0001752724-23-067563.txt : 20230327
0001752724-23-067563.hdr.sgml : 20230327
20230327133216
ACCESSION NUMBER: 0001752724-23-067563
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20230131
FILED AS OF DATE: 20230327
DATE AS OF CHANGE: 20230327
PERIOD START: 20230731
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: 23763672
BUSINESS ADDRESS:
STREET 1: 245 SUMMER STREET
CITY: BOSTON
STATE: MA
ZIP: 02210
BUSINESS PHONE: 617-563-7000
MAIL ADDRESS:
STREET 1: 245 SUMMER STREET
CITY: BOSTON
STATE: MA
ZIP: 02210
0000754510
S000007192
Fidelity Real Estate Income Fund
C000019680
Fidelity Real Estate Income Fund
FRIFX
C000087887
Fidelity Advisor Real Estate Income Fund: Class A
FRINX
C000087889
Fidelity Advisor Real Estate Income Fund: Class C
FRIOX
C000087890
Fidelity Advisor Real Estate Income Fund: Class M
FRIQX
C000087891
Fidelity Advisor Real Estate Income Fund: Class I
FRIRX
C000205040
Fidelity Advisor Real Estate Income Fund: Class Z
FIKMX
NPORT-P
1
primary_doc.xml
NPORT-P
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811-04118
0000754510
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245 Summer Street
Boston
02210
1-800-FIDELITY
Fidelity Real Estate Income Fund
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2023-07-31
2023-01-31
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USD
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DIGITAL REALTY TRUST INC
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DIGITAL REALTY TRUST INC
253868103
83900.00000000
NS
USD
9616618.00000000
0.193494349481
Long
EC
CORP
US
N
1
N
N
N
EQUINIX INC
549300EVUN2BTLJ3GT74
EQUINIX INC 3.2% 11/18/2029
29444UBE5
5000000.00000000
PA
USD
4526066.30000000
0.091068216958
Long
DBT
CORP
US
N
2
2029-11-18
Fixed
0.03200000
N
N
N
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE SER S 4.1% PFD PERP
74460W396
200000.00000000
NS
USD
3786000.00000000
0.076177467706
Long
EP
CORP
US
N
1
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2011-C3
N/A
JPMCC 2011-C3 G CSTR 02/15/2046 144A
46635TBK7
4671000.00000000
PA
USD
398270.01000000
0.008013523725
Long
ABS-MBS
CORP
US
N
2
2046-02-15
Variable
0.04409000
N
N
N
N
N
N
CAMB COML MTG TR 2019-LIFE
N/A
CAMB COML MTG TR 2019-LIFE 1ML+325 12/15/2037 144A
12482HAS3
14973000.00000000
PA
USD
14030410.72000000
0.282303528665
Long
ABS-MBS
CORP
US
N
2
2037-12-15
Variable
0.07709000
N
N
N
N
N
N
SERITAGE GROWTH PPTYS
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SERITAGE GROWTH PPTYS SER A 7% PERP PFD
81752R308
91986.00000000
NS
USD
2210423.58000000
0.044475560190
Long
EP
CORP
US
N
1
N
N
N
BX COMMERCIAL MORTGAGE TRUST 2022-LP2
N/A
BX 2022-LP2 G TSFR1M+411.27 02/15/39 144A
05610HAN3
5106144.91000000
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USD
4805019.72000000
0.096680991692
Long
ABS-MBS
CORP
US
N
2
2039-02-15
Variable
0.08583840
N
N
N
N
N
N
NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-SFR2
N/A
NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-SFR2 4% 09/04/2039 144A
64830RAJ1
2900000.00000000
PA
USD
2431629.41000000
0.048926405402
Long
ABS-CBDO
CORP
US
N
2
2039-09-04
Fixed
0.04000000
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
2137093.11000000
0.043000090167
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
75500.00000000
NS
USD
55728815.00000000
1.121310091117
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
106241.62000000
0.002137669724
Long
ABS-MBS
CORP
US
N
3
2045-05-10
Variable
0.05000000
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC
45031U101
77413.00000000
NS
USD
718392.64000000
0.014454657193
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
17679948.70000000
0.355735267074
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
89578.50000000
0.001802393896
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
3338486.09000000
0.067173115770
Long
ABS-MBS
CORP
US
N
2
2065-04-15
Variable
0.03790019
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
10647980.97000000
0.214246229920
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
8341200.00000000
PA
USD
8271717.80000000
0.166433839298
Long
LON
CORP
US
N
2
2026-09-09
Variable
0.09429860
N
N
N
N
N
N
SERVICE PROPERTIES TRUST
529900IS770AG1K9QG27
SERVICE PPTYS TR 4.65% 03/15/2024
44106MAS1
3500000.00000000
PA
USD
3408110.06000000
0.068574007933
Long
DBT
CORP
US
N
2
2024-03-15
Fixed
0.04650000
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
19589556.78000000
0.394158169304
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
11024041.00000000
0.221812870383
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
1937712.25000000
0.038988381497
Long
ABS-MBS
CORP
US
N
2
2045-11-15
Variable
0.04539766
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
8403014.78000000
0.169075643697
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
8948740.61000000
0.180056101117
Long
ABS-MBS
CORP
US
N
2
2052-03-15
Fixed
0.04052900
N
N
N
N
N
N
BANK 2021-BNK36
N/A
BANK 2021-BNK36 2.47% 09/15/2064
06540DBH7
25000000.00000000
PA
USD
21099067.50000000
0.424530780008
Long
ABS-MBS
CORP
US
N
2
2064-09-15
Fixed
0.02470000
N
N
N
N
N
N
CENTURY CMNTYS INC
5299002QMB2O7ZL1CA26
CENTURY COMMUNITIES INC 6.75% 06/01/2027
156504AL6
4670000.00000000
PA
USD
4605203.28000000
0.092660518791
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
8745087.81000000
0.175958437462
Long
ABS-MBS
CORP
US
N
2
2023-05-15
Variable
0.08051680
N
N
N
N
N
N
EXTRA SPACE STORAGE INC
N/A
EXTRA SPACE STORAGE INC
30225T102
111000.00000000
NS
USD
17519130.00000000
0.352499461124
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
3937858.75000000
0.079232992012
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
4472571.69000000
0.089991860929
Long
ABS-MBS
CORP
US
N
2
2046-05-15
Variable
0.04102026
N
N
N
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE 4% PFD PERP
74460W420
331800.00000000
NS
USD
6264384.00000000
0.126044614331
Long
EP
CORP
US
N
1
N
N
N
RITHM CAPITAL CORP
549300WNTHGEO5LP2G31
RITHM CAPITAL CORP SER C 6.375%/VAR PFD PERP
64828T508
1149554.00000000
NS
USD
22933602.30000000
0.461443145429
Long
EP
CORP
US
N
1
N
N
N
SREIT TR 2021-MFP
N/A
SREIT TR 2021-MFP G 1ML+297.38 11/15/2038 144A
78472UAN8
3874000.00000000
PA
USD
3628217.17000000
0.073002745984
Long
ABS-MBS
CORP
US
N
2
2038-11-15
Variable
0.07432800
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
5822791.50000000
0.117159406088
Long
EP
CORP
US
N
1
N
N
N
HEALTHCARE REALTY TRUST INC
549300L0I14L7I0VLX84
HEALTHCARE REALTY TRUST INC
42226K105
186360.00000000
NS
USD
4012330.80000000
0.080731431575
Long
EC
CORP
US
N
1
N
N
N
COMM 2017-COR2
N/A
COMM 2017-COR2 D 3% 09/10/2050 144A
12595EAN5
2769000.00000000
PA
USD
2021218.26000000
0.040668591845
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
101125.00000000
NS
USD
2445202.50000000
0.049199507258
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
2843468.57000000
0.057212951707
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
6009851.10000000
0.120923200763
Long
ABS-MBS
CORP
US
N
2
2039-07-15
Variable
0.08359000
N
N
N
N
N
N
XHR LP
549300M88BPT83ZL2164
XHR LP 6.375% 08/15/2025 144A
98372MAA3
4250000.00000000
PA
USD
4186572.28000000
0.084237315018
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
217700.00000000
NS
USD
4319168.00000000
0.086905251145
Long
EP
CORP
US
N
1
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PPTYS INC 6.75% SER D PFD PERP
903002509
650125.00000000
NS
USD
15050393.75000000
0.302826435250
Long
EP
CORP
US
N
1
N
N
N
REDWOOD TRUST INC
DRBV4N1ERQLEMIF11G78
REDWOOD TRUST INC CONV 5.625% 07/15/2024
758075AD7
8631000.00000000
PA
USD
8167083.75000000
0.164328515219
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
284884.00000000
NS
USD
6549483.16000000
0.131781046464
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
4827161.65000000
0.097126505733
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
0.000000022937
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
1062300.00000000
NS
USD
17251752.00000000
0.347119593464
Long
EC
CORP
US
N
1
N
N
LXP INDUSTRIAL TRUST
549300S4MH2ICXDBFV43
LXP INDUSTRIAL TRUST REIT
529043101
4593174.00000000
NS
USD
53051159.70000000
1.067433440260
Long
EC
CORP
US
N
1
N
N
N
VICI PROPERTIES LP
254900X4QE7SGKQLLN38
VICI PROPERTIES LP 5.125% 05/15/2032
925650AD5
34000000.00000000
PA
USD
32524400.00000000
0.654417969008
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
1537071.75000000
PA
USD
576401.91000000
0.011597685653
Long
ABS-MBS
CORP
US
N
2
2044-03-15
Variable
0.05378134
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
2707738.00000000
0.054481939791
Long
EP
CORP
US
N
1
N
N
N
ADAMS HOMES INC
N/A
ADAMS HOMES INC 7.5% 02/15/2025 144A
00623PAA9
7530000.00000000
PA
USD
6476265.58000000
0.130307847881
Long
DBT
CORP
US
N
2
2025-02-15
Fixed
0.07500000
N
N
N
N
N
N
BENCHMARK 2022-B34 MORTGAGE TRUST
N/A
BENCHMARK 2022-B34 MORTGAGE TRUST 3.786% 04/15/2055
08161YBG7
22168402.00000000
PA
USD
20615591.90000000
0.414802848971
Long
ABS-MBS
CORP
US
N
2
2055-04-15
Fixed
0.03786000
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
10592741.63000000
0.213134768473
Long
ABS-MBS
CORP
US
N
2
2039-01-15
Variable
0.08678040
N
N
N
N
N
N
DIGITALBRIDGE GROUP INC
549300XG87L902AGBO89
DIGITALBRIDGE GROUP INC
25401T603
457988.00000000
NS
USD
6778222.40000000
0.136383470148
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
4514831.33380000
PA
USD
45.15000000
0.000000908455
Long
ABS-CBDO
CORP
US
N
3
2052-10-17
Variable
0.00000000
N
N
N
N
N
N
KIMCO REALTY CORP
549300EA7I6T15IBYS12
KIMCO REALTY CORP 5.125% PERP PFD
49446R737
14000.00000000
NS
USD
327390.00000000
0.006587358994
Long
EP
CORP
US
N
1
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
17385615.00000000
0.349813028319
Long
ABS-MBS
CORP
US
N
2
2023-08-15
Variable
0.08174400
N
N
N
N
N
N
CENTURY CMNTYS INC
5299002QMB2O7ZL1CA26
CENTURY COMMUNITIES INC 3.875% 08/15/2029 144A
156504AM4
13005000.00000000
PA
USD
10932718.28000000
0.219975381330
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
2338681.27000000
0.047056211547
Long
ABS-MBS
CORP
US
N
2
2055-04-15
Variable
0.03830909
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
3859084.92000000
0.077647997059
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Variable
0.04211114
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
4299206.25000000
0.086503604139
Long
EP
CORP
US
N
1
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE 5.15% SER F PFD PERP
74460W685
25800.00000000
NS
USD
623844.00000000
0.012552259948
Long
EP
CORP
US
N
1
N
N
N
TERRENO RLTY CORP
N/A
TERRENO REALTY CORP
88146M101
346628.00000000
NS
USD
22333242.04000000
0.449363397854
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
8554839.83850000
PA
USD
7946935.49000000
0.159898949195
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.07805000
N
N
N
N
N
N
BENCHMARK 2021-B29 MORTGAGE TRUST
N/A
BENCHMARK 2021-B29 A5 MORTGAGE TRUST 2.3879% 09/15/2054
08163JAE4
15000000.00000000
PA
USD
12575059.50000000
0.253020652130
Long
ABS-MBS
CORP
US
N
2
2054-09-15
Fixed
0.02387900
N
N
N
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL INC CONV 6.25% 06/15/2024
55272XAA0
9700000.00000000
PA
USD
9190750.00000000
0.184925531252
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
4870832.92000000
PA
USD
4506007.53000000
0.090664617829
Long
ABS-MBS
CORP
US
N
2
2045-11-10
Variable
0.04802874
N
N
N
N
N
N
POSTAL REALTY TRUST INC
5493007B7ZZSIJRGWC41
POSTAL REALTY TRUST INC
73757R102
878500.00000000
NS
USD
13581610.00000000
0.273273285043
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
2235798.00000000
0.044986114617
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
4974424.56000000
PA
USD
4949552.44000000
0.099589110184
Long
LON
CORP
US
N
2
2025-08-21
Variable
0.07133570
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
6577403.82000000
0.132342833356
Long
ABS-MBS
CORP
US
N
2
2046-11-10
Fixed
0.03500000
N
N
N
N
N
N
WELLTOWER OP
T6IZ0MBEG5ACZDTR7D06
WELLTOWER INC
95040Q104
828300.00000000
NS
USD
62155632.00000000
1.250622992457
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
6446297.10000000
0.129704857147
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
5481000.00000000
0.110282276940
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
12754000.00000000
PA
USD
11704844.48000000
0.235511202425
Long
ABS-MBS
CORP
US
N
2
2038-10-15
Variable
0.07724775
N
N
N
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER F 6.3% PERP PFD
70509V704
281697.00000000
NS
USD
5984652.77000000
0.120416189413
Long
EP
CORP
US
N
1
N
N
N
WELLTOWER INC
T6IZ0MBEG5ACZDTR7D06
WELLTOWER INC 4% 06/01/2025
42217KBF2
5000000.00000000
PA
USD
4888459.95000000
0.098359878493
Long
DBT
CORP
US
N
2
2025-06-01
Fixed
0.04000000
N
N
N
N
N
N
WFRBS COML MTG TR 2013-C11
N/A
WFRBS 2013-C11 E VAR 3/45
92937EAL8
4727000.00000000
PA
USD
3828856.29000000
0.077039771892
Long
ABS-MBS
CORP
US
N
2
2045-03-15
Variable
0.04203312
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
7662953.65000000
0.154184998470
Long
ABS-MBS
CORP
US
N
2
2055-05-15
Variable
0.04445225
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
20120.13000000
0.000404833743
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
2927362.05000000
0.058900958274
Long
ABS-MBS
CORP
US
N
3
2045-06-15
Fixed
0.04000000
N
N
N
N
N
N
BENCHMARK 2019-B13 MTG TR
N/A
BENCHMARK 2019-B13 D MTG TR 2.5% 08/15/2057 144A
08162DAR9
1000000.00000000
PA
USD
614347.30000000
0.012361178448
Long
ABS-MBS
CORP
US
N
2
2057-08-15
Fixed
0.02500000
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
3345422.07000000
0.067312673455
Long
ABS-MBS
CORP
US
N
2
2033-09-15
Variable
0.07609000
N
N
N
N
N
N
GLADSTONE COMMERCIAL CORP
529900EVVV534W8R0T32
GLADSTONE COMMERCIAL CORP SER E 6.625% PFD 12/31/2049
376536702
139468.00000000
NS
USD
3277498.00000000
0.065945984694
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
5680025.81000000
0.114286841709
Long
DBT
CORP
US
N
2
2030-04-01
Fixed
0.04625000
N
N
N
N
N
N
ACADIA REALTY TRUST
N/A
ACADIA RLTY TR REIT
004239109
510426.00000000
NS
USD
7926915.78000000
0.159496135985
Long
EC
CORP
US
N
1
N
N
N
BX 2021-SOAR
N/A
BX TRUST 2021-SOAR J 3.85% 06/15/2023 144A
05608WAU8
18862115.63000000
PA
USD
17741966.26000000
0.356983111943
Long
ABS-MBS
CORP
US
N
2
2038-06-15
Variable
0.08210000
N
N
N
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
16170974.06000000
0.325373442745
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.07406100
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INVT CORP 8.125% SER A PERP PFD
90187B200
363526.00000000
NS
USD
8037559.86000000
0.161722386865
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
1518796.50000000
0.030559448317
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
7091300.55000000
0.142682862821
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05082518
N
N
N
N
N
N
BANK 2022-BNK43
N/A
BANK 2022-BNK43 4.399% 08/15/2055
06541QAZ8
10485000.00000000
PA
USD
10269706.25000000
0.206635028053
Long
ABS-MBS
CORP
US
N
2
2055-08-15
Fixed
0.04399000
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
5407687.15000000
0.108807161446
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.08810000
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
1146913.60000000
0.023076855183
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
17465000.00000000
PA
USD
17726975.00000000
0.356681475328
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
4121100.00000000
0.082919958310
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
5745667.10000000
0.115607599038
Long
ABS-MBS
CORP
US
N
2
2039-01-15
Variable
0.07828040
N
N
N
N
N
N
BRIXMOR OPERATING PARTNERSHIP LP
549300CJHBL7JBUA6503
BRIXMOR OPERATING PARTNERSHIP LP 4.05% 07/01/2030
11120VAJ2
4000000.00000000
PA
USD
3658221.52000000
0.073606458452
Long
DBT
CORP
US
N
2
2030-07-01
Fixed
0.04050000
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
1941901.50000000
0.039072672690
Long
EP
CORP
US
N
1
N
N
N
NATIONAL RETAIL PROPERTIES INC
5493008JKH5SOTI0JS97
NATIONAL RETAIL PROPERTIES INC
637417106
73200.00000000
NS
USD
3466020.00000000
0.069739204072
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
4394400.00000000
0.088418981534
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
19849750.20000000
0.399393477241
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
21215225.00000000
0.426867965483
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
17000000.00000000
PA
USD
15115654.55000000
0.304139536804
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
845578.13000000
0.017013734995
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
2728500.00000000
0.054899688493
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
6033547.81000000
0.121399998270
Long
ABS-MBS
CORP
US
N
3
2046-02-15
Variable
0.05525139
N
N
N
N
N
N
KENNEDY-WILSON INC
5EA4464UK7FM5QNNKL62
KENNEDY-WILSON INC 4.75% 02/01/2030
489399AN5
26715000.00000000
PA
USD
21912578.03000000
0.440899288230
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
4203473.33000000
0.084577378196
Long
ABS-MBS
CORP
US
N
2
2049-08-15
Fixed
0.03000000
N
N
N
N
N
N
CUBESMART
N/A
CUBESMART
229663109
378600.00000000
NS
USD
17336094.00000000
0.348816624627
Long
EC
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 8.0% SER D PERP PFD
45031U408
291621.00000000
NS
USD
7369262.67000000
0.148275691775
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
4396784.16000000
0.088466952815
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
128100.00000000
NS
USD
13839924.00000000
0.278470777487
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
784750.00000000
0.015789822446
Long
EP
CORP
BM
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 7.5 PFD PERP I
45031U804
471496.00000000
NS
USD
11843979.52000000
0.238310715107
Long
EP
CORP
US
N
1
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP SER G 7.75%/VAR PFD PERP
00123Q856
320000.00000000
NS
USD
7433600.00000000
0.149570212345
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
6967800.00000000
0.140197929076
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
7009567.61000000
0.141038328115
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
672531.00000000
NS
USD
14661175.80000000
0.294995046497
Long
EP
CORP
US
N
1
N
N
N
VENTAS INC
ORQTRC074CWLT3DKHT41
VENTAS INC REIT
92276F100
987086.00000000
NS
USD
51140925.66000000
1.028997943194
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
7817155.50000000
0.157287667896
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
3807403.52000000
0.076608124323
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
348994.80000000
0.007022065532
Long
ABS-MBS
CORP
US
N
3
2046-04-15
Variable
0.03250000
N
N
N
N
N
N
EQUINIX INC
549300EVUN2BTLJ3GT74
EQUINIX INC 3.9% 04/15/2032
29444UBU9
17000000.00000000
PA
USD
15631351.08000000
0.314515779741
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
776859.00000000
NS
USD
16088749.89000000
0.323719024083
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
11165000.00000000
PA
USD
10777909.45000000
0.216860498961
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
11756688.00000000
0.236554337150
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
5713235.50000000
0.114955048283
Long
DBT
CORP
US
N
2
2031-07-15
Fixed
0.02375000
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
221795.40000000
0.004462707850
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
23194426.19000000
0.466691138947
Long
ABS-MBS
CORP
US
N
2
2052-11-10
Fixed
0.03047900
N
N
N
N
N
N
GLADSTONE COMMERCIAL CORP
529900EVVV534W8R0T32
GLADSTONE COMMERCIAL CORP SER G 6% PFD PERP
376536884
516000.00000000
NS
USD
11088840.00000000
0.223116680137
Long
EP
CORP
US
N
1
N
N
N
VORNADO REALTY L P
549300BMOJ05INE4YK86
VORNADO REALTY LP 3.4% 06/01/2031
929043AL1
6000000.00000000
PA
USD
4597230.36000000
0.092500097011
Long
DBT
CORP
US
N
2
2031-06-01
Fixed
0.03400000
N
N
N
N
N
N
BANK 2021-BNK33
N/A
BANK 2021-BNK33 2.556% 05/15/2064
06541CBL9
14931000.00000000
PA
USD
12773925.90000000
0.257022009437
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
19724757.07000000
0.396878511546
Long
ABS-MBS
CORP
US
N
2
2038-04-15
Variable
0.07659962
N
N
N
N
N
N
FARMLAND PARTNERS INC
549300LB188CHPZ4IL37
FARMLAND PARTNERS INC
31154R109
115756.00000000
NS
USD
1490937.28000000
0.029998897649
Long
EC
CORP
US
N
1
N
N
N
GLOBAL PARTNERS LP
549300PCHWTW9P4DU444
GLOBAL PARTNERS LP SER A 9.75/VAR PFD PERP
37946R208
161507.00000000
NS
USD
4305792.77000000
0.086636130397
Long
EP
CORP
US
N
1
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE
74460D109
170700.00000000
NS
USD
51950838.00000000
1.045294052841
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
3259597.48000000
0.065585811349
Long
ABS-MBS
CORP
US
N
2
2033-09-15
Variable
0.09615327
N
N
N
N
N
N
PENNYMAC CORP
EWN0I878407TKQNXZ933
PENNYMAC CORP CONV 5.5% 11/01/2024
70932AAD5
18167000.00000000
PA
USD
16804475.00000000
0.338120008355
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
1934813.34000000
0.038930053017
Long
ABS-MBS
CORP
US
N
3
2030-06-10
Variable
0.04238000
N
N
N
N
N
N
BENCHMARK 2022-B36 MTG TR
N/A
BENCHMARK 2022-B36 MTG TR 2.5% 07/15/2055 144A
08163QAN8
3828000.00000000
PA
USD
2062103.02000000
0.041491227208
Long
ABS-MBS
CORP
US
N
2
2055-07-15
Fixed
0.02500000
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
6379659.49000000
0.128364053031
Long
ABS-MBS
CORP
US
N
2
2046-10-15
Variable
0.04761317
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
2858402.44000000
0.057513433588
Long
ABS-MBS
CORP
US
N
3
2062-12-15
Variable
0.03294300
N
N
N
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP 7/VAR PFD PERP
00123Q500
653202.00000000
NS
USD
16447626.36000000
0.330939917032
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
2305858.50000000
0.046395790126
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
8555661.12000000
0.172147014969
Long
ABS-MBS
CORP
US
N
2
2036-11-15
Variable
0.08659000
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
282938.50000000
0.005692957857
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
11156434.05000000
0.224476728621
Long
ABS-MBS
CORP
US
N
2
2041-07-15
Fixed
0.02585400
N
N
N
N
N
N
HUDSON PACIFIC PROPERTIES LP
5493007NTUGLGZ8T3526
HUDSON PAC PPTYS LP 4.65% 04/01/2029
44409MAB2
6000000.00000000
PA
USD
5226453.42000000
0.105160588119
Long
DBT
CORP
US
N
2
2029-04-01
Fixed
0.04650000
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
14720789.82000000
0.296194530143
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.07242520
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
13860142.22000000
0.278877584883
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
30000000.00000000
PA
USD
27511004.40000000
0.553544281365
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
3928234.75000000
0.079039349131
Long
EP
CORP
US
N
1
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD
70509V605
372994.00000000
NS
USD
7832874.00000000
0.157603937184
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
712607.20000000
0.014338249330
Long
ABS-MBS
CORP
US
N
2
2039-07-15
Variable
0.09459000
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
2470594.00000000
PA
USD
2153280.05000000
0.043325784857
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
2906202.00000000
0.058475200476
Long
EC
CORP
GB
N
1
N
N
N
WILLIAMS SCOTSMAN INTL INC
549300V3TCHCBOBTGH07
WILLIAMS SCOTSMAN INTL INC 6.125% 06/15/2025 144A
71953LAA9
3240000.00000000
PA
USD
3255940.80000000
0.065512235907
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
2054520.19000000
0.041338654364
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
447732.00000000
NS
USD
9165074.04000000
0.184408909589
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
3314348.93000000
0.066687456043
Long
ABS-MBS
CORP
US
N
2
2047-03-10
Variable
0.04981361
N
N
N
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE SER L 4.625% PFD PERP
74460W552
139600.00000000
NS
USD
2986044.00000000
0.060081687897
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
6000000.00000000
PA
USD
5199000.00000000
0.104608202484
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
618398.17000000
0.012442685320
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
6769689.97000000
PA
USD
5390526.08000000
0.108461866449
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
12667908.85000000
0.254888858247
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
5454042.92000000
0.109739878078
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
10465266.22000000
0.210569857240
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
10079207.88000000
PA
USD
8488829.83000000
0.170802313850
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
12020518.13000000
0.241862818716
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
33700.00000000
NS
USD
795657.00000000
0.016009280354
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 D 2.546% 06/15/2050 144A
61691JAC8
5000000.00000000
PA
USD
3528078.50000000
0.070987872688
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
6453207.27000000
0.129843895513
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
4063456.92000000
0.081760131616
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Variable
0.05352719
N
N
N
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
DIVERSIFIED HEALTHCARE TR 4.75% 02/15/2028
81721MAM1
9933000.00000000
PA
USD
6053368.86000000
0.121798814275
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
6770915.48000000
0.136236448843
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
4946400.00000000
0.099525680470
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
447536.00000000
NS
USD
9120783.68000000
0.183517750723
Long
EP
CORP
US
N
1
N
N
N
BENCHMARK 2022-B35 MTG TR
N/A
BENCHMARK 2022-B35 A5 MTG TR VAR 05/15/2054
08163RBQ8
27302000.00000000
PA
USD
26930294.19000000
0.541859909133
Long
ABS-MBS
CORP
US
N
2
2055-05-15
Variable
0.04445225
N
N
N
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
14000000.00000000
PA
USD
13037339.70000000
0.262322114097
Long
DBT
CORP
US
N
2
2029-12-01
Fixed
0.04625000
N
N
N
N
N
N
BBCMS MTG TR 2022-C17
N/A
BBCMS MTG TR 2022-C17 C 5.45% 09/15/2055
054976AL9
2000000.00000000
PA
USD
1708372.40000000
0.034373873040
Long
ABS-MBS
CORP
US
N
2
2055-09-15
Fixed
0.05450000
N
N
N
N
N
N
ENERGY TRANSFER LP
MTLVN9N7JE8MIBIJ1H73
ENERGY TRANSFER LP 7.6/VAR PFD PERP
29273V605
525651.00000000
NS
USD
12589341.45000000
0.253308016838
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
2816696.94000000
0.056674284253
Long
ABS-MBS
CORP
US
N
3
2049-07-15
Variable
0.05082518
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
2769158.08000000
PA
USD
2364615.93000000
0.047578038469
Long
ABS-CBDO
CORP
US
N
2
2039-10-19
Fixed
0.03866000
N
N
N
N
N
N
BOSTON PPTY LTD PARTNERSHIP
BVHHEFJI6SHNOKQT2572
BOSTON PPTYS LTD PARTNERSHIP 6.75% 12/01/2027
10112RBG8
37000.00000000
PA
USD
39174.99000000
0.000788233369
Long
DBT
CORP
US
N
2
2027-12-01
Fixed
0.06750000
N
N
N
N
N
N
DCP MIDSTREAM LP
52990024YYS3MLGW0E91
DCP MIDSTREAM LP 7.95/VAR PERP PFD
23311P308
328262.00000000
NS
USD
8239376.20000000
0.165783099417
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
4362513.60000000
0.087777400655
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
2458110.00000000
0.049459216889
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
1045758.71000000
0.021041534696
Long
EP
CORP
US
N
1
N
N
N
CEDAR REALTY TRUST INC
54930056URX93R2RSN82
CEDAR RLTY TR I 7.25% PFD PERP
150602407
131801.00000000
NS
USD
2042915.50000000
0.041105158353
Long
EP
CORP
US
N
1
N
N
N
KKR REAL ESTATE FINANCE TRUST INC
549300K23AYZDZ2REL62
KKR REAL ESTATE FINANCE TRUST INC 6.5% PERP PFD
48251K209
188372.00000000
NS
USD
3663835.40000000
0.073719414385
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
2172453.65000000
PA
USD
1998290.43000000
0.040207264843
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.08469000
N
N
N
N
N
N
BBCMS MTG TR 2020-C6
N/A
BBCMS MTG TR 2020-C6 3.045% 02/15/2053
05492TAJ9
1129000.00000000
PA
USD
847643.04000000
0.017055282701
Long
ABS-MBS
CORP
US
N
2
2053-02-15
Fixed
0.03045000
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
23719410.90000000
0.477254267788
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
5677306.80000000
0.114232132967
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
8471910.00000000
0.170461872803
Long
EP
CORP
US
N
1
N
N
N
BOSTON PPTY LTD PARTNERSHIP
BVHHEFJI6SHNOKQT2572
BOSTON PPTYS LTD PARTNERSHIP 3.25% 01/30/2031
10112RBD5
11000000.00000000
PA
USD
9456811.76000000
0.190278915069
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
4953910.48000000
PA
USD
4118748.55000000
0.082872645181
Long
ABS-MBS
CORP
US
N
3
2045-06-15
Variable
0.04689624
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
1767344.10000000
0.035560432673
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
2559292.20000000
0.051495086877
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
6180000.00000000
PA
USD
5361150.00000000
0.107870795296
Long
DBT
CORP
US
N
2
2025-10-15
Fixed
0.07250000
N
N
N
N
N
N
BENCHMARK 2022-B36 MTG TR
N/A
BENCHMARK 2022-B36 MTG TR 5.2895% 07/15/2055 144A
08163QBP2
2000000.00000000
PA
USD
1714069.40000000
0.034488501417
Long
ABS-MBS
CORP
US
N
2
2055-07-15
Variable
0.05118934
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
1585285.00000000
0.031897252216
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
7925000.00000000
PA
USD
7229185.00000000
0.145457212593
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
19615000.00000000
PA
USD
18165282.81000000
0.365500592877
Long
ABS-MBS
CORP
US
N
2
2039-01-15
Variable
0.07829000
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
4071759.79000000
0.081927192263
Long
ABS-MBS
CORP
US
N
2
2039-01-15
Variable
0.07777040
N
N
N
N
N
N
MHP 2022-MHIL F
N/A
MHP 2022-MHIL F TSFR1M+395.75 01/15/2027 144A
55293DAN1
18873495.41000000
PA
USD
17616722.56000000
0.354463104570
Long
ABS-MBS
CORP
US
N
2
2027-01-15
Variable
0.08435540
N
N
N
N
N
N
INDEPENDENCE PLAZA TR 2018-INDP
N/A
INDEPENDENCE PLAZA TR 2018-INDP E 4.996% 07/10/2035 144A
45378YAS3
2896000.00000000
PA
USD
2723028.00000000
0.054789587304
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
4474000.00000000
PA
USD
3961277.41000000
0.079704194922
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
178300.00000000
NS
USD
6138869.00000000
0.123519148177
Long
EC
CORP
US
N
1
N
N
N
PENNYMAC MORTGAGE INVESTMENT TRUST
549300BSSOQO1ZWDUJ97
PENNYMAC MTG INVT TR 8.125/VAR PREF PERP
70931T301
410254.00000000
NS
USD
9944556.96000000
0.200092754007
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
4306920.00000000
0.086658811202
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
3680014.32000000
0.074044947707
Long
ABS-CBDO
CORP
US
N
2
2036-01-17
Fixed
0.05104000
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
1135074.96000000
0.022838651904
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05153759
N
N
N
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL 6.5%/VAR PFD PERP
55272X508
1117351.00000000
NS
USD
21631915.36000000
0.435252121965
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
8274141.00000000
0.166482596097
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
27698.73000000
0.000557321476
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
10780373.88000000
0.216910085342
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
1735639.60000000
0.034922511774
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
930100.00000000
NS
USD
20052956.00000000
0.403482146884
Long
EP
CORP
US
N
1
N
N
N
VERITAS MULTIFAMILY PORTFOLIO POOL A
N/A
VERITAS POOL A MEZZ 1ML+850 11/15/2023
N/A
29336049.37000000
PA
USD
28162607.40000000
0.566655075472
Long
LON
CORP
US
N
3
2023-11-15
Variable
0.12817900
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
938957.76000000
0.018892610787
Long
ABS-MBS
CORP
US
N
2
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
48100.00000000
NS
USD
1137565.00000000
0.022888753579
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
0.000000036619
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
825700.00000000
NS
USD
28222426.00000000
0.567858675437
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
88600.00000000
NS
USD
2186648.00000000
0.043997175754
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
20979000.00000000
PA
USD
19601403.48000000
0.394396534758
Long
ABS-MBS
CORP
US
N
2
2038-05-15
Variable
0.08411330
N
N
N
N
N
N
ANNALY CAPITAL MANAGEMENT INC
2DTL0G3FPRYUT58TI025
ANNALY CAPITAL MANAGEMENT INC 6.5%/VAR PFD PERP
035710862
1069599.00000000
NS
USD
25713159.96000000
0.517370156492
Long
EP
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL 2019-SFR3 TR
N/A
PROGRESS RESIDENTIAL 2019-SFR3 TR 3.867% 09/17/2036 144A
74332WAL7
1000000.00000000
PA
USD
945550.40000000
0.019025260185
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
3498310.75000000
0.070388920809
Long
ABS-MBS
CORP
US
N
2
2046-11-10
Variable
0.05311081
N
N
N
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER H 5.7% PERP PFD
70509V886
717200.00000000
NS
USD
13605284.00000000
0.273749625606
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
251487.77000000
0.005060143021
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
498133.68000000
0.010022863793
Long
ABS-MBS
CORP
US
N
2
2035-06-15
Variable
0.08209000
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
292010.84000000
0.005875500880
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.06633322
N
N
N
N
N
N
EQUITY RESIDENTIAL
5493008RACSH5EP3PI59
EQUITY RESIDENTIAL REIT
29476L107
103700.00000000
NS
USD
6600505.00000000
0.132807648304
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
8875000.00000000
0.178572378735
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
2195071.35000000
0.044166660559
Long
ABS-MBS
CORP
US
N
3
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
14908260.64000000
0.299966598906
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
19193000.00000000
PA
USD
18713366.93000000
0.376528501052
Long
DBT
CORP
US
N
2
2029-01-15
Fixed
0.05300000
N
N
N
N
N
N
VORNADO REALTY TRUST
N/A
VORNADO REALTY TRUST SER M 5.25% PFD PERP
929042828
2000.00000000
NS
USD
37600.00000000
0.000756543260
Long
EP
CORP
US
N
1
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
DIVERSIFIED HEALTHCARE TR 4.75% 05/01/2024
81721MAK5
19148000.00000000
PA
USD
16706630.00000000
0.336151285606
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
2535099.55000000
0.051008310645
Long
ABS-MBS
CORP
US
N
2
2064-12-15
Variable
0.03217077
N
N
N
N
N
N
GREEN TREE FINANCIAL CORP
N/A
GT 1996-4 M1 7.75% 6/27
393505MR0
235351.47020000
PA
USD
234820.68000000
0.004724787313
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
0.05000000
0.000000001006
Long
ABS-CBDO
CORP
KY
N
3
2035-12-28
Variable
0.05193860
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
6307686.65000000
0.126915899651
Long
ABS-MBS
CORP
US
N
3
2035-11-21
Variable
0.10208400
N
N
N
N
N
N
HERSHA HOSPITALITY TR
549300DNC58BIN1VO064
HERSHA HOSPITALITY TR 6.5% PERP PFD
427825609
197750.00000000
NS
USD
4071672.50000000
0.081925435916
Long
EP
CORP
US
N
1
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE 4% PERP PFD
74460W461
37000.00000000
NS
USD
708180.00000000
0.014249170385
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
18103884.20000000
0.364265201797
Long
ABS-MBS
CORP
US
N
2
2041-12-09
Variable
0.03943990
N
N
N
N
N
N
OPG TR 2021-PORT
N/A
OPG TR 2021-PORT G 1ML+244 10/15/2036 144A
67118AAS4
4776372.28600000
PA
USD
4501405.61000000
0.090572023372
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.06857000
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
1039524.45000000
0.020916096201
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
681140.90000000
0.013705121213
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
2924186.52000000
PA
USD
2741178.65000000
0.055154793472
Long
ABS-MBS
CORP
US
N
3
2044-08-10
Variable
0.05355348
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
13030814.22000000
0.262190816014
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.06892520
N
N
N
N
N
N
HOWARD HUGHES CORP
549300BVHY25JZC1KI49
HOWARD HUGHES CORP 4.125% 02/01/2029 144A
44267DAE7
14960000.00000000
PA
USD
12918259.20000000
0.259926115432
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
1599843.00000000
NS
USD
39836090.70000000
0.801535264882
Long
EP
CORP
US
N
1
N
N
N
BANK AMER MERRILL LYNCH COML MTG TR 2016-UBS10
N/A
BACM 2016-UBS10 CSTR 06/49
06054MAK9
3030000.00000000
PA
USD
2763748.14000000
0.055608910375
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.04838273
N
N
N
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE 4.75% SER K PFD PERP
74460W578
174000.00000000
NS
USD
3810600.00000000
0.076672440158
Long
EP
CORP
US
N
1
N
N
N
DIGITAL REALTY TRUST INC
549300HKCZ31D08NEI41
DIGITAL RLTY TR INC 5.25% PFD PERP
253868855
32900.00000000
NS
USD
779730.00000000
0.015688815872
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
4246647.00000000
0.085446068331
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
0.379022888369
Long
LON
CORP
US
N
3
2027-01-21
Variable
0.08898550
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
906000.00000000
PA
USD
877332.35000000
0.017652656302
Long
ABS-MBS
CORP
US
N
2
2023-11-15
Variable
0.08445500
N
N
N
N
N
N
SITE CENTERS CORP
W2AVA6SODOQ1LCYJQR54
SITE CENTERS CORP
82981J109
1379438.00000000
NS
USD
18829328.70000000
0.378861748276
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
187837.65000000
0.003779449687
Long
EP
CORP
US
N
1
N
N
N
RLJ LODGING TRUST LP
549300RX5I8Z6I6LDZ74
RLJ LODGING TRUST LP 4% 09/15/2029 144A
74965LAB7
22550000.00000000
PA
USD
18912685.00000000
0.380538946335
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
17684394.19000000
0.355824714028
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
1159352.46000000
0.023327135388
Long
ABS-MBS
CORP
US
N
2
2051-06-15
Variable
0.03310678
N
N
N
N
N
N
NEXPOINT RESIDENTIAL TRUST INC
549300U2J6XVYBF87166
NEXPOINT RESIDENTIAL TRUST INC
65341D102
10300.00000000
NS
USD
520150.00000000
0.010465850456
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
78225.00000000
NS
USD
1901649.75000000
0.038262774014
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
4673404.10000000
0.094032775992
Long
ABS-MBS
CORP
US
N
2
2036-11-15
Variable
0.07362000
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
27963465.00400000
PA
USD
23487655.17000000
0.472591149817
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
127400.00000000
NS
USD
2410408.00000000
0.048499412989
Long
EP
CORP
US
N
1
N
N
N
CHERRY HILL MORTGAGE INVESTMENT CORP
N/A
CHERRY HILL MTG INVT CORP 8.25%/VAR PFD PERP
164651309
58325.00000000
NS
USD
1314353.88000000
0.026445892828
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
572803.00000000
0.011525272592
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
18206909.93000000
PA
USD
16936610.18000000
0.340778678035
Long
ABS-MBS
CORP
US
N
2
2038-11-15
Variable
0.09710000
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
19599234.62000000
0.394352895492
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
4418436.96000000
0.088902625153
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
5748752.41000000
0.115669678041
Long
ABS-MBS
CORP
US
N
2
2046-11-15
Variable
0.04895227
N
N
N
N
N
N
PRIMA CAP LTD 2021-9A
N/A
PRIMA CAP LTD 2021-9A C 1ML+235 12/15/2037 144A
74167FAA8
5000000.00000000
PA
USD
4672729.50000000
0.094019202479
Long
ABS-MBS
CORP
US
N
2
2037-12-15
Variable
0.06835710
N
N
N
N
N
N
SABRA HEALTH CARE REIT INC
549300E3BC7GU7TAZ621
SABRA HEALTHCARE REIT INC
78573L106
604175.00000000
NS
USD
8156362.50000000
0.164112794755
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
16023000.00000000
0.322396081631
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
1653578.20000000
0.033271368180
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
2526934.73000000
0.050844027678
Long
ABS-MBS
CORP
US
N
3
2035-07-15
Variable
0.07059000
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
20811182.73000000
0.418738299087
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
402298.57000000
0.008094581702
Long
DBT
CORP
US
N
2
2032-04-15
Fixed
0.04200000
N
N
N
N
N
N
CROWN CASTLE INC
54930012H97VSM0I2R19
CROWN CASTLE INC
22822V101
603310.00000000
NS
USD
89356244.10000000
1.797921922684
Long
EC
CORP
US
N
1
N
N
N
HILTON USA TR 2016-HHV
N/A
HILT 2016-HHV F CSTR 11/38 144A
43300LAQ3
20270000.00000000
PA
USD
17556108.48000000
0.353243498886
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
4095973.00000000
0.082414382179
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
5558409.00000000
0.111839810379
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
4289680.65000000
0.086311941147
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
19487517.06000000
0.392105045302
Long
ABS-MBS
CORP
US
N
2
2038-11-15
Variable
0.07755000
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
11342009.90000000
0.228210669012
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
22114900.00000000
0.444970174478
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
3352525.00000000
0.067455590312
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
4188641.10000000
0.084278941396
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
3387595.03410000
PA
USD
3373780.08000000
0.067883260193
Long
DBT
CORP
US
N
2
2026-08-01
Fixed
0.08528000
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 3.375% 02/01/2031
681936BM1
2000000.00000000
PA
USD
1618198.62000000
0.032559501615
Long
DBT
CORP
US
N
2
2031-02-01
Fixed
0.03375000
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
20898990.00000000
PA
USD
16092257.83000000
0.323789606752
Long
ABS-MBS
CORP
US
N
2
2044-03-11
Variable
0.03548750
N
N
N
N
N
N
BANK 2022-BNK44
N/A
BANK 2022-BNK44 5.746245% 11/15/2055
06540KAJ8
10000000.00000000
PA
USD
10821301.00000000
0.217733573023
Long
ABS-MBS
CORP
US
N
2
2055-11-15
Fixed
0.05746157
N
N
N
N
N
N
BX 2021-XL2
N/A
BX TRUST 1ML+372.55 10/15/2036 144A
05609KAQ2
7254325.49500000
PA
USD
6766292.92000000
0.136143439092
Long
ABS-MBS
CORP
US
N
2
2038-10-15
Variable
0.08349000
N
N
N
N
N
N
AMERICAN TOWER CORP
5493006ORUSIL88JOE18
AMERICAN TOWER CORP 2.7% 04/15/2031
03027XBM1
2000000.00000000
PA
USD
1686312.02000000
0.033929999853
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
8000000.00000000
PA
USD
7233955.76000000
0.145553204251
Long
DBT
CORP
US
N
2
2028-04-15
Fixed
0.04950000
N
N
N
N
N
N
RITHM CAPITAL CORP
549300WNTHGEO5LP2G31
RITHM CAPITAL CORP
64828T201
500199.00000000
NS
USD
4706872.59000000
0.094706189836
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
6398919.86000000
0.128751587688
Long
ABS-MBS
CORP
US
N
2
2034-06-15
Variable
0.08675879
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
3478893.11000000
0.069998221748
Long
ABS-MBS
CORP
US
N
3
2062-12-15
Variable
0.03294300
N
N
N
N
N
N
INVITATION HOMES INC
N/A
INVITATION HOMES INC
46187W107
611100.00000000
NS
USD
19860750.00000000
0.399614802363
Long
EC
CORP
US
N
1
N
N
N
RLJ LODGING TR
N/A
RLJ LODGING TRUST
74965L101
607000.00000000
NS
USD
7629990.00000000
0.153521742425
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
10374007.68000000
0.208733659542
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
4182990.00000000
PA
USD
3942083.24000000
0.079317992263
Long
ABS-MBS
CORP
US
N
2
2027-01-15
Variable
0.07737240
N
N
N
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
4934603.50000000
0.099288325083
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
271700.00000000
NS
USD
4550975.00000000
0.091569400711
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
6727473.76000000
0.135362365318
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.06659000
N
N
N
N
N
N
ELME COMMUNITIES
549300DI34BGS8LVKW95
ELME COMMUNITIES
939653101
807347.00000000
NS
USD
15501062.40000000
0.311894263177
Long
EC
CORP
US
N
1
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER C 7.75/VAR PERP PFD
16934Q505
1962186.00000000
NS
USD
40067838.12000000
0.806198215648
Long
EP
CORP
US
N
1
N
N
N
BROOKFIELD ASSET MANAGEMENT LTD
549300CZ84WPNJZKY093
BROOKFIELD ASSET MANAGEMENT LTD A
113004105
21775.00000000
NS
710913.53000000
0.014304171281
Long
EC
CORP
CA
N
1
N
N
N
BANK 2020-BNK30
N/A
BANK 2020-BN30 MCDG CSTR 12/53
06541UBJ4
2000000.00000000
PA
USD
1174946.60000000
0.023640902450
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
21894635.31000000
0.440538265786
Long
ABS-MBS
CORP
US
N
2
2026-10-15
Variable
0.07808513
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
17238196.20000000
0.346846839498
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.07652000
N
N
N
N
N
N
MID-AMERICA APT CMNTYS INC
549300FQZKFR5YNSHZ21
MID AMERICA APT CMNTY INC
59522J103
325706.00000000
NS
USD
54301704.32000000
1.092595437726
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
2124272.54000000
0.042742129639
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
14490432.55000000
0.291559550350
Long
ABS-MBS
CORP
US
N
2
2038-11-15
Variable
0.08074900
N
N
N
N
N
N
ENBRIDGE INC
98TPTUM4IVMFCZBCUR27
ENBRIDGE INC SER 1 4% PFD PERP
29250N717
498275.00000000
NS
USD
11196239.25000000
0.225277642339
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
438931.63000000
0.008831669326
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
11250000.00000000
0.226359353326
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
335723.00000000
NS
USD
6016156.16000000
0.121050063812
Long
EC
CORP
US
N
1
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP SER E 6.5%/VAR PFD PERP
00123Q807
1424834.00000000
NS
USD
31887784.92000000
0.641608744312
Long
EP
CORP
US
N
1
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TRUST 6.375% PERP PFD
70509V803
666800.00000000
NS
USD
14062812.00000000
0.282955469358
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
18580000.00000000
PA
USD
17505685.82000000
0.352228953045
Long
ABS-MBS
CORP
US
N
2
2037-01-18
Variable
0.08970000
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
4492853.76000000
0.090399953040
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
1640827.53000000
0.033014814098
Long
ABS-MBS
CORP
US
N
2
2045-11-10
Variable
0.04802874
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
3560819.93000000
0.071646657481
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
437328412.16400000
NS
USD
437415877.85000000
8.801171132892
Long
STIV
RF
US
N
1
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
4668750.00000000
0.093939131630
Long
DBT
CORP
US
N
2
2027-05-15
Fixed
0.05250000
N
N
N
N
N
N
BROOKFIELD CORP
C6J3FGIWG6MBDGTE8F80
BROOKFIELD CORP CL A
11271J107
12700.00000000
NS
472473.79000000
0.009506565472
Long
EC
CORP
CA
N
1
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT
02665T306
661200.00000000
NS
USD
22672548.00000000
0.456190515871
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
7500186.80000000
0.150909994122
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
1418128.20000000
0.028533918425
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
386846.00000000
NS
USD
20719471.76000000
0.416892998121
Long
EC
CORP
US
N
1
N
N
N
EPR PROPERTIES
549300YSSXFHMPOWZ492
EPR PPTYS 3.6% 11/15/2031
26884UAG4
2000000.00000000
PA
USD
1546153.20000000
0.031109887866
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
6472134.07000000
0.130224718464
Long
ABS-MBS
CORP
US
N
3
2046-04-15
Variable
0.04261149
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
8312736.90000000
0.167259177694
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
4370249.50000000
0.087933053395
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
6632354.40000000
0.133448484712
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04870969
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C5
N/A
WFRBS 2011-C5 E CSTR 11/44
92936JAN4
2061451.73000000
PA
USD
1955100.40000000
0.039338245531
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05571765
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
3797303.47000000
0.076404902920
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
1484504.00000000
NS
USD
33252889.60000000
0.669075785431
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
21029772.35000000
0.423136503978
Long
EP
CORP
US
N
2
N
N
N
SPIRIT REALTY CAPITAL INC
549300LTU6LVPZSHMJ25
SPIRIT RLTY CAP INC
84860W300
676600.00000000
NS
USD
29689208.00000000
0.597371548770
Long
EC
CORP
US
N
1
N
N
N
BBCMS MTG TR 2020-C7
N/A
BBCMS MTG TR 2020-C7 CSTR 04/15/2053
05492VAL9
2067000.00000000
PA
USD
1619092.26000000
0.032577482395
Long
ABS-MBS
CORP
US
N
2
2053-04-15
Variable
0.03603384
N
N
N
N
N
N
SAUL CENTERS INC
N/A
SAUL CENTERS INC 6% SER E PFD PERP
804395879
76841.00000000
NS
USD
1765037.77000000
0.035514027396
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
1815565.85000000
0.036530694375
Long
ABS-MBS
CORP
US
N
3
2045-05-15
Fixed
0.02462000
N
N
N
N
N
N
CTO NEWCO REIT INC
N/A
CTO REALTY GROWTH INC 6.375% PFD PERP
22948Q200
120000.00000000
NS
USD
2611740.00000000
0.052550380218
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
4515517.50000000
0.090855966332
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
4714100.00000000
0.094851611334
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
10872000.00000000
PA
USD
10186962.89000000
0.204970162857
Long
ABS-MBS
CORP
US
N
2
2036-11-15
Variable
0.08374500
N
N
N
N
N
N
BENCHMARK 2022-B32 MTG TR
N/A
BENCHMARK 2022-B32 MTG TR 3.0019% 01/15/2055
08163NBJ3
26618000.00000000
PA
USD
23183471.47000000
0.466470720873
Long
ABS-MBS
CORP
US
N
2
2055-01-15
Fixed
0.03001900
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
3340882.22000000
0.067221327898
Long
ABS-MBS
CORP
US
N
2
2034-03-25
Variable
0.07405860
N
N
N
N
N
N
BX 2021-VOLT
N/A
BX 2021-VOLT G 1ML+295 09/15/2023 144A
05609VAS4
5000000.00000000
PA
USD
4741541.50000000
0.095403757130
Long
ABS-MBS
CORP
US
N
2
2036-09-15
Variable
0.07309010
N
N
N
N
N
N
CITIGROUP COML MTG TR 2019-C7
N/A
CITIGROUP COMMERCIAL MORTGAGE TRUST 2019-C7 3.102% 12/15/2072
17328CAD4
14820000.00000000
PA
USD
13283702.48000000
0.267279138058
Long
ABS-MBS
CORP
US
N
2
2072-12-15
Fixed
0.03102000
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
460841.20000000
0.009272508090
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.07060000
N
N
N
N
N
N
KNDR 2021-KIND F
N/A
KNDR 2021-KIND F 1ML+405 08/15/2026 144A
482606AS9
7103659.41200000
PA
USD
6380613.44000000
0.128383247298
Long
ABS-MBS
CORP
US
N
2
2038-08-15
Variable
0.08409000
N
N
N
N
N
N
RETAIL VALUE INC
549300VO5RB7323N1Z31
RETAIL VALUE INC
76133Q102
274131.00000000
NS
USD
68532.75000000
0.001378935908
Long
EC
CORP
US
N
1
N
N
N
RITHM CAPITAL CORP
549300WNTHGEO5LP2G31
RITHM CAPITAL CORP
64828T300
580904.00000000
NS
USD
12959968.24000000
0.260765335994
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
9604433.57000000
0.193249188620
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
4841146.61000000
0.097407894755
Long
ABS-MBS
CORP
US
N
2
2034-04-15
Variable
0.08059000
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
6414210.00000000
0.129059238018
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
799100.50000000
0.016078566437
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
5369336.04000000
0.108035505227
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
0.23000000
0.000000004627
Long
ABS-CBDO
CORP
KY
N
3
2050-03-20
Variable
0.03346380
N
N
N
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE 4.7% SER J PFD PERP
74460W594
303800.00000000
NS
USD
6577270.00000000
0.132340140787
Long
EP
CORP
US
N
1
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
2251960.80000000
0.045311323591
Long
ABS-MBS
CORP
US
N
2
2055-06-15
Fixed
0.02500000
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
4348137.60000000
0.087488143583
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
1938534.24000000
0.039004920619
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 9% 08/07/2025
N/A
6611000.00000000
PA
USD
6611000.00000000
0.133018816430
Long
LON
CORP
US
N
3
2025-08-07
Fixed
0.09000000
N
N
N
N
N
N
INTOWN 2022-STAY MTG TR
N/A
INTOWN 2022-STAY MTG TR TSFR1M+503.14 08/15/2037 144A
46117NAJ1
2000000.00000000
PA
USD
1978110.40000000
0.039801225862
Long
ABS-MBS
CORP
US
N
2
2039-08-15
Variable
0.09509400
N
N
N
N
N
N
GREAT AJAX CORP
5493004ID2QQWNGDYC18
GREAT AJAX CORP PC 7.25% 4/30/24
38983D409
611442.00000000
NS
USD
14986443.42000000
0.301539701441
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
3789516.43000000
0.076248221201
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Fixed
0.03059000
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
6133000.00000000
PA
USD
5512723.16000000
0.110920573294
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
126100.00000000
NS
USD
2591355.00000000
0.052140217070
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
5384504.45000000
0.108340706247
Long
ABS-MBS
CORP
US
N
2
2055-06-15
Variable
0.04721660
N
N
N
N
N
N
AMERICAN HOMES 4 RENT LP
549300N4PXZ37U8QKI55
AMERICAN HOMES 4 RENT LP 4.9% 02/15/2029
02666TAB3
5000000.00000000
PA
USD
4865007.95000000
0.097888004754
Long
DBT
CORP
US
N
2
2029-02-15
Fixed
0.04900000
N
N
N
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL INC
55272X607
1492885.00000000
NS
USD
17750402.65000000
0.357152859124
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
639908.00000000
NS
USD
15191415.92000000
0.305663918557
Long
EP
CORP
US
N
1
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE 4.875% SER I PFD PERP
74460W628
75000.00000000
NS
USD
1695000.00000000
0.034104809234
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
8531712.47000000
0.171665148220
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
4061243.48000000
0.081715595363
Long
ABS-MBS
CORP
US
N
2
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
6775000.00000000
PA
USD
5619385.54000000
0.113066709060
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
24467.15960000
PA
USD
8028.26000000
0.000161535265
Long
ABS-CBDO
USGSE
US
N
3
2042-02-25
Variable
0.03496190
N
N
N
N
N
N
AMERICAN TOWER CORP
5493006ORUSIL88JOE18
AMERICAN TOWER CORP 4.05% 03/15/2032
03027XBW9
27000000.00000000
PA
USD
25017164.82000000
0.503366155620
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
6455362.19000000
0.129887254295
Long
ABS-MBS
CORP
US
N
2
2044-08-10
Variable
0.05153759
N
N
N
N
N
N
RITHM CAPITAL CORP
549300WNTHGEO5LP2G31
RITHM CAPITAL CORP SER B 7.125%/VAR PFD PERP
64828T409
1184542.00000000
NS
USD
25823015.60000000
0.519580543303
Long
EP
CORP
US
N
1
N
N
N
ELLINGTON FINANCIAL INC
60GS1D1R1YY5G1W7IT74
ELLINGTON FINANCIAL INC 6.75/VAR PFD PERP
28852N208
212370.00000000
NS
USD
4672140.00000000
0.094007341249
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
8888232.60000000
0.178838629649
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
2116411.88000000
0.042583966624
Long
ABS-CBDO
CORP
KY
N
2
2036-02-22
Variable
0.07458430
N
N
N
N
N
N
BBCMS MTG TR 2022-C17
N/A
BBCMS MTG TR 2022-C17 D 2.5% 09/15/2055 144A
054976AR6
2000000.00000000
PA
USD
1128823.20000000
0.022712861295
Long
ABS-MBS
CORP
US
N
2
2055-09-15
Fixed
0.02500000
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
2979797.76000000
0.059956008355
Long
ABS-MBS
CORP
US
N
3
2049-07-15
Variable
0.05082518
N
N
N
N
N
N
CROWN CASTLE INC
54930012H97VSM0I2R19
CROWN CASTLE INC 2.25% 01/15/2031
22822VAT8
5000000.00000000
PA
USD
4173197.50000000
0.083968203324
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
1709936.34000000
0.034405340813
Long
EP
CORP
US
N
1
N
N
N
MPT OPER PARTNERSHIP LP / MPT FIN CORP
N/A
MPT OPER PARTNERSHIP LP/CORP 3.5% 03/15/2031
55342UAM6
6000000.00000000
PA
USD
4199926.02000000
0.084506003369
Long
DBT
CORP
US
N
2
2031-03-15
Fixed
0.03500000
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
734219.31000000
0.014773102952
Long
ABS-MBS
CORP
US
N
3
2044-08-10
Variable
0.05153759
N
N
N
N
N
N
HOWARD HUGHES CORP
549300BVHY25JZC1KI49
HOWARD HUGHES CORP 4.375% 02/01/2031 144A
44267DAF4
22625000.00000000
PA
USD
18799873.15000000
0.378269078121
Long
DBT
CORP
US
N
2
2031-02-01
Fixed
0.04375000
N
N
N
N
N
N
PROVIDENCE PLACE GROUP LTD PARTNERSHIP
N/A
PPGLP 2000-C1 A2 7.75% 7/28
743784AB6
2961734.10000000
PA
USD
3068578.95000000
0.061742359711
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
8019854.28000000
0.161366135875
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
14726.19000000
0.000296303186
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
24251284.44000000
0.487956005616
Long
EP
CORP
US
N
1
N
N
N
AG MORTGAGE INVESTMENT TR INC
549300SNP0PBR2XTFR48
AG MTG INVT 8% PFD PRP
001228303
256862.00000000
NS
USD
4713417.70000000
0.094837882891
Long
EP
CORP
US
N
1
N
N
N
MERIT SECURITIES CORP
N/A
MESC 13 M1 VAR 12/33
589962CV9
733697.39900000
PA
USD
721330.93000000
0.014513778031
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
1850596.00000000
NS
USD
132835780.88000000
2.672766351881
Long
EC
CORP
US
N
1
N
N
N
Fidelity Revere Street Trust
549300BDV45LJNXBZC55
Fidelity Securities Lending Cash Central Fund
31635A303
691280.87000000
NS
USD
691350.00000000
0.013910536793
Long
STIV
RF
US
N
1
N
N
GLADSTONE LAND CORP
54930002B3Q17H38FG74
GLADSTONE LAND CORP SER D 5% PFD 01/31/26
376549507
30000.00000000
NS
USD
724500.00000000
0.014577542354
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
1124651.64000000
0.022628926039
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
8953947.90000000
0.180160876121
Long
ABS-MBS
CORP
US
N
2
2048-05-15
Variable
0.04023968
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
3142034.72000000
0.063220350875
Long
ABS-MBS
CORP
US
N
2
2050-06-15
Variable
0.04437817
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
3178794.50000000
0.063959988211
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
2226396.69000000
0.044796952444
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
2914476.25000000
0.058641685265
Long
ABS-MBS
CORP
US
N
2
2046-11-15
Variable
0.04895227
N
N
N
N
N
N
UDR INC
P3CH2EG5X6Z1XWU1OO74
UDR INC
902653104
414200.00000000
NS
USD
17640778.00000000
0.354947120023
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
28405000.00000000
PA
USD
21576365.00000000
0.434134402537
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
2443266.40000000
0.049160551316
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
381100.00000000
NS
USD
18468106.00000000
0.371593647229
Long
EC
CORP
US
N
1
N
N
N
SBA COMMUNICATIONS CORP
5299001HX8ZN8Y8QIT49
SBA COMMUNICATIONS CORP 3.125% 02/01/2029
78410GAG9
5000000.00000000
PA
USD
4235912.50000000
0.085230081266
Long
DBT
CORP
US
N
2
2029-02-01
Fixed
0.03125000
N
N
N
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT SER H 6.25% PERP PFD
02665T868
98905.00000000
NS
USD
2497351.25000000
0.050248783464
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
12.20000000
0.000000245474
Long
EP
CORP
KY
N
3
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
2039790.96000000
0.041042290011
Long
ABS-MBS
CORP
US
N
2
2041-02-12
Variable
0.02892490
N
N
N
N
N
N
BANK 2022-BNK42
N/A
BANK 2022-BNK42 A5 CSTR 06/15/2055
06541MBN3
20000000.00000000
PA
USD
19759460.00000000
0.397576763350
Long
ABS-MBS
CORP
US
N
2
2055-06-15
Variable
0.04493000
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
6927580.60000000
0.139388681309
Long
ABS-MBS
CORP
US
N
2
2026-06-15
Variable
0.08310000
N
N
N
N
N
N
ESSEX PROPERTY TRUST INC
549300TR2H2VEFX0NC60
ESSEX PROPERTY TRUST INC
297178105
169800.00000000
NS
USD
38386686.00000000
0.772372037273
Long
EC
CORP
US
N
1
N
N
N
SOTHERLY HOTELS INC
549300IYTT21F61LSR10
SOTHERLY HOTELS INC SER B 8% PERP PFD
83600C301
67250.00000000
NS
USD
1701425.00000000
0.034234085576
Long
EP
CORP
US
N
1
N
N
N
CROWN CASTLE INC
54930012H97VSM0I2R19
CROWN CASTLE INC 3.8% 02/15/2028
22822VAK7
2000000.00000000
PA
USD
1908555.48000000
0.038401723043
Long
DBT
CORP
US
N
2
2028-02-15
Fixed
0.03800000
N
N
N
N
N
N
CYXTERA TECHNOLOGIES INC
N/A
CYXTERA TECHNOLOGIES INC A
23284C102
740700.00000000
NS
USD
2385054.00000000
0.047989269430
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
1772205.86000000
0.035658255327
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
13965000.00000000
PA
USD
11727108.75000000
0.235959178048
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
7307758.80000000
0.147038182776
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
17070000.00000000
PA
USD
14360308.20000000
0.288941340242
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
28858802.27170000
PA
USD
105481.81000000
0.002122381715
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.00444974
N
N
N
N
N
N
SAFEHOLD INC
549300MHMP6BIE0XV355
SAFEHOLD INC
78645L100
5925.00000000
NS
USD
207138.00000000
0.004167788775
Long
EC
CORP
US
N
1
N
N
N
CROWN CASTLE INC
54930012H97VSM0I2R19
CROWN CASTLE INC 2.5% 07/15/2031
22822VAY7
5000000.00000000
PA
USD
4207026.15000000
0.084648863888
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
30577105.84000000
0.615236791515
Long
EP
CORP
US
N
1
N
N
N
GREAT AJAX CORP
5493004ID2QQWNGDYC18
GREAT AJAX CORP
38983D300
1663364.00000000
NS
USD
14587702.28000000
0.293516698188
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
154709.00000000
NS
USD
2962677.35000000
0.059611531472
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
15421712.50000000
0.310297677217
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
695808.75000000
0.014000250550
Long
EP
CORP
BM
N
1
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MORGAN STANLEY CAP I TR 2011-C3 F CSTR 07/15/2049 144A
61760RAQ5
5624050.00000000
PA
USD
3582955.15000000
0.072092036511
Long
ABS-MBS
CORP
US
N
3
2049-07-15
Variable
0.05082518
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 7.65 SER G PERP PFD
45031U705
305973.00000000
NS
USD
7695220.95000000
0.154834243373
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
9487110.41000000
0.190888549097
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
7835997.74000000
0.157666789430
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
0.000000020724
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
8474304.00000000
0.170510042074
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
1949125.20000000
0.039218019540
Long
ABS-CBDO
CORP
US
N
2
2052-04-17
Fixed
0.05885000
N
N
N
N
N
N
RITHM CAPITAL CORP
549300WNTHGEO5LP2G31
RITHM CAPITAL CORP SER D 7%/VAR PFD PERP
64828T706
151200.00000000
NS
USD
3211488.00000000
0.064617808613
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
24679910.00000000
PA
USD
23445914.50000000
0.471751292833
Long
LON
CORP
US
N
3
2024-01-09
Variable
0.09478040
N
N
N
N
N
N
EASTGROUP PROPERTIES INC
31TIGQQZC4P6JMHKSW85
EASTGROUP PPTYS INC
277276101
68600.00000000
NS
USD
11541950.00000000
0.232233630056
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
13965000.00000000
PA
USD
11381475.00000000
0.229004739636
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
1804915.82000000
PA
USD
1665156.86000000
0.033504340445
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04870969
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
1978632.25000000
0.039811725918
Long
ABS-MBS
CORP
US
N
2
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
214250.00000000
NS
USD
4962030.00000000
0.099840169065
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
10781100.00000000
0.216924695480
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
63168.00000000
NS
USD
1306371.09000000
0.026285272456
Long
EP
CORP
US
N
1
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
2975290.54000000
0.059865319341
Long
ABS-MBS
CORP
US
N
2
2046-05-15
Variable
0.04014026
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
11954364.49000000
0.240531752479
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
43800.00000000
NS
USD
1048572.00000000
0.021098140429
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
497466.53820000
PA
USD
351619.99000000
0.007074886538
Long
ABS-CBDO
CORP
US
N
2
2040-04-15
Fixed
0.07170000
N
N
N
N
N
N
AG MORTGAGE INVESTMENT TR INC
549300SNP0PBR2XTFR48
AG MORTTGAGE INVVESTMENT TRUST SER C 8% PFD PRP
001228402
467638.00000000
NS
USD
8702743.18000000
0.175106428301
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
8138974.43000000
0.163762932330
Long
ABS-CBDO
CORP
US
N
2
2052-10-17
Fixed
0.06070000
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
3245063.82000000
0.065293382026
Long
ABS-MBS
CORP
US
N
2
2044-01-15
Variable
0.02775460
N
N
N
N
N
N
GLP CAP LP / GLP FING II INC
N/A
GLP CAP LP / GLP FING II INC 5.375% 04/15/2026
361841AH2
3000000.00000000
PA
USD
2996940.00000000
0.060300924476
Long
DBT
CORP
US
N
2
2026-04-15
Fixed
0.05375000
N
N
N
N
N
N
CONSECO FIN SECURITIZATNS CORP
N/A
CNF 2002-2 M2 9.163% 3/33
20846QJZ2
377472.87250000
PA
USD
347042.52000000
0.006982784035
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
1017693.00000000
0.020476829276
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
551900.00000000
NS
USD
123288941.00000000
2.480675996188
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
6336107.71000000
0.127487755008
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
3307338.22000000
0.066546394729
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.08409000
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
21424387.50000000
0.431076488882
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
240633.00000000
NS
USD
5102502.45000000
0.102666591549
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
4226675.00000000
0.085044215086
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
23000000.00000000
PA
USD
21495567.01000000
0.432508679802
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
63650.00000000
NS
USD
1451220.00000000
0.029199752954
Long
EP
CORP
US
N
1
N
N
N
REXFORD INDL RLTY INC
549300MSLO0DF0EMX355
REXFORD INDUSTRIAL REALTY INC
76169C100
67700.00000000
NS
USD
4296919.00000000
0.086457582767
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
3885112.50000000
0.078171693609
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
104400.00000000
NS
USD
2606868.00000000
0.052452351527
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
2758296.60000000
0.055499220858
Long
ABS-MBS
CORP
US
N
2
2048-01-15
Variable
0.03874278
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
7205161.08000000
0.144973831349
Long
ABS-MBS
CORP
US
N
2
2038-12-15
Variable
0.07678000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 D CSTR 6/44
617459AJ1
3403110.40000000
PA
USD
3205968.21000000
0.064506745849
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
3861000.00000000
0.077686530061
Long
EP
CORP
US
N
1
N
N
N
GREEN TREE FINANCIAL CORP
N/A
GT 1997-3 M1 7.53% 3/28
393505TZ5
2224405.28540000
PA
USD
2096953.09000000
0.042192439591
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
2348134.61000000
0.047246420608
Long
DBT
CORP
US
N
2
2027-04-01
Fixed
0.04500000
N
N
N
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
14315246.93000000
0.288034670025
Long
ABS-MBS
CORP
US
N
2
2036-11-15
Variable
0.08010000
N
N
N
N
N
N
DIGITALBRIDGE GROUP INC
549300XG87L902AGBO89
DIGITALBRIDGE GROUP INC SER H 7.125% PERP PFD
25401T504
965305.00000000
NS
USD
21690403.35000000
0.436428948951
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
43002.78260000
PA
USD
30724.37000000
0.000618199868
Long
ABS-CBDO
USGSE
US
N
2
2043-06-25
Variable
0.03429310
N
N
N
N
N
N
PROLOGIS INC
529900DFH19P073LZ636
PROLOGIS INC REIT
74340W103
764330.00000000
NS
USD
98812582.40000000
1.988191311344
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
1760549.40000000
0.035423717660
Long
ABS-MBS
CORP
US
N
2
2045-11-15
Variable
0.04539766
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
5994717.93000000
0.120618708801
Long
ABS-MBS
CORP
US
N
2
2037-08-15
Variable
0.03704200
N
N
N
N
N
N
BANK 2022-BNK43
N/A
BANK 2022-BNK43 D 3% 08/15/2055 144A
06541QAC9
5344000.00000000
PA
USD
3147392.62000000
0.063328156278
Long
ABS-MBS
CORP
US
N
2
2055-08-15
Fixed
0.03000000
N
N
N
N
N
N
DIAMONDROCK HOSPITALITY CO
529900KKD4BPVBUAQ734
DIAMONDROCK HOSPITALITY CO 8.25% PFD PERP
252784400
448231.00000000
NS
USD
11546430.56000000
0.232323782648
Long
EP
CORP
US
N
1
N
N
N
AVALONBAY COMMUNITIES INC
K9G90K85RBWD2LAGQX17
AVALONBAY COMMUNITIES INC REIT
053484101
128900.00000000
NS
USD
22872016.00000000
0.460203977870
Long
EC
CORP
US
N
1
N
N
N
MORGAN STANLEY CAP I INC
N/A
MSC 1998-CF1 G 7.35% 7/32
61745MHW6
14269.61950000
PA
USD
14147.08000000
0.000284651011
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
3195622.00000000
0.064298571501
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
2848270.66000000
0.057309573750
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
6043652.61000000
0.121603315247
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
201900.00000000
NS
USD
21510426.00000000
0.432807655035
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
8135841.00000000
0.163699885113
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
3589596.00000000
0.072225655934
Long
EP
CORP
US
N
1
N
N
N
2023-03-02
Stacie M. Smith
Stacie M. Smith
Stacie M. Smith
President and Treasurer