0001752724-23-067613.txt : 20230327
0001752724-23-067613.hdr.sgml : 20230327
20230327133540
ACCESSION NUMBER: 0001752724-23-067613
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: 23763732
BUSINESS ADDRESS:
STREET 1: 245 SUMMER STREET
CITY: BOSTON
STATE: MA
ZIP: 02210
BUSINESS PHONE: 617-563-7000
MAIL ADDRESS:
STREET 1: 245 SUMMER STREET
CITY: BOSTON
STATE: MA
ZIP: 02210
0000754510
S000031548
Fidelity Series Real Estate Income Fund
C000098199
Fidelity Series Real Estate Income Fund
FSREX
NPORT-P
1
primary_doc.xml
NPORT-P
false
0000754510
XXXXXXXX
S000031548
C000098199
Fidelity Securities Fund
811-04118
0000754510
LIUMB3NDWOFJPXVROE85
245 Summer Street
Boston
02210
1-800-FIDELITY
Fidelity Series Real Estate Income Fund
S000031548
549300CKO1IALL8IIC86
2023-07-31
2023-01-31
N
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0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
38588.39000000
USD
N
DIGITAL REALTY TRUST INC
549300HKCZ31D08NEI41
DIGITAL REALTY TRUST INC
253868103
2200.00000000
NS
USD
252164.00000000
0.055783636150
Long
EC
CORP
US
N
1
N
N
N
LIFE 2021-BMR MTG TR
N/A
LIFE 2021-BMR MTG G TR 1ML+305.6 03/15/2036 144A
53218CAN0
1816528.84100000
PA
USD
1734642.26000000
0.383736983403
Long
ABS-MBS
CORP
US
N
2
2038-03-15
Variable
0.07409000
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2011-C3
N/A
JPMCC 2011-C3 G CSTR 02/15/2046 144A
46635TBK7
1680000.00000000
PA
USD
143244.19000000
0.031688432034
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
1021000.00000000
PA
USD
956725.40000000
0.211646474553
Long
ABS-MBS
CORP
US
N
2
2037-12-15
Variable
0.07709000
N
N
N
N
N
N
SERITAGE GROWTH PPTYS
5493003CJFC2MM82WB25
SERITAGE GROWTH PPTYS SER A 7% PERP PFD
81752R308
1050.00000000
NS
USD
25231.50000000
0.005581704032
Long
EP
CORP
US
N
1
N
N
N
EQUINIX INC
549300EVUN2BTLJ3GT74
EQUINIX INC
29444U700
3600.00000000
NS
USD
2657268.00000000
0.587839942521
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
399000.00000000
PA
USD
19083.17000000
0.004221572515
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
6787.00000000
NS
USD
62983.36000000
0.013933157935
Long
EC
CORP
US
N
1
N
N
N
PENNSYLVANIA REAL EST INVT TR
5493001GPBXRIG8WJO70
PENNSYLVANIA REAL EST INVT TR 7.2% PERP PFD C
709102602
9575.00000000
NS
USD
17043.50000000
0.003770357397
Long
EP
CORP
US
N
1
N
N
N
BANK 2017-BNK4
N/A
BANK 2017-BNK4 D 3.357% 05/15/2050 144A
06541FAJ8
625000.00000000
PA
USD
449135.38000000
0.099357579274
Long
ABS-MBS
CORP
US
N
2
2050-05-15
Fixed
0.03357000
N
N
N
N
N
N
BRE/EVERBRIGHT M6 BORROWER LLC
N/A
MOTEL 6 TERM B 1LN 09/09/2026
05601QAB0
1155000.00000000
PA
USD
1145378.85000000
0.253380327971
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
1556000.00000000
PA
USD
1515148.36000000
0.335180615901
Long
DBT
CORP
US
N
2
2024-03-15
Fixed
0.04650000
N
N
N
N
N
N
BRIXMOR OPERATING PARTNERSHIP LP
549300CJHBL7JBUA6503
BRIXMOR OPERATING PARTNERSHIP LP 3.85% 02/01/2025
11120VAA1
1753000.00000000
PA
USD
1698660.38000000
0.375777083885
Long
DBT
CORP
US
N
2
2025-02-01
Fixed
0.03850000
N
N
N
N
N
N
OFFICE PROPERTIES INCOME TRUST
N/A
OFFICE PROPERTIES INCOME TRUST 4.5% 02/01/2025
81618TAC4
3695000.00000000
PA
USD
3437662.06000000
0.760478456730
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
970000.00000000
PA
USD
898598.30000000
0.198787616838
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
1000000.00000000
PA
USD
775084.90000000
0.171464023600
Long
ABS-MBS
CORP
US
N
2
2045-11-15
Variable
0.04539766
N
N
N
N
N
N
BHP TRUST 2019-BXHP
N/A
BHP TRUST 2019-BXHP F 1ML+293.798 08/15/2036 144A
05550TAL3
1050000.00000000
PA
USD
980507.33000000
0.216907505193
Long
ABS-MBS
CORP
US
N
2
2036-08-15
Variable
0.07396980
N
N
N
N
N
N
CENTURY CMNTYS INC
5299002QMB2O7ZL1CA26
CENTURY COMMUNITIES INC 6.75% 06/01/2027
156504AL6
1330000.00000000
PA
USD
1311546.12000000
0.290139796134
Long
DBT
CORP
US
N
2
2027-06-01
Fixed
0.06750000
N
N
N
N
N
N
WP CAREY INC
54930042CRNE713E3Q67
WP CAREY INC 4.25% 10/01/2026
92936UAE9
459000.00000000
PA
USD
449757.05000000
0.099495104904
Long
DBT
CORP
US
N
2
2026-10-01
Fixed
0.04250000
N
N
N
N
N
N
EXTRA SPACE STORAGE INC
N/A
EXTRA SPACE STORAGE INC
30225T102
6400.00000000
NS
USD
1010112.00000000
0.223456640436
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
750000.00000000
PA
USD
694916.25000000
0.153729141530
Long
DBT
CORP
US
N
2
2028-08-15
Fixed
0.04625000
N
N
N
N
N
N
RITHM CAPITAL CORP
549300WNTHGEO5LP2G31
RITHM CAPITAL CORP SER C 6.375%/VAR PFD PERP
64828T508
55446.00000000
NS
USD
1106147.70000000
0.244701626026
Long
EP
CORP
US
N
1
N
N
N
ARMADA HOFFLER PROPERTIES INC
549300WQRSIV6XZT9313
ARMADA HOFFLER PPTYS INC SER A 6.75% PFD PERP
04208T207
33250.00000000
NS
USD
759097.50000000
0.167927296293
Long
EP
CORP
US
N
1
N
N
N
HEALTHCARE REALTY TRUST INC
549300L0I14L7I0VLX84
HEALTHCARE REALTY TRUST INC
42226K105
3250.00000000
NS
USD
69972.50000000
0.015479293160
Long
EC
CORP
US
N
1
N
N
N
COMM 2017-COR2
N/A
COMM 2017-COR2 D 3% 09/10/2050 144A
12595EAN5
31000.00000000
PA
USD
22628.30000000
0.005005824994
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
16575.00000000
NS
USD
400783.50000000
0.088661192474
Long
EP
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL TRUST 2021-SFR6
N/A
PROGRESS RESIDENTIAL TRUST 2021-SFR6 3.422% 07/17/2038 144A
74333HAN5
1449000.00000000
PA
USD
1236926.10000000
0.273632380146
Long
ABS-CBDO
CORP
US
N
2
2038-07-17
Fixed
0.03422000
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.95% 04/01/2024
681936BB5
659000.00000000
PA
USD
653819.19000000
0.144637663596
Long
DBT
CORP
US
N
2
2024-04-01
Fixed
0.04950000
N
N
N
N
N
N
XHR LP
549300M88BPT83ZL2164
XHR LP 6.375% 08/15/2025 144A
98372MAA3
750000.00000000
PA
USD
738806.87000000
0.163438609878
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
26000.00000000
NS
USD
515840.00000000
0.114113953109
Long
EP
CORP
US
N
1
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PPTYS INC 6.75% SER D PFD PERP
903002509
63875.00000000
NS
USD
1478706.25000000
0.327118904456
Long
EP
CORP
US
N
1
N
N
N
REDWOOD TRUST INC
DRBV4N1ERQLEMIF11G78
REDWOOD TRUST INC CONV 5.625% 07/15/2024
758075AD7
1847000.00000000
PA
USD
1747723.75000000
0.386630866267
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
89500.00000000
NS
USD
2057605.00000000
0.455182693251
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
946000.00000000
PA
USD
918072.96000000
0.203095794642
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
3629000.00000000
PA
USD
0.36000000
0.000000079639
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
62900.00000000
NS
USD
1021496.00000000
0.225975005127
Long
EC
CORP
US
N
1
N
N
N
LXP INDUSTRIAL TRUST
549300S4MH2ICXDBFV43
LXP INDUSTRIAL TRUST REIT
529043101
317022.00000000
NS
USD
3661604.10000000
0.810018840282
Long
EC
CORP
US
N
1
N
N
N
PROGRESS RESIDENTIAL TRUST 2021-SFR8
N/A
PROGRESS RESIDENTIAL TRUST 2021-SFR8 4.005% 10/17/2038 144A
74333TAQ2
2351000.00000000
PA
USD
2014622.92000000
0.445674211820
Long
ABS-CBDO
CORP
US
N
2
2038-10-17
Fixed
0.04005000
N
N
N
N
N
N
WFRBS COML MTG TR 2011-C3
N/A
WFRBS 2011-C3 D CSTR 3/44
92935VAS7
2576132.26000000
PA
USD
966049.60000000
0.213709170974
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
19600.00000000
NS
USD
360052.00000000
0.079650583601
Long
EP
CORP
US
N
1
N
N
N
ADAMS HOMES INC
N/A
ADAMS HOMES INC 7.5% 02/15/2025 144A
00623PAA9
1550000.00000000
PA
USD
1333095.84000000
0.294907018020
Long
DBT
CORP
US
N
2
2025-02-15
Fixed
0.07500000
N
N
N
N
N
N
BX TR 2022-LBA6
N/A
BX TR 2022-LBA6 TSFR1M+420 01/15/2039 144A
12433EAS0
1491000.00000000
PA
USD
1392749.36000000
0.308103549860
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
4374.00000000
NS
USD
64735.20000000
0.014320699397
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
892434.44020000
PA
USD
8.92000000
0.000001973279
Long
ABS-CBDO
CORP
US
N
3
2052-10-17
Variable
0.00000000
N
N
N
N
N
N
CENTURY CMNTYS INC
5299002QMB2O7ZL1CA26
CENTURY COMMUNITIES INC 3.875% 08/15/2029 144A
156504AM4
1930000.00000000
PA
USD
1622464.15000000
0.358920979246
Long
DBT
CORP
US
N
2
2029-08-15
Fixed
0.03875000
N
N
N
N
N
N
WFRBS COML MTG TR 2013-C13
N/A
WFRBS COML MTG TR 2013-C13 D CSTR 05/15/2045 144A
92937UAJ7
45000.00000000
PA
USD
43908.68000000
0.009713463575
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
30350.00000000
NS
USD
760267.50000000
0.168186123304
Long
EP
CORP
US
N
1
N
N
N
TERRENO RLTY CORP
N/A
TERRENO REALTY CORP
88146M101
25980.00000000
NS
USD
1673891.40000000
0.370297698374
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
342687.06910000
PA
USD
318335.83000000
0.070422146358
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.07805000
N
N
N
N
N
N
WP CAREY INC
54930042CRNE713E3Q67
WP CAREY INC 4% 02/01/2025
92936UAC3
422000.00000000
PA
USD
412996.69000000
0.091362990301
Long
DBT
CORP
US
N
2
2025-02-01
Fixed
0.04000000
N
N
N
N
N
N
GS MTG SECS TR 2012-GCJ9
N/A
GS MTG SECS TR 2012-GCJ9 VAR 11/10/2045 144A
36192PAK2
1388758.29000000
PA
USD
1284740.29000000
0.284209819344
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
51200.00000000
NS
USD
791552.00000000
0.175106869981
Long
EC
CORP
US
N
1
N
N
N
ENBRIDGE INC
98TPTUM4IVMFCZBCUR27
ENBRIDGE INC SER L 4/VAR PFD PERP
29250N790
19600.00000000
NS
USD
393372.00000000
0.087021622911
Long
EP
CORP
CA
N
1
N
N
N
GS MTG SECS TR 2013-GCJ16
N/A
GSMS 2013-GC16 F 3.5% 11/10/2046
36248GAT7
1510000.00000000
PA
USD
1375416.12000000
0.304269096276
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
40900.00000000
NS
USD
3069136.00000000
0.678953244396
Long
EC
CORP
US
N
1
N
N
N
DCP MIDSTREAM LP
52990024YYS3MLGW0E91
DCP MIDSTREAM LP SER B 7.875/VAR PFD PERP
23311P209
34150.00000000
NS
USD
858872.50000000
0.189999488585
Long
EP
CORP
US
N
1
N
N
N
MERIT 2021
N/A
MERIT 2021-STOR G 1ML+275 07/15/2038 144A
55293BAP0
250000.00000000
PA
USD
237482.43000000
0.052535784121
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.07209000
N
N
N
N
N
N
SREIT TR 2021-IND
N/A
SREIT TR 2021-IND G 1ML+343.21 10/15/2038 144A
78473JAS1
1573000.00000000
PA
USD
1443603.60000000
0.319353507906
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
53702.00000000
NS
USD
1140898.99000000
0.252389294833
Long
EP
CORP
US
N
1
N
N
N
WFRBS COML MTG TR 2013-C11
N/A
WFRBS 2013-C11 E VAR 3/45
92937EAL8
53000.00000000
PA
USD
42929.85000000
0.009496927128
Long
ABS-MBS
CORP
US
N
2
2045-03-15
Variable
0.04203312
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2014-DSTY
N/A
JPMCC 2014-DSTY E CSTR 06/27
46642MAN8
924000.00000000
PA
USD
2278.03000000
0.000503945038
Long
ABS-MBS
CORP
US
N
3
2027-06-10
Variable
0.03804600
N
N
N
N
N
N
COMM 2018-HCLV MTG TR
N/A
COMM 2018-HCLV MTG TR 1ML+305 09/15/2033 144A
20048KAL1
735000.00000000
PA
USD
576526.43000000
0.127538984954
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
41125.00000000
NS
USD
966437.50000000
0.213794982083
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
930000.00000000
PA
USD
772284.21000000
0.170844455891
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
300.00000000
NS
USD
4659.00000000
0.001030662429
Long
EC
CORP
US
N
1
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INVT CORP 8.125% SER A PERP PFD
90187B200
41635.00000000
NS
USD
920549.85000000
0.203643731423
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
28775.00000000
NS
USD
631323.50000000
0.139661174541
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MSC 2011-C3 D CSTR 7/49
61760RAL6
83000.00000000
PA
USD
80439.79000000
0.017794863570
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05082518
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
500000.00000000
PA
USD
454886.20000000
0.100629773760
Long
ABS-MBS
CORP
US
N
2
2038-07-15
Variable
0.08810000
N
N
N
N
N
N
HEALTHCARE TRUST INC
549300Z2NSUGF5NF2Y30
HEALTHCARE TRUST INC 7.125% PERP PFD
42226B303
48000.00000000
NS
USD
1041120.00000000
0.230316219876
Long
EP
CORP
US
N
1
N
N
N
CONSECO FIN SECURITIZATNS CORP
N/A
CNF 2002-1 M2 9.546% 12/33
20846QJT6
1216000.00000000
PA
USD
1117168.63000000
0.247139672493
Long
ABS-CBDO
CORP
US
N
2
2033-12-01
Fixed
0.09546000
N
N
N
N
N
N
BX TR 2022-LBA6
N/A
BX TR 2022-LBA6 TSFR1M+335 01/15/2039 144A
12433EAQ4
700000.00000000
PA
USD
648704.35000000
0.143506160393
Long
ABS-MBS
CORP
US
N
2
2039-01-15
Variable
0.07828040
N
N
N
N
N
N
BX 2021-SOAR
N/A
BX TRUST 2.9% 06/15/2023 144A
05608WAS3
992481.75000000
PA
USD
945678.30000000
0.209202638768
Long
ABS-MBS
CORP
US
N
2
2038-06-15
Variable
0.07260000
N
N
N
N
N
N
SAUL CENTERS INC
N/A
SAUL CENTERS INC 6.125% SER D PFD PERP
804395804
15958.00000000
NS
USD
374374.68000000
0.082819042103
Long
EP
CORP
US
N
1
N
N
N
NATIONAL RETAIL PROPERTIES INC
5493008JKH5SOTI0JS97
NATIONAL RETAIL PROPERTIES INC
637417106
3700.00000000
NS
USD
175195.00000000
0.038756579588
Long
EC
CORP
US
N
1
N
N
N
AGREE REALTY CORP
N/A
AGREE REALTY CORP 4.375% PERP PFD
008492209
38700.00000000
NS
USD
708597.00000000
0.156755592492
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
925000.00000000
PA
USD
802141.50000000
0.177449475647
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
3062000.00000000
PA
USD
3033293.75000000
0.671024233781
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
SOTHERLY HOTELS INC
549300IYTT21F61LSR10
SOTHERLY HOTELS INC SER C 7.875% PERP PFD
83600C400
19300.00000000
NS
USD
492150.00000000
0.108873259194
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
3467000.00000000
PA
USD
1518680.87000000
0.335962076587
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
3170000.00000000
PA
USD
2600144.95000000
0.575203200413
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
1260000.00000000
PA
USD
758901.91000000
0.167884027939
Long
ABS-MBS
CORP
US
N
2
2049-08-15
Fixed
0.03000000
N
N
N
N
N
N
CUBESMART
N/A
CUBESMART
229663109
22500.00000000
NS
USD
1030275.00000000
0.227917092585
Long
EC
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 8.0% SER D PERP PFD
45031U408
65856.00000000
NS
USD
1664181.12000000
0.368149593464
Long
EP
CORP
US
N
1
N
N
N
HILTON GRAND VACATIONS BORROWER LLC
254900HF0EZ734FDVY79
HILTON GRAND VACATIONS TERM B 1LN 08/02/2028
43283LAH4
354732.76200000
PA
USD
354668.91000000
0.078459738223
Long
LON
CORP
US
N
2
2028-08-02
Variable
0.07569710
N
N
N
N
N
N
LIFE STORAGE INC
W9EE01AFDDF9DQCQZC68
LIFE STORAGE INC
53223X107
3200.00000000
NS
USD
345728.00000000
0.076481833088
Long
EC
CORP
US
N
1
N
N
N
BROOKFIELD PROPERTY PARTNERS LP
5493004J5Z0TZW83NU62
BROOKFIELD PROPERTY PARTN LP 5.75% PFD PERP
N/A
7000.00000000
NS
USD
127750.00000000
0.028260812480
Long
EP
CORP
BM
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 7.5 PFD PERP I
45031U804
234523.00000000
NS
USD
5891217.76000000
1.303253232049
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
47200.00000000
NS
USD
1118640.00000000
0.247465168474
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
250000.00000000
PA
USD
188896.40000000
0.041787598736
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
81500.00000000
NS
USD
1776700.00000000
0.393040982647
Long
EP
CORP
US
N
1
N
N
N
VENTAS INC
ORQTRC074CWLT3DKHT41
VENTAS INC REIT
92276F100
62555.00000000
NS
USD
3240974.55000000
0.716967311233
Long
EC
CORP
US
N
1
N
N
N
SERVICE PROPERTIES TRUST
529900IS770AG1K9QG27
SERVICE PPTYS TR 7.5% 09/15/2025
81761LAA0
1480000.00000000
PA
USD
1455269.20000000
0.321934168055
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
27461.00000000
NS
USD
693115.64000000
0.153330811185
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
482000.00000000
PA
USD
66805.20000000
0.014778624108
Long
ABS-MBS
CORP
US
N
3
2046-04-15
Variable
0.03250000
N
N
N
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INV CORP 7.625% SER B PFD PERP
90187B309
89612.00000000
NS
USD
1855864.52000000
0.410553731413
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
875000.00000000
PA
USD
844663.75000000
0.186856233639
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
40000.00000000
NS
USD
595200.00000000
0.131669945895
Long
EP
CORP
US
N
1
N
N
N
GLADSTONE COMMERCIAL CORP
529900EVVV534W8R0T32
GLADSTONE COMMERCIAL CORP SER G 6% PFD PERP
376536884
81700.00000000
NS
USD
1755733.00000000
0.388402669886
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MORGAN STANLEY CAP I TR 2011-C3 C CSTR 07/15/2049 144A
61760RAJ1
368957.97000000
PA
USD
364159.38000000
0.080559216837
Long
ABS-MBS
CORP
US
N
2
2049-07-15
Variable
0.05082518
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
846000.00000000
PA
USD
810016.24000000
0.179191523009
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
11915.00000000
NS
USD
153465.20000000
0.033949520465
Long
EC
CORP
US
N
1
N
N
N
GLOBAL PARTNERS LP
549300PCHWTW9P4DU444
GLOBAL PARTNERS LP SER A 9.75/VAR PFD PERP
37946R208
1825.00000000
NS
USD
48654.68000000
0.010763372115
Long
EP
CORP
US
N
1
N
N
N
PUBLIC STORAGE
549300LMZF40TKJ6DM64
PUBLIC STORAGE
74460D109
6100.00000000
NS
USD
1856474.00000000
0.410688560375
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
735000.00000000
PA
USD
561736.02000000
0.124267055377
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
1728000.00000000
PA
USD
1598400.00000000
0.353597515992
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
1817000.00000000
PA
USD
1640483.36000000
0.362907182884
Long
ABS-MBS
CORP
US
N
3
2030-06-10
Variable
0.04238000
N
N
N
N
N
N
MORGAN STANLEY BK OF AMER MERRILL LYNCH TR 2013-C12
N/A
MORGAN STANLEY BNK AML TR13-C12 4.94% 10/15/2046
61762XAC1
1500000.00000000
PA
USD
1335774.60000000
0.295499612416
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
573000.00000000
PA
USD
477929.56000000
0.105727418190
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
136199.00000000
NS
USD
3429490.82000000
0.758670817737
Long
EP
CORP
US
N
1
N
N
N
NATIONAL STORAGE AFFILIATES TRUST
N/A
NATIONAL STORAGE AFFILIATES SER A 6% PFD PERP
637870205
12325.00000000
NS
USD
310343.50000000
0.068654085776
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
1280000.00000000
PA
USD
1193336.19000000
0.263989434764
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
27400.00000000
NS
USD
51649.00000000
0.011425774589
Long
EP
CORP
US
N
1
N
N
N
BX TRUST 2019
N/A
BX TRUST 2019 1ML+265 10/15/2036 144A
056054AL3
1592900.00000000
PA
USD
1540901.53000000
0.340877723596
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.07242520
N
N
N
N
N
N
PROGRESS RESIDENTIAL 2020-SFR1 TR
N/A
PROGRESS RESIDENTIAL 2020-SFR1 TR 5.268% 04/17/2037 144A
74331CAH1
588000.00000000
PA
USD
545316.43000000
0.120634719142
Long
ABS-CBDO
CORP
US
N
2
2037-04-17
Fixed
0.05268000
N
N
N
N
N
N
CITY OFFICE REIT INC
5493003J7157VP25NL57
CITY OFFICE REIT INC 6.625% SER A PFD PERP
178587200
27525.00000000
NS
USD
605825.25000000
0.134020460163
Long
EP
CORP
US
N
1
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD
70509V605
55192.00000000
NS
USD
1159032.00000000
0.256400673270
Long
EP
CORP
US
N
1
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 4.75% 01/15/2028
681936BK5
1616000.00000000
PA
USD
1551484.48000000
0.343218880273
Long
DBT
CORP
US
N
2
2028-01-15
Fixed
0.04750000
N
N
N
N
N
N
CUSHMAN and WAKEFIELD PLC
N/A
CUSHMAN and WAKEFIELD PLC
N/A
11300.00000000
NS
USD
163059.00000000
0.036071857707
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
648000.00000000
PA
USD
651188.16000000
0.144055628015
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
1192000.00000000
PA
USD
884430.50000000
0.195653420838
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
66349.00000000
NS
USD
1358164.03000000
0.300452594668
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
537000.00000000
PA
USD
479344.30000000
0.106040386502
Long
ABS-MBS
CORP
US
N
2
2047-03-10
Variable
0.04981361
N
N
N
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2011-C3
N/A
JP MORGAN CHASE CO MT SE 2011-C3 H CSTR 02/15/2046 144A
46635TBN1
1320000.00000000
PA
USD
115343.45000000
0.025516239618
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
436303.82000000
PA
USD
347417.26000000
0.076855530623
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
129625.00000000
NS
USD
3088963.75000000
0.683339532652
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
1168000.00000000
PA
USD
947259.80000000
0.209552497672
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
60784.00000000
NS
USD
1390117.92000000
0.307521423579
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
1343025.12000000
PA
USD
1131111.87000000
0.250224191404
Long
ABS-CBDO
CORP
US
N
2
2041-01-17
Fixed
0.04242000
N
N
N
N
N
N
BANK 2017-BNK8
N/A
BANK 2017-BNK8 E 2.8% 11/15/2050 144A
06650AAW7
1848000.00000000
PA
USD
1048453.93000000
0.231938629429
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
1917000.00000000
PA
USD
1403539.98000000
0.310490647224
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
3067000.00000000
PA
USD
1869091.14000000
0.413479719887
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
2025000.00000000
PA
USD
1991445.73000000
0.440546961562
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
38700.00000000
NS
USD
797607.00000000
0.176446355066
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
14100.00000000
NS
USD
287358.00000000
0.063569241116
Long
EP
CORP
US
N
1
N
N
N
VICI PROPERTIES LP / VICI NOTE CO INC
N/A
VICI PROPERTIES LP / VICI NOTE CO INC 4.625% 12/01/2029 144A
92564RAB1
1095000.00000000
PA
USD
1019706.21000000
0.225579068379
Long
DBT
CORP
US
N
2
2029-12-01
Fixed
0.04625000
N
N
N
N
N
N
DBGS 2018-C1 MTG TR
N/A
DBGS MTG TR 2018-C1 C CSTR 10/15/2051
23307DBE2
1000000.00000000
PA
USD
861811.40000000
0.190649631064
Long
ABS-MBS
CORP
US
N
2
2051-10-15
Variable
0.04631850
N
N
N
N
N
N
ENERGY TRANSFER LP
MTLVN9N7JE8MIBIJ1H73
ENERGY TRANSFER LP 7.6/VAR PFD PERP
29273V605
98525.00000000
NS
USD
2359673.75000000
0.522006241587
Long
EP
CORP
US
N
1
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MSC 2011-C3 G CSTR 07/49
61760RAS1
979600.00000000
PA
USD
546437.53000000
0.120882728511
Long
ABS-MBS
CORP
US
N
3
2049-07-15
Variable
0.05082518
N
N
N
N
N
N
DCP MIDSTREAM LP
52990024YYS3MLGW0E91
DCP MIDSTREAM LP 7.95/VAR PERP PFD
23311P308
36975.00000000
NS
USD
928072.50000000
0.205307889552
Long
EP
CORP
US
N
1
N
N
N
HERSHA HOSPITALITY TR
549300DNC58BIN1VO064
HERSHA HOSPITL 6.875% PFD PERP
427825401
550.00000000
NS
USD
11631.29000000
0.002573070102
Long
EP
CORP
US
N
1
N
N
N
CEDAR REALTY TRUST INC
54930056URX93R2RSN82
CEDAR RLTY TR I 7.25% PFD PERP
150602407
29035.00000000
NS
USD
450042.50000000
0.099558252058
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
745011.54000000
PA
USD
685284.78000000
0.151598470943
Long
ABS-MBS
CORP
US
N
2
2036-10-15
Variable
0.08469000
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
2135000.00000000
PA
USD
1911700.35000000
0.422905715141
Long
DBT
CORP
US
N
2
2028-06-30
Fixed
0.03875000
N
N
N
N
N
N
PROGRESS RESIDENTIAL TRUST 2021-SFR6
N/A
PROGRESS RESIDENTIAL TRUST 2021-SFR6 4.003% 07/17/2038 144A
74333HAQ8
749000.00000000
PA
USD
645820.76000000
0.142868253573
Long
ABS-CBDO
CORP
US
N
2
2038-07-17
Fixed
0.04003000
N
N
N
N
N
N
CENTERSPACE
5493002LG2SH9EEHT720
CENTERSPACE 6.625% SER C PFD PERP
15202L206
57700.00000000
NS
USD
1540590.00000000
0.340808807033
Long
EP
CORP
US
N
1
N
N
N
BSREP COML MTG TR 2021-DC
N/A
BSREP COML MTG TR 2021-DC 1ML+285 08/15/2038 144A
05591UAL1
107000.00000000
PA
USD
87637.34000000
0.019387103185
Long
ABS-MBS
CORP
US
N
2
2038-08-15
Variable
0.07310000
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
906367.20000000
PA
USD
753566.02000000
0.166703624129
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
202000.00000000
PA
USD
198555.90000000
0.043924470111
Long
DBT
CORP
US
N
2
2027-06-15
Fixed
0.05875000
N
N
N
N
N
N
NEW HOME CO INC/THE
549300PLCE8TB3TVRQ85
NEW HOME CO INC/THE 7.25% 10/15/2025 144A
645370AC1
1495000.00000000
PA
USD
1296912.50000000
0.286902551588
Long
DBT
CORP
US
N
2
2025-10-15
Fixed
0.07250000
N
N
N
N
N
N
EG GLOBAL FINANCE PLC
549300TL8Q5207VYET27
EG GLOBAL FINANCE PLC 8.5% 10/30/2025 144A
28228PAB7
305000.00000000
PA
USD
287462.50000000
0.063592358571
Long
DBT
CORP
GB
N
2
2025-10-30
Fixed
0.08500000
N
N
N
N
N
N
SMRT 2022-MINI
N/A
SMRT 2022-MINI TSFR1M+335 01/15/2039 144A
78457JAQ5
1633000.00000000
PA
USD
1512307.26000000
0.334552108704
Long
ABS-MBS
CORP
US
N
2
2039-01-15
Variable
0.07829000
N
N
N
N
N
N
MHP 2022-MHIL F
N/A
MHP 2022-MHIL F TSFR1M+395.75 01/15/2027 144A
55293DAN1
2489389.17000000
PA
USD
2323622.49000000
0.514030993849
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
504000.00000000
PA
USD
473897.14000000
0.104835367580
Long
ABS-MBS
CORP
US
N
2
2035-07-10
Fixed
0.04996000
N
N
N
N
N
N
WEYERHAEUSER CO
08IRJODWFYBI7QWRGS31
WEYERHAEUSER CO
962166104
13700.00000000
NS
USD
471691.00000000
0.104347326023
Long
EC
CORP
US
N
1
N
N
N
PENNYMAC MORTGAGE INVESTMENT TRUST
549300BSSOQO1ZWDUJ97
PENNYMAC MTG INVT TR 8.125/VAR PREF PERP
70931T301
66075.00000000
NS
USD
1601658.00000000
0.354318249668
Long
EP
CORP
US
N
1
N
N
N
TAH 2017
N/A
TAH 2017 5.104% 01/17/2036 144A
89613FAF5
628000.00000000
PA
USD
610580.98000000
0.135072521171
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
759236.00000000
PA
USD
315254.15000000
0.069740418134
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
179800.00000000
NS
USD
3480928.00000000
0.770049733576
Long
EP
CORP
US
N
1
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GS MTG SECS TR 2011-GC5 4.5% 08/10/2044 144A
36191YAQ1
677000.00000000
PA
USD
2374.58000000
0.000525303797
Long
ABS-MBS
CORP
US
N
3
2044-08-10
Fixed
0.04500000
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
1000000.00000000
PA
USD
867819.80000000
0.191978807313
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
102400.00000000
NS
USD
2207744.00000000
0.488396392860
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
5305034.57000000
PA
USD
5092833.19000000
1.126634863206
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
805000.00000000
PA
USD
186909.25000000
0.041348002074
Long
ABS-MBS
CORP
US
N
2
2045-06-15
Fixed
0.04000000
N
N
N
N
N
N
CBL and ASSOCS LTD PARTNERSHIP
549300VS75TWHD9JTH89
CBL and ASSOCS LP 4.6% 10/15/2024
12505JAB9
3930000.00000000
PA
USD
0.39000000
0.000000086275
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
34700.00000000
NS
USD
1186046.00000000
0.262376701359
Long
EC
CORP
US
N
1
N
N
N
REXFORD INDL RLTY INC
549300MSLO0DF0EMX355
REXFORD INDL RLTY INC SER B 5.875% PERP PFD
76169C308
50000.00000000
NS
USD
1234000.00000000
0.272985069278
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
2499000.00000000
PA
USD
2334901.92000000
0.516526225599
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
149490.00000000
NS
USD
3593739.60000000
0.795005878180
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
0.209174344773
Long
ABS-CBDO
CORP
US
N
2
2036-09-17
Fixed
0.03867000
N
N
N
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TR SER H 5.7% PERP PFD
70509V886
104200.00000000
NS
USD
1976674.00000000
0.437279164368
Long
EP
CORP
US
N
1
N
N
N
WFRBS COML MTG TR 2011-C4
N/A
WFRBS 2011-C4 G 5% 06/15/44
92936CBD0
45000.00000000
PA
USD
2861.43000000
0.000633004592
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
113725.00000000
PA
USD
87020.36000000
0.019250615075
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
68841.04000000
PA
USD
62573.75000000
0.013842544148
Long
ABS-MBS
CORP
US
N
2
2045-05-10
Variable
0.06633322
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
2346000.00000000
PA
USD
1736222.99000000
0.384086671967
Long
ABS-MBS
CORP
US
N
3
2049-11-15
Fixed
0.03000000
N
N
N
N
N
N
SG COML MTG SECS TR 2019-PRES
N/A
SG COMMERCIAL MORTGAGE SECURITIES TRUST 2019-PREZ F CSTR 09/15/2039 144A
78430EAN5
2000000.00000000
PA
USD
1468735.40000000
0.324913156337
Long
ABS-MBS
CORP
US
N
2
2039-09-15
Variable
0.03477062
N
N
N
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP 6.875/VAR PERP PFD
00123Q609
85750.00000000
NS
USD
1896790.00000000
0.419607252477
Long
EP
CORP
US
N
1
N
N
N
DIVERSIFIED HEALTHCARE TR
N/A
DIVERSIFIED HEALTHCARE TR 4.75% 05/01/2024
81721MAK5
1725000.00000000
PA
USD
1505062.50000000
0.332949425308
Long
DBT
CORP
US
N
2
2024-05-01
Fixed
0.04750000
N
N
N
N
N
N
GREEN TREE FINANCIAL CORP
N/A
GT 1996-4 M1 7.75% 6/27
393505MR0
2617.66980000
PA
USD
2611.77000000
0.000577774890
Long
ABS-CBDO
CORP
US
N
2
2027-06-15
Variable
0.07750000
N
N
N
N
N
N
HERSHA HOSPITALITY TR
549300DNC58BIN1VO064
HERSHA HOSPITALITY TR 6.5% PERP PFD
427825609
42250.00000000
NS
USD
869927.50000000
0.192445072005
Long
EP
CORP
US
N
1
N
N
N
GS MTG SECS TR 2016-GS2
N/A
GS MTG SECS TR 2016-GS2 2.753% 05/10/2049
36252TAA3
1964000.00000000
PA
USD
1512065.53000000
0.334498633274
Long
ABS-MBS
CORP
US
N
2
2049-05-10
Fixed
0.02753000
N
N
N
N
N
N
MHC COML MTG TR 2021-MHC
N/A
MHC COML MTG TR 2021-MHC 1ML+260.096 04/15/2038 144A
55316VAL8
694000.00000000
PA
USD
669690.01000000
0.148148601114
Long
ABS-MBS
CORP
US
N
2
2038-04-15
Variable
0.07059962
N
N
N
N
N
N
BX TR 2019-OC11
N/A
BX TR 2019-OC11 4.075457% 12/09/2041 144A
05606FAN3
3666000.00000000
PA
USD
2946975.69000000
0.651928981277
Long
ABS-MBS
CORP
US
N
2
2041-12-09
Variable
0.03943990
N
N
N
N
N
N
MSJP 2015-HAUL
N/A
MSJP 2015-HAUL E 5.012% 09/05/2047 144A
553697AN3
1000000.00000000
PA
USD
693016.30000000
0.153308835224
Long
ABS-MBS
CORP
US
N
2
2047-09-05
Variable
0.04851000
N
N
N
N
N
N
DBUBS 2011 LC3
N/A
DBUBS 2011-LC3A D CSTR 8/44
23305YAM1
539621.74000000
PA
USD
505849.95000000
0.111903957573
Long
ABS-MBS
CORP
US
N
3
2044-08-10
Variable
0.05355348
N
N
N
N
N
N
HOWARD HUGHES CORP
549300BVHY25JZC1KI49
HOWARD HUGHES CORP 4.125% 02/01/2029 144A
44267DAE7
1000000.00000000
PA
USD
863520.00000000
0.191027606988
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
164300.00000000
NS
USD
4091070.00000000
0.905025143738
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
35150.00000000
NS
USD
862581.00000000
0.190819881720
Long
EP
CORP
US
N
1
N
N
N
SUNBELT MEZZ
N/A
SUNBELT MEZZ SOFR+445 01/21/2027
N/A
4575630.83000000
PA
USD
4575630.83000000
1.012219529271
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
1000000.00000000
PA
USD
968358.00000000
0.214219834454
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
118800.00000000
NS
USD
1621620.00000000
0.358734236664
Long
EC
CORP
US
N
1
N
N
N
PENNSYLVANIA REAL EST INVT TR
5493001GPBXRIG8WJO70
PENNSLVNA 7.375% PFD PERP
709102503
56533.00000000
NS
USD
106847.37000000
0.023636739628
Long
EP
CORP
US
N
1
N
N
N
MARRIOTT OWNERSHIP RESORTS INC
BW4532OH033VURR0IT68
MARRIOTT OWNERSHIP RESORTS INC 4.5% 06/15/2029 144A
57164PAH9
2000000.00000000
PA
USD
1741018.38000000
0.385147506547
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
302000.00000000
PA
USD
206198.14000000
0.045615083900
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
1000.00000000
NS
USD
50500.00000000
0.011171593191
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
11775.00000000
NS
USD
286250.25000000
0.063324185030
Long
EP
CORP
US
N
1
N
N
N
HOME PARTNERS AMER 2021-2 TR
N/A
HOME PARTNERS AMER 2021-2 TR 4.505% 12/17/2026 144A
43732VAN6
970582.94000000
PA
USD
815232.21000000
0.180345398156
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
66735.00000000
NS
USD
1262626.20000000
0.279317747714
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
13175.00000000
NS
USD
296898.63000000
0.065679816109
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
1236327.05400000
PA
USD
1150068.27000000
0.254417719903
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
6615000.00000000
PA
USD
6397993.34000000
1.415361957182
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
50274.00000000
NS
USD
1168669.40000000
0.258532655691
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
2994000.00000000
PA
USD
2768054.80000000
0.612348161543
Long
ABS-MBS
CORP
US
N
2
2046-11-15
Variable
0.04895227
N
N
N
N
N
N
SABRA HEALTH CARE REIT INC
549300E3BC7GU7TAZ621
SABRA HEALTHCARE REIT INC
78573L106
33800.00000000
NS
USD
456300.00000000
0.100942534126
Long
EC
CORP
US
N
1
N
N
N
KENNEDY-WILSON INC
5EA4464UK7FM5QNNKL62
KENNEDY-WILSON INC 4.75% 03/01/2029
489399AL9
3800000.00000000
PA
USD
3192000.00000000
0.706133177582
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
1406000.00000000
PA
USD
1162465.47000000
0.257160224361
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
669000.00000000
PA
USD
443938.90000000
0.098208015698
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
143698.00000000
NS
USD
3418575.42000000
0.756256116582
Long
EP
CORP
US
N
1
N
N
N
CROWN CASTLE INC
54930012H97VSM0I2R19
CROWN CASTLE INC
22822V101
30700.00000000
NS
USD
4546977.00000000
1.005880738535
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
2515000.00000000
PA
USD
2178273.94000000
0.481877035995
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
17100.00000000
NS
USD
187929.00000000
0.041573590830
Long
EC
CORP
US
N
1
N
N
N
VORNADO REALTY TRUST
N/A
VORNADO REALTY TRUST SER O 4.45% PERP PFD
929042794
55300.00000000
NS
USD
896413.00000000
0.198304185500
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
925000.00000000
PA
USD
781862.97000000
0.172963465990
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
250000.00000000
PA
USD
236717.33000000
0.052366528954
Long
ABS-MBS
CORP
US
N
2
2038-11-15
Variable
0.07755000
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
4000000.00000000
PA
USD
2780000.00000000
0.614990674711
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
605000.00000000
PA
USD
505175.00000000
0.111754645358
Long
DBT
CORP
US
N
2
2029-08-01
Fixed
0.04625000
N
N
N
N
N
N
TIMES SQUARE HOTEL TR
N/A
TIMES SQUARE HOTEL TR 8.528% 08/01/2026 144A
887367AA8
1103478.79070000
PA
USD
1098978.69000000
0.243115700020
Long
DBT
CORP
US
N
2
2026-08-01
Fixed
0.08528000
N
N
N
N
N
N
AMERICAN HOMES 4 RENT 2014-SFR3 TR
N/A
AH4R 2014-SFR3 E 6.418% 12/36
02665XAE9
1841000.00000000
PA
USD
1826280.10000000
0.404009075867
Long
ABS-CBDO
CORP
US
N
2
2036-12-17
Fixed
0.06418000
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
2018000.00000000
PA
USD
1553863.43000000
0.343745150800
Long
ABS-MBS
CORP
US
N
2
2044-03-11
Variable
0.03548750
N
N
N
N
N
N
BX 2021-XL2
N/A
BX TRUST 1ML+372.55 10/15/2036 144A
05609KAQ2
570856.47900000
PA
USD
532452.28000000
0.117788916161
Long
ABS-MBS
CORP
US
N
2
2038-10-15
Variable
0.08349000
N
N
N
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
800000.00000000
PA
USD
718979.76000000
0.159052463203
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
859000.00000000
PA
USD
581281.69000000
0.128590941989
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
27100.00000000
NS
USD
880750.00000000
0.194839221853
Long
EC
CORP
US
N
1
N
N
N
RLJ LODGING TR
N/A
RLJ LODGING TRUST
74965L101
14700.00000000
NS
USD
184779.00000000
0.040876748878
Long
EC
CORP
US
N
1
N
N
N
REALTY INCOME CORP
549300CUWDAUZSH43859
REALTY INCOME CORP 4.6% 02/06/2024
756109BD5
1757000.00000000
PA
USD
1749749.86000000
0.387079081646
Long
DBT
CORP
US
N
2
2024-02-06
Fixed
0.04600000
N
N
N
N
N
N
PROGRESS RESIDENTIAL 2021
N/A
PROGRESS RESIDENTIAL 2021 4.998% 04/19/2038 144A
74333DAS3
1533000.00000000
PA
USD
1337853.70000000
0.295959550226
Long
ABS-CBDO
CORP
US
N
2
2038-04-19
Fixed
0.04998000
N
N
N
N
N
N
PROGRESS RESIDENTIAL 2019-SFR4 TR
N/A
PROGRESS RESIDENTIAL 2019-SFR4 TR 3.684% 10/17/2036 144A
74331AAL6
1000000.00000000
PA
USD
952184.60000000
0.210641960289
Long
ABS-CBDO
CORP
US
N
2
2036-10-17
Fixed
0.03684000
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
1000000.00000000
PA
USD
986920.70000000
0.218326268769
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
12000.00000000
NS
USD
201000.00000000
0.044465153099
Long
EC
CORP
US
N
1
N
N
N
ELME COMMUNITIES
549300DI34BGS8LVKW95
ELME COMMUNITIES
939653101
40100.00000000
NS
USD
769920.00000000
0.170321446141
Long
EC
CORP
US
N
1
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER C 7.75/VAR PERP PFD
16934Q505
172766.00000000
NS
USD
3527881.72000000
0.780436819887
Long
EP
CORP
US
N
1
N
N
N
BX TR 2021-LGCY
N/A
BX TR 2021-LGCY 1ML+334.6 10/15/2023 144A
12434DAY8
1558000.00000000
PA
USD
1402386.80000000
0.310235541129
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
13714.00000000
NS
USD
2286398.08000000
0.505796222258
Long
EC
CORP
US
N
1
N
N
N
ENBRIDGE INC
98TPTUM4IVMFCZBCUR27
ENBRIDGE INC SER 1 4% PFD PERP
29250N717
97425.00000000
NS
USD
2189139.75000000
0.484280766867
Long
EP
CORP
CA
N
1
N
N
N
REALTY INCOME CORP
549300CUWDAUZSH43859
REALTY INCOME CORP 4.875% 06/01/2026
756109BF0
1593000.00000000
PA
USD
1603711.20000000
0.354772457888
Long
DBT
CORP
US
N
2
2026-06-01
Fixed
0.04875000
N
N
N
N
N
N
UMH PPTYS INC
529900OM5K3PJ11F0Q09
UMH PROPERTIES INC
903002103
29000.00000000
NS
USD
519680.00000000
0.114963436631
Long
EC
CORP
US
N
1
N
N
N
AGNC INVESTMENT CORP
5TRACI5HRMELWV32OF39
AGNC INVESTMENT CORP SER E 6.5%/VAR PFD PERP
00123Q807
141450.00000000
NS
USD
3165651.00000000
0.700304260572
Long
EP
CORP
US
N
1
N
N
N
PEBBLEBROOK HOTEL TRUST
5493004Q1NNH6JXCSI52
PEBBLEBROOK HOTEL TRUST 6.375% PERP PFD
70509V803
20200.00000000
NS
USD
426018.00000000
0.094243560165
Long
EP
CORP
US
N
1
N
N
N
FKH 2021-SFR1 F1
N/A
FKH 2021-SFR1 F1 3.238% 08/17/2038 144A
33767WAN3
1250000.00000000
PA
USD
1077312.00000000
0.238322602070
Long
ABS-CBDO
CORP
US
N
2
2038-08-17
Fixed
0.03238000
N
N
N
N
N
N
VMC FINANCE 2021-HT1
N/A
VMC FINANCE 2021-HT1 B 1ML+450 01/18/2037 144A
91835TAC0
2528000.00000000
PA
USD
2381828.51000000
0.526907310220
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
40700.00000000
NS
USD
947496.00000000
0.209604749757
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
355000.00000000
PA
USD
305290.24000000
0.067536205280
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
961000.00000000
PA
USD
679092.67000000
0.150228654429
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
7849898.88600000
NS
USD
7851468.87000000
1.736899330158
Long
STIV
RF
US
N
1
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT
02665T306
38900.00000000
NS
USD
1333881.00000000
0.295080710854
Long
EC
CORP
US
N
1
N
N
N
COMM 2012-CCRE2 MTG TR
N/A
COMM 2012-CR2 F 4.25% 8/45
12624KBA3
783000.00000000
PA
USD
555197.19000000
0.122820537581
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
19804.00000000
NS
USD
1060702.24000000
0.234648196491
Long
EC
CORP
US
N
1
N
N
N
J P MORGAN CHASE COML MTG SECS TR 2013-LC11
N/A
JP MORGAN CH CMS 13-LC11 D CSTR 04/15/2046
46639YAX5
1316000.00000000
PA
USD
1102995.14000000
0.244004217752
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
61000.00000000
NS
USD
1345031.70000000
0.297547464997
Long
EP
CORP
US
N
1
N
N
N
WFRBS COML MTG TR 2011-C5
N/A
WFRBS 2011-C5 E CSTR 11/44
92936JAN4
365213.05000000
PA
USD
346371.53000000
0.076624194581
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05571765
N
N
N
N
N
N
CHIMERA INVESTMENT CORP
2JBBQFJOL123LOUBE657
CHIMERA INVESTMENT CORP SER B 8%/VAR PREF PERP
16934Q406
189358.00000000
NS
USD
4241619.20000000
0.938329587654
Long
EP
CORP
US
N
1
N
N
N
LXP INDUSTRIAL TRUST
549300S4MH2ICXDBFV43
LEXINGTON RLTY 6.5 CV PFD PERPPAR=50
529043309
71519.00000000
NS
USD
3417453.88000000
0.756008009876
Long
EP
CORP
US
N
2
N
N
N
SPIRIT REALTY CAPITAL INC
549300LTU6LVPZSHMJ25
SPIRIT RLTY CAP INC
84860W300
39800.00000000
NS
USD
1746424.00000000
0.386343336004
Long
EC
CORP
US
N
1
N
N
N
SAUL CENTERS INC
N/A
SAUL CENTERS INC 6% SER E PFD PERP
804395879
13475.00000000
NS
USD
309520.75000000
0.068472077294
Long
EP
CORP
US
N
1
N
N
N
COMM 2012-CCRE1 MTG TR
N/A
COMM 2012-CCRE1 G 2.462% 05/15/2045 144A
12624BAS5
1133000.00000000
PA
USD
324146.88000000
0.071707664905
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
20000.00000000
NS
USD
435290.00000000
0.096294708919
Long
EP
CORP
US
N
1
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HOSPITALITY TRUST INC SER H 7.5% PFD PERP
044103802
35575.00000000
NS
USD
693712.50000000
0.153462848356
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
37050.00000000
NS
USD
874380.00000000
0.193430052573
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
1000000.00000000
PA
USD
936990.70000000
0.207280770788
Long
ABS-MBS
CORP
US
N
2
2036-11-15
Variable
0.08374500
N
N
N
N
N
N
READY CAP MTG FING 2019-FL3 LLC
N/A
READY CAP MTG FING 2019-FL3 D 1ML+290 03/25/2034 144A
75574XAJ4
599000.00000000
PA
USD
588411.78000000
0.130168258126
Long
ABS-MBS
CORP
US
N
2
2034-03-25
Variable
0.07405860
N
N
N
N
N
N
RETAIL VALUE INC
549300VO5RB7323N1Z31
RETAIL VALUE INC
76133Q102
24066.00000000
NS
USD
6016.50000000
0.001330968127
Long
EC
CORP
US
N
1
N
N
N
RITHM CAPITAL CORP
549300WNTHGEO5LP2G31
RITHM CAPITAL CORP
64828T300
110359.00000000
NS
USD
2462109.29000000
0.544666997651
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
2058000.00000000
PA
USD
1737052.84000000
0.384270251108
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
819000.00000000
PA
USD
765276.79000000
0.169294276770
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
51175.00000000
NS
USD
1166790.00000000
0.258116895448
Long
EP
CORP
US
N
1
N
N
N
RLJ LODGING TR
N/A
RLJ LODGING TR SER A PC 1.95% PERP
74965L200
38950.00000000
NS
USD
985435.00000000
0.217997602710
Long
EP
CORP
US
N
2
N
N
N
PROLOGIS INC
529900DFH19P073LZ636
PROLOGIS IN SR Q 8.54% PFD PRP
74340W202
16850.00000000
NS
USD
968706.50000000
0.214296929508
Long
EP
CORP
US
N
1
N
N
N
TWO HARBORS INVESTMENT COR
549300ZUIBT6KH4HU823
TWO HARBORS INVESTMENT COR CONV 6.25% 01/15/2026
90187BAB7
904000.00000000
PA
USD
802842.40000000
0.177604528511
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
459000.00000000
PA
USD
350172.06000000
0.077464946562
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
1217000.00000000
PA
USD
1217000.00000000
0.269224334936
Long
LON
CORP
US
N
3
2025-08-07
Fixed
0.09000000
N
N
N
N
N
N
GREAT AJAX CORP
5493004ID2QQWNGDYC18
GREAT AJAX CORP PC 7.25% 4/30/24
38983D409
260550.00000000
NS
USD
6386080.50000000
1.412726602683
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
963000.00000000
PA
USD
724499.57000000
0.160273553734
Long
ABS-MBS
CORP
US
N
2
2049-11-15
Fixed
0.03059000
N
N
N
N
N
N
ARBOR REALTY TRUST INC
549300ASFUWYQO0RW077
ARBOR REALTY TRUST INC SER D 6.375% PERP PFD
038923876
12400.00000000
NS
USD
254820.00000000
0.056371195586
Long
EP
CORP
US
N
1
N
N
N
MFA FINANCIAL INC
YW72IMH2RRC8Z1TGLG58
MFA FINANCIAL INC
55272X607
78075.00000000
NS
USD
928311.75000000
0.205360816358
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
119505.00000000
NS
USD
2837048.70000000
0.627610969137
Long
EP
CORP
US
N
1
N
N
N
BX 2021-SDMF
N/A
BX 2021-SDMF 1ML+193.7 09/15/2023 144A
12434CAQ7
73000.00000000
PA
USD
68431.74000000
0.015138446746
Long
ABS-MBS
CORP
US
N
2
2034-09-15
Variable
0.06396000
N
N
N
N
N
N
IMT TR 2017-APTS
N/A
IMTT 2017-APTS EFX CSTR 06/15/2034 144A
44974ABE6
1693000.00000000
PA
USD
1567805.19000000
0.346829342307
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
1299000.00000000
PA
USD
1112751.59000000
0.246162536374
Long
ABS-MBS
CORP
US
N
2
2046-01-10
Fixed
0.03500000
N
N
N
N
N
N
COMM 2012-CCRE1 MTG TR
N/A
COMM 2012-CR1 C CSTR 5/45
12624BAH9
3011000.00000000
PA
USD
2679543.10000000
0.592767632729
Long
ABS-MBS
CORP
US
N
2
2045-05-15
Variable
0.05352719
N
N
N
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GSMS 2011-GC5 C 5.47 8/44
36191YAJ7
101000.00000000
PA
USD
73265.71000000
0.016207815980
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
183967.00000000
NS
USD
4010480.60000000
0.887197183493
Long
EP
CORP
US
N
1
N
N
N
ELLINGTON FINANCIAL INC
60GS1D1R1YY5G1W7IT74
ELLINGTON FINANCIAL INC 6.75/VAR PFD PERP
28852N208
73722.00000000
NS
USD
1621884.00000000
0.358792638656
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
145000.00000000
NS
USD
3393000.00000000
0.750598330682
Long
EP
CORP
US
N
1
N
N
N
GPMT 2019-FL2 LTD
N/A
GPMT 2019-FL2 LTD 1ML+295 02/22/2036 144A
36259BAJ6
358000.00000000
PA
USD
353723.37000000
0.078250566179
Long
ABS-CBDO
CORP
KY
N
2
2036-02-22
Variable
0.07458430
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C3
N/A
MSC 2011-C3 E CSTR 7/15/49 144A
61760RAN2
652000.00000000
PA
USD
562160.92000000
0.124361051614
Long
ABS-MBS
CORP
US
N
3
2049-07-15
Variable
0.05082518
N
N
N
N
N
N
GLOBAL PARTNERS LP
549300PCHWTW9P4DU444
GLOBAL PARTNERS LP SER B 9.5% PERP PFD
37946R307
12200.00000000
NS
USD
307687.66000000
0.068066561735
Long
EP
CORP
US
N
1
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 5.5% 02/15/2026
45031UCJ8
3015000.00000000
PA
USD
3035200.50000000
0.671446044381
Long
DBT
CORP
US
N
2
2026-02-15
Fixed
0.05500000
N
N
N
N
N
N
GS MTG SECS TR 2011-GC5
N/A
GSMS 2011-GC5 E CSTR 8/44
36191YAN8
848000.00000000
PA
USD
76507.49000000
0.016924961473
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
1090000.00000000
PA
USD
905717.65000000
0.200362557076
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
813489.64010000
PA
USD
842836.36000000
0.186451979031
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
1000000.00000000
PA
USD
891094.92000000
0.197127721612
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
34000.00000000
PA
USD
168.81000000
0.000037344092
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
225785.00000000
NS
USD
5095967.45000000
1.127328223160
Long
EP
CORP
US
N
1
N
N
N
AG MORTGAGE INVESTMENT TR INC
549300SNP0PBR2XTFR48
AG MTG INVT 8% PFD PRP
001228303
50109.00000000
NS
USD
919500.15000000
0.203411517138
Long
EP
CORP
US
N
1
N
N
N
EQUITY LIFESTYLE PROPERTIES INC
529900PEQG66LENB6798
EQUITY LIFESTYLE PPTYS INC
29472R108
92700.00000000
NS
USD
6654006.00000000
1.471996992617
Long
EC
CORP
US
N
1
N
N
N
GLADSTONE LAND CORP
54930002B3Q17H38FG74
GLADSTONE LAND CORP SER D 5% PFD 01/31/26
376549507
60000.00000000
NS
USD
1449000.00000000
0.320547297718
Long
EP
CORP
US
N
1
N
N
N
BANK 2018-BNK12
N/A
BANK 2018-BNK12 D 3% 05/15/2061 144A
06541KAJ7
318000.00000000
PA
USD
212627.36000000
0.047037353808
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
2045000.00000000
PA
USD
1690281.87000000
0.373923592692
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
1766000.00000000
PA
USD
1291327.28000000
0.285666991079
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
2000000.00000000
PA
USD
1816454.00000000
0.401835349296
Long
ABS-MBS
CORP
US
N
2
2044-11-15
Variable
0.05250000
N
N
N
N
N
N
MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13
N/A
MSBAM 2013-C13 E CSTR 11/15/46 144A
61763BAE4
659000.00000000
PA
USD
574869.75000000
0.127172494756
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
5600.00000000
NS
USD
238504.00000000
0.052761775496
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
450000.00000000
PA
USD
341818.84000000
0.075617050014
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
1236000.00000000
PA
USD
481792.80000000
0.106582042857
Long
ABS-MBS
CORP
US
N
3
2045-05-10
Variable
0.05000000
N
N
N
N
N
N
AMERICAN HOMES 4 RENT
549300ZJUO7A58PNUW40
AMERICAN HOMES 4 RENT SER H 6.25% PERP PFD
02665T868
18925.00000000
NS
USD
477856.25000000
0.105711200576
Long
EP
CORP
US
N
1
N
N
N
CLEAR CHANNEL OUTDOOR HOLDINGS INC
N/A
CLEAR CHANNEL OUTDOOR HOLDINGS INC 7.75% 04/15/2028 144A
18453HAC0
1555000.00000000
PA
USD
1322885.15000000
0.292648212577
Long
DBT
CORP
US
N
2
2028-04-15
Fixed
0.07750000
N
N
N
N
N
N
TPGI 2021-DGWD G
N/A
TPGI 2021-DGWD G 1ML+380 06/15/2026 144A
87267HAU1
1176000.00000000
PA
USD
1114783.08000000
0.246611941916
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
9700.00000000
NS
USD
2192879.00000000
0.485107962507
Long
EC
CORP
US
N
1
N
N
N
SOTHERLY HOTELS INC
549300IYTT21F61LSR10
SOTHERLY HOTELS INC SER B 8% PERP PFD
83600C301
12750.00000000
NS
USD
322575.00000000
0.071359934134
Long
EP
CORP
US
N
1
N
N
N
CYXTERA TECHNOLOGIES INC
N/A
CYXTERA TECHNOLOGIES INC A
23284C102
37800.00000000
NS
USD
121716.00000000
0.026925973008
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
522000.00000000
PA
USD
339358.57000000
0.075072789904
Long
ABS-MBS
CORP
US
N
2
2049-09-15
Fixed
0.03000000
N
N
N
N
N
N
M/I HOMES INC
5299005M71FH9CCSFB69
M/I HOMES INC 3.95% 02/15/2030
55305BAV3
1430000.00000000
PA
USD
1203001.80000000
0.266127657791
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
23392544.33860000
PA
USD
85502.09000000
0.018914743891
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
519.00000000
NS
USD
18144.24000000
0.004013862733
Long
EC
CORP
US
N
1
N
N
N
DIGITALBRIDGE GROUP INC
549300XG87L902AGBO89
DIGITALBRIDGE GROUP INC 7.125% SER J PFD PERP
25401T306
185049.00000000
NS
USD
4078479.96000000
0.902239979280
Long
EP
CORP
US
N
1
N
N
N
GREAT AJAX CORP
5493004ID2QQWNGDYC18
GREAT AJAX CORP
38983D300
256346.00000000
NS
USD
2248154.42000000
0.497335972522
Long
EC
CORP
US
N
1
N
N
N
BX COML MTG TR 2020-VIVA
N/A
BX COML MTG TR 2020-VIVA CSTR 03/09/2044 144A
12433XAG4
1505000.00000000
PA
USD
1201497.94000000
0.265794974383
Long
ABS-MBS
CORP
US
N
2
2044-03-11
Variable
0.03548750
N
N
N
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HOSPITALITY TRUST INC SER I 7.5% PFD PERP
044103885
28111.00000000
NS
USD
538325.65000000
0.119088221118
Long
EP
CORP
US
N
1
N
N
N
AMERICAN HOMES 4 RENT LP
549300N4PXZ37U8QKI55
AMERICAN HOMES 4 RENT LP 4.25% 02/15/2028
02666TAA5
2000000.00000000
PA
USD
1916975.04000000
0.424072580307
Long
DBT
CORP
US
N
2
2028-02-15
Fixed
0.04250000
N
N
N
N
N
N
MPT OPER PARTNERSHIP LP / MPT FIN CORP
N/A
MPT OPER PARTNERSHIP LP/CORP 4.625% 08/01/2029
55342UAJ3
1506000.00000000
PA
USD
1170915.00000000
0.259029426575
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
5875.00000000
NS
USD
119791.25000000
0.026500180453
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
636000.00000000
PA
USD
405181.23000000
0.089634056841
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
141700.00000000
NS
USD
3563755.00000000
0.788372694948
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
7675.00000000
NS
107232.54000000
0.023721946807
Long
EP
CORP
CA
N
1
N
N
N
CBL and ASSOCS LTD PARTNERSHIP
549300VS75TWHD9JTH89
CBL and ASSOCS LP 5.95% 12/15/2026
12505JAD5
2551000.00000000
PA
USD
0.26000000
0.000000057517
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
33000.00000000
NS
USD
766590.00000000
0.169584784650
Long
EP
CORP
US
N
1
N
N
N
RITHM CAPITAL CORP
549300WNTHGEO5LP2G31
RITHM CAPITAL CORP SER D 7%/VAR PFD PERP
64828T706
17100.00000000
NS
USD
363204.00000000
0.080347867992
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
7578870.00000000
PA
USD
7199926.50000000
1.592765343924
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
500.00000000
NS
USD
84125.00000000
0.018610104500
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
1140000.00000000
PA
USD
929100.00000000
0.205535192760
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
335313.25000000
PA
USD
309349.14000000
0.068434113787
Long
ABS-MBS
CORP
US
N
2
2045-08-15
Variable
0.04870969
N
N
N
N
N
N
BSREP COML MTG TR 2021-DC
N/A
BSREP COML MTG TR 2021-DC 1ML+385 08/15/2038 144A
05591UAN7
250000.00000000
PA
USD
202467.18000000
0.044789722170
Long
ABS-MBS
CORP
US
N
2
2038-08-15
Variable
0.08310000
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
1000000.00000000
PA
USD
565323.50000000
0.125060676509
Long
ABS-MBS
CORP
US
N
2
2055-05-15
Fixed
0.02500000
N
N
N
N
N
N
ASHFORD HOSPITALITY TRUST INC
N/A
ASHFORD HOSPITALITY TRUST INC SER G 7.375% PFD PERP
044103703
9129.00000000
NS
USD
188795.94000000
0.041765375008
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
625000.00000000
PA
USD
563160.69000000
0.124582220400
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
1040000.00000000
PA
USD
689356.20000000
0.152499149120
Long
DBT
CORP
US
N
2
2030-01-15
Fixed
0.06000000
N
N
N
N
N
N
PROGRESS RESIDENTIAL TRUST 2021-SFR8
N/A
PROGRESS RESIDENTIAL TRUST 2021-SFR8 3.181% 10/17/2038 144A
74333TAN9
934000.00000000
PA
USD
788055.87000000
0.174333457266
Long
ABS-CBDO
CORP
US
N
2
2038-10-17
Fixed
0.03181000
N
N
N
N
N
N
LEHMAN ABS MANUF HSG CNTRCT TR
N/A
LABMH 2001-B M2 7.17% 3/28
52519SAM5
1698363.52540000
PA
USD
1200439.68000000
0.265560866458
Long
ABS-CBDO
CORP
US
N
2
2040-04-15
Fixed
0.07170000
N
N
N
N
N
N
ISTAR INC
QFFLKWYYS3UPWD86E794
ISTAR INC 4.25% 08/01/2025
45031UCG4
2405000.00000000
PA
USD
2386962.50000000
0.528043049779
Long
DBT
CORP
US
N
2
2025-08-01
Fixed
0.04250000
N
N
N
N
N
N
AMR HMS 15-SFR2
N/A
AMERICAN HOMES 4 RENT 2015-SFR2 TR 6.07% 10/17/2052 144A
02666BAE6
1624000.00000000
PA
USD
1600398.90000000
0.354039711985
Long
ABS-CBDO
CORP
US
N
2
2052-10-17
Fixed
0.06070000
N
N
N
N
N
N
REALTY INCOME CORP
549300CUWDAUZSH43859
REALTY INCOME CORP 3.1% 12/15/2029
756109BK9
1000000.00000000
PA
USD
908778.20000000
0.201039610928
Long
DBT
CORP
US
N
2
2029-12-15
Fixed
0.03100000
N
N
N
N
N
N
CONSECO FIN SECURITIZATNS CORP
N/A
CNF 2002-2 M2 9.163% 3/33
20846QJZ2
1552681.94310000
PA
USD
1427510.94000000
0.315793495017
Long
ABS-CBDO
CORP
US
N
2
2033-03-01
Fixed
0.09163000
N
N
N
N
N
N
AMERICAN TOWER CORP
5493006ORUSIL88JOE18
AMERICAN TOWER CORP
03027X100
26900.00000000
NS
USD
6009191.00000000
1.329351232935
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
1624000.00000000
PA
USD
1190953.58000000
0.263462354573
Long
ABS-MBS
CORP
US
N
2
2047-09-15
Fixed
0.04709400
N
N
N
N
N
N
GLP CAP LP / GLP FING II INC
N/A
GLP CAP LP / GLP FING II INC 5.25% 06/01/2025
361841AJ8
2375000.00000000
PA
USD
2357377.50000000
0.521498265926
Long
DBT
CORP
US
N
2
2025-06-01
Fixed
0.05250000
N
N
N
N
N
N
BXSC 2022-WSS F
N/A
BXSC 2022-WSS F 5.579% 03/15/2035 144A
05610BAQ9
2384000.00000000
PA
USD
2300436.27000000
0.508901745977
Long
ABS-MBS
CORP
US
N
2
2035-03-15
Variable
0.09808000
N
N
N
N
N
N
FRANKLIN BSP REALTY TRUST INC/DUPE
N/A
FRANKLIN BSP RE 7.5% PFD PERP
35243J200
55316.00000000
NS
USD
1172948.12000000
0.259479192705
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
4237000.00000000
PA
USD
3581684.40000000
0.792339030849
Long
DBT
CORP
US
N
2
2027-10-15
Fixed
0.05000000
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
16350.00000000
NS
USD
372780.00000000
0.082466267524
Long
EP
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
2500000.00000000
PA
USD
1956250.00000000
0.432760973886
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
15100.00000000
NS
USD
377047.00000000
0.083410211844
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
602000.00000000
PA
USD
488668.20000000
0.108103016556
Long
ABS-MBS
CORP
US
N
2
2048-01-15
Variable
0.03874278
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 D CSTR 6/44
617459AJ1
1504772.42000000
PA
USD
1417600.95000000
0.313601210328
Long
ABS-MBS
CORP
US
N
2
2044-06-15
Variable
0.05211300
N
N
N
N
N
N
FIRSTKEY HOMES 2021-SFR2 TR
N/A
FIRSTKEY HOMES 2021-SFR2 TR 2.908% 09/17/2038 144A
33767TAN0
500000.00000000
PA
USD
422875.65000000
0.093548410544
Long
ABS-CBDO
CORP
US
N
2
2038-09-17
Fixed
0.02908000
N
N
N
N
N
N
OMEGA HEALTHCARE INVESTORS INC
549300OJ7ENK42CZ8E73
OMEGA HEALTHCARE INVESTORS INC 5.25% 01/15/2026
681936BH2
22000.00000000
PA
USD
21868.45000000
0.004837731230
Long
DBT
CORP
US
N
2
2026-01-15
Fixed
0.05250000
N
N
N
N
N
N
SUNSTONE HOTEL INVS INC NEW
529900ZQ2V52V96ATF67
SUNSTONE HOTEL INVS INC SER H 6.125% PFD PERP
867892804
20000.00000000
NS
USD
429000.00000000
0.094903237212
Long
EP
CORP
US
N
1
N
N
N
GREEN TREE FINANCIAL CORP
N/A
GT 1997-3 M1 7.53% 3/28
393505TZ5
25199.50400000
PA
USD
23755.64000000
0.005255214774
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
483000.00000000
PA
USD
465960.98000000
0.103079732906
Long
DBT
CORP
US
N
2
2027-04-01
Fixed
0.04500000
N
N
N
N
N
N
DIGITALBRIDGE GROUP INC
549300XG87L902AGBO89
DIGITALBRIDGE GROUP INC SER H 7.125% PERP PFD
25401T504
147310.00000000
NS
USD
3310055.70000000
0.732249420243
Long
EP
CORP
US
N
1
N
N
N
PROLOGIS INC
529900DFH19P073LZ636
PROLOGIS INC REIT
74340W103
15420.00000000
NS
USD
1993497.60000000
0.441000875561
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
0.389468152291
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
1057000.00000000
PA
USD
898782.53000000
0.198828372138
Long
ABS-MBS
CORP
US
N
2
2037-08-15
Variable
0.03704200
N
N
N
N
N
N
DIAMONDROCK HOSPITALITY CO
529900KKD4BPVBUAQ734
DIAMONDROCK HOSPITALITY CO 8.25% PFD PERP
252784400
34900.00000000
NS
USD
899024.00000000
0.198881790051
Long
EP
CORP
US
N
1
N
N
N
AVALONBAY COMMUNITIES INC
K9G90K85RBWD2LAGQX17
AVALONBAY COMMUNITIES INC REIT
053484101
8100.00000000
NS
USD
1437264.00000000
0.317951063704
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
10000.63050000
PA
USD
9914.75000000
0.002193337694
Long
ABS-MBS
CORP
US
N
2
2032-07-15
Variable
0.07350000
N
N
N
N
N
N
MORGAN STANLEY CAP I TR 2011-C2
3IFG42XD94UUZ7FL2766
MSC 2011-C2 F CSTR 6/44
617459AL6
1467000.00000000
PA
USD
941084.02000000
0.208186293676
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
500000.00000000
PA
USD
316355.35000000
0.069984025232
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
11000.00000000
NS
USD
1171940.00000000
0.259256176734
Long
EC
CORP
US
N
1
N
N
N
CSMC 2020-NET
N/A
CSMC 2020-NET VAR 08/15/2037 144A
126438AL4
500000.00000000
PA
USD
432757.50000000
0.095734470112
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
53500.00000000
NS
USD
658585.00000000
0.145691954498
Long
EP
CORP
US
N
1
N
N
N
2023-03-02
Stacie M. Smith
Stacie M. Smith
Stacie M. Smith
President and Treasurer