000.00000000
PA
USD
2631615.31000000
0.044171929901
Long
ABS-MBS
CORP
US
N
2
2055-04-15
Variable
0.03831341
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
3768511.86000000
0.063254853808
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Variable
0.04145348
N
N
N
N
N
N
PLYMOUTH INDUSTRIAL REIT INC
N/A
PLYMOUTH INDL REIT INC SER A STEP PFD PERP
729640201
171625.00000000
NS
USD
4393600.00000000
0.073747021640
Long
EP
CORP
US
N
1
N
N
N
TERRENO RLTY CORP
N/A
TERRENO REALTY CORP
88146M101
380828.00000000
NS
USD
23858874.20000000
0.400473623439
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
11545854.99000000
0.193798347096
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.05345000
N
N
N
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL INC CONV 6.25% 06/15/2024
55272XAA0
11700000.00000000
PA
USD
10533931.55000000
0.176813109517
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
GS MTG SECS TR 2012-GCJ9
N/A
GS MTG SECS TR 2012-GCJ9 VAR 11/10/2045 144A
36192PAK2
5503000.00000000
PA
USD
5321003.68000000
0.089313586475
Long
ABS-MBS
CORP
US
N
2
2045-11-10
Variable
0.04662376
N
N
N
N
N
N
POSTAL REALTY TRUST INC
5493007B7ZZSIJRGWC41
POSTAL REALTY TRUST INC
73757R102
878500.00000000
NS
USD
14829080.00000000
0.248907611905
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
2656890.00000000
0.044596168136
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
5000000.00000000
PA
USD
4833050.00000000
0.081123234463
Long
LON
CORP
US
N
2
2025-08-21
Variable
0.05122290
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
5527424.21000000
0.092778376008
Long
ABS-MBS
CORP
US
N
3
2046-11-10
Fixed
0.03500000
N
N
N
N
N
N
WELLTOWER INC
T6IZ0MBEG5ACZDTR7D06
WELLTOWER INC
95040Q104
709200.00000000
NS
USD
61232328.00000000
1.027790836240
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
6223303.92000000
0.104458787523
Long
EP
CORP
US
N
1
N
N
N
ENERGY TRANSFER LP
MTLVN9N7JE8MIBIJ1H73
ENERGY TRANSFER LP 7.125/VAR PERP
29273VAM2
6000000.00000000
PA
USD
5400000.00000000
0.090639547718
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
21754000.00000000
PA
USD
19615831.97000000
0.329253729239
Long
ABS-MBS
CORP
US
N
3
2038-10-15
Variable
0.05264775
N
N
N
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER F 6.3% PERP PFD
70509V704
271897.00000000
NS
USD
6172061.90000000
0.103598685020
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
4449139.85000000
0.074679263656
Long
ABS-MBS
CORP
US
N
3
2045-03-15
Variable
0.04229479
N
N
N
N
N
N
BENCHMARK 2022-B35 MTG TR
N/A
BENCHMARK 2022-B35 MTG TR 4.59391% 05/15/2055
08163RBV7
9500000.00000000
PA
USD
8312029.75000000
0.139518262438
Long
ABS-MBS
CORP
US
N
2
2055-05-15
Variable
0.04445654
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
408288.30000000
0.006853160527
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
2019001.14000000
0.033889138921
Long
ABS-MBS
CORP
US
N
3
2045-06-15
Fixed
0.04000000
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
4379092.85000000
0.073503517656
Long
ABS-MBS
CORP
US
N
2
2046-03-15
Variable
0.05024268
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
3765992.44000000
0.063212565087
Long
ABS-MBS
CORP
US
N
2
2033-09-15
Variable
0.05049000
N
N
N
N
N
N
GLADSTONE COMMERCIAL CORP
529900EVVV534W8R0T32
GLADSTONE COMMERCIAL CORP SER E 6.625% PFD 12/31/2049
376536702
108675.00000000
NS
USD
2717961.75000000
0.045621263655
Long
EP
CORP
US
N
1
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
6840000.00000000
PA
USD
5193381.97000000
0.087171443128
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
2250150.64000000
0.037769006723
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
510426.00000000
NS
USD
8743597.38000000
0.146762168881
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
18862115.63000000
PA
USD
17760424.73000000
0.298110530522
Long
ABS-MBS
CORP
US
N
2
2038-06-15
Variable
0.05750000
N
N
N
N
N
N
PENNYMAC CORP
EWN0I878407TKQNXZ933
PENNYMAC CORP CONV 5.5% 03/15/2026
70932AAF0
2000000.00000000
PA
USD
1790000.00000000
0.030045331558
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
17232000.00000000
PA
USD
15943294.54000000
0.267609815973
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.04946100
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INVT CORP 8.125% SER A PERP PFD
90187B200
669796.00000000
NS
USD
16061708.08000000
0.269597399252
Long
EP
CORP
US
N
1
N
N
N
URSTADT BIDDLE PPTYS INC
549300XXD0YL0AER3Z82
URSTADT BIDDLE PPTYS INC SER K 5.875% PFD PERP
917286874
69225.00000000
NS
USD
1579721.42000000
0.026515784264
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
7013814.25000000
0.117727583593
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05084196
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
4360542.82000000
0.073192153521
Long
ABS-MBS
CORP
US
N
2
2046-08-10
Variable
0.04869253
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
1106700.00000000
0.018576071751
Long
ABS-MBS
CORP
US
N
3
2045-06-15
Variable
0.04693533
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
5613612.86000000
0.094225061240
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.06350000
N
N
N
N
N
N
BANK 2022-BNK42
N/A
BANK 2017-BNK4 2.5% 06/15/2055 144A
06541MAL8
2000000.00000000
PA
USD
1278941.80000000
0.021467167835
Long
ABS-MBS
CORP
US
N
2
2055-06-15
Fixed
0.02500000
N
N
N
N
N
N
CAESARS ENTERTAINMENT INC
5299000BKFWWVND5L441
CAESARS ENTERTAINMENT INC 8.125% 07/01/2027 144A
28470RAK8
16465000.00000000
PA
USD
16465000.00000000
0.276366695035
Long
DBT
CORP
US
N
2
2027-07-01
Fixed
0.08125000
N
N
N
N
N
N
HEALTHCARE TRUST INC
549300Z2NSUGF5NF2Y30
HEALTHCARE TRUST INC 7.125% PERP PFD
42226B303
190000.00000000
NS
USD
4275000.00000000
0.071756308610
Long
EP
CORP
US
N
1
N
N
N
BX TR 2022-LBA6
N/A
BX TR 2022-LBA6 TSFR1M+335 01/15/2039 144A
12433EAQ4
6200000.00000000
PA
USD
5813072.88000000
0.097573017907
Long
ABS-MBS
CORP
US
N
2
2039-01-15
Variable
0.05308580
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
1999844.00000000
0.033567584383
Long
EP
CORP
US
N
1
N
N
N
NATIONAL RETAIL PROPERTIES INC
5493008JKH5SOTI0JS97
NATIONAL RETAIL PROPERTIES INC
637417106
115400.00000000
NS
USD
5494194.00000000
0.092220603563
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
4718400.00000000
0.079198822584
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
22890000.00000000
PA
USD
19227600.00000000
0.322737216244
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
21416000.00000000
PA
USD
20929718.02000000
0.351307439855
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 LP
549300N4PXZ37U8QKI55
AMERICAN HOMES 4 RENT LP 3.625% 04/15/2032
02666TAE7
7000000.00000000
PA
USD
6346896.78000000
0.106533306214
Long
DBT
CORP
US
N
2
2032-04-15
Fixed
0.03625000
N
N
N
N
N
N
SABRA HEALTH CARE LP
549300OVKLRFSIQG0H81
SABRA HEALTH CARE LP 3.9% 10/15/2029
78572XAG6
989000.00000000
PA
USD
889782.86000000
0.014935095555
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
2225600.00000000
0.037356921741
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
4763845.34000000
0.079961627226
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.05524358
N
N
N
N
N
N
KENNEDY-WILSON INC
5EA4464UK7FM5QNNKL62
KENNEDY-WILSON INC 4.75% 02/01/2030
489399AN5
26715000.00000000
PA
USD
22959405.30000000
0.385375946720
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
4392272.03000000
0.073724731529
Long
ABS-MBS
CORP
US
N
2
2049-08-15
Fixed
0.03000000
N
N
N
N
N
N
CUBESMART
N/A
CUBESMART
229663109
414900.00000000
NS
USD
19031463.00000000
0.319445036805
Long
EC
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 8.0% SER D PERP PFD
45031U408
332421.00000000
NS
USD
8566489.17000000
0.143789389612
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
5006546.21000000
0.084035385946
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Fixed
0.03000000
N
N
N
N
N
N
LIFE STORAGE INC
W9EE01AFDDF9DQCQZC68
LIFE STORAGE INC
53223X107
155800.00000000
NS
USD
19613662.00000000
0.329217306072
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
853980.00000000
0.014334140918
Long
EP
CORP
BM
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 7.5 PFD PERP I
45031U804
552696.00000000
NS
USD
13878196.56000000
0.232946936917
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
7329420.00000000
0.123025058118
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
7230863.95000000
0.121370784823
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
900931.00000000
NS
USD
19586239.94000000
0.328757024014
Long
EP
CORP
US
N
1
N
N
N
VENTAS INC
ORQTRC074CWLT3DKHT41
VENTAS INC REIT
92276F100
1042886.00000000
NS
USD
56086409.08000000
0.941416065220
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
7708002.00000000
0.129379595388
Long
DBT
CORP
US
N
2
2025-09-15
Fixed
0.07500000
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
3875285.12000000
0.065047053807
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
843781.80000000
0.014162963097
Long
ABS-MBS
CORP
US
N
2
2046-04-15
Variable
0.03250000
N
N
N
N
N
N
EQUINIX INC
549300EVUN2BTLJ3GT74
EQUINIX INC 3.9% 04/15/2032
29444UBU9
2000000.00000000
PA
USD
1894922.68000000
0.031806469384
Long
DBT
CORP
US
N
2
2032-04-15
Fixed
0.03900000
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INV CORP 7.625% SER B PFD PERP
90187B309
1395117.00000000
NS
USD
31208767.29000000
0.523842324450
Long
EP
CORP
US
N
1
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
8080165.65000000
0.135626400001
Long
DBT
CORP
US
N
2
2028-05-15
Fixed
0.06750000
N
N
N
N
N
N
HUDSON PACIFIC PROPERTIES INC
N/A
HUDSON PACIFIC PROPERTIES INC 4.75% PFD PERP C
444097307
790100.00000000
NS
USD
16663209.00000000
0.279693653204
Long
EP
CORP
US
N
1
N
N
N
AMERICAN HOMES 4 RENT LP
549300N4PXZ37U8QKI55
AMERICAN HOMES 4 RENT LP 2.375% 07/15/2031
02666TAC1
7000000.00000000
PA
USD
5768912.59000000
0.096831782960
Long
DBT
CORP
US
N
2
2031-07-15
Fixed
0.02375000
N
N
N
N
N
N
CALI MTG TR 2019-101C
N/A
CALI MTG TR 2019-101C CSTR 03/10/2039 144A
129890AQ2
4099000.00000000
PA
USD
3289932.00000000
0.055221842315
Long
ABS-MBS
CORP
US
N
2
2039-03-10
Variable
0.04324435
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
305197.89000000
0.005122777539
Long
ABS-MBS
CORP
US
N
2
2046-04-15
Variable
0.03250000
N
N
N
N
N
N
GS MTG SECS TR 2019-GSA1
N/A
GS MTG SECS TR 2019-GSA1 3.0479% 11/10/2052
36261PAT9
25860000.00000000
PA
USD
24382667.33000000
0.409265544254
Long
ABS-MBS
CORP
US
N
2
2052-11-10
Fixed
0.03047900
N
N
N
N
N
N
GRANITE POINT MORTGAGE TRUST INC
529900VX2HQZ76AYIE02
GRANITE POINT MORTGAGE TRUST INC CONV 6.375% 10/01/2023
38741LAC1
3366000.00000000
PA
USD
3239775.00000000
0.054379951983
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
11610000.00000000
0.194875027595
Long
EP
CORP
US
N
1
N
N
N
BANK 2021-BNK33
N/A
BANK 2021-BNK33 2.556% 05/15/2064
06541CBL9
14931000.00000000
PA
USD
13464583.19000000
0.226004394549
Long
ABS-MBS
CORP
US
N
2
2064-05-15
Fixed
0.02556000
N
N
N
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
19467953.24000000
0.326771569756
Long
ABS-MBS
CORP
US
N
2
2038-04-15
Variable
0.05199962
N
N
N
N
N
N
FARMLAND PARTNERS INC
549300LB188CHPZ4IL37
FARMLAND PARTNERS INC
31154R109
312456.00000000
NS
USD
4636847.04000000
0.077829947879
Long
EC
CORP
US
N
1
N
N
N
BANK 2019-BNK19
N/A
BANK 2019-BNK19 A3 3.183% 08/15/2061
06540WBD4
17000000.00000000
PA
USD
16263350.90000000
0.272981994439
Long
ABS-MBS
CORP
US
N
2
2061-08-15
Fixed
0.03183000
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
4234713.54000000
0.071080096293
Long
EP
CORP
US
N
1
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE
74460D109
191100.00000000
NS
USD
62376951.00000000
1.047003449394
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
3606843.54000000
0.060541234659
Long
ABS-MBS
CORP
US
N
2
2033-09-15
Variable
0.07055327
N
N
N
N
N
N
PENNYMAC CORP
EWN0I878407TKQNXZ933
PENNYMAC CORP CONV 5.5% 11/01/2024
70932AAD5
23577000.00000000
PA
USD
22796011.88000000
0.382633371592
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
1626556.29000000
0.027301912308
Long
ABS-MBS
CORP
US
N
3
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
6502931.15000000
0.109152358941
Long
ABS-MBS
CORP
US
N
2
2046-10-15
Variable
0.04762157
N
N
N
N
N
N
MTN COML MTG TR 2022-LPFL
N/A
MTN COML MTG TR 2022-LPFL F TSFR1M+393.47 03/15/2039 144A
62475WAL9
5000000.00000000
PA
USD
4720539.00000000
0.079234725916
Long
ABS-MBS
CORP
US
N
2
2039-03-15
Variable
0.07243749
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
2930823.52000000
0.049194170054
Long
ABS-MBS
CORP
US
N
2
2062-12-15
Variable
0.03294300
N
N
N
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP 7/VAR PFD PERP
00123Q500
686702.00000000
NS
USD
16625055.42000000
0.279053241494
Long
EP
CORP
US
N
1
N
N
N
READY CAPITAL CORP
549300MYWGZUG7ZUYO87
READY CAPITAL CORP 5.75% PFD 02/15/2026
75574U606
61593.00000000
NS
USD
1465913.40000000
0.024605505105
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
2302195.50000000
0.038642584977
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
8442567.44000000
0.141709350805
Long
ABS-MBS
CORP
US
N
2
2036-11-15
Variable
0.06199000
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
489326.00000000
0.008213386542
Long
EP
CORP
US
N
1
N
N
N
SLG OFFICE TR 2021-OVA
N/A
SLG OFFICE TR 2021-OVA 2.5854% 07/15/2041 144A
78449RAA3
13377000.00000000
PA
USD
11805811.15000000
0.198161737609
Long
ABS-MBS
CORP
US
N
2
2041-07-15
Fixed
0.02585400
N
N
N
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
3393040.64000000
0.056952531296
Long
ABS-MBS
CORP
US
N
2
2038-05-15
Variable
0.05649000
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
14462812.78000000
0.242759779467
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.04649000
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
14426817.27000000
0.242155591180
Long
ABS-MBS
CORP
US
N
2
2051-12-15
Fixed
0.04310000
N
N
N
N
N
N
INVITATION HOMES OPERATING PARTNERSHIP LP
549300147YMUQB3GW319
INVITATION HOMES OPERATING PARTNERSHIP LP 4.15% 04/15/2032
46188BAD4
25000000.00000000
PA
USD
23440213.00000000
0.393446352732
Long
DBT
CORP
US
N
2
2032-04-15
Fixed
0.04150000
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
4204871.00000000
0.070579186232
Long
EP
CORP
US
N
1
N
N
N
BCP TR 2021-330N
N/A
BCP TR 2021-330N 1ML+337.5 06/15/2038 144A
05553BAN5
5000000.00000000
PA
USD
4465417.50000000
0.074952485662
Long
ABS-MBS
CORP
US
N
2
2038-06-15
Variable
0.05637000
N
N
N
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD
70509V605
372994.00000000
NS
USD
9093593.72000000
0.152636892948
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
756436.88000000
0.012696869755
Long
ABS-MBS
CORP
US
N
2
2039-07-15
Variable
0.06999000
N
N
N
N
N
N
MORGAN STANLEY CAPITAL I TRUST 2017-H1
N/A
MORGAN STANLEY CAPITAL I TRUST 2017-H1 4.281% 06/15/2050
61691JBA1
2000000.00000000
PA
USD
1877080.20000000
0.031506981548
Long
ABS-MBS
CORP
US
N
2
2050-06-15
Fixed
0.04281000
N
N
N
N
N
N
CUSHMAN and WAKEFIELD PLC
N/A
CUSHMAN and WAKEFIELD PLC
N/A
201400.00000000
NS
USD
3383520.00000000
0.056792726388
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
3282039.00000000
0.055089357510
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
2204087.17000000
0.036995826707
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
555215.00000000
NS
USD
11770558.00000000
0.197570009911
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
3471034.19000000
0.058261660944
Long
ABS-MBS
CORP
US
N
2
2047-03-10
Variable
0.04979838
N
N
N
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE SER L 4.625% PFD PERP
74460W552
31600.00000000
NS
USD
765668.00000000
0.012851815041
Long
EP
CORP
US
N
1
N
N
N
HILTON DOMESTIC OPERATING CO INC
5493003EG7H0N1E4XV50
HILTON DOMESTIC OPERATING CO INC 4% 05/01/2031 144A
432833AL5
3000000.00000000
PA
USD
2692920.00000000
0.045200935341
Long
DBT
CORP
US
N
2
2031-05-01
Fixed
0.04000000
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
326436.53000000
0.005479270266
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
6986314.31000000
PA
USD
5913029.90000000
0.099250806626
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
13683255.30000000
0.229674828095
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
5525166.52000000
0.092740480452
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
457602.00000000
NS
USD
9454194.60000000
0.158689615294
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
10286249.74000000
PA
USD
9121183.83000000
0.153099995743
Long
ABS-CBDO
CORP
US
N
2
2041-01-17
Fixed
0.04242000
N
N
N
N
N
N
BANK 2022-BNK39
N/A
BANK 2022-BNK39 2.928% 02/15/2055
06539VAJ7
13750000.00000000
PA
USD
12732537.13000000
0.213716927181
Long
ABS-MBS
CORP
US
N
2
2055-02-15
Fixed
0.02928000
N
N
N
N
N
N
DIGITAL REALTY TRUST INC
549300HKCZ31D08NEI41
DIGITAL RLTY TR INC SER L 5.2% PERP PFD
253868822
29700.00000000
NS
USD
745767.00000000
0.012517774737
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY CAPITAL I TRUST 2017-H1
N/A
MORGAN STANLEY CAPITAL I TRUST 2017-H1 2.546% 06/15/2050 144A
61691JAC8
2000000.00000000
PA
USD
1542595.20000000
0.025892616896
Long
ABS-MBS
CORP
US
N
2
2050-06-15
Fixed
0.02546000
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
6973627.84000000
0.117053050625
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
4856250.00000000
0.081512648816
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Variable
0.05281486
N
N
N
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
DIVERSIFIED HEALTHCARE TR 4.75% 02/15/2028
81721MAM1
9933000.00000000
PA
USD
7468605.32000000
0.125361297832
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
6885000.00000000
PA
USD
6878734.65000000
0.115460258806
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
5332800.00000000
0.089511588902
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
545807.00000000
NS
USD
11172669.29000000
0.187534387270
Long
EP
CORP
US
N
1
N
N
N
VICI PROPERTIES LP / VICI NOTE CO INC
N/A
VICI PROPERTIES LP / VICI NOTE CO INC 4.625% 12/01/2029 144A
92564RAB1
2000000.00000000
PA
USD
1905080.00000000
0.031976961031
Long
DBT
CORP
US
N
2
2029-12-01
Fixed
0.04625000
N
N
N
N
N
N
ENERGY TRANSFER LP
MTLVN9N7JE8MIBIJ1H73
ENERGY TRANSFER LP 7.6/VAR PFD PERP
29273V605
525651.00000000
NS
USD
12426389.64000000
0.208578210509
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MSC 2011-C3 G CSTR 07/49
61760RAS1
5049500.00000000
PA
USD
2655908.24000000
0.044579689195
Long
ABS-MBS
CORP
US
N
3
2049-07-15
Variable
0.05084196
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
2783130.87000000
PA
USD
2516512.78000000
0.042239922260
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
8252506.68000000
0.138519161670
Long
EP
CORP
US
N
1
N
N
N
FORESTAR GROUP INC
549300BC2UB0GHV60V70
FORESTAR GROUP INC 5% 03/01/2028 144A
346232AE1
5000000.00000000
PA
USD
4386350.00000000
0.073625329655
Long
DBT
CORP
US
N
2
2028-03-01
Fixed
0.05000000
N
N
N
N
N
N
COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR
N/A
COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR CSTR 05/10/2050
12515DAV6
3000000.00000000
PA
USD
2705412.60000000
0.045410624899
Long
ABS-MBS
CORP
US
N
2
2050-05-10
Variable
0.04349700
N
N
N
N
N
N
HERSHA HOSPITALITY TR
549300DNC58BIN1VO064
HERSHA HOSPITL 6.875% PFD PERP
427825401
49450.00000000
NS
USD
1042653.25000000
0.017501040556
Long
EP
CORP
US
N
1
N
N
N
CEDAR REALTY TRUST INC
54930056URX93R2RSN82
CEDAR RLTY TR I 7.25% PFD PERP
150602407
150821.00000000
NS
USD
1446373.39000000
0.024277524055
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
7908517.39000000
0.132745266547
Long
ABS-MBS
CORP
US
N
2
2049-12-15
Variable
0.03386649
N
N
N
N
N
N
KKR REAL ESTATE FINANCE TRUST INC
549300K23AYZDZ2REL62
KKR REAL ESTATE FINANCE TRUST INC 6.5% PERP PFD
48251K209
217359.00000000
NS
USD
4907966.22000000
0.082380710814
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
15343657.80000000
0.257544852471
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.06009000
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
26490000.00000000
PA
USD
23405504.40000000
0.392863765361
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
5933400.00000000
0.099592720821
Long
DBT
CORP
US
N
2
2031-03-01
Fixed
0.05000000
N
N
N
N
N
N
CENTERSPACE
5493002LG2SH9EEHT720
CENTERSPACE 6.625% SER C PFD PERP
15202L206
317300.00000000
NS
USD
8360855.00000000
0.140337799211
Long
EP
CORP
US
N
1
N
N
N
BOSTON PPTY LTD PARTNERSHIP
BVHHEFJI6SHNOKQT2572
BOSTON PPTYS LTD PARTNERSHIP 3.25% 01/30/2031
10112RBD5
2000000.00000000
PA
USD
1774002.62000000
0.029776813912
Long
DBT
CORP
US
N
2
2031-01-30
Fixed
0.03250000
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
5302800.00000000
0.089008035860
Long
ABS-MBS
CORP
US
N
3
2045-06-15
Variable
0.04784279
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
1836207.50000000
0.030820929132
Long
DBT
CORP
US
N
2
2027-06-15
Fixed
0.05875000
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
2672830.20000000
0.044863726010
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
6626769.00000000
0.111230989814
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
1725865.00000000
0.028968819078
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
1647115.32000000
0.027646997712
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
8683581.00000000
0.145754787855
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 TSFR1M+335 01/15/2039 144A
78457JAQ5
27615000.00000000
PA
USD
25494753.44000000
0.427932022408
Long
ABS-MBS
CORP
US
N
2
2039-01-15
Variable
0.05309000
N
N
N
N
N
N
BX TR 2022-VAMF
N/A
BX TR 2022-VAMF TSFR1M+329.9 01/15/2039 144A
05609TAL4
4367000.00000000
PA
USD
4074960.81000000
0.068398630516
Long
ABS-MBS
CORP
US
N
2
2039-01-15
Variable
0.05257580
N
N
N
N
N
N
MHP 2022-MHIL F
N/A
MHP 2022-MHIL F TSFR1M+395.75 01/15/2027 144A
55293DAN1
19424000.00000000
PA
USD
17929286.29000000
0.300944888935
Long
ABS-MBS
CORP
US
N
2
2027-01-15
Variable
0.05916080
N
N
N
N
N
N
ACRES COMMERCIAL REALTY CORP
549300RUJWPCMY4JFR46
ACRES COMMERCIAL REALTY CORP 8.625%/VAR PFD PERP
00489Q201
92483.00000000
NS
USD
1852434.49000000
0.031093300806
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
2658013.67000000
0.044615029051
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
34474000.00000000
PA
USD
29523786.29000000
0.495559747458
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
7035184.00000000
0.118086277014
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
1488758.21000000
PA
USD
1416474.98000000
0.023775676211
Long
ABS-MBS
CORP
US
N
2
2034-06-15
Variable
0.04607200
N
N
N
N
N
N
PENNYMAC MORTGAGE INVESTMENT TRUST
549300BSSOQO1ZWDUJ97
PENNYMAC MTG INVT TR 8.125/VAR PREF PERP
70931T301
410254.00000000
NS
USD
10178401.74000000
0.170845505595
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
4757047.80000000
0.079847529827
Long
ABS-MBS
CORP
US
N
2
2041-02-12
Variable
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
3731908.56000000
0.062640463704
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
3452738.86000000
0.057954571974
Long
ABS-MBS
CORP
US
N
2
2046-09-15
Variable
0.04982425
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
1164528.51000000
0.019546729157
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05158841
N
N
N
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL 6.5%/VAR PFD PERP
55272X508
1314323.00000000
NS
USD
25905306.33000000
0.434823194309
Long
EP
CORP
US
N
1
N
N
N
BENCHMARK 2021-B28 MTG TR
N/A
BENCHMARK 2021-B28 MTG TR 2.2237% 08/15/2054
08163GAU4
10000000.00000000
PA
USD
8747284.00000000
0.146824049172
Long
ABS-MBS
CORP
US
N
2
2054-08-15
Fixed
0.02223700
N
N
N
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GS MTG SECS TR 2011-GC5 4.5% 08/10/2044 144A
36191YAQ1
7897000.00000000
PA
USD
27701.89000000
0.000464979033
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
11001714.48000000
0.184664893444
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
1774327.00000000
0.029782258663
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
952600.00000000
NS
USD
21233454.00000000
0.356405679087
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
28896008.63000000
0.485022435760
Long
LON
CORP
US
N
3
2022-11-15
Variable
0.10499200
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
392457.26000000
0.006587434915
Long
ABS-MBS
CORP
US
N
3
2045-06-15
Fixed
0.04000000
N
N
N
N
N
N
KIMCO REALTY CORP
549300EA7I6T15IBYS12
KIMCO REALTY CORP SER M 5.25% PFD PERP
49446R711
32100.00000000
NS
USD
807796.50000000
0.013558946186
Long
EP
CORP
US
N
1
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
0.000000030548
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
1249900.00000000
NS
USD
42734081.00000000
0.717295884078
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
2002728.00000000
0.033615992615
Long
EP
CORP
US
N
1
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
28979000.00000000
PA
USD
27381761.56000000
0.459605645101
Long
ABS-MBS
CORP
US
N
2
2038-05-15
Variable
0.05951330
N
N
N
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAPITAL MANAGEMENT INC 6.5%/VAR PFD PERP
035710862
1135399.00000000
NS
USD
25432937.60000000
0.426894437264
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
6030000.00000000
PA
USD
5743575.00000000
0.096406488942
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
978498.20000000
0.016424191535
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
3567106.38000000
0.059874242397
Long
ABS-MBS
CORP
US
N
2
2046-11-10
Variable
0.05310706
N
N
N
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER H 5.7% PERP PFD
70509V886
692200.00000000
NS
USD
14411604.00000000
0.241900234900
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
145326.08000000
0.002439312993
Long
ABS-MBS
CORP
US
N
3
2044-06-15
Variable
0.05000000
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
503876.15000000
0.008457612285
Long
ABS-MBS
CORP
US
N
2
2035-06-15
Variable
0.05749140
N
N
N
N
N
N
UBS COML MTG TR 2012-C1
N/A
UBSCM 2012-C1 D CSTR 5/45
90269GAN1
321258.19000000
PA
USD
292344.95000000
0.004907039638
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.06444404
N
N
N
N
N
N
EQUITY RESIDENTIAL
5493008RACSH5EP3PI59
EQUITY RESIDENTIAL REIT
29476L107
119700.00000000
NS
USD
9383283.00000000
0.157499356896
Long
EC
CORP
US
N
1
N
N
N
XHR LP
549300M88BPT83ZL2164
XHR LP 4.875% 06/01/2029 144A
98372MAC9
10000000.00000000
PA
USD
9018800.00000000
0.151381472771
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
2306693.79000000
0.038718089231
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
673972.00000000
NS
USD
14726288.20000000
0.247182241116
Long
EP
CORP
US
N
1
N
N
N
GLP CAP LP / GLP FING II INC
N/A
GLP CAP LP / GLP FING II INC 5.3% 01/15/2029
361841AL3
10193000.00000000
PA
USD
9961313.11000000
0.167201650921
Long
DBT
CORP
US
N
2
2029-01-15
Fixed
0.05300000
N
N
N
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
DIVERSIFIED HEALTHCARE TR 4.75% 05/01/2024
81721MAK5
40903000.00000000
PA
USD
37320184.34000000
0.626423079512
Long
DBT
CORP
US
N
2
2024-05-01
Fixed
0.04750000
N
N
N
N
N
N
BANK 2021-BNK38
N/A
BANK 2021-BNK38 3.21677%/VAR 12/15/2064
06540EBC6
3505000.00000000
PA
USD
2870442.18000000
0.048180663138
Long
ABS-MBS
CORP
US
N
2
2064-12-15
Variable
0.03216925
N
N
N
N
N
N
GREEN TREE FINANCIAL CORP
N/A
GT 1996-4 M1 7.75% 6/27
393505MR0
277217.75020000
PA
USD
275093.13000000
0.004617466089
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
0.000167851014
Long
ABS-CBDO
CORP
KY
N
3
2035-12-28
Variable
0.02704430
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
6938114.23700000
PA
USD
6351693.03000000
0.106613811757
Long
ABS-MBS
CORP
US
N
2
2035-11-21
Variable
0.07861600
N
N
N
N
N
N
HERSHA HOSPITALITY TR
549300DNC58BIN1VO064
HERSHA HOSPITALITY TR 6.5% PERP PFD
427825609
197750.00000000
NS
USD
4168570.00000000
0.069969870265
Long
EP
CORP
US
N
1
N
N
N
BX TR 2019-OC11
N/A
BX TR 2019-OC11 4.075457% 12/09/2041 144A
05606FAN3
22521000.00000000
PA
USD
19293261.00000000
0.323839342789
Long
ABS-MBS
CORP
US
N
2
2041-12-09
Variable
0.04075457
N
N
N
N
N
N
OPG TR 2021-PORT
N/A
OPG TR 2021-PORT G 1ML+244 10/15/2036 144A
67118AAS4
6969000.00000000
PA
USD
6367933.51000000
0.106886409861
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.04397000
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
1140875.55000000
0.019149711825
Long
ABS-MBS
CORP
US
N
2
2047-09-05
Variable
0.04851000
N
N
N
N
N
N
WELLS FARGO COML MTG TR 2019-C52
N/A
WELLS FARGO COML MTG TR 2019-C52 3.561% 08/15/2052
95002MBC2
883000.00000000
PA
USD
757710.78000000
0.012718252296
Long
ABS-MBS
CORP
US
N
2
2052-08-15
Fixed
0.03561000
N
N
N
N
N
N
DBUBS 2011 LC3
N/A
DBUBS 2011-LC3A D CSTR 8/44
23305YAM1
2970114.41000000
PA
USD
2788343.41000000
0.046802626956
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05362838
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
12859804.25000000
0.215853118698
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.04299000
N
N
N
N
N
N
HOWARD HUGHES CORP
549300BVHY25JZC1KI49
HOWARD HUGHES CORP 4.125% 02/01/2029 144A
44267DAE7
16960000.00000000
PA
USD
14588756.76000000
0.244873761946
Long
DBT
CORP
US
N
2
2029-02-01
Fixed
0.04125000
N
N
N
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAPITAL MANAGEMENT INC 6.95%/VAR PERP PFD
035710870
1710043.00000000
NS
USD
41297538.45000000
0.693183371669
Long
EP
CORP
US
N
1
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER A 8% PERP PFD
16934Q307
18770.00000000
NS
USD
416694.00000000
0.006994251055
Long
EP
CORP
US
N
1
N
N
N
DIGITAL REALTY TRUST INC
549300HKCZ31D08NEI41
DIGITAL RLTY TR INC 5.25% PFD PERP
253868855
28900.00000000
NS
USD
732615.00000000
0.012297017083
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
4334902.50000000
0.072761778149
Long
EP
CORP
US
N
1
N
N
N
SUNBELT MEZZ
N/A
SUNBELT MEZZ SOFR+445 01/21/2027
N/A
18837337.32000000
PA
USD
18837337.32000000
0.316186617576
Long
LON
CORP
US
N
3
2027-01-21
Variable
0.06163000
N
N
N
N
N
N
CREDIT SUISSE MORTGAGE TRUST 2021-4SZN
N/A
CREDIT SUISSE MORTGAGE TRUST 2021-4SZN TSFR1M+396.65 11/15/2023 144A
12663FAA7
24906000.00000000
PA
USD
24114920.68000000
0.404771389576
Long
ABS-MBS
CORP
US
N
2
2023-11-15
Variable
0.05925500
N
N
N
N
N
N
SITE CENTERS CORP
W2AVA6SODOQ1LCYJQR54
SITE CENTERS CORP
82981J109
1379438.00000000
NS
USD
20153589.18000000
0.338280038553
Long
EC
CORP
US
N
1
N
N
N
PENNSYLVANIA REAL EST INVT TR
5493001GPBXRIG8WJO70
PENNSLVNA 7.375% PFD PERP
709102503
99385.00000000
NS
USD
346853.65000000
0.005821973696
Long
EP
CORP
US
N
1
N
N
N
RLJ LODGING TRUST LP
549300RX5I8Z6I6LDZ74
RLJ LODGING TRUST LP 4% 09/15/2029 144A
74965LAB7
24550000.00000000
PA
USD
21757437.50000000
0.365200795282
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
20315000.00000000
PA
USD
17635654.65000000
0.296016252074
Long
DBT
CORP
US
N
2
2029-06-15
Fixed
0.04500000
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
1224422.37000000
0.020552053672
Long
ABS-MBS
CORP
US
N
2
2051-06-15
Variable
0.03217138
N
N
N
N
N
N
NEXPOINT RESIDENTIAL TRUST INC
549300U2J6XVYBF87166
NEXPOINT RESIDENTIAL TRUST INC
65341D102
32800.00000000
NS
USD
2182512.00000000
0.036633685290
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
1705625.00000000
0.028629088625
Long
EP
CORP
US
N
1
N
N
N
STWD TR 2021-LIH
N/A
STWD TR 2021-LIH 1ML+ 11/15/2036 144A
78486EAQ1
4985000.00000000
PA
USD
4575720.03000000
0.076803924816
Long
ABS-MBS
CORP
US
N
2
2036-11-15
Variable
0.04902000
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
33083237.98000000
PA
USD
29151546.58000000
0.489311666170
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
317854.00000000
NS
USD
5511588.36000000
0.092512569659
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
2042224.74000000
0.034278949402
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
2736191.74000000
0.045927255886
Long
ABS-MBS
CORP
US
N
2
2034-04-15
Variable
0.06999000
N
N
N
N
N
N
CHERRY HILL MORTGAGE INVESTMENT CORP
N/A
CHERRY HILL MTG INVT CORP 8.25%/VAR PFD PERP
164651309
197498.00000000
NS
USD
4392355.52000000
0.073726132917
Long
EP
CORP
US
N
1
N
N
N
VORNADO REALTY TRUST
N/A
VORNADO RLTY SR L 5.4% PFD PRP
929042844
30100.00000000
NS
USD
719089.00000000
0.012069981801
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
34897000.00000000
PA
USD
32629860.56000000
0.547695519128
Long
ABS-MBS
CORP
US
N
2
2038-11-15
Variable
0.07250000
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
19917535.85000000
0.334317859466
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
4162598.70000000
0.069869641389
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
5684611.25000000
0.095416776418
Long
ABS-MBS
CORP
US
N
2
2046-11-15
Variable
0.04896023
N
N
N
N
N
N
SABRA HEALTH CARE REIT INC
549300E3BC7GU7TAZ621
SABRA HEALTHCARE REIT INC
78573L106
719375.00000000
NS
USD
11071181.25000000
0.185830900224
Long
EC
CORP
US
N
1
N
N
N
KENNEDY-WILSON INC
5EA4464UK7FM5QNNKL62
KENNEDY-WILSON INC 4.75% 03/01/2029
489399AL9
19075000.00000000
PA
USD
16833687.50000000
0.282555152118
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
1809592.20000000
0.030374188622
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
2978822.85000000
0.049999843677
Long
ABS-MBS
CORP
US
N
2
2035-07-15
Variable
0.04599000
N
N
N
N
N
N
NECESSITY RETAIL REIT INC/THE
549300GN4H0K3IUS8983
THE NECESSITY RETAIL REIT INC SER A 7.5% PFD PERP
02607T406
874787.00000000
NS
USD
21344802.80000000
0.358274679989
Long
EP
CORP
US
N
1
N
N
N
SUN CMNTYS OPER LTD PRTNRSHP
549300PUNBPJCGT6X741
SUN CMNTYS OPER LTD PRTNRSHP 4.2% 04/15/2032
866677AH0
439000.00000000
PA
USD
410035.42000000
0.006882486114
Long
DBT
CORP
US
N
2
2032-04-15
Fixed
0.04200000
N
N
N
N
N
N
CROWN CASTLE INTERNATIONAL CORP
54930012H97VSM0I2R19
CROWN CASTLE INTL CORP
22822V101
474210.00000000
NS
USD
85670778.60000000
1.437992708340
Long
EC
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 4.75% 10/01/2024
45031UCF6
20425000.00000000
PA
USD
20144156.25000000
0.338121705866
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
17422427.83000000
0.292437218273
Long
ABS-MBS
CORP
US
N
2
2038-11-05
Variable
0.04193500
N
N
N
N
N
N
SUNSTONE HOTEL INVS INC NEW
529900ZQ2V52V96ATF67
SUNSTONE HOTEL INVS INC
867892101
372700.00000000
NS
USD
4222691.00000000
0.070878296740
Long
EC
CORP
US
N
1
N
N
N
VORNADO REALTY TRUST
N/A
VORNADO REALTY TRUST SER O 4.45% PERP PFD
929042794
342900.00000000
NS
USD
6508242.00000000
0.109241502097
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
4449524.82000000
0.074685725416
Long
DBT
CORP
US
N
2
2027-12-15
Fixed
0.03750000
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
19377174.09000000
0.325247832516
Long
ABS-MBS
CORP
US
N
2
2038-11-15
Variable
0.05295000
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
12169489.80000000
0.204266120637
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
31820000.00000000
PA
USD
24495354.20000000
0.411157004797
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
3112201.59000000
0.052238619357
Long
DBT
CORP
US
N
2
2029-08-01
Fixed
0.04625000
N
N
N
N
N
N
BBCMS MTG TR 2022-C16
N/A
BBCMS MTG TR 2022-C16 CSTR 06/15/2055
05552YAL0
5250000.00000000
PA
USD
4720094.93000000
0.079227272156
Long
ABS-MBS
CORP
US
N
2
2055-06-15
Variable
0.04600000
N
N
N
N
N
N
TIMES SQUARE HOTEL TR
N/A
TIMES SQUARE HOTEL TR 8.528% 08/01/2026 144A
887367AA8
3783407.37410000
PA
USD
3880213.42000000
0.065129775822
Long
DBT
CORP
US
N
2
2026-08-01
Fixed
0.08528000
N
N
N
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
3000000.00000000
PA
USD
2305500.00000000
0.038698051345
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
20338990.00000000
PA
USD
16223629.27000000
0.272315262850
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
37345949.63000000
PA
USD
34924740.76000000
0.586215316053
Long
ABS-MBS
CORP
US
N
2
2038-10-15
Variable
0.05889000
N
N
N
N
N
N
AMERICAN TOWER CORP
5493006ORUSIL88JOE18
AMERICAN TOWER CORP 2.7% 04/15/2031
03027XBM1
2000000.00000000
PA
USD
1731548.56000000
0.029064218209
Long
DBT
CORP
US
N
2
2031-04-15
Fixed
0.02700000
N
N
N
N
N
N
EPR PROPERTIES
549300YSSXFHMPOWZ492
EPR PPTYS 4.95% 04/15/2028
26884UAE9
4000000.00000000
PA
USD
3732610.80000000
0.062652250874
Long
DBT
CORP
US
N
2
2028-04-15
Fixed
0.04950000
N
N
N
N
N
N
NEW RESIDENTIAL INVT CORP
549300WNTHGEO5LP2G31
NEW RESIDENTIAL INVESTMENT CRP
64828T201
707199.00000000
NS
USD
7715541.09000000
0.129506139778
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
7120000.00000000
PA
USD
6598907.14000000
0.110763325668
Long
ABS-MBS
CORP
US
N
2
2034-06-15
Variable
0.06216018
N
N
N
N
N
N
WFRBS COML MTG TR 2012-C7
N/A
WFRBS 2012-C7 F 4.5% 6/45
92936TAL6
1988786.51000000
PA
USD
9943.93000000
0.000166909873
Long
ABS-MBS
CORP
US
N
3
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
4356409.88000000
0.073122781704
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
596800.00000000
NS
USD
23293104.00000000
0.390977113246
Long
EC
CORP
US
N
1
N
N
N
RLJ LODGING TR
N/A
RLJ LODGING TRUST
74965L101
421300.00000000
NS
USD
5262037.00000000
0.088323824770
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
11050140.00000000
0.185477720709
Long
DBT
CORP
US
N
2
2029-05-15
Fixed
0.04875000
N
N
N
N
N
N
MHP 2022-MHIL F
N/A
MHP 2022-MHIL F TSFR1M+325.92 01/15/2027 144A
55293DAL5
4305000.00000000
PA
USD
4013638.89000000
0.067369335869
Long
ABS-MBS
CORP
US
N
2
2027-01-15
Variable
0.05217780
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
4542763.75000000
0.076250750313
Long
ABS-MBS
CORP
US
N
2
2036-04-15
Variable
0.05500000
N
N
N
N
N
N
BRAEMAR HOTELS and RESORTS INC
549300JDUUEBN868C776
BRAEMAR HOTELS and RESORTS INC 5.5% PERP PFD
10482B200
84350.00000000
NS
USD
1446602.50000000
0.024281369690
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
5031250.00000000
0.084450041566
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
364700.00000000
NS
USD
8621508.00000000
0.144712886254
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
6712919.55000000
0.112677035534
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.04199000
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
8187043.93000000
0.137420362772
Long
ABS-MBS
CORP
US
N
2
2045-10-15
Variable
0.04727183
N
N
N
N
N
N
ARMOUR RESIDENTIAL REIT INC
549300K0WA0EJUX74V72
ARMOUR RESDNTL REIT INC SER C 7% PERP PFD
042315606
66245.00000000
NS
USD
1478588.40000000
0.024818256266
Long
EP
CORP
US
N
1
N
N
N
WASHINGTON REAL ESTATE INVS TR
549300DI34BGS8LVKW95
WASHINGTON REAL ESTATE IVST TR
939653101
914047.00000000
NS
USD
20264421.99000000
0.340140378511
Long
EC
CORP
US
N
1
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER C 7.75/VAR PERP PFD
16934Q505
2211586.00000000
NS
USD
48212574.80000000
0.809252958192
Long
EP
CORP
US
N
1
N
N
N
BANK 2020-BNK30
N/A
BANK 2020-BN30 MCDG CSTR 12/53
06541UBJ4
2000000.00000000
PA
USD
1408857.80000000
0.023647821072
Long
ABS-MBS
CORP
US
N
2
2053-12-15
Variable
0.02918230
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
21977547.32000000
0.368895360936
Long
ABS-MBS
CORP
US
N
2
2026-10-15
Variable
0.05348513
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
17321870.75000000
0.290749357486
Long
ABS-MBS
CORP
US
N
2
2023-10-15
Variable
0.05192000
N
N
N
N
N
N
MID-AMERICA APT CMNTYS INC
549300FQZKFR5YNSHZ21
MID AMERICA APT CMNTY INC
59522J103
331306.00000000
NS
USD
61533463.38000000
1.032845424137
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
2275448.13000000
0.038193627659
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
14360147.21000000
0.241036527461
Long
ABS-MBS
CORP
US
N
2
2038-11-15
Variable
0.05614900
N
N
N
N
N
N
ENBRIDGE INC
98TPTUM4IVMFCZBCUR27
ENBRIDGE INC SER 1 4% PFD PERP
29250N717
498275.00000000
NS
USD
11500187.00000000
0.193031805252
Long
EP
CORP
CA
N
1
N
N
N
REALTY INCOME CORP
549300CUWDAUZSH43859
REALTY INCOME CORP 4.875% 06/01/2026
756109BF0
436000.00000000
PA
USD
450648.27000000
0.007564176920
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
11964000.00000000
0.200816953501
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
365323.00000000
NS
USD
7785033.13000000
0.130672570718
Long
EC
CORP
US
N
1
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP SER E 6.5%/VAR PFD PERP
00123Q807
1457334.00000000
NS
USD
32950321.74000000
0.553074492538
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
121200.00000000
NS
USD
1591491.87000000
0.026713352462
Long
EP
CORP
US
N
2
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TRUST 6.375% PERP PFD
70509V803
666800.00000000
NS
USD
15449756.00000000
0.259325721520
Long
EP
CORP
US
N
1
N
N
N
VMC FINANCE 2021-HT1
N/A
VMC FINANCE 2021-HT1 B 1ML+450 01/18/2037 144A
91835TAC0
24580000.00000000
PA
USD
22948020.73000000
0.385184855557
Long
ABS-MBS
CORP
US
N
2
2037-01-18
Variable
0.06656000
N
N
N
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAPITAL MANAGEMENT INC SER I 6.75/VAR PFD PERP
035710847
192992.00000000
NS
USD
4554611.20000000
0.076449610963
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
1567665.84000000
0.026313430131
Long
ABS-MBS
CORP
US
N
2
2045-11-10
Variable
0.04662376
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
4093256.29000000
0.068705722004
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
750562333.45000000
NS
USD
750712445.92000000
12.60078454910
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
2616787.60000000
0.043923045285
Long
ABS-MBS
CORP
US
N
2
2036-04-15
Variable
0.06500000
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
4800000.00000000
0.080568486861
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
87100.00000000
NS
4321841.40000000
0.072542546260
Long
EC
CORP
CA
N
1
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT
02665T306
803500.00000000
NS
USD
30436580.00000000
0.510881082465
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
8000000.00000000
PA
USD
7438366.48000000
0.124853735836
Long
DBT
CORP
US
N
2
2025-05-15
Fixed
0.05875000
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
1595400.00000000
0.026778950820
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
959646.00000000
NS
USD
49891995.54000000
0.837442205656
Long
EC
CORP
US
N
1
N
N
N
EPR PROPERTIES
549300YSSXFHMPOWZ492
EPR PPTYS 3.6% 11/15/2031
26884UAG4
2000000.00000000
PA
USD
1644665.52000000
0.027605877570
Long
DBT
CORP
US
N
2
2031-11-15
Fixed
0.03600000
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2013-LC11
N/A
JP MORGAN CH CMS 13-LC11 D CSTR 04/15/2046
46639YAX5
7722000.00000000
PA
USD
5907011.85000000
0.099149793047
Long
ABS-MBS
CORP
US
N
2
2046-04-15
Variable
0.04159307
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
7660640.00000000
0.128584619414
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
4413966.00000000
0.074088867016
Long
ABS-MBS
CORP
US
N
2
2037-03-15
Variable
0.03727570
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
7144000.00000000
0.119912764611
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04916975
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C5
N/A
WFRBS 2011-C5 E CSTR 11/44
92936JAN4
2160343.45000000
PA
USD
2154610.98000000
0.036165363840
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05519286
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
3616490.05000000
0.060703152307
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
1866199.00000000
NS
USD
41056378.00000000
0.689135469055
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
24275040.49000000
0.407459016828
Long
EP
CORP
US
N
2
N
N
N
SPIRIT REALTY CAPITAL INC
549300LTU6LVPZSHMJ25
SPIRIT RLTY CAP INC
84860W300
748600.00000000
NS
USD
33192924.00000000
0.557146596079
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
1911804.08000000
0.032089825396
Long
EP
CORP
US
N
1
N
N
N
COMM 2012-CCRE1 MTG TR
N/A
COMM 2012-CCRE1 G 2.462% 05/15/2045 144A
12624BAS5
6346000.00000000
PA
USD
1537209.98000000
0.025802225432
Long
ABS-MBS
CORP
US
N
2
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
2878800.00000000
0.048320949995
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
3938920.65000000
0.066115182632
Long
EP
CORP
US
N
1
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT 5.875% SER G PFD PERP
02665T876
199750.00000000
NS
USD
5069655.00000000
0.085094673387
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
21592421.39000000
0.362430983138
Long
ABS-MBS
CORP
US
N
2
2036-11-15
Variable
0.05914500
N
N
N
N
N
N
BENCHMARK 2022-B32 MTG TR
N/A
BENCHMARK 2022-B32 MTG TR 3.0019% 01/15/2055
08163NBJ3
20000000.00000000
PA
USD
18591438.00000000
0.312059172549
Long
ABS-MBS
CORP
US
N
2
2055-01-15
Fixed
0.03001900
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
5093061.54000000
PA
USD
5044443.68000000
0.084671498823
Long
ABS-MBS
CORP
US
N
2
2038-09-15
Variable
0.06699140
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
31246000.00000000
PA
USD
28845469.81000000
0.484174136540
Long
ABS-MBS
CORP
US
N
2
2038-12-15
Variable
0.05968000
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
3271338.24000000
0.054909744168
Long
ABS-MBS
CORP
US
N
2
2034-03-25
Variable
0.05159000
N
N
N
N
N
N
BX 2021-VOLT G
N/A
BX 2021-VOLT G 1ML+295 09/15/2023 144A
05609VAS4
5000000.00000000
PA
USD
4624052.00000000
0.077615181835
Long
ABS-MBS
CORP
US
N
2
2036-09-15
Variable
0.04849150
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
500000.00000000
PA
USD
466986.65000000
0.007838418286
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.04600000
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
13173970.74000000
0.221126435099
Long
ABS-MBS
CORP
US
N
2
2038-08-15
Variable
0.05949000
N
N
N
N
N
N
RETAIL VALUE INC
549300VO5RB7323N1Z31
RETAIL VALUE INC
76133Q102
274131.00000000
NS
USD
38241.27000000
0.000641883595
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
731427.00000000
NS
USD
16691164.14000000
0.280162883065
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
9372092.60000000
0.157311524897
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
4778785.50000000
0.080212399327
Long
ABS-MBS
CORP
US
N
2
2034-04-15
Variable
0.05599000
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
6845903.21000000
0.114909179755
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
826895.30000000
0.013879521482
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
5650458.00000000
0.094843510652
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
0.000003776647
Long
ABS-CBDO
CORP
KY
N
3
2050-03-20
Variable
0.03346380
N
N
N
N
N
N
CITIGROUP COML MTG TR 2022-GC48
N/A
CITIGROUP COML MTG TR 2022-GC48 2.5% 06/15/2055 144A
29426VAK2
4000000.00000000
PA
USD
2568618.00000000
0.043114513663
Long
ABS-MBS
CORP
US
N
2
2055-06-15
Fixed
0.02500000
N
N
N
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
7000000.00000000
PA
USD
6390678.00000000
0.107268178432
Long
ABS-CBDO
CORP
US
N
2
2051-09-25
Fixed
0.03933000
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
1312092.32000000
0.022023602675
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
4896000.00000000
PA
USD
4401504.00000000
0.073879691082
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
1940702.98000000
0.032574896363
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
6611000.00000000
0.110966305550
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
15139303.92000000
0.254114751868
Long
EP
CORP
US
N
2
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
4039885.55000000
0.067809888720
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
6347619.46000000
0.106545436471
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
4205862.00000000
0.070595820268
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
7246000.00000000
PA
USD
6665148.32000000
0.111875190593
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.05141100
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
16798000.00000000
PA
USD
14278300.00000000
0.239662713739
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
77100.00000000
NS
USD
1646085.00000000
0.027629703686
Long
EP
CORP
US
N
1
N
N
N
BANK 2022-BNK42
N/A
BANK 2022-BNK42 C CSTR 06/15/2055
06541MCF9
6500000.00000000
PA
USD
5898594.00000000
0.099008498581
Long
ABS-MBS
CORP
US
N
2
2055-06-15
Variable
0.04721379
N
N
N
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL INC
55272X607
2554785.00000000
NS
USD
33110013.60000000
0.555754936606
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
729408.00000000
NS
USD
18556139.52000000
0.311466683982
Long
EP
CORP
US
N
1
N
N
N
IMT TR 2017-APTS
N/A
IMTT 2017-APTS EFX CSTR 06/15/2034 144A
44974ABE6
9213000.00000000
PA
USD
8609896.75000000
0.144517990245
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
4124670.00000000
0.069233004312
Long
ABS-MBS
CORP
US
N
3
2046-01-10
Fixed
0.03500000
N
N
N
N
N
N
BBCMS MTG TR 2019-C3
N/A
BBCMS MTG TR 2019-C3 4.178% 05/15/2052
05550MAZ7
4675000.00000000
PA
USD
4189681.24000000
0.070324224570
Long
ABS-MBS
CORP
US
N
2
2052-05-15
Fixed
0.04178000
N
N
N
N
N
N
FEDERAL NAT MTG ASN GTD REM PA
N/A
FNW 2002-W1 3B3 CSTR 2/42
31392CMZ4
25997.10960000
PA
USD
6545.97000000
0.000109874770
Long
ABS-CBDO
USGSE
US
N
2
2042-02-25
Variable
0.03258190
N
N
N
N
N
N
DUKE REALTY CORP
254900E47KH1NFFKNF25
DUKE REALTY CORP REIT
264411505
442800.00000000
NS
USD
27701568.00000000
0.464973628634
Long
EC
CORP
US
N
1
N
N
N
AMERICAN TOWER CORP
5493006ORUSIL88JOE18
AMERICAN TOWER CORP 4.05% 03/15/2032
03027XBW9
27000000.00000000
PA
USD
25844256.90000000
0.433798473434
Long
DBT
CORP
US
N
2
2032-03-15
Fixed
0.04050000
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
7386170.00000000
0.123977612625
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05158841
N
N
N
N
N
N
NEW RESIDENTIAL INVT CORP
549300WNTHGEO5LP2G31
NEW RESIDENTIAL INVESTMENT CORP SER B 7.125%/VAR PFD PERP
64828T409
1452357.00000000
NS
USD
32547320.37000000
0.546310073666
Long
EP
CORP
US
N
1
N
N
N
ELLINGTON FINANCIAL INC
60GS1D1R1YY5G1W7IT74
ELLINGTON FINANCIAL INC 6.75/VAR PFD PERP
28852N208
253318.00000000
NS
USD
5413405.66000000
0.090864563081
Long
EP
CORP
US
N
1
N
N
N
NECESSITY RETAIL REIT INC/THE
549300GN4H0K3IUS8983
THE NECESSITY RETAIL REIT INC SER C 7.375% PFD PERP
02607T505
379839.00000000
NS
USD
9302257.11000000
0.156139329114
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
2095340.39000000
0.035170500975
Long
ABS-CBDO
CORP
KY
N
2
2036-02-22
Variable
0.05111570
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
3039433.80000000
0.051017204621
Long
ABS-MBS
CORP
US
N
3
2049-07-15
Variable
0.05084196
N
N
N
N
N
N
CROWN CASTLE INTERNATIONAL CORP
54930012H97VSM0I2R19
CROWN CASTLE INTL CORP 2.25% 01/15/2031
22822VAT8
5000000.00000000
PA
USD
4239486.15000000
0.071160205036
Long
DBT
CORP
US
N
2
2031-01-15
Fixed
0.02250000
N
N
N
N
N
N
GLOBAL PARTNERS LP
549300PCHWTW9P4DU444
GLOBAL PARTNERS LP SER B 9.5% PERP PFD
37946R307
67800.00000000
NS
USD
1728561.00000000
0.029014071711
Long
EP
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 5.5% 02/15/2026
45031UCJ8
16985000.00000000
PA
USD
16675881.32000000
0.279906359381
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
716144.00000000
0.012020549678
Long
ABS-MBS
CORP
US
N
3
2044-08-10
Variable
0.05158841
N
N
N
N
N
N
HOWARD HUGHES CORP
549300BVHY25JZC1KI49
HOWARD HUGHES CORP 4.375% 02/01/2031 144A
44267DAF4
22625000.00000000
PA
USD
19159191.86000000
0.321588978676
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
5497058.34000000
0.092268681800
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
3699750.50000000
PA
USD
3537886.42000000
0.059383782405
Long
ABS-MBS
CORP
US
N
2
2045-03-15
Variable
0.05163800
N
N
N
N
N
N
PROVIDENCE PLACE GROUP LTD PARTNERSHIP
N/A
PPGLP 2000-C1 A2 7.75% 7/28
743784AB6
3115026.03000000
PA
USD
3392905.04000000
0.056950255236
Long
ABS-MBS
CORP
US
N
2
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
7955192.16000000
0.133528707296
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
14830.00000000
0.000248923054
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
25873767.36000000
0.434293809499
Long
EP
CORP
US
N
1
N
N
N
AG MORTGAGE INVESTMENT TR INC
549300SNP0PBR2XTFR48
AG MTG INVT 8% PFD PRP
001228303
555892.00000000
NS
USD
10953462.74000000
0.183854983094
Long
EP
CORP
US
N
1
N
N
N
MERIT SECURITIES CORP
N/A
MESC 13 M1 VAR 12/33
589962CV9
815884.38900000
PA
USD
819555.95000000
0.013756329747
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
2185796.00000000
NS
USD
160699721.92000000
2.697361132109
Long
EC
CORP
US
N
1
N
N
N
GLADSTONE LAND CORP
54930002B3Q17H38FG74
GLADSTONE LAND CORP SER D 5% PFD 01/31/26
376549507
30000.00000000
NS
USD
741000.00000000
0.012437760159
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
1210936.39000000
0.020325690130
Long
ABS-MBS
CORP
US
N
2
2061-05-15
Fixed
0.03000000
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
9143866.64000000
0.153480729009
Long
ABS-MBS
CORP
US
N
2
2048-05-15
Variable
0.04023977
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
3309663.27000000
0.055553033684
Long
ABS-MBS
CORP
US
N
2
2050-06-15
Variable
0.04440658
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
3210989.60000000
0.053896786124
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
2391530.60000000
0.040142083692
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
2836671.04000000
0.047613811128
Long
ABS-MBS
CORP
US
N
2
2046-11-15
Variable
0.04896023
N
N
N
N
N
N
UDR INC
P3CH2EG5X6Z1XWU1OO74
UDR INC
902653104
162200.00000000
NS
USD
7850480.00000000
0.131771103069
Long
EC
CORP
US
N
1
N
N
N
AMERICAN FIN TR FINAN OP
N/A
AMERICAN FIN TR FINAN OP 4.5% 09/30/2028 144A
02608AAA7
30405000.00000000
PA
USD
24462950.85000000
0.410613111280
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
2444520.00000000
0.041031516146
Long
ABS-MBS
CORP
US
N
3
2045-05-10
Variable
0.05000000
N
N
N
N
N
N
WILLSCOT MOBILE MINI HOLDINGS CORP
549300HJ4VIXF476Q166
WILLSCOT MOBILE MINI HOLDINGS CORP
971378104
424300.00000000
NS
USD
16382223.00000000
0.274977274694
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
2561639.50000000
0.042997378833
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
0.000002047782
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
12445000.00000000
PA
USD
10009762.40000000
0.168014877168
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
2395274.99000000
0.040204933658
Long
ABS-MBS
CORP
US
N
2
2041-02-12
Variable
0.02892490
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
6686701.61000000
0.112236964752
Long
ABS-MBS
CORP
US
N
2
2026-06-15
Variable
0.05850000
N
N
N
N
N
N
ESSEX PROPERTY TRUST INC
549300TR2H2VEFX0NC60
ESSEX PROPERTY TRUST INC
297178105
145000.00000000
NS
USD
41546850.00000000
0.697368091323
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
1953427.38000000
0.032788476708
Long
ABS-MBS
CORP
US
N
2
2050-09-15
Variable
0.04070368
N
N
N
N
N
N
SOTHERLY HOTELS INC
549300IYTT21F61LSR10
SOTHERLY HOTELS INC SER B 8% PERP PFD
83600C301
67250.00000000
NS
USD
1405525.00000000
0.023591879686
Long
EP
CORP
US
N
1
N
N
N
CYXTERA TECHNOLOGIES INC
N/A
CYXTERA TECHNOLOGIES INC A
23284C102
803700.00000000
NS
USD
9797103.00000000
0.164445367569
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
1867304.28000000
0.031342891739
Long
ABS-MBS
CORP
US
N
2
2049-09-15
Fixed
0.03000000
N
N
N
N
N
N
HILTON DOMESTIC OPERATING CO INC
5493003EG7H0N1E4XV50
HILTON DOMESTIC OPERATING CO INC 3.625% 02/15/2032 144A
432833AN1
5965000.00000000
PA
USD
5144812.50000000
0.086356199647
Long
DBT
CORP
US
N
2
2032-02-15
Fixed
0.03625000
N
N
N
N
N
N
RLJ LODGING TRUST LP
549300RX5I8Z6I6LDZ74
RLJ LODGING TRUST LP 3.75% 07/01/2026 144A
74965LAA9
8000000.00000000
PA
USD
7504400.00000000
0.125962115167
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
19070000.00000000
PA
USD
15825442.02000000
0.265631649471
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
29276678.27830000
PA
USD
115692.65000000
0.001941912864
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.00438601
N
N
N
N
N
N
CROWN CASTLE INTERNATIONAL CORP
54930012H97VSM0I2R19
CROWN CASTLE INTL CORP 2.5% 07/15/2031
22822VAY7
5000000.00000000
PA
USD
4282683.85000000
0.071885282812
Long
DBT
CORP
US
N
2
2031-07-15
Fixed
0.02500000
N
N
N
N
N
N
DIGITALBRIDGE GROUP INC
549300XG87L902AGBO89
DIGITALBRIDGE GROUP INC 7.125% SER J PFD PERP
25401T306
1387346.00000000
NS
USD
33226936.70000000
0.557717502699
Long
EP
CORP
US
N
1
N
N
N
GREAT AJAX CORP
5493004ID2QQWNGDYC18
GREAT AJAX CORP
38983D300
1663364.00000000
NS
USD
18330271.28000000
0.307675462663
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
304279.00000000
NS
USD
5473979.21000000
0.091881296262
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
19835000.00000000
PA
USD
18595312.50000000
0.312124206424
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
766447.50000000
0.012864899027
Long
EP
CORP
BM
N
1
N
N
N
COMM 2014-CCRE17 MTG TR
N/A
COMM 2014-CCRE17 E CSTR 05/10/2047 144A
12631DAJ2
3098000.00000000
PA
USD
2303467.09000000
0.038663928745
Long
ABS-MBS
CORP
US
N
2
2047-05-10
Variable
0.04845520
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
3895082.62000000
0.065379356852
Long
ABS-MBS
CORP
US
N
3
2049-07-15
Variable
0.05084196
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 7.65 SER G PERP PFD
45031U705
355973.00000000
NS
USD
8792533.10000000
0.147583559905
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
10430222.76000000
0.175072346958
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
8049443.92000000
0.135110732647
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
0.000000017288
Long
DBT
CORP
US
N
3
2026-12-15
Fixed
0.05950000
Y
Y
N
N
N
N
HEALTHCARE TRUST INC
549300Z2NSUGF5NF2Y30
HEALTHCARE TRUST INC SER A 7.375% PFD PERP
42226B204
364800.00000000
NS
USD
9101760.00000000
0.152773964786
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
1979202.60000000
0.033221116390
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
151200.00000000
NS
USD
3364200.00000000
0.056468438228
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
24638000.00000000
0.413551329018
Long
LON
CORP
US
N
3
2024-01-09
Variable
0.06958580
N
N
N
N
N
N
EASTGROUP PROPERTIES INC
31TIGQQZC4P6JMHKSW85
EASTGROUP PPTYS INC
277276101
68600.00000000
NS
USD
11699044.00000000
0.196369640167
Long
EC
CORP
US
N
1
N
N
N
CLEAR CHANNEL OUTDOOR HOLDINGS INC
N/A
CLEAR CHANNEL OUTDOOR HOLDINGS INC 7.5% 06/01/2029 144A
18453HAD8
15965000.00000000
PA
USD
12851825.00000000
0.215719186178
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
4425227.55000000
0.074277893275
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04916975
N
N
N
N
N
N
BENCHMARK 2022-B35 MTG TR
N/A
BENCHMARK 2022-B35 MTG TR 2.5% 05/15/2055 144A
08163RAS5
3500000.00000000
PA
USD
2225609.75000000
0.037357085396
Long
ABS-MBS
CORP
US
N
3
2055-05-15
Fixed
0.02500000
N
N
N
N
N
N
READY CAPITAL CORP
549300MYWGZUG7ZUYO87
READY CAPITAL CORP 6.2% PFD 07/30/26
75574U408
264250.00000000
NS
USD
6421275.00000000
0.107781752181
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
10962382.20000000
0.184004697135
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
229467.00000000
NS
USD
3969779.10000000
0.066633144845
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
3236202.12000000
PA
USD
3009667.97000000
0.050517582145
Long
ABS-MBS
CORP
US
N
3
2045-01-10
Variable
0.06448368
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
3192833.24000000
0.053592029780
Long
ABS-MBS
CORP
US
N
2
2046-05-15
Variable
0.04018035
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
12878347.13000000
0.216164362820
Long
DBT
CORP
US
N
2
2030-01-15
Fixed
0.06000000
N
N
N
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE SER G 5.05% PFD PERP
74460W669
29000.00000000
NS
USD
736310.00000000
0.012359038033
Long
EP
CORP
US
N
1
N
N
N
LEHMAN ABS MANUF HSG CNTRCT TR
N/A
LABMH 2001-B M2 7.17% 3/28
52519SAM5
503690.45550000
PA
USD
347802.49000000
0.005837900072
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
12720000.00000000
PA
USD
12131700.00000000
0.203631815011
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
517638.00000000
NS
USD
10301047.96000000
0.172904134838
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
8496739.44000000
0.142618633319
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
1218230.37000000
PA
USD
1215640.17000000
0.020404643555
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04887708
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
3858633.55000000
0.064767555515
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
88934.00000000
NS
USD
1823147.00000000
0.030601707315
Long
EP
CORP
US
N
1
N
N
N
CONSECO FIN SECURITIZATNS CORP
N/A
CNF 2002-2 M2 9.163% 3/33
20846QJZ2
374662.85250000
PA
USD
341132.51000000
0.005725943781
Long
ABS-CBDO
CORP
US
N
2
2033-03-01
Fixed
0.09163000
N
N
N
N
N
N
CITIGROUP COML MTG TR 2022-GC48
N/A
CITIGROUP COML MTG TR 2022-GC48 2.5% 06/15/2055 144A
29426VAM8
2000000.00000000
PA
USD
1171040.20000000
0.019656028534
Long
ABS-MBS
CORP
US
N
2
2055-06-15
Fixed
0.02500000
N
N
N
N
N
N
AMERICAN TOWER CORP
5493006ORUSIL88JOE18
AMERICAN TOWER CORP
03027X100
596400.00000000
NS
USD
161523012.00000000
2.711180139608
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
6693729.41000000
0.112354927088
Long
ABS-MBS
CORP
US
N
2
2047-09-15
Fixed
0.04709400
N
N
N
N
N
N
MERIT 2021
N/A
MHP 2021-STOR J 1ML+395 07/15/2038 144A
55293BAR6
3476000.00000000
PA
USD
3284819.30000000
0.055136025127
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.05949000
N
N
N
N
N
N
BARCLAYS COMMERCIAL MORTGAGE SECURITIES LLC
N/A
BARCLAYS COMMERCIAL MORTGAGE SECURITIES LLC 2.689% 11/15/2054
05552XBG2
25000000.00000000
PA
USD
22675407.50000000
0.380609014841
Long
ABS-MBS
CORP
US
N
2
2054-11-15
Fixed
0.02689000
N
N
N
N
N
N
FRANKLIN BSP REALTY TRUST INC/DUPE
N/A
FRANKLIN BSP RE 7.5% PFD PERP
35243J200
439441.00000000
NS
USD
9241444.23000000
0.155118578755
Long
EP
CORP
US
N
1
N
N
N
MPT OPER PARTNERSHIP LP / MPT FIN CORP
N/A
MPT OPER PARTNERSHIP LP/CORP 5% 10/15/2027
55342UAH7
5000000.00000000
PA
USD
4810500.00000000
0.080744730426
Long
DBT
CORP
US
N
2
2027-10-15
Fixed
0.05000000
N
N
N
N
N
N
AMERICAN TOWER CORP
5493006ORUSIL88JOE18
AMERICAN TOWER CORP 3.8% 08/15/2029
03027XAW0
5000000.00000000
PA
USD
4781605.50000000
0.080259733313
Long
DBT
CORP
US
N
2
2029-08-15
Fixed
0.03800000
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
176632.00000000
NS
USD
3983051.60000000
0.066855925104
Long
EP
CORP
US
N
1
N
N
N
REXFORD INDL RLTY INC
549300MSLO0DF0EMX355
REXFORD INDUSTRIAL REALTY INC
76169C100
67700.00000000
NS
USD
4428257.00000000
0.074328742900
Long
EC
CORP
US
N
1
N
N
N
REALOGY GROUP LLC / REALOGY CO-ISSUER CORP
N/A
REALOGY GROUP LLC / REALOGY CO-ISSUER CORP 5.75% 01/15/2029 144A
75606DAL5
4965000.00000000
PA
USD
4034062.50000000
0.067712148235
Long
DBT
CORP
US
N
2
2029-01-15
Fixed
0.05750000
N
N
N
N
N
N
SITE CENTERS CORP
W2AVA6SODOQ1LCYJQR54
SITE CENTERS CORP 6.375% 12/31/99 PFD PERP
82981J877
102400.00000000
NS
USD
2657792.00000000
0.044611308298
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
3004606.40000000
0.050432623179
Long
ABS-MBS
CORP
US
N
2
2048-01-15
Variable
0.03879176
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
7281922.18000000
0.122227802392
Long
ABS-MBS
CORP
US
N
2
2038-12-15
Variable
0.05218000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 D CSTR 6/44
617459AJ1
3685789.40000000
PA
USD
3483061.03000000
0.058463532673
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.05211300
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
4176000.00000000
0.070094583569
Long
EP
CORP
US
N
1
N
N
N
GREEN TREE FINANCIAL CORP
N/A
GT 1997-3 M1 7.53% 3/28
393505TZ5
2532570.98160000
PA
USD
2439620.81000000
0.040949282745
Long
ABS-CBDO
CORP
US
N
2
2028-03-15
Fixed
0.07530000
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.5% 04/01/2027 REGS
681936BF6
2434000.00000000
PA
USD
2347221.06000000
0.039398343569
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
81626.00000000
NS
USD
1655375.28000000
0.027785641978
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
14016677.91000000
0.235271360423
Long
ABS-MBS
CORP
US
N
2
2036-11-15
Variable
0.05550000
N
N
N
N
N
N
DIGITALBRIDGE GROUP INC
549300XG87L902AGBO89
DIGITALBRIDGE GROUP INC SER H 7.125% PERP PFD
25401T504
965305.00000000
NS
USD
23138360.85000000
0.388379733778
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
46107.01260000
PA
USD
34727.74000000
0.000582908638
Long
ABS-CBDO
USGSE
US
N
3
2043-06-25
Variable
0.03249290
N
N
N
N
N
N
PROLOGIS INC
529900DFH19P073LZ636
PROLOGIS INC REIT
74340W103
513100.00000000
NS
USD
68016536.00000000
1.141664455639
Long
EC
CORP
US
N
1
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6
N/A
MORGAN STAN BAML TR-2012-C6 VAR 11/15/2045 144A
61761DAQ5
2000000.00000000
PA
USD
1980623.20000000
0.033244961305
Long
ABS-MBS
CORP
US
N
2
2045-11-15
Variable
0.04573752
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
6301634.04000000
0.105773566532
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
442321.00000000
NS
USD
11889588.48000000
0.199567948591
Long
EP
CORP
US
N
1
N
N
N
AVALONBAY COMMUNITIES INC
K9G90K85RBWD2LAGQX17
AVALONBAY COMMUNITIES INC REIT
053484101
170600.00000000
NS
USD
36498164.00000000
0.612625384728
Long
EC
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 5.99% 12/26/2051 144A
19521UAE3
6400000.00000000
PA
USD
5815417.60000000
0.097612374270
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
38848.35950000
PA
USD
38478.64000000
0.000645867875
Long
ABS-MBS
CORP
US
N
2
2032-07-15
Variable
0.07350000
N
N
N
N
N
N
SLG OFFICE TR 2021-OVA
N/A
SLG OFFICE TR 2021-OVA 2.85061% 07/15/2041 144A
78449RAQ8
5000000.00000000
PA
USD
3535130.00000000
0.059337515616
Long
ABS-MBS
CORP
US
N
2
2041-07-15
Fixed
0.02850610
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
0.048441802725
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
7300583.09000000
0.122541027659
Long
ABS-MBS
CORP
US
N
2
2042-10-09
Variable
0.02653530
N
N
N
N
N
N
LAMAR ADVERTISING CO
529900Y8WW4MKVPTB543
LAMAR ADVERTISING CO CL A
512816109
207000.00000000
NS
USD
20919420.00000000
0.351134586545
Long
EC
CORP
US
N
1
N
N
N
CSMC 2020-NET
N/A
CSMC 2020-NET VAR 08/15/2037 144A
126438AL4
9400000.00000000
PA
USD
8467001.12000000
0.142119472602
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
1997460.00000000
0.033527568701
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
3435600.00000000
PA
USD
3369118.74000000
0.056550999778
Long
ABS-MBS
CORP
US
N
2
2038-09-15
Variable
0.07999140
N
N
N
N
N
N
2022-08-30
Stacie M. Smith
Stacie M. Smith
Stacie M. Smith
President and Treasurer