Form NPORT-P FIDELITY SALEM STREET For: Mar 31

May 25, 2022 12:12 PM EDT

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    NPORT-P
    false
    
      
      
        
          0000035315
          XXXXXXXX
        
      
      
      
      
        S000017675
        C000048841
        C000048838
        C000048842
        C000048837
        C000048840
        C000205021
        C000214978
      
      
      
    
  
  
    
      Fidelity Salem Street Trust
      811-02105
      0000035315
      S4W85DGKOEJ24DPRB829
      245 Summer Street
      Boston
      
      02210
      1-800-FIDELITY
      Fidelity Strategic Real Return Fund
      S000017675
      RZY8LIPPNOB2FYT9E418
      2022-09-30
      2022-03-31
      N
    
    
      690627041.91
      2612069.44
      688014972.47
      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
      32782.20000000
      
        
          USD
          
          
        
      
      
      
      
        
      
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        MOTEL 6 TR 2021-MTL6
        N/A
        MOTEL 6 TR 2021-MTL6 1ML+355 09/15/2038 144A
        61977KAN6
        
          
        
        84100.18000000
        PA
        USD
        82030.82000000
        0.011922824834
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-09-15
          Variable
          0.03946570
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUINIX INC
        549300EVUN2BTLJ3GT74
        EQUINIX INC 3.2% 11/18/2029
        29444UBE5
        
          
        
        500000.00000000
        PA
        USD
        478498.08000000
        0.069547626017
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-11-18
          Fixed
          0.03200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LIFE 2021-BMR MTG TR
        N/A
        LIFE 2021-BMR MTG G TR 1ML+305.6 03/15/2036 144A
        53218CAN0
        
          
        
        393188.06000000
        PA
        USD
        375471.44000000
        0.054573149571
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-03-15
          Variable
          0.03347000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSAIL 2017-CX10 COML MTG TR
        N/A
        CSAIL 2017-CX10 UESD CSTR 10/15/2032 144A
        12652DAJ6
        
          
        
        84000.00000000
        PA
        USD
        82223.19000000
        0.011950784981
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2032-10-15
          Variable
          0.04236600
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.125% 07/15/2030
        912828ZZ6
        
          
        
        3994000.00000000
        PA
        USD
        4646897.34000000
        0.675406426595
        Long
        DBT
        UST
        US
        N
        
        2
        
          2030-07-15
          Fixed
          0.00125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO COML MTG TR 2012-LC5
        N/A
        WELLS FARGO COML MTG TR 12-LC5 CSTR 10/15/2045
        94988HAT8
        
          
        
        42000.00000000
        PA
        USD
        38570.78000000
        0.005606096021
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2045-10-15
          Variable
          0.04746815
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX TRUST
        N/A
        BX 2022-LP2 G TSFR1M+411.27 02/15/39 144A
        05610HAN3
        
          
        
        500000.00000000
        PA
        USD
        486985.05000000
        0.070781170393
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2039-02-15
          Variable
          0.04410800
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX 2021-MFM1
        N/A
        BX 2021-MFM1 G 1ML+390 01/15/2034 144A
        05608VAQ9
        
          
        
        170000.00000000
        PA
        USD
        166354.50000000
        0.024178906950
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2034-01-15
          Variable
          0.04296570
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PS BUSINESS PKS INC CALIF
        N/A
        PS BUSINESS PARKS INC SER Y 5.2% PFD PERP
        69360J578
        
          
        
        3000.00000000
        NS
        USD
        74730.00000000
        0.010861682229
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BMO 2022-C1 MORTGAGE TRUST
        N/A
        BMO 2022-C1 MORTGAGE TRUST CSTR 02/15/2042 144A
        05609MDC6
        
          
        
        84000.00000000
        PA
        USD
        73369.16000000
        0.010663890022
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2042-02-15
          Variable
          0.03939216
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUINOR ASA
        OW6OFBNCKXC4US5C7523
        EQUINOR ASA
        N/A
        
          
        
        13620.00000000
        NS
        
        508525.32000000
        0.073911955458
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        BRE/EVERBRIGHT M6 BORROWER LLC
        N/A
        MOTEL 6 TERM B 1LN 09/09/2026
        05601QAB0
        
          
        
        59850.00000000
        PA
        USD
        58503.38000000
        0.008503213206
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-09-09
          Variable
          0.05750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HOWARD HUGHES CORP
        549300BVHY25JZC1KI49
        HOWARD HUGHES CORP 5.375% 08/01/2028 144A
        44267DAD9
        
          
        
        130000.00000000
        PA
        USD
        130517.40000000
        0.018970139491
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-08-01
          Fixed
          0.05375000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TWO HARBORS INVESTMENT COR
        549300ZUIBT6KH4HU823
        TWO HBRS INVT CORP SR C 7.25/VAR PERP PFD
        90187B507
        
          
        
        10500.00000000
        NS
        USD
        248955.00000000
        0.036184532308
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BROOKFIELD RESIDENTIAL PPTYS INC / BROOKFIELD RESIDENTIAL US CORP
        N/A
        BROOKFIELD RESIDENTIAL PPTYS INC / US CORP 4.875% 02/15/2030 144A
        11283YAD2
        
          
        
        15000.00000000
        PA
        USD
        13414.73000000
        0.001949772975
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2030-02-15
          Fixed
          0.04875000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TRICON RESIDENTIAL 2022S-FR1 TR
        N/A
        TRICON RESIDENTIAL 2022S-FR1 TR 5.344% 04/17/2039 144A
        89616QAE1
        
          
        
        238000.00000000
        PA
        USD
        237827.21000000
        0.034567156169
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2039-04-17
          Fixed
          0.05344000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DBCCRE 2014-ARCP MORTGAGE TRUST
        N/A
        DBCCRE 2014-ARCP MORTGAGE TRUST VAR 01/10/2034 144A
        23305MAL9
        
          
        
        100000.00000000
        PA
        USD
        97593.51000000
        0.014184794503
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2034-01-10
          Variable
          0.04934500
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX 2021-VOLT G
        N/A
        BX 2021-VOLT G 1ML+245 09/15/2023 144A
        05609VAQ8
        
          
        
        100000.00000000
        PA
        USD
        96454.42000000
        0.014019232699
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-09-15
          Variable
          0.02796570
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WILLIAMS SCOTSMAN INTL INC
        549300V3TCHCBOBTGH07
        WILLIAMS SCOTSMAN INTL INC 4.625% 08/15/2028 144A
        96950GAE2
        
          
        
        350000.00000000
        PA
        USD
        341250.00000000
        0.049599211304
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-08-15
          Fixed
          0.04625000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PUBLIC STORAGE
        549300LMZF40TKJ6DM64
        PUBLIC STORAGE 4% PFD PERP
        74460W420
        
          
        
        4000.00000000
        NS
        USD
        82560.00000000
        0.011999738857
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NEW RESIDENTIAL INVT CORP
        549300WNTHGEO5LP2G31
        NEW RESIDENTIAL INVESTMENT CORP SER C 6.375%/VAR PFD PERP
        64828T508
        
          
        
        8300.00000000
        NS
        USD
        179280.00000000
        0.026057572461
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EXTENDED STAY AMER TR 2021-ESH
        N/A
        EXTENDED STAY AMER TR 2021-ESH F 1ML+370 07/15/2038 144A
        30227FAN0
        
          
        
        434326.93700000
        PA
        USD
        424485.87000000
        0.061697184942
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-07-15
          Variable
          0.04097000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SREIT TR 2021-MFP
        N/A
        SREIT TR 2021-MFP G 1ML+297.38 11/15/2038 144A
        78472UAN8
        
          
        
        126000.00000000
        PA
        USD
        121308.72000000
        0.017631697688
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-11-15
          Variable
          0.03370370
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 3.375% 4/15/32
        912810FQ6
        
          
        
        470000.00000000
        PA
        USD
        1048777.32000000
        0.152435246610
        Long
        DBT
        UST
        US
        N
        
        2
        
          2032-04-15
          Fixed
          0.03375000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SPIRIT REALTY CAPITAL INC
        549300LTU6LVPZSHMJ25
        SPIRIT RLTY CAP INC SER A 6% PFD PERP
        84860W201
        
          
        
        4700.00000000
        NS
        USD
        118722.00000000
        0.017255729126
        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
        
          
        
        100000.00000000
        PA
        USD
        90706.65000000
        0.013183819194
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2038-07-17
          Fixed
          0.03422000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PENNYMAC MORTGAGE INVESTMENT TRUST
        549300BSSOQO1ZWDUJ97
        PENNYMAC MTG INVT TR 6.75% PERP PFD
        70931T509
        
          
        
        1300.00000000
        NS
        USD
        29705.00000000
        0.004317493250
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UMH PPTYS INC
        529900OM5K3PJ11F0Q09
        UMH PPTYS INC 6.75% SER D PFD PERP
        903002509
        
          
        
        2300.00000000
        NS
        USD
        58765.00000000
        0.008541238541
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        REDWOOD TRUST INC
        DRBV4N1ERQLEMIF11G78
        REDWOOD TRUST INC CONV 5.625% 07/15/2024
        758075AD7
        
          
        
        130000.00000000
        PA
        USD
        129025.44000000
        0.018753289559
        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
        
          
        
        9600.00000000
        NS
        USD
        240000.00000000
        0.034882961796
        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
        
          
        
        80000.00000000
        PA
        USD
        80510.21000000
        0.011701810748
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-05-15
          Fixed
          0.04250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PROGRESS RESIDENTIAL TRUST 2021-SFR8
        N/A
        PROGRESS RESIDENTIAL TRUST 2021-SFR8 4.005% 10/17/2038 144A
        74333TAQ2
        
          
        
        100000.00000000
        PA
        USD
        90577.24000000
        0.013165010010
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2038-10-17
          Fixed
          0.04005000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 0.25% 02/15/2050
        912810SM1
        
          
        
        1560000.00000000
        PA
        USD
        1793631.20000000
        0.260696535943
        Long
        DBT
        UST
        US
        N
        
        2
        
          2050-02-15
          Fixed
          0.00250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VORNADO REALTY TRUST
        N/A
        VORNADO REALTY TRUST SER N 5.25% PERP PFD
        929042810
        
          
        
        4600.00000000
        NS
        USD
        107088.00000000
        0.015564777553
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ADAMS HOMES INC
        N/A
        ADAMS HOMES INC 7.5% 02/15/2025 144A
        00623PAA9
        
          
        
        70000.00000000
        PA
        USD
        69825.00000000
        0.010148761697
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-02-15
          Fixed
          0.07500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Central Investment Portfolios LLC
        S2V1M15I679NQK6BNY65
        Fidelity Real Estate Equity Central Fund
        31606V674
        
          
        
        534116.06500000
        NS
        USD
        81340535.54000000
        11.82249497390
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TTN 2021
        N/A
        TTN 2021 1ML+290 03/15/2038 144A
        87303TAQ0
        
          
        
        264607.20400000
        PA
        USD
        253979.04000000
        0.036914754789
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-03-15
          Variable
          0.03297000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PETROLEO BRASILEIRO-PETROBRAS
        5493000J801JZRCMFE49
        PETROBRAS BRASILEIRO SA
        N/A
        
          
        
        135070.00000000
        NS
        
        999751.48000000
        0.145309552844
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        BX TR 2022-LBA6
        N/A
        BX TR 2022-LBA6 SOFR30A+ 01/15/2039 144A
        12433EAS0
        
          
        
        100000.00000000
        PA
        USD
        98056.62000000
        0.014252105538
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2039-01-15
          Variable
          0.04501160
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMR HMS 15-SFR2
        N/A
        AMERICAN HOMES 4 RENT 2015-SFR2 TR VAR 10/17/2045 144A
        02666BAG1
        
          
        
        137156.76580000
        PA
        USD
        1.37000000
        0.000000199123
        Long
        ABS-CBDO
        CORP
        US
        N
        
        3
        
          2052-10-17
          Variable
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KNDL 2019-KNSQ MORTGAGE TRUST
        N/A
        KNDL 2019-KNSQ MORTGAGE TRUST 2019-KNSQ F 1ML+200 05/15/2036
        482598AQ2
        
          
        
        250000.00000000
        PA
        USD
        243382.28000000
        0.035374561563
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-05-15
          Variable
          0.02397000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.875% 01/15/2029
        9128285W6
        
          
        
        2813000.00000000
        PA
        USD
        3443356.73000000
        0.500477005266
        Long
        DBT
        UST
        US
        N
        
        2
        
          2029-01-15
          Fixed
          0.00875000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KIMCO REALTY CORP
        549300EA7I6T15IBYS12
        KIMCO REALTY CORP 5.125% PERP PFD
        49446R737
        
          
        
        3000.00000000
        NS
        USD
        74970.00000000
        0.010896565191
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CENTURY CMNTYS INC
        5299002QMB2O7ZL1CA26
        CENTURY COMMUNITIES INC 3.875% 08/15/2029 144A
        156504AM4
        
          
        
        65000.00000000
        PA
        USD
        58288.79000000
        0.008472023478
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-08-15
          Fixed
          0.03875000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SWITCH LTD
        5493002D70VTFFLT8L43
        SWITCH LTD 4.125% 06/15/2029 144A
        87105NAC4
        
          
        
        100000.00000000
        PA
        USD
        98375.00000000
        0.014298380694
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-06-15
          Fixed
          0.04125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PLYMOUTH INDUSTRIAL REIT INC
        N/A
        PLYMOUTH INDL REIT INC SER A STEP PFD PERP
        729640201
        
          
        
        2500.00000000
        NS
        USD
        63975.00000000
        0.009298489503
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PUBLIC STORAGE
        549300LMZF40TKJ6DM64
        PUBLIC STORAGE 5.15% SER F PFD PERP
        74460W685
        
          
        
        2900.00000000
        NS
        USD
        73196.00000000
        0.010638721965
        Long
        EP
        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
        
          
        
        93000.00000000
        PA
        USD
        90209.46000000
        0.013111554778
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-10-15
          Variable
          0.03743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CONOCOPHILLIPS INC
        WPTL2Z3FIYTHSP5V2253
        CONOCOPHILLIPS
        20825C104
        
          
        
        30800.00000000
        NS
        USD
        3080000.00000000
        0.447664676386
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MFA FINANCIAL INC
        YW72IMH2RRC8Z1TGLG58
        MFA FINANCIAL INC CONV 6.25% 06/15/2024
        55272XAA0
        
          
        
        285000.00000000
        PA
        USD
        286246.88000000
        0.041604745747
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-15
          Fixed
          0.06250000
          N
          N
          N
          N
          N
          
            
              MFA FINANCIAL INC
              MFA FINANCIAL INC
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        INVESCO MORTGAGE CAPITAL INC
        PV3BDP2HFZL2FNXQBL39
        INVESCO MORTGAGE CAPITAL INC 7.5/VAR PFD PERP
        46131B506
        
          
        
        14400.00000000
        NS
        USD
        347760.00000000
        0.050545411642
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GS MTG SECS TR 2012-GCJ9
        N/A
        GS MTG SECS TR 2012-GCJ9 VAR 11/10/2045 144A
        36192PAK2
        
          
        
        178000.00000000
        PA
        USD
        176366.03000000
        0.025634039527
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2045-11-10
          Variable
          0.04738269
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CUSHMAN and WAKEFIELD US BORROWER LLC
        N/A
        CUSHMAN and WAKEFIELD TERM B 1LN 08/21/2025
        23340DAP7
        
          
        
        403767.26000000
        PA
        USD
        397710.75000000
        0.057805537076
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-08-21
          Variable
          0.03207430
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GS MTG SECS TR 2013-GCJ16
        N/A
        GSMS 2013-GC16 F 3.5% 11/10/2046
        36248GAT7
        
          
        
        269000.00000000
        PA
        USD
        200615.76000000
        0.029158632882
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2046-11-10
          Fixed
          0.03500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MERIT 2021
        N/A
        MERIT 2021-STOR G 1ML+275 07/15/2038 144A
        55293BAP0
        
          
        
        105000.00000000
        PA
        USD
        101308.80000000
        0.014724795833
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-07-15
          Variable
          0.03147000
          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
        
          
        
        198000.00000000
        PA
        USD
        189604.46000000
        0.027558188060
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-10-15
          Variable
          0.03662775
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PEBBLEBROOK HOTEL TRUST
        5493004Q1NNH6JXCSI52
        PEBBLEBROOK HOTEL TR SER F 6.3% PERP PFD
        70509V704
        
          
        
        973.00000000
        NS
        USD
        23517.51000000
        0.003418168345
        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
        
          
        
        220000.00000000
        PA
        USD
        203639.72000000
        0.029598152387
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2045-03-15
          Variable
          0.04238112
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.75% 07/15/28
        912828Y38
        
          
        
        3076000.00000000
        PA
        USD
        3760592.41000000
        0.546585839040
        Long
        DBT
        UST
        US
        N
        
        2
        
          2028-07-15
          Fixed
          0.00750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GLADSTONE COMMERCIAL CORP
        529900EVVV534W8R0T32
        GLADSTONE COMMERCIAL CORP SER E 6.625% PFD 12/31/2049
        376536702
        
          
        
        2400.00000000
        NS
        USD
        60840.00000000
        0.008842830815
        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
        
          
        
        70000.00000000
        PA
        USD
        60981.90000000
        0.008863455366
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-04-01
          Fixed
          0.04625000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 1.75% 1/15/28
        912810PV4
        
          
        
        1172000.00000000
        PA
        USD
        1794136.74000000
        0.260770013995
        Long
        DBT
        UST
        US
        N
        
        2
        
          2028-01-15
          Fixed
          0.01750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX TRUST
        N/A
        BX TRUST 2021-SOAR J 3.85% 06/15/2023 144A
        05608WAU8
        
          
        
        600000.00000000
        PA
        USD
        577796.40000000
        0.083980207280
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-06-15
          Variable
          0.04147000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LA QUITA MORTGAGE TRUST 2022
        N/A
        LA QUITA MORTGAGE TRUST 2022-LAQ F TFSR1M+57.1 03/15/2039 144A
        50172LAQ3
        
          
        
        131000.00000000
        PA
        USD
        130960.86000000
        0.019034594484
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2039-03-15
          Variable
          0.06230970
          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
        
          
        
        198000.00000000
        PA
        USD
        190204.58000000
        0.027645412906
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-10-15
          Variable
          0.03343100
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TWO HARBORS INVESTMENT COR
        549300ZUIBT6KH4HU823
        TWO HARBORS INVT CORP 8.125% SER A PERP PFD
        90187B200
        
          
        
        11900.00000000
        NS
        USD
        304034.29000000
        0.044190068845
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALCOA CORP
        549300T12EZ1F6PWWU29
        ALCOA CORP
        013872106
        
          
        
        36880.00000000
        NS
        USD
        3320306.40000000
        0.482592172097
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MOTEL 6 TR 2021-MTL6
        N/A
        MOTEL 6 TR 2021-MTL6 1ML+210 09/15/2038 144A
        61977KAJ5
        
          
        
        84100.18000000
        PA
        USD
        82455.07000000
        0.011984487736
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-09-15
          Variable
          0.02496570
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TRICON RESIDENTIAL 2022S-FR1 TR
        N/A
        TRICON RESIDENTIAL 2022S-FR1 TR 5.739% 04/17/2039 144A
        89616QAF8
        
          
        
        295000.00000000
        PA
        USD
        294806.48000000
        0.042848846579
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2039-04-17
          Fixed
          0.05739000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        URSTADT BIDDLE PPTYS INC
        549300XXD0YL0AER3Z82
        URSTADT BIDDLE PPTYS INC SER K 5.875% PFD PERP
        917286874
        
          
        
        2000.00000000
        NS
        USD
        50187.80000000
        0.007294579625
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICL GROUP LTD
        529900FQVQD88SHIGM04
        ICL GROUP LTD
        N/A
        
          
        
        42620.00000000
        NS
        
        510595.91000000
        0.074212906757
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        PROGRESS RESIDENTIAL 2022-SFR2 TR
        N/A
        PROGRESS RESIDENTIAL 2022-SFR2 TR 4.8% 04/17/2027 144A
        74332VAL9
        
          
        
        100000.00000000
        PA
        USD
        95499.94000000
        0.013880503160
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2027-04-17
          Fixed
          0.04800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 1% 02/15/2049
        912810SG4
        
          
        
        985000.00000000
        PA
        USD
        1382157.61000000
        0.200890629609
        Long
        DBT
        UST
        US
        N
        
        2
        
          2049-02-15
          Fixed
          0.01000000
          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
        
          
        
        100000.00000000
        PA
        USD
        96301.85000000
        0.013997057310
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-07-15
          Variable
          0.04747000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STEEL DYNAMICS INC
        549300HGGKEL4FYTTQ83
        STEEL DYNAMICS INC
        858119100
        
          
        
        7100.00000000
        NS
        USD
        592353.00000000
        0.086095946120
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        READY CAPITAL CORP
        549300MYWGZUG7ZUYO87
        READY CAPITAL CORP PC 7% 08/15/2023
        75574U200
        
          
        
        6400.00000000
        NS
        USD
        170240.00000000
        0.024743647567
        Long
        EP
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.5% 04/15/2024
        9128286N5
        
          
        
        2474000.00000000
        PA
        USD
        2892650.53000000
        0.420434241367
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-04-15
          Fixed
          0.00500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HEALTHCARE TRUST INC
        549300Z2NSUGF5NF2Y30
        HEALTHCARE TRUST INC 7.125% PERP PFD
        42226B303
        
          
        
        2000.00000000
        NS
        USD
        51180.00000000
        0.007438791603
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CONSECO FIN SECURITIZATNS CORP
        N/A
        CNF 2002-1 M2 9.546% 12/33
        20846QJT6
        
          
        
        284000.00000000
        PA
        USD
        286464.27000000
        0.041636342443
        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 SOFR30A+ 01/15/2039 144A
        12433EAQ4
        
          
        
        100000.00000000
        PA
        USD
        98017.10000000
        0.014246361477
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2039-01-15
          Variable
          0.03651160
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FOUR SEASONS HLDGS INC
        549300KN76IMZYPMJC43
        FOUR SEASONS HLDGS INC TERM B 11/30/2023
        35100DAR7
        
          
        
        99606.99000000
        PA
        USD
        99186.65000000
        0.014416350511
        Long
        LON
        CORP
        CA
        N
        
        2
        
          2023-11-30
          Variable
          0.02208570
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BPR TRUST 2021-TY
        N/A
        BPR TRUST 2021-TY 1ML+360 09/23/2023 144A
        05592AAN0
        
          
        
        100000.00000000
        PA
        USD
        98242.43000000
        0.014279112218
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-09-15
          Variable
          0.03997000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SAUL CENTERS INC
        N/A
        SAUL CENTERS INC 6.125% SER D PFD PERP
        804395804
        
          
        
        1300.00000000
        NS
        USD
        32487.00000000
        0.004721844916
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SREIT TRUST
        N/A
        SREIT TRUST 1ML+2.61820 11/15/2036 144A
        85236WCQ7
        
          
        
        100000.00000000
        PA
        USD
        97489.28000000
        0.014169645124
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-11-15
          Variable
          0.03015200
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AGREE REALTY CORP
        N/A
        AGREE REALTY CORP 4.375% PERP PFD
        008492209
        
          
        
        1300.00000000
        NS
        USD
        25935.00000000
        0.003769540059
        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
        
          
        
        435000.00000000
        PA
        USD
        404136.75000000
        0.058739528378
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-07-01
          Fixed
          0.04875000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 0.625% 02/15/2043
        912810RA8
        
          
        
        1347000.00000000
        PA
        USD
        1839552.10000000
        0.267370940111
        Long
        DBT
        UST
        US
        N
        
        2
        
          2043-02-15
          Fixed
          0.00625000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SOTHERLY HOTELS INC
        549300IYTT21F61LSR10
        SOTHERLY HOTELS INC SER C 7.875% PERP PFD
        83600C400
        
          
        
        1700.00000000
        NS
        USD
        31479.24000000
        0.004575371359
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ANGLO AMERICAN PLC
        549300S9XF92D1X8ME43
        ANGLO AMERICAN PLC
        N/A
        
          
        
        36679.00000000
        NS
        
        1905928.21000000
        0.277018420566
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        J P MORGAN CHASE COML MTG SECS TR 2011-C3
        N/A
        JPMCC 2011-C3 E CSTR 2/46
        46635TBD3
        
          
        
        200000.00000000
        PA
        USD
        69914.36000000
        0.010161749787
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2046-02-15
          Variable
          0.05524895
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KENNEDY-WILSON INC
        5EA4464UK7FM5QNNKL62
        KENNEDY-WILSON INC 4.75% 02/01/2030
        489399AN5
        
          
        
        225000.00000000
        PA
        USD
        213954.75000000
        0.031097397376
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-02-01
          Fixed
          0.04750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISTAR INC
        QFFLKWYYS3UPWD86E794
        ISTAR INC 8.0% SER D PERP PFD
        45031U408
        
          
        
        8000.00000000
        NS
        USD
        203040.00000000
        0.029510985679
        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
        
          
        
        120582.29000000
        PA
        USD
        119738.21000000
        0.017403430854
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-08-02
          Variable
          0.03500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISTAR INC
        QFFLKWYYS3UPWD86E794
        ISTAR INC 7.5 PFD PERP I
        45031U804
        
          
        
        7600.00000000
        NS
        USD
        191140.00000000
        0.027781372157
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MAGNOLIA OIL and GAS CORPORATION
        N/A
        MAGNOLIA OIL and GAS CORPO CL A
        559663109
        
          
        
        29760.00000000
        NS
        USD
        703824.00000000
        0.102297773764
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GLOBAL NET LEASE INC
        549300NUYANCT5SU8Z65
        GLOBAL NET LEASE INC SER B 6.875% PFD PERP
        379378409
        
          
        
        2200.00000000
        NS
        USD
        55109.78000000
        0.008009968126
        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
        
          
        
        100000.00000000
        PA
        USD
        87683.78000000
        0.012744458116
        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
        
          
        
        5000.00000000
        NS
        USD
        124492.00000000
        0.018094373666
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GLOBAL MEDICAL REIT INC
        549300HFRIPQDYU3GU60
        GLOBAL MEDICAL REIT INC SER A 7.5% PFD PERP
        37957W203
        
          
        
        2100.00000000
        NS
        USD
        54076.47000000
        0.007859780987
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TWO HARBORS INVESTMENT COR
        549300ZUIBT6KH4HU823
        TWO HARBORS INV CORP 7.625% SER B PFD PERP
        90187B309
        
          
        
        11800.00000000
        NS
        USD
        288628.00000000
        0.041950831239
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DARLING INGREDIENTS INC
        L1N0SPPKS7EXZYUMZ898
        DARLING INGREDIENTS INC
        237266101
        
          
        
        6720.00000000
        NS
        USD
        540153.60000000
        0.078508989137
        Long
        EC
        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
        
          
        
        435000.00000000
        PA
        USD
        454575.00000000
        0.066070509827
        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
        
          
        
        21900.00000000
        NS
        USD
        471069.00000000
        0.068467841376
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CGMS COML MTG TR 2017-MDDR
        N/A
        CGCMT 2017-MDRB E 1ML+387.15 7/22
        125333BE3
        
          
        
        105000.00000000
        PA
        USD
        102420.10000000
        0.014886318481
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2030-07-15
          Variable
          0.04268500
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIRST QUANTUM MINERALS LTD
        549300I7UVBGWRYMYZ18
        FIRST QUANTUM MINERALS INC
        335934105
        
          
        
        61400.00000000
        NS
        
        2125658.52000000
        0.308955270605
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LUNDIN MINING CORP
        549300FQDIM6C8HTN269
        LUNDIN MINING CORP
        550372106
        
          
        
        90660.00000000
        NS
        
        918819.50000000
        0.133546439651
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        GLADSTONE COMMERCIAL CORP
        529900EVVV534W8R0T32
        GLADSTONE COMMERCIAL CORP SER G 6% PFD PERP
        376536884
        
          
        
        5200.00000000
        NS
        USD
        129740.00000000
        0.018857147764
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UPM KYMMENE CORP
        213800EC6PW5VU4J9U64
        UPM KYMMENE CORP
        N/A
        
          
        
        39690.00000000
        NS
        
        1302283.48000000
        0.189281270337
        Long
        EC
        CORP
        FI
        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
        
          
        
        23547.82000000
        PA
        USD
        23680.87000000
        0.003441912014
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2049-07-15
          Variable
          0.05086059
          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
        
          
        
        400000.00000000
        PA
        USD
        386974.76000000
        0.056245107371
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-04-15
          Variable
          0.03597962
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MATTAMY GROUP CORP
        5493008TNY7A82WCXU31
        MATTAMY GROUP CORP 5.25% 12/15/2027 144A
        57701RAJ1
        
          
        
        100000.00000000
        PA
        USD
        98709.00000000
        0.014346926149
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2027-12-15
          Fixed
          0.05250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DBGS 2018-BIOD MORTGAGE TRUST
        N/A
        DBGS 2018-BIOD MORTGAGE TRUST 1ML+200 05/15/2035 144A
        23306GAL1
        
          
        
        201027.79200000
        PA
        USD
        195946.27000000
        0.028479942710
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2035-05-15
          Variable
          0.02306000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 2.125% 2/15/41
        912810QP6
        
          
        
        1125000.00000000
        PA
        USD
        2042614.47000000
        0.296885177173
        Long
        DBT
        UST
        US
        N
        
        2
        
          2041-02-15
          Fixed
          0.02125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MTN COML MTG TR 2022-LPFL
        N/A
        MTN COML MTG TR 2022-LPFL F TSFR1M+393.47 03/15/2039 144A
        62475WAL9
        
          
        
        500000.00000000
        PA
        USD
        496906.85000000
        0.072223261103
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2039-03-15
          Variable
          0.05335169
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.625% 01/15/2024
        912828B25
        
          
        
        4057000.00000000
        PA
        USD
        5140880.04000000
        0.747204675145
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-01-15
          Fixed
          0.00625000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 0.875% 2/15/47
        912810RW0
        
          
        
        1363000.00000000
        PA
        USD
        1908456.11000000
        0.277385839896
        Long
        DBT
        UST
        US
        N
        
        2
        
          2047-02-15
          Fixed
          0.00875000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AGNC INVESTMENT CORP
        5TRACI5HRMELWV32OF39
        AGNC INVESTMENT CORP 7/VAR PFD PERP
        00123Q500
        
          
        
        10200.00000000
        NS
        USD
        252955.92000000
        0.036766048723
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FMC CORP
        CKDHZ2X64EEBQCSP7013
        FMC CORP NEW
        302491303
        
          
        
        8800.00000000
        NS
        USD
        1157816.00000000
        0.168283547063
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BP PLC
        213800LH1BZH3DI6G760
        BP PLC
        N/A
        
          
        
        1399.00000000
        NS
        
        6858.44000000
        0.000996844585
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        STWD TR 2021-LIH
        N/A
        STWD TR 2021-LIH 1ML+420 11/15/2036 144A
        78486EAU2
        
          
        
        42000.00000000
        PA
        USD
        41009.72000000
        0.005960585400
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-11-15
          Variable
          0.04597000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PENNSYLVANIA REAL EST INVT TR
        5493001GPBXRIG8WJO70
        PENNSYLVANIA REAL EST INVT TR SER D 6.875% PFD PERP
        709102701
        
          
        
        2500.00000000
        NS
        USD
        13625.00000000
        0.001980334810
        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
        
          
        
        500000.00000000
        PA
        USD
        465245.80000000
        0.067621464447
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2041-07-15
          Fixed
          0.02585400
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SFO COMMERICAL MORTGAGE TRUST 2021
        N/A
        SFO COMMERICAL MORTGAGE TRUST 2021-555 F 1ML+365 05/15/2038 144A
        78432WAL7
        
          
        
        500000.00000000
        PA
        USD
        481035.60000000
        0.069916443572
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-05-15
          Variable
          0.04047000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IGO LTD
        2549005DZO8VGXM5QN07
        IGO LTD
        N/A
        
          
        
        72276.00000000
        NS
        
        755518.84000000
        0.109811395133
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        BX COML MTG TR 2020-FOX
        N/A
        BX COML MTG TR 2020-FOX 1ML+425 11/15/2032 144A
        12433AAL3
        
          
        
        370642.21400000
        PA
        USD
        367627.52000000
        0.053433069731
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2032-11-15
          Variable
          0.04647000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX COMMERCIAL MORTGAGE TRUST 2021
        N/A
        BX COMMERCIAL MORTGAGE TRUST 2021-VINO F 1ML+274.82 05/15/2038 144A
        05608KAL4
        
          
        
        333000.00000000
        PA
        USD
        321329.18000000
        0.046703806291
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-05-15
          Variable
          0.03199330
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITY OFFICE REIT INC
        5493003J7157VP25NL57
        CITY OFFICE REIT INC 6.625% SER A PFD PERP
        178587200
        
          
        
        2079.00000000
        NS
        USD
        53381.86000000
        0.007758822429
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CAESARS RESORT COLLECTION LLC
        549300V3UCT773B1KR38
        CAESARS RESORT COLLECTION TERM B 1LN 12/22/2024
        12769LAB5
        
          
        
        226592.01700000
        PA
        USD
        225175.82000000
        0.032728331360
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-12-22
          Variable
          0.03207430
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SOC QUIMICA Y MINERA DE CHILE
        TJ88LXZZW5PWIN93ZC81
        SOC QUIMICA Y MIN CH PFD B ADR
        833635105
        
          
        
        5770.00000000
        NS
        USD
        493912.00000000
        0.071787972611
        Long
        EC
        CORP
        CL
        N
        
        1
        
          N
          N
          N
        
      
      
        COMPASS POWER GENERATION LLC
        5493001FXZ2XUTES8E29
        COMPASS POWER GENERATION LLC TERM B-1 12/20/2024
        20451VAD5
        
          
        
        60115.70000000
        PA
        USD
        59132.21000000
        0.008594610926
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-12-20
          Variable
          0.04500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MANHATTAN WEST
        N/A
        MANHATTAN WEST 2020-1MW C CSTR 09/10/2039 144A
        563136AG5
        
          
        
        214000.00000000
        PA
        USD
        193499.23000000
        0.028124276032
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2039-09-10
          Variable
          0.02334977
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMM 2020-CX MORTGAGE TRUST
        N/A
        COMM 2020-CX MORTGAGE TRUST CSTR 11/10/2046 144A
        12656KAL1
        
          
        
        195000.00000000
        PA
        USD
        155373.60000000
        0.022582880637
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2046-11-10
          Variable
          0.02683498
          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
        
          
        
        313000.00000000
        PA
        USD
        267813.94000000
        0.038925597656
        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
        
          
        
        18486.00000000
        NS
        USD
        452352.42000000
        0.065747467438
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Central Investment Portfolios LLC
        S2V1M15I679NQK6BNY65
        Fidelity Floating Rate Central Fund
        31606V708
        
          
        
        1738773.21100000
        NS
        USD
        173442627.80000000
        25.20913566420
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.125% 01/15/2031
        91282CBF7
        
          
        
        4380000.00000000
        PA
        USD
        5009142.61000000
        0.728057209571
        Long
        DBT
        UST
        US
        N
        
        2
        
          2031-01-15
          Fixed
          0.00125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BMO 2022-C1 MORTGAGE TRUST
        N/A
        BMO 2022-C1 MORTGAGE TRUST 2022-C1 360E CSTR 02/15/2042 144A
        05609MDE2
        
          
        
        105000.00000000
        PA
        USD
        86240.30000000
        0.012534654542
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2042-02-15
          Variable
          0.03939216
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PUBLIC STORAGE
        549300LMZF40TKJ6DM64
        PUBLIC STORAGE SER L 4.625% PFD PERP
        74460W552
        
          
        
        17708.00000000
        NS
        USD
        413658.88000000
        0.060123528782
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HOME PARTNERS AMER 2021-1 TR
        N/A
        HOME PARTNERS AMER 2021-1 TR 3.325% 09/17/2041 144A
        437300AL0
        
          
        
        93414.78000000
        PA
        USD
        83863.01000000
        0.012189125724
        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
        
          
        
        9300.00000000
        NS
        USD
        237336.00000000
        0.034495760920
        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
        
          
        
        140000.00000000
        PA
        USD
        117171.59000000
        0.017030383739
        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
        
          
        
        4800.00000000
        NS
        USD
        115872.00000000
        0.016841493955
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DIGITAL REALTY TRUST INC
        549300HKCZ31D08NEI41
        DIGITAL RLTY TR INC SER L 5.2% PERP PFD
        253868822
        
          
        
        11400.00000000
        NS
        USD
        283860.00000000
        0.041257823064
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PIONEER NATURAL RESOURCES CO
        FY8JBF7CCL2VE4F1B628
        PIONEER NATURAL RESOURCES CO
        723787107
        
          
        
        9760.00000000
        NS
        USD
        2440292.80000000
        0.354686002143
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BAMLL COML MTG SECS TR 2021-JACX
        N/A
        BAMLL COML MTG SECS TR 2021-JACX E 1ML+375 09/15/2038 144A
        05493LAN6
        
          
        
        106000.00000000
        PA
        USD
        104054.94000000
        0.015123935403
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-09-15
          Variable
          0.04147000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIVERSIFIED HEALTHCARE TR
        N/A
        DIVERSIFIED HEALTHCARE TR 4.75% 02/15/2028
        81721MAM1
        
          
        
        100000.00000000
        PA
        USD
        91053.99000000
        0.013234303560
        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
        
          
        
        290000.00000000
        PA
        USD
        292175.00000000
        0.042466372345
        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
        
          
        
        6000.00000000
        NS
        USD
        136980.00000000
        0.019909450445
        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
        
          
        
        3000.00000000
        NS
        USD
        73680.00000000
        0.010709069271
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 3.875% 4/15/29
        912810FH6
        
          
        
        1207000.00000000
        PA
        USD
        2722836.54000000
        0.395752512510
        Long
        DBT
        UST
        US
        N
        
        2
        
          2029-04-15
          Fixed
          0.03875000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OCCIDENTAL PETROLEUM CORP
        IM7X0T3ECJW4C1T7ON55
        OCCIDENTAL PETROLEUM CORP
        674599105
        
          
        
        26360.00000000
        NS
        USD
        1495666.40000000
        0.217388641213
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ARBOR REALTY TRUST INC
        549300ASFUWYQO0RW077
        ARBOR REALTY TRUST INC CONV 4.75% 11/01/2022
        038923AP3
        
          
        
        109000.00000000
        PA
        USD
        112815.00000000
        0.016397172229
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-11-01
          Fixed
          0.04750000
          N
          N
          N
          N
          Y
          
            
              ARBOR REALTY TRUST INC
              ARBOR REALTY TRUST INC
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        RIO TINTO PLC
        213800YOEO5OQ72G2R82
        RIO TINTO PLC
        N/A
        
          
        
        48777.00000000
        NS
        
        3899553.54000000
        0.566783238161
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        MORGAN STANLEY CAP I TR 2011-C3
        N/A
        MSC 2011-C3 G CSTR 07/49
        61760RAS1
        
          
        
        112000.00000000
        PA
        USD
        59600.53000000
        0.008662679212
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2049-07-15
          Variable
          0.05086059
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SABRA HEALTH CARE LP
        549300OVKLRFSIQG0H81
        SABRA HEALTH CARE LP 3.2% 12/01/2031
        78574MAA1
        
          
        
        250000.00000000
        PA
        USD
        223098.36000000
        0.032426381536
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-12-01
          Fixed
          0.03200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.125% 07/15/2031
        91282CCM1
        
          
        
        4416000.00000000
        PA
        USD
        4929681.61000000
        0.716507896957
        Long
        DBT
        UST
        US
        N
        
        2
        
          2031-07-15
          Fixed
          0.00125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GRUPO MEXICO SAB DE CV
        529900JWLZAYET2ZGW20
        GRUPO MEXICO SAB DE CV SER B
        N/A
        
          
        
        40940.00000000
        NS
        
        244940.17000000
        0.035600994135
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        CEDAR REALTY TRUST INC
        54930056URX93R2RSN82
        CEDAR RLTY TR I 7.25% PFD PERP
        150602407
        
          
        
        2373.00000000
        NS
        USD
        39842.67000000
        0.005790959731
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.125% 07/15/2024
        912828WU0
        
          
        
        3736000.00000000
        PA
        USD
        4636545.61000000
        0.673901847419
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-07-15
          Fixed
          0.00125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KKR REAL ESTATE FINANCE TRUST INC
        549300K23AYZDZ2REL62
        KKR REAL ESTATE FINANCE TRUST INC 6.5% PERP PFD
        48251K209
        
          
        
        1300.00000000
        NS
        USD
        31876.00000000
        0.004633038709
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NUCOR CORP
        549300GGJCRSI2TIEJ46
        NUCOR CORP
        670346105
        
          
        
        3990.00000000
        NS
        USD
        593113.50000000
        0.086206481505
        Long
        EC
        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
        
          
        
        84000.00000000
        PA
        USD
        81156.21000000
        0.011795704054
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-10-15
          Variable
          0.04407000
          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
        
          
        
        225000.00000000
        PA
        USD
        212112.00000000
        0.030829561635
        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
        
          
        
        40000.00000000
        PA
        USD
        38400.00000000
        0.005581273887
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-03-01
          Fixed
          0.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX TR 2019-OC11
        N/A
        BX TR 2019-OC11 3.202% 12/09/2041 144A
        05606FAA1
        
          
        
        500000.00000000
        PA
        USD
        483182.65000000
        0.070228508002
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2041-12-09
          Fixed
          0.03202000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOSTON PPTY LTD PARTNERSHIP
        BVHHEFJI6SHNOKQT2572
        BOSTON PPTYS LTD PARTNERSHIP 3.25% 01/30/2031
        10112RBD5
        
          
        
        250000.00000000
        PA
        USD
        241781.65000000
        0.035141916916
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-01-30
          Fixed
          0.03250000
          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
        
          
        
        175000.00000000
        PA
        USD
        179296.25000000
        0.026059934329
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-01-15
          Fixed
          0.06625000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SMRT 2022-MINI
        N/A
        SMRT 2022-MINI SOFR30A+330 01/15/2024 144A
        78457JAQ5
        
          
        
        168000.00000000
        PA
        USD
        164668.73000000
        0.023933887573
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2024-01-15
          Variable
          0.03652000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CORTEVA INC
        549300WZN9I2QKLS0O94
        CORTEVA INC
        22052L104
        
          
        
        67910.00000000
        NS
        USD
        3903466.80000000
        0.567352013574
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MHP 2022-MHIL F
        N/A
        MHP 2022-MHIL F SOFR30A+399.71 01/15/2027 144A
        55293DAN1
        
          
        
        105000.00000000
        PA
        USD
        103083.61000000
        0.014982756789
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2027-01-15
          Variable
          0.04258660
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ACRES COMMERCIAL REALTY CORP
        549300RUJWPCMY4JFR46
        ACRES COMMERCIAL REALTY CORP 8.625%/VAR PFD PERP
        00489Q201
        
          
        
        300.00000000
        NS
        USD
        7473.00000000
        0.001086168222
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.25% 07/15/2029
        9128287D6
        
          
        
        3364000.00000000
        PA
        USD
        3935847.37000000
        0.572058389350
        Long
        DBT
        UST
        US
        N
        
        2
        
          2029-07-15
          Fixed
          0.00250000
          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
        
          
        
        100000.00000000
        PA
        USD
        91561.86000000
        0.013308120268
        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
        
          
        
        130000.00000000
        PA
        USD
        126506.25000000
        0.018387136190
        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
        
      
      
        HESS CORP
        UASVRYNXNK17ULIGK870
        HESS CORP
        42809H107
        
          
        
        8640.00000000
        NS
        USD
        924825.60000000
        0.134419400304
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PENNYMAC MORTGAGE INVESTMENT TRUST
        549300BSSOQO1ZWDUJ97
        PENNYMAC MTG INVT TR 8.125/VAR PREF PERP
        70931T301
        
          
        
        5700.00000000
        NS
        USD
        148599.00000000
        0.021598221833
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PS BUSINESS PKS INC CALIF
        N/A
        PS BUSINESS PKS INC SER X 5.25% PFD PERP
        69360J594
        
          
        
        3300.00000000
        NS
        USD
        83490.00000000
        0.012134910334
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MFA FINANCIAL INC
        YW72IMH2RRC8Z1TGLG58
        MFA FINANCIAL 6.5%/VAR PFD PERP
        55272X508
        
          
        
        9300.00000000
        NS
        USD
        211854.00000000
        0.030792062451
        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
        
          
        
        42000.00000000
        PA
        USD
        147.33000000
        0.000021413778
        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
        
          
        
        100000.00000000
        PA
        USD
        99291.50000000
        0.014431590005
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-06-01
          Fixed
          0.05250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AGNC INVESTMENT CORP
        5TRACI5HRMELWV32OF39
        AGNC INVESTMENT CORP SER F 6.125%/VAR PFD PERP
        00123Q872
        
          
        
        7000.00000000
        NS
        USD
        163520.00000000
        0.023766924637
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JP MORGAN CHASE COML MTG SECS TR 2012-CIBX
        N/A
        JPMCC 2012-CBX G 4.0% 6/45 144A
        46637WAU7
        
          
        
        151000.00000000
        PA
        USD
        10934.74000000
        0.001589317156
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2045-06-15
          Fixed
          0.04000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.125% 01/15/2032
        91282CDX6
        
          
        
        1830000.00000000
        PA
        USD
        1975222.29000000
        0.287090015339
        Long
        DBT
        UST
        US
        N
        
        2
        
          2032-01-15
          Fixed
          0.00125000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        KIMCO REALTY CORP
        549300EA7I6T15IBYS12
        KIMCO REALTY CORP SER M 5.25% PFD PERP
        49446R711
        
          
        
        5300.00000000
        NS
        USD
        132288.00000000
        0.019227488542
        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
        
          
        
        401000.00000000
        PA
        USD
        387949.50000000
        0.056386781614
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-05-15
          Variable
          0.04349330
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARCELORMITTAL SA LUXEMBOURG
        2EULGUTUI56JI9SAL165
        ARCELORMITTAL SA
        N/A
        
          
        
        26520.00000000
        NS
        
        859596.08000000
        0.124938571745
        Long
        EC
        CORP
        LU
        N
        
        1
        
          N
          N
          N
        
      
      
        ANNALY CAPITAL MANAGEMENT INC
        2DTL0G3FPRYUT58TI025
        ANNALY CAPITAL MANAGEMENT INC 6.5%/VAR PFD PERP
        035710862
        
          
        
        11800.00000000
        NS
        USD
        275058.00000000
        0.039978490440
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PEBBLEBROOK HOTEL TRUST
        5493004Q1NNH6JXCSI52
        PEBBLEBROOK HOTEL TR SER H 5.7% PERP PFD
        70509V886
        
          
        
        3600.00000000
        NS
        USD
        80856.00000000
        0.011752069829
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UBS COML MTG TR 2012-C1
        N/A
        UBSCM 2012-C1 D CSTR 5/45
        90269GAN1
        
          
        
        78000.00000000
        PA
        USD
        72884.53000000
        0.010593451148
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2045-05-10
          Variable
          0.05839992
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        XHR LP
        549300M88BPT83ZL2164
        XHR LP 4.875% 06/01/2029 144A
        98372MAC9
        
          
        
        250000.00000000
        PA
        USD
        242857.50000000
        0.035298287060
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-06-01
          Fixed
          0.04875000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIVERSIFIED HEALTHCARE TR
        N/A
        DIVERSIFIED HEALTHCARE TR 4.75% 05/01/2024
        81721MAK5
        
          
        
        271000.00000000
        PA
        USD
        259829.38000000
        0.037765076400
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-05-01
          Fixed
          0.04750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GRANITE POINT MORTGAGE TRUST INC
        529900VX2HQZ76AYIE02
        GRANITE POINT MORTGAGE TRUST INC CONV 5.625% 12/01/2022 144A
        38741LAB3
        
          
        
        110000.00000000
        PA
        USD
        108968.75000000
        0.015838136430
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-12-01
          Fixed
          0.05625000
          N
          N
          N
          N
          N
          
            
              GRANITE POINT MORTGAGE TRUST INC
              GRANITE POINT MORTGAGE TRUST INC
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        CREST CLARENDON STR 02 1 LTD
        N/A
        CREST CLARENDON STR 02 1 LTD 3ML+47 12/28/2035 144A
        226063204
        
          
        
        500000.00000000
        PA
        USD
        10000.00000000
        0.001453456741
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        3
        
          2035-12-28
          Variable
          0.01435570
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX TR 2018-IND
        N/A
        BX COML MTG TR 2018-IND G 1ML+218.9 11/15/2035 144A
        056059AS7
        
          
        
        259000.00000000
        PA
        USD
        257045.90000000
        0.037360509623
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2035-11-15
          Variable
          0.02447000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.125% 10/15/2024
        912828YL8
        
          
        
        3588000.00000000
        PA
        USD
        4104058.09000000
        0.596507089848
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-10-15
          Fixed
          0.00125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 1% 2/15/46
        912810RR1
        
          
        
        1123000.00000000
        PA
        USD
        1623234.89000000
        0.235930169393
        Long
        DBT
        UST
        US
        N
        
        2
        
          2046-02-15
          Fixed
          0.01000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.375% 07/15/2025
        912828XL9
        
          
        
        3763000.00000000
        PA
        USD
        4718153.52000000
        0.685763204114
        Long
        DBT
        UST
        US
        N
        
        2
        
          2025-07-15
          Fixed
          0.00375000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.375% 07/15/2027
        9128282L3
        
          
        
        3339000.00000000
        PA
        USD
        4068420.58000000
        0.591327331932
        Long
        DBT
        UST
        US
        N
        
        2
        
          2027-07-15
          Fixed
          0.00375000
          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
        
          
        
        100000.00000000
        PA
        USD
        97489.19000000
        0.014169632043
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-04-15
          Variable
          0.02997962
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX TR 2019-OC11
        N/A
        BX TR 2019-OC11 4.075457% 12/09/2041 144A
        05606FAN3
        
          
        
        96000.00000000
        PA
        USD
        83336.21000000
        0.012112557623
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2041-12-09
          Variable
          0.04075457
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PS BUSINESS PKS INC CALIF
        N/A
        PS BUSINESS PARKS INC SER Z 4.875% PFD PERP
        69360J552
        
          
        
        10000.00000000
        NS
        USD
        233800.00000000
        0.033981818616
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 2.125% 2/15/40
        912810QF8
        
          
        
        664000.00000000
        PA
        USD
        1222135.73000000
        0.177632141581
        Long
        DBT
        UST
        US
        N
        
        2
        
          2040-02-15
          Fixed
          0.02125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OPG TR 2021-PORT
        N/A
        OPG TR 2021-PORT G 1ML+244 10/15/2036 144A
        67118AAS4
        
          
        
        130000.00000000
        PA
        USD
        123924.40000000
        0.018011875461
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-10-15
          Variable
          0.02795000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEWCREST MNG LTD
        5299006MN50OZJUJI655
        NEWCREST MINING LTD
        N/A
        
          
        
        11377.00000000
        NS
        
        229899.51000000
        0.033414899268
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        KKR REAL ESTATE FINANCE TRUST INC
        549300K23AYZDZ2REL62
        KKR REAL ESTATE FIN TR INC CONV 6.125% 05/15/2023
        48251KAB6
        
          
        
        77000.00000000
        PA
        USD
        79695.00000000
        0.011583323501
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-05-15
          Fixed
          0.06125000
          N
          N
          N
          N
          Y
          
            
              KKR REAL ESTATE FINANCE TRUST INC
              KKR REAL ESTATE FINANCE TRUST INC
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        ANGLO AMERN PLATINUM LTD
        529900RORCZ0E5S5FX81
        ANGLO AMERN PLATINUM LTD
        03486T202
        
          
        
        9600.00000000
        NS
        USD
        223680.00000000
        0.032510920394
        Long
        EC
        CORP
        ZA
        N
        
        1
        
          N
          N
          N
        
      
      
        BX TRUST 2019
        N/A
        BX TRUST 2019 1ML+230 10/15/2036 144A
        056054AK5
        
          
        
        386750.00000000
        PA
        USD
        378509.32000000
        0.055014692288
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-10-15
          Variable
          0.02697000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHELL PLC
        21380068P1DRHMJ8KU70
        SHELL PLC
        N/A
        
          
        
        100916.00000000
        NS
        
        2795202.69000000
        0.406270619368
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HOWARD HUGHES CORP
        549300BVHY25JZC1KI49
        HOWARD HUGHES CORP 4.125% 02/01/2029 144A
        44267DAE7
        
          
        
        40000.00000000
        PA
        USD
        37530.40000000
        0.005454881289
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-02-01
          Fixed
          0.04125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MONDI PLC
        213800LOZA69QFDC9N34
        MONDI PLC
        N/A
        
          
        
        31992.00000000
        NS
        
        626822.13000000
        0.091105885057
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ANNALY CAPITAL MANAGEMENT INC
        2DTL0G3FPRYUT58TI025
        ANNALY CAPITAL MANAGEMENT INC 6.95%/VAR PERP PFD
        035710870
        
          
        
        14800.00000000
        NS
        USD
        360676.00000000
        0.052422696370
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 0.75% 2/15/42
        912810QV3
        
          
        
        1778000.00000000
        PA
        USD
        2530012.22000000
        0.367726331727
        Long
        DBT
        UST
        US
        N
        
        2
        
          2042-02-15
          Fixed
          0.00750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIGITAL REALTY TRUST INC
        549300HKCZ31D08NEI41
        DIGITAL RLTY TR INC 5.25% PFD PERP
        253868855
        
          
        
        900.00000000
        NS
        USD
        22419.00000000
        0.003258504668
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GS MTG SECS CORP TR 2019
        5493005BBCF84ICNQ550
        GS MTG SECS CORP TR 2019 CSTR 07/10/2052 144A
        36257HBC9
        
          
        
        570000.00000000
        PA
        USD
        543992.21000000
        0.079066914495
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2052-07-10
          Variable
          0.03549690
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CREDIT SUISSE MORTGAGE TRUST 2021-4SZN
        N/A
        CREDIT SUISSE MORTGAGE TRUST 2021-4SZN SOFR30A+396.65 11/15/2023 144A
        12663FAA7
        
          
        
        141000.00000000
        PA
        USD
        137025.52000000
        0.019916066580
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2023-11-15
          Variable
          0.04267660
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PENNSYLVANIA REAL EST INVT TR
        5493001GPBXRIG8WJO70
        PENNSLVNA 7.375% PFD PERP
        709102503
        
          
        
        4082.00000000
        NS
        USD
        20818.20000000
        0.003025835313
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RLJ LODGING TRUST LP
        549300RX5I8Z6I6LDZ74
        RLJ LODGING TRUST LP 4% 09/15/2029 144A
        74965LAB7
        
          
        
        455000.00000000
        PA
        USD
        420811.30000000
        0.061163102089
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-09-15
          Fixed
          0.04000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Oxford Street Trust II
        549300OEP6Z1TBUGHH59
        Fidelity Commodity Strategy Central Fund
        316167303
        
          
        
        16604905.96300000
        NS
        USD
        102452269.79000000
        14.89099422098
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.25% 01/15/2025
        912828H45
        
          
        
        3401000.00000000
        PA
        USD
        4229117.99000000
        0.614684005322
        Long
        DBT
        UST
        US
        N
        
        2
        
          2025-01-15
          Fixed
          0.00250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARRIOTT OWNERSHIP RESORTS INC
        BW4532OH033VURR0IT68
        MARRIOTT OWNERSHIP RESORTS INC 4.5% 06/15/2029 144A
        57164PAH9
        
          
        
        400000.00000000
        PA
        USD
        377000.00000000
        0.054795319155
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-06-15
          Fixed
          0.04500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NINE DRAGONS PAPER HLDGS LTD
        529900TBMYEYJ2LEV906
        NINE DRAGONS PAPER (HLDGS) LTD
        N/A
        
          
        
        132040.00000000
        NS
        
        114656.36000000
        0.016664805939
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        REDWOOD TRUST INC
        DRBV4N1ERQLEMIF11G78
        REDWOOD TRUST INC CONV 4.75% 08/15/2023
        758075AC9
        
          
        
        224000.00000000
        PA
        USD
        220862.64000000
        0.032101429305
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-08-15
          Fixed
          0.04750000
          N
          N
          N
          N
          N
          
            
              REDWOOD TRUST INC
              REDWOOD TRUST INC REIT
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        BX COML MTG TR 2018-BIOA
        N/A
        BX COML MTG TR 2018-BIOA E 03/15/2037 144A
        056057AN2
        
          
        
        233021.37000000
        PA
        USD
        229223.33000000
        0.033316619430
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2037-03-15
          Variable
          0.02348050
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.625% 01/15/2026
        912828N71
        
          
        
        3152000.00000000
        PA
        USD
        3969539.91000000
        0.576955454290
        Long
        DBT
        UST
        US
        N
        
        2
        
          2026-01-15
          Fixed
          0.00625000
          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
        
          
        
        187720.32000000
        PA
        USD
        173899.97000000
        0.025275608374
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2026-12-17
          Fixed
          0.04505000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TECK RESOURCES LTD
        T8KI5SQ2JRWHL7XY0E11
        TECK RESOURCES LTD SUB VTG CLB
        878742204
        
          
        
        7730.00000000
        NS
        
        312130.86000000
        0.045366870270
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        HAT HOLDINGS I LLC / HAT HOLDINGS II LLC
        N/A
        HAT HOLDINGS I LLC / II LLC 3.75% 09/15/2030 144A
        418751AD5
        
          
        
        100000.00000000
        PA
        USD
        90000.00000000
        0.013081110673
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-09-15
          Fixed
          0.03750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 2.5% 1/15/29
        912810PZ5
        
          
        
        1129000.00000000
        PA
        USD
        1794412.50000000
        0.260810094518
        Long
        DBT
        UST
        US
        N
        
        2
        
          2029-01-15
          Fixed
          0.02500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GS MTG SECS CORP TR 2019-70P
        N/A
        GS MTG SECS CORP TR 2019-70P F 1ML+265 10/15/2036 144A
        36257MAS4
        
          
        
        218000.00000000
        PA
        USD
        203555.32000000
        0.029585885212
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-10-15
          Variable
          0.03047000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CPT MORTGAGE TRUST 2019
        N/A
        CPT MORTGAGE TRUST 2019 2.865% 11/13/2039 144A
        12654YAA7
        
          
        
        500000.00000000
        PA
        USD
        472316.80000000
        0.068649203709
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2039-11-13
          Fixed
          0.02865000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VORNADO REALTY TRUST
        N/A
        VORNADO RLTY SR L 5.4% PFD PRP
        929042844
        
          
        
        1000.00000000
        NS
        USD
        23520.00000000
        0.003418530256
        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
        
          
        
        559000.00000000
        PA
        USD
        545808.83000000
        0.079330952354
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-11-15
          Variable
          0.05647000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FREEPORT-MCMORAN INC
        549300IRDTHJQ1PVET45
        FREEPORT MCMORAN INC
        35671D857
        
          
        
        51950.00000000
        NS
        USD
        2583993.00000000
        0.375572204587
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AG MORTGAGE INVESTMENT TR INC
        549300SNP0PBR2XTFR48
        AG MTG INVT 8.25 PRP
        001228204
        
          
        
        500.00000000
        NS
        USD
        11988.00000000
        0.001742403941
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KENNEDY-WILSON INC
        5EA4464UK7FM5QNNKL62
        KENNEDY-WILSON INC 4.75% 03/01/2029
        489399AL9
        
          
        
        225000.00000000
        PA
        USD
        216929.25000000
        0.031529728084
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-03-01
          Fixed
          0.04750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IVANHOE MINE LTD
        5299006XZISURYIA4G32
        IVANHOE MINES LTD
        46579R104
        
          
        
        54430.00000000
        NS
        
        507662.12000000
        0.073786493072
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.125% 01/15/2030
        912828Z37
        
          
        
        3563000.00000000
        PA
        USD
        4097094.77000000
        0.595495001408
        Long
        DBT
        UST
        US
        N
        
        2
        
          2030-01-15
          Fixed
          0.00125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NECESSITY RETAIL REIT INC/THE
        549300GN4H0K3IUS8983
        THE NECESSITY RETAIL REIT INC SER A 7.5% PFD PERP
        02607T406
        
          
        
        9100.00000000
        NS
        USD
        236145.00000000
        0.034322654222
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BALLYS CORP
        549300NS4D5IK406VT62
        BALLY'S TERM B 1LN 10/01/2028
        05875CAB0
        
          
        
        199500.00000000
        PA
        USD
        198253.13000000
        0.028815234832
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-10-01
          Variable
          0.03750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISTAR INC
        QFFLKWYYS3UPWD86E794
        ISTAR INC 4.75% 10/01/2024
        45031UCF6
        
          
        
        150000.00000000
        PA
        USD
        151225.50000000
        0.021979972246
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-10-01
          Fixed
          0.04750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HILTON USA TR 2016-HHV
        N/A
        HILT 2016-HHV F CSTR 11/38 144A
        43300LAQ3
        
          
        
        163000.00000000
        PA
        USD
        146683.72000000
        0.021319844170
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-11-05
          Variable
          0.04193500
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLTOWER INC
        T6IZ0MBEG5ACZDTR7D06
        WELLTOWER INC 3.85% 06/15/2032
        95040QAR5
        
          
        
        250000.00000000
        PA
        USD
        251745.37000000
        0.036590100517
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2032-06-15
          Fixed
          0.03850000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VORNADO REALTY TRUST
        N/A
        VORNADO REALTY TRUST SER O 4.45% PERP PFD
        929042794
        
          
        
        1800.00000000
        NS
        USD
        36000.00000000
        0.005232444269
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.375% 01/15/2027
        912828V49
        
          
        
        3013000.00000000
        PA
        USD
        3701289.72000000
        0.537966449583
        Long
        DBT
        UST
        US
        N
        
        2
        
          2027-01-15
          Fixed
          0.00375000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX TR 2021-ACNT
        N/A
        BX TR 2021-ACNT 1ML+317.3 11/15/2026 144A
        05609QAN6
        
          
        
        126000.00000000
        PA
        USD
        123180.84000000
        0.017903802232
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-11-15
          Variable
          0.03692000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMCC 2021-MHC
        N/A
        JPMCC 2021-MHC F 1ML+295 04/15/2038 144A
        466330AQ0
        
          
        
        210000.00000000
        PA
        USD
        202086.72000000
        0.029372430555
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-04-15
          Variable
          0.03347000
          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
        
          
        
        230000.00000000
        PA
        USD
        214440.50000000
        0.031167999037
        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
        
          
        
        20000.00000000
        PA
        USD
        17636.60000000
        0.002563403516
        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
        
          
        
        271312.19970000
        PA
        USD
        276364.96000000
        0.040168451423
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-08-01
          Fixed
          0.08528000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 0.125% 02/15/2052
        912810TE8
        
          
        
        1040000.00000000
        PA
        USD
        1090810.99000000
        0.158544658713
        Long
        DBT
        UST
        US
        N
        
        2
        
          2052-02-15
          Fixed
          0.00125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OMEGA HEALTHCARE INVESTORS INC
        549300OJ7ENK42CZ8E73
        OMEGA HEALTHCARE INVESTORS INC 3.375% 02/01/2031
        681936BM1
        
          
        
        250000.00000000
        PA
        USD
        229022.08000000
        0.033287368613
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-02-01
          Fixed
          0.03375000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CF INDUSTRIES HOLDINGS INC
        529900CG8YAQFZ2JMV97
        CF INDUSTRIES HOLDINGS INC
        125269100
        
          
        
        47720.00000000
        NS
        USD
        4918023.20000000
        0.714813397496
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BX COML MTG TR 2020-VIVA
        N/A
        BX COML MTG TR 2020-VIVA 3.54875% 03/09/2044 144A
        12433XAJ8
        
          
        
        600000.00000000
        PA
        USD
        525698.40000000
        0.076407988348
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2044-03-11
          Variable
          0.03548750
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX TRUST
        N/A
        BX TRUST 1ML+372.55 10/15/2036 144A
        05609KAQ2
        
          
        
        658775.60000000
        PA
        USD
        632543.09000000
        0.091937401845
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-10-15
          Variable
          0.04287000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN TOWER CORP
        5493006ORUSIL88JOE18
        AMERICAN TOWER CORP 2.7% 04/15/2031
        03027XBM1
        
          
        
        250000.00000000
        PA
        USD
        226100.85000000
        0.032862780469
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-04-15
          Fixed
          0.02700000
          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
        
          
        
        85622.09000000
        PA
        USD
        82835.42000000
        0.012039769963
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2034-06-15
          Variable
          0.04613448
          N
          N
          N
        
        
          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
        
          
        
        250000.00000000
        PA
        USD
        234362.50000000
        0.034063575558
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-05-15
          Fixed
          0.04875000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BRAEMAR HOTELS and RESORTS INC
        549300JDUUEBN868C776
        BRAEMAR HOTELS and RESORTS INC 5.5% PERP PFD
        10482B200
        
          
        
        2700.00000000
        NS
        USD
        49086.00000000
        0.007134437761
        Long
        EP
        CORP
        US
        N
        
        2
        
          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
        
          
        
        139000.00000000
        PA
        USD
        130609.17000000
        0.018983477864
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-10-15
          Variable
          0.02597000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO COML MTG TR 2012-LC5
        N/A
        WFCM 12-LC5 E VAR 4.775603% 10/15/2045 144A
        94988HAR2
        
          
        
        114000.00000000
        PA
        USD
        112143.26000000
        0.016299537726
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2045-10-15
          Variable
          0.04746815
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARMOUR RESIDENTIAL REIT INC
        549300K0WA0EJUX74V72
        ARMOUR RESDNTL REIT INC SER C 7% PERP PFD
        042315606
        
          
        
        1000.00000000
        NS
        USD
        24570.00000000
        0.003571143213
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.125% 10/15/2025
        91282CAQ4
        
          
        
        3614000.00000000
        PA
        USD
        4094096.05000000
        0.595059150428
        Long
        DBT
        UST
        US
        N
        
        2
        
          2025-10-15
          Fixed
          0.00125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHIMERA INVESTMENT CORP
        2JBBQFJOL123LOUBE657
        CHIMERA INVESTMENT CORP SER C 7.75/VAR PERP PFD
        16934Q505
        
          
        
        8700.00000000
        NS
        USD
        211932.00000000
        0.030803399414
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DIVERSIFIED HEALTHCARE TR
        N/A
        DIVERSIFIED HEALTHCARE TR 9.75% 06/15/2025
        25525PAA5
        
          
        
        400000.00000000
        PA
        USD
        421000.00000000
        0.061190528817
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-15
          Fixed
          0.09750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANK 2020-BNK30
        N/A
        BANK 2020-BN30 MCDG CSTR 12/53
        06541UBJ4
        
          
        
        189000.00000000
        PA
        USD
        142389.88000000
        0.020695753100
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2053-12-15
          Variable
          0.02918230
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 3.625 4/15/28
        912810FD5
        
          
        
        940000.00000000
        PA
        USD
        2064437.40000000
        0.300057045646
        Long
        DBT
        UST
        US
        N
        
        2
        
          2028-04-15
          Fixed
          0.03625000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX 2021-BXMF
        N/A
        BX 2021-BXMF 1ML+359.02 10/15/2026 144A
        05609RAS3
        
          
        
        126000.00000000
        PA
        USD
        120951.87000000
        0.017579831085
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2026-10-15
          Variable
          0.03746513
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALBEMARL CORP
        HDBLS2Q6GV1LSKQPBS54
        ALBEMARLE CORP
        012653101
        
          
        
        4110.00000000
        NS
        USD
        908926.50000000
        0.132108534896
        Long
        EC
        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
        
          
        
        200000.00000000
        PA
        USD
        191563.46000000
        0.027842920236
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2023-10-15
          Variable
          0.03590000
          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
        
          
        
        210000.00000000
        PA
        USD
        205276.55000000
        0.029836058547
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-11-15
          Variable
          0.04011900
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIAMONDBACK ENERGY INC
        549300R22LSX6OHWEN64
        DIAMONDBACK ENERGY INC
        25278X109
        
          
        
        6830.00000000
        NS
        USD
        936256.40000000
        0.136080817636
        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 5.25% 04/15/2030 144A
        75606DAQ4
        
          
        
        250000.00000000
        PA
        USD
        230000.00000000
        0.033429505054
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-04-15
          Fixed
          0.05250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AGNC INVESTMENT CORP
        5TRACI5HRMELWV32OF39
        AGNC INVESTMENT CORP SER E 6.5%/VAR PFD PERP
        00123Q807
        
          
        
        10400.00000000
        NS
        USD
        253240.00000000
        0.036807338522
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PEBBLEBROOK HOTEL TRUST
        5493004Q1NNH6JXCSI52
        PEBBLEBROOK HOTEL TRUST 6.375% PERP PFD
        70509V803
        
          
        
        8200.00000000
        NS
        USD
        202540.00000000
        0.029438312842
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SVENSKA CELLULOSA AB SCA
        549300FW5JDRV1IJ0M67
        SVENSKA CELLULOSA AB CL B
        N/A
        
          
        
        23050.00000000
        NS
        
        449727.99000000
        0.065366017891
        Long
        EC
        CORP
        SE
        N
        
        1
        
          N
          N
          N
        
      
      
        VMC FINANCE 2021-HT1
        N/A
        VMC FINANCE 2021-HT1 B 1ML+450 01/18/2037 144A
        91835TAC0
        
          
        
        147000.00000000
        PA
        USD
        142590.00000000
        0.020724839677
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2037-01-18
          Variable
          0.04967570
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANNALY CAPITAL MANAGEMENT INC
        2DTL0G3FPRYUT58TI025
        ANNALY CAPITAL MANAGEMENT INC SER I 6.75/VAR PFD PERP
        035710847
        
          
        
        3600.00000000
        NS
        USD
        88920.00000000
        0.012924137345
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COMMERCIAL METALS CO
        549300OQS2LO07ZJ7N73
        COMMERCIAL METALS CO
        201723103
        
          
        
        21950.00000000
        NS
        USD
        913559.00000000
        0.132781848732
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Revere Street Trust
        549300BDV45LJNXBZC55
        Fidelity Cash Central Fund
        31635A105
        
          
        
        31964609.58100000
        NS
        USD
        31971002.50000000
        4.646846911662
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.125% 07/15/2026
        912828S50
        
          
        
        3157000.00000000
        PA
        USD
        3883874.63000000
        0.564504376417
        Long
        DBT
        UST
        US
        N
        
        2
        
          2026-07-15
          Fixed
          0.00125000
          N
          N
          N
        
        
          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
        
          
        
        250000.00000000
        PA
        USD
        246250.00000000
        0.035791372259
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-15
          Fixed
          0.05875000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GLP CAP LP / GLP FING II INC
        N/A
        GLP CAP LP / GLP FING II INC 3.25% 01/15/2032
        361841AR0
        
          
        
        250000.00000000
        PA
        USD
        226825.00000000
        0.032968032539
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2032-01-15
          Fixed
          0.03250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 0.75% 02/15/2045
        912810RL4
        
          
        
        2270000.00000000
        PA
        USD
        3113949.89000000
        0.452599146036
        Long
        DBT
        UST
        US
        N
        
        2
        
          2045-02-15
          Fixed
          0.00750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SUMMIT HOTEL PROPERTIES INC
        254900OBQWJK6X20LS71
        SUMMIT HOTEL PPTYS INC SER F 5.875% PERP PFD
        866082704
        
          
        
        2000.00000000
        NS
        USD
        47108.00000000
        0.006846944017
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COTERRA ENERGY INC
        FCNMH6O7VWU7LHXMK351
        COTERRA ENERGY INC
        127097103
        
          
        
        53870.00000000
        NS
        USD
        1452873.90000000
        0.211168936452
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GLOBAL PARTNERS LP / GLP FIN CORP
        N/A
        GLOBAL PARTNERS LP / GLP FIN CORP 7% 08/01/2027
        37954FAG9
        
          
        
        100000.00000000
        PA
        USD
        100000.00000000
        0.014534567415
        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
        
          
        
        23587.00000000
        NS
        USD
        589439.13000000
        0.085672427721
        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
        
          
        
        100000.00000000
        PA
        USD
        20414.68000000
        0.002967185427
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2045-05-15
          Fixed
          0.02462000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CTO NEWCO REIT INC
        N/A
        CTO REALTY GROWTH INC 6.375% PFD PERP
        22948Q200
        
          
        
        1000.00000000
        NS
        USD
        25150.00000000
        0.003655443704
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 1% 02/15/2048
        912810SB5
        
          
        
        1089000.00000000
        PA
        USD
        1542763.56000000
        0.224234009684
        Long
        DBT
        UST
        US
        N
        
        2
        
          2048-02-15
          Fixed
          0.01000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EXXON MOBIL CORP
        J3WHBG0MTS7O8ZVMDC91
        EXXON MOBIL CORP
        30231G102
        
          
        
        79810.00000000
        NS
        USD
        6591507.90000000
        0.958047159400
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.625% 04/15/2023
        9128284H0
        
          
        
        4026000.00000000
        PA
        USD
        4744433.66000000
        0.689582908779
        Long
        DBT
        UST
        US
        N
        
        2
        
          2023-04-15
          Fixed
          0.00625000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ASHFORD HOSPITALITY TRUST INC
        N/A
        ASHFORD HOSPITALITY TRUST INC SER H 7.5% PFD PERP
        044103802
        
          
        
        2500.00000000
        NS
        USD
        55475.00000000
        0.008063051273
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NUTRIEN LTD
        5493002QQ7GD21OWF963
        NUTRIEN LTD
        67077M108
        
          
        
        68140.00000000
        NS
        
        7043195.46000000
        1.023697992314
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        SREIT TR 2021-MFP2
        N/A
        SREIT TR 2021-MFP2 1ML+391.55 11/15/2036 144A
        85236WCU8
        
          
        
        128000.00000000
        PA
        USD
        125193.97000000
        0.018196401969
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-11-15
          Variable
          0.04312500
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MOTEL 6 TR 2021-MTL6
        N/A
        MOTEL 6 TR 2021-MTL6 G 1ML+470 09/15/2038 144A
        61977KAQ9
        
          
        
        206045.43900000
        PA
        USD
        202381.60000000
        0.029415290087
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-09-15
          Variable
          0.05096570
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX COML MTG TR 2021-CIP
        N/A
        BX COML MTG TR 2021-CIP 1ML+397.69 11/15/2036 144A
        12434FAQ0
        
          
        
        499000.00000000
        PA
        USD
        480602.82000000
        0.069853540872
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-12-15
          Variable
          0.04366000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UMH PPTYS INC
        529900OM5K3PJ11F0Q09
        UMH PROPERTIES INC 6.75% SER C PFD PERP
        903002400
        
          
        
        200.00000000
        NS
        USD
        5078.00000000
        0.000738065333
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BX 2021-VOLT G
        N/A
        BX 2021-VOLT G 1ML+295 09/15/2023 144A
        05609VAS4
        
          
        
        105000.00000000
        PA
        USD
        100880.46000000
        0.014662538467
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-09-15
          Variable
          0.03246570
          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
        
          
        
        100000.00000000
        PA
        USD
        96050.31000000
        0.013960497059
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-07-15
          Variable
          0.02997000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KNDR 2021-KIND F
        N/A
        KNDR 2021-KIND F 1ML+405 08/15/2026 144A
        482606AS9
        
          
        
        100000.00000000
        PA
        USD
        98203.11000000
        0.014273397226
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-08-15
          Variable
          0.04347000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEW RESIDENTIAL INVT CORP
        549300WNTHGEO5LP2G31
        NEW RESIDENTIAL INVESTMENT CORP SER A 7.5%/VAR PFD PERP
        64828T300
        
          
        
        17700.00000000
        NS
        USD
        450642.00000000
        0.065498865290
        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
        
          
        
        63000.00000000
        PA
        USD
        55106.15000000
        0.008009440521
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2053-07-15
          Variable
          0.04388490
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        URSTADT BIDDLE PPTYS INC
        549300XXD0YL0AER3Z82
        URSTADT BIDDLE PPTYS INC SER H 6.25% PFD PERP
        917286882
        
          
        
        4500.00000000
        NS
        USD
        113625.00000000
        0.016514902225
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        INVESCO MORTGAGE CAPITAL INC
        PV3BDP2HFZL2FNXQBL39
        INVESCO MORTGAGE CAPITAL INC 7.75% VAR PFD PERP 25
        46131B407
        
          
        
        13900.00000000
        NS
        USD
        333461.00000000
        0.048467113848
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RLJ LODGING TR
        N/A
        RLJ LODGING TR SER A PC 1.95% PERP
        74965L200
        
          
        
        400.00000000
        NS
        USD
        11020.00000000
        0.001601709329
        Long
        EP
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        PUBLIC STORAGE
        549300LMZF40TKJ6DM64
        PUBLIC STORAGE 4.7% SER J PFD PERP
        74460W594
        
          
        
        3400.00000000
        NS
        USD
        79050.00000000
        0.011489575541
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHEVRON CORP NEW
        N/A
        CHEVRON CORP
        166764100
        
          
        
        35120.00000000
        NS
        USD
        5718589.60000000
        0.831172260607
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.5% 01/15/2028
        9128283R9
        
          
        
        3467000.00000000
        PA
        USD
        4215138.04000000
        0.612652080065
        Long
        DBT
        UST
        US
        N
        
        2
        
          2028-01-15
          Fixed
          0.00500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIGITALBRIDGE ISSUER LLC / DIGITALBRIDGE CO-ISSUER LLC
        N/A
        DIGITALBRIDGE ISSUER LLC / DIGITALBRIDGE CO-ISSUER LLC 3.933% 09/25/2051 144A
        25402JAA7
        
          
        
        85000.00000000
        PA
        USD
        81522.31000000
        0.011848915105
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2051-09-25
          Fixed
          0.03933000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KNDL 2019-KNSQ MORTGAGE TRUST
        N/A
        KNDL 2019-KNSQ MORTGAGE TRUST 1ML+ 05/15/2036 144A
        482598AN9
        
          
        
        500000.00000000
        PA
        USD
        492767.75000000
        0.071621660823
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-05-15
          Variable
          0.02197000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GREAT AJAX CORP
        5493004ID2QQWNGDYC18
        GREAT AJAX CORP PC 7.25% 4/30/24
        38983D409
        
          
        
        16367.00000000
        NS
        USD
        414576.11000000
        0.060256844195
        Long
        EP
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        IMPALA PLATINUM HOLDINGS LTD
        254900BZFIFB4PD2Z778
        IMPALA PLATINUM HOLDINGS LTD
        N/A
        
          
        
        23930.00000000
        NS
        
        368337.85000000
        0.053536313123
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        BX TR 2021-ARIA
        N/A
        BX TR 2021-ARIA G 1ML+320 10/15/2036 144A
        05608RAQ8
        
          
        
        93000.00000000
        PA
        USD
        89507.03000000
        0.013009459616
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-10-15
          Variable
          0.03539100
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX 2021-MFM1
        N/A
        BX 2021-MFM1 1ML+300 01/15/2034 144A
        05608VAN6
        
          
        
        336000.00000000
        PA
        USD
        330023.06000000
        0.047967424141
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2034-01-15
          Variable
          0.03396570
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARBOR REALTY TRUST INC
        549300ASFUWYQO0RW077
        ARBOR REALTY TRUST INC SER D 6.375% PERP PFD
        038923876
        
          
        
        500.00000000
        NS
        USD
        11245.00000000
        0.001634412105
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PENNYMAC MORTGAGE INVESTMENT TRUST
        549300BSSOQO1ZWDUJ97
        PENNYMAC MTG INVT TR 8%/VAR SER B PREF PERP
        70931T400
        
          
        
        9300.00000000
        NS
        USD
        241335.00000000
        0.035076998271
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SBA SENIOR FINANCE II LLC
        549300PVT2ADFWMYEW87
        SBA COMMUNICATIONS TERM B 04/11/2025
        N/A
        
          
        
        273592.95100000
        PA
        USD
        269907.65000000
        0.039229909347
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-04-11
          Variable
          0.02210000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX 2021-SDMF
        N/A
        BX 2021-SDMF 1ML+193.7 09/15/2023 144A
        12434CAQ7
        
          
        
        100000.00000000
        PA
        USD
        95984.86000000
        0.013950984185
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2034-09-15
          Variable
          0.02334000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAMB COMMERCIAL MORTGAGE TRUST 2021-CX2
        N/A
        CAMB COMMERCIAL MORTGAGE TRUST 2021-CX2 2.7% 11/10/2046 144A
        12477BAA2
        
          
        
        500000.00000000
        PA
        USD
        460659.05000000
        0.066954800176
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2046-11-10
          Fixed
          0.02700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PUBLIC STORAGE
        549300LMZF40TKJ6DM64
        PUBLIC STORAGE 4.875% SER I PFD PERP
        74460W628
        
          
        
        2000.00000000
        NS
        USD
        48800.00000000
        0.007092868898
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COMM 2013-LC6 MTG TR
        N/A
        COMM 2013-LC6 E MTG TR 3.5% 01/10/2046 144A
        20048EAG6
        
          
        
        150000.00000000
        PA
        USD
        129446.76000000
        0.018814526598
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2046-01-10
          Fixed
          0.03500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEW RESIDENTIAL INVT CORP
        549300WNTHGEO5LP2G31
        NEW RESIDENTIAL INVESTMENT CORP SER B 7.125%/VAR PFD PERP
        64828T409
        
          
        
        6200.00000000
        NS
        USD
        152706.00000000
        0.022195156516
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CSMC 2019-ICE4
        N/A
        CSMC 2019-ICE4 1ML+215 05/15/2036 144A
        12653VAJ5
        
          
        
        100000.00000000
        PA
        USD
        98122.27000000
        0.014261647482
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-05-15
          Variable
          0.02547000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ELLINGTON FINANCIAL INC
        60GS1D1R1YY5G1W7IT74
        ELLINGTON FINANCIAL INC 6.75/VAR PFD PERP
        28852N208
        
          
        
        2000.00000000
        NS
        USD
        49160.00000000
        0.007145193341
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SUN CMNTYS OPER LTD PRTNRSHP
        549300PUNBPJCGT6X741
        SUN CMNTYS OPER LTD PRTNRSHP 2.7% 07/15/2031
        866677AE7
        
          
        
        250000.00000000
        PA
        USD
        225533.93000000
        0.032780381099
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-07-15
          Fixed
          0.02700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BARRICK GOLD CORP
        0O4KBQCJZX82UKGCBV73
        BARRICK GOLD CORP
        067901108
        
          
        
        64680.00000000
        NS
        
        1586280.69000000
        0.230559036281
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        PILOT TRAVEL CTRS LLC
        549300115UILLXNE1Z49
        PILOT TRAVEL CENTERS TERM B 1LN 08/04/2028
        72165NBH1
        
          
        
        149250.00000000
        PA
        USD
        146979.91000000
        0.021362894105
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-08-04
          Variable
          0.02457430
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CROWN CASTLE INTERNATIONAL CORP
        54930012H97VSM0I2R19
        CROWN CASTLE INTL CORP 2.25% 01/15/2031
        22822VAT8
        
          
        
        500000.00000000
        PA
        USD
        440692.26000000
        0.064052713623
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-01-15
          Fixed
          0.02250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX TR 2021-ARIA
        N/A
        BX TR 2021-ARIA 1ML+259.35 10/15/2036 144A
        05608RAN5
        
          
        
        27000.00000000
        PA
        USD
        26237.99000000
        0.003813578344
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-10-15
          Variable
          0.02990500
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GS MTG SECS TR 2011-GC5
        N/A
        GSMS 2011-GC5 E CSTR 8/44
        36191YAN8
        
          
        
        63000.00000000
        PA
        USD
        5701.21000000
        0.000828646210
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2044-08-10
          Variable
          0.05163393
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HOWARD HUGHES CORP
        549300BVHY25JZC1KI49
        HOWARD HUGHES CORP 4.375% 02/01/2031 144A
        44267DAF4
        
          
        
        285000.00000000
        PA
        USD
        267900.00000000
        0.038938106105
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-02-01
          Fixed
          0.04375000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 2.375% 1/15/27
        912810PS1
        
          
        
        1221000.00000000
        PA
        USD
        1970292.17000000
        0.286373443724
        Long
        DBT
        UST
        US
        N
        
        2
        
          2027-01-15
          Fixed
          0.02375000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PROVIDENCE PLACE GROUP LTD PARTNERSHIP
        N/A
        PPGLP 2000-C1 A2 7.75% 7/28
        743784AB6
        
          
        
        191455.66990000
        PA
        USD
        215674.56000000
        0.031347364320
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2028-07-20
          Fixed
          0.07750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        J P MORGAN CHASE COML MTG SECS TR 2013-C10
        N/A
        JP MORGAN CHASE COML MTG SECS TR 2013-C10 C CSTR 06/05/2039 144A
        46651EAJ3
        
          
        
        500000.00000000
        PA
        USD
        483696.00000000
        0.070303121204
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2039-06-05
          Variable
          0.03749000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CANADIAN NATURAL RESOURCES LTD
        549300T15RIMIKZC5Q38
        CANADIAN NATL RESOURCES LTD
        136385101
        
          
        
        41410.00000000
        NS
        
        2564130.78000000
        0.372685316831
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        WILMAR INTERNATIONAL LTD
        549300H2EAI4YRLWBB20
        WILMAR INTERNATIONAL LTD
        N/A
        
          
        
        74450.00000000
        NS
        
        257837.10000000
        0.037475507120
        Long
        EC
        CORP
        SG
        
        N
        
        2
        
          N
          N
          N
        
      
      
        DIGITALBRIDGE GROUP INC
        549300XG87L902AGBO89
        DIGITALBRIDGE GROUP INC 7.15% SER I PERP PFD
        25401T405
        
          
        
        18400.00000000
        NS
        USD
        456136.00000000
        0.066297394424
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AG MORTGAGE INVESTMENT TR INC
        549300SNP0PBR2XTFR48
        AG MTG INVT 8% PFD PRP
        001228303
        
          
        
        15879.00000000
        NS
        USD
        366487.32000000
        0.053267346593
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LOUISIANA PACIFIC CORP
        549300C7E2UAO5BVRR75
        LOUISIANA PACIFIC CORP
        546347105
        
          
        
        4010.00000000
        NS
        USD
        249101.20000000
        0.036205781845
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Revere Street Trust
        549300BDV45LJNXBZC55
        Fidelity Securities Lending Cash Central Fund
        31635A303
        
          
        
        1419958.02300000
        NS
        USD
        1420100.02000000
        0.206405394769
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.125% 04/15/2026
        91282CCA7
        
          
        
        2847000.00000000
        PA
        USD
        3178626.82000000
        0.461999658029
        Long
        DBT
        UST
        US
        N
        
        2
        
          2026-04-15
          Fixed
          0.00125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SLG OFFICE TR 2021-OVA
        N/A
        SLG OFFICE TR 2021-OVA 2.85061% 07/15/2041 144A
        78449RAN5
        
          
        
        463000.00000000
        PA
        USD
        376627.81000000
        0.054741222948
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2041-07-15
          Fixed
          0.02850610
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORTESCUE METALS GROUP LTD
        529900VEJFORCO6I4826
        FORTESCUE METALS GROUP LTD
        N/A
        
          
        
        46390.00000000
        NS
        
        713099.95000000
        0.103645992970
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        CSAIL 2017-C8 COML MTG TR
        N/A
        CSAIL 2017-C8 COML MTG TR 4.47% 06/15/2050 144A
        12595BAK7
        
          
        
        156000.00000000
        PA
        USD
        129579.75000000
        0.018833856120
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2050-06-15
          Variable
          0.04584023
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN FIN TR FINAN OP
        N/A
        AMERICAN FIN TR FINAN OP 4.5% 09/30/2028 144A
        02608AAA7
        
          
        
        345000.00000000
        PA
        USD
        310541.40000000
        0.045135849134
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-09-30
          Fixed
          0.04500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GS MORTGAGE SECURITIES CORPORATION II
        N/A
        GSMS 2012-GC6 E 5% 01/45
        36192BAN7
        
          
        
        11983.53000000
        PA
        USD
        11951.25000000
        0.001737062488
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2045-01-10
          Variable
          0.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 0.125% 02/15/2051
        912810SV1
        
          
        
        1644000.00000000
        PA
        USD
        1820152.29000000
        0.264551261648
        Long
        DBT
        UST
        US
        N
        
        2
        
          2051-02-15
          Fixed
          0.00125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PLAYA RESORTS HLDG B V
        5493005SPBUMPZZCIZ96
        PLAYA RESORTS TERM B 04/27/2024
        72812NAD8
        
          
        
        60408.96000000
        PA
        USD
        58936.79000000
        0.008566207474
        Long
        LON
        CORP
        NL
        
        N
        
        2
        
          2024-04-27
          Variable
          0.03750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HILTON DOMESTIC OPERATING CO INC
        5493003EG7H0N1E4XV50
        HILTON DOMESTIC OPERATING CO INC 3.625% 02/15/2032 144A
        432833AN1
        
          
        
        285000.00000000
        PA
        USD
        258637.50000000
        0.037591841798
        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
        
          
        
        100000.00000000
        PA
        USD
        95000.00000000
        0.013807839044
        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
        
          
        
        100000.00000000
        PA
        USD
        88003.08000000
        0.012790866990
        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
        
          
        
        5597530.99160000
        PA
        USD
        21955.20000000
        0.003191093345
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2044-06-15
          Variable
          0.00432230
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CBL and ASSOCIATES HOLDCO II LLC
        N/A
        CBL and ASSOCIATES HOLDCO II LLC 10% 11/15/2029
        12511CAA8
        
          
        
        30435.00000000
        PA
        USD
        30435.00000000
        0.004423595592
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-11-15
          Fixed
          0.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIGITALBRIDGE GROUP INC
        549300XG87L902AGBO89
        DIGITALBRIDGE GROUP INC 7.125% SER J PFD PERP
        25401T306
        
          
        
        21100.00000000
        NS
        USD
        523280.00000000
        0.076056484370
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GREAT AJAX CORP
        5493004ID2QQWNGDYC18
        GREAT AJAX CORP
        38983D300
        
          
        
        10511.00000000
        NS
        USD
        123294.03000000
        0.017920253909
        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
        
          
        
        2500.00000000
        NS
        USD
        54775.00000000
        0.007961309301
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.125% 10/15/2026
        91282CDC2
        
          
        
        4095000.00000000
        PA
        USD
        4411103.70000000
        0.641134841028
        Long
        DBT
        UST
        US
        N
        
        2
        
          2026-10-15
          Fixed
          0.00125000
          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
        
          
        
        565000.00000000
        PA
        USD
        559350.00000000
        0.081299102836
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-08-01
          Fixed
          0.04625000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SREIT TR 2021-FLWR
        N/A
        SREIT TR 2021-FLWR E 1ML+192.4 07/15/2036 144A
        78485GAN4
        
          
        
        58000.00000000
        PA
        USD
        55531.25000000
        0.008071226967
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-07-15
          Variable
          0.02320990
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARCHER DANIELS MIDLAND CO
        549300LO13MQ9HYSTR83
        ARCHER DANIELS MIDLAND CO
        039483102
        
          
        
        57750.00000000
        NS
        USD
        5212515.00000000
        0.757616506699
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ISTAR INC
        QFFLKWYYS3UPWD86E794
        ISTAR INC 7.65 SER G PERP PFD
        45031U705
        
          
        
        10000.00000000
        NS
        USD
        253000.00000000
        0.036772455560
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CBL and ASSOCS LTD PARTNERSHIP
        549300VS75TWHD9JTH89
        CBL and ASSOCS LP 5.95% 12/15/2026
        12505JAD5
        
          
        
        132000.00000000
        PA
        USD
        0.01000000
        0.000000001453
        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
        
          
        
        2200.00000000
        NS
        USD
        55990.00000000
        0.008137904295
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NEW RESIDENTIAL INVT CORP
        549300WNTHGEO5LP2G31
        NEW RESIDENTIAL INVESTMENT CORP SER D 7%/VAR PFD PERP
        64828T706
        
          
        
        2700.00000000
        NS
        USD
        65394.00000000
        0.009504735015
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WEST FRASER TIMBER CO
        5493005WD1ZK6WBVR988
        WEST FRASER TIMBER LTD
        952845105
        
          
        
        10720.00000000
        NS
        
        882021.52000000
        0.128198012440
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        CLEAR CHANNEL OUTDOOR HOLDINGS INC
        N/A
        CLEAR CHANNEL OUTDOOR HOLDINGS INC 7.5% 06/01/2029 144A
        18453HAD8
        
          
        
        350000.00000000
        PA
        USD
        349249.25000000
        0.050761867688
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-06-01
          Fixed
          0.07500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LGI HOMES INC
        549300W02B4WNV8CV109
        LGI HOMES INC 4% 07/15/2029 144A
        50187TAF3
        
          
        
        170000.00000000
        PA
        USD
        149258.30000000
        0.021694048236
        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
        
          
        
        300.00000000
        NS
        USD
        6750.00000000
        0.000981083300
        Long
        EP
        CORP
        US
        N
        
        1
        
          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
        
          
        
        105000.00000000
        PA
        USD
        94500.00000000
        0.013735166207
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-01-15
          Fixed
          0.06000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BUNGE LIMITED
        5493007M0RIN8HY3MM77
        BUNGE LIMITED
        N/A
        
          
        
        14390.00000000
        NS
        USD
        1594555.90000000
        0.231761802257
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        PROGRESS RESIDENTIAL TRUST 2021-SFR8
        N/A
        PROGRESS RESIDENTIAL TRUST 2021-SFR8 3.181% 10/17/2038 144A
        74333TAN9
        
          
        
        100000.00000000
        PA
        USD
        88811.30000000
        0.012908338270
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2038-10-17
          Fixed
          0.03181000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PUBLIC STORAGE
        549300LMZF40TKJ6DM64
        PUBLIC STORAGE SER G 5.05% PFD PERP
        74460W669
        
          
        
        2900.00000000
        NS
        USD
        73109.00000000
        0.010626076891
        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
        
          
        
        373601.08060000
        PA
        USD
        267524.45000000
        0.038883521537
        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
        
          
        
        305000.00000000
        PA
        USD
        300043.75000000
        0.043610061118
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-08-01
          Fixed
          0.04250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AG MORTGAGE INVESTMENT TR INC
        549300SNP0PBR2XTFR48
        AG MORTTGAGE INVVESTMENT TRUST SER C 8% PFD PRP
        001228402
        
          
        
        4100.00000000
        NS
        USD
        94751.00000000
        0.013771647971
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VALE SA
        254900SMTWBX7RU2SR20
        VALE S.A.
        N/A
        
          
        
        113630.00000000
        NS
        
        2281645.44000000
        0.331627294651
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        FRANCO NEVADA CORP
        N/A
        FRANCO-NEVADA CORP
        351858105
        
          
        
        2210.00000000
        NS
        
        351683.72000000
        0.051115707371
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        MOSAIC CO
        2YD5STGSJNMUB7H76907
        MOSAIC CO NEW
        61945C103
        
          
        
        62780.00000000
        NS
        USD
        4174870.00000000
        0.606799294645
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CONSECO FIN SECURITIZATNS CORP
        N/A
        CNF 2002-2 M2 9.163% 3/33
        20846QJZ2
        
          
        
        355296.08980000
        PA
        USD
        327787.79000000
        0.047642537316
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2033-03-01
          Fixed
          0.09163000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII .375% 07/15/2023
        912828VM9
        
          
        
        4257000.00000000
        PA
        USD
        5391133.34000000
        0.783577909743
        Long
        DBT
        UST
        US
        N
        
        2
        
          2023-07-15
          Fixed
          0.00375000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 2% 1/15/26
        912810FS2
        
          
        
        1245000.00000000
        PA
        USD
        1973376.05000000
        0.286821672341
        Long
        DBT
        UST
        US
        N
        
        2
        
          2026-01-15
          Fixed
          0.02000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UST NOTES
        254900HROIFWPRGM1V77
        USTN TII 0.125% 04/15/2025
        912828ZJ2
        
          
        
        2991000.00000000
        PA
        USD
        3392816.92000000
        0.493131262510
        Long
        DBT
        UST
        US
        N
        
        2
        
          2025-04-15
          Fixed
          0.00125000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMBB COML MTG SECS TR 2014-C23
        N/A
        JPMBB 2014-C23 UH5 4.7094% 09/15/2047 144A
        46643AAQ6
        
          
        
        54000.00000000
        PA
        USD
        44796.72000000
        0.006511009468
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2047-09-15
          Fixed
          0.04709400
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SUZANO SA
        391200AW174YQSDMGG41
        SUZANO SA
        N/A
        
          
        
        52900.00000000
        NS
        
        612771.34000000
        0.089063663513
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        BXSC 2022-WSS F
        N/A
        BXSC 2022-WSS F 5.579% 03/15/2035 144A
        05610BAQ9
        
          
        
        133000.00000000
        PA
        USD
        132050.14000000
        0.019192916620
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2035-03-15
          Fixed
          0.05579000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FRANKLIN BSP REALTY TRUST INC/DUPE
        N/A
        FRANKLIN BSP RE 7.5% PFD PERP
        35243J200
        
          
        
        3000.00000000
        NS
        USD
        70170.00000000
        0.010198905955
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WALKER and DUNLOP INC
        N/A
        WALKER and DUNLOP TERM B 1LN 12/16/2028
        93148QAG5
        
          
        
        5000.00000000
        PA
        USD
        4962.50000000
        0.000721277907
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-12-16
          Variable
          0.02750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MPT OPER PARTNERSHIP LP / MPT FIN CORP
        N/A
        MPT OPER PARTNERSHIP LP/CORP 5% 10/15/2027
        55342UAH7
        
          
        
        105000.00000000
        PA
        USD
        106771.88000000
        0.015518830879
        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
        
          
        
        250000.00000000
        PA
        USD
        248783.25000000
        0.036159569188
        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
        
          
        
        4000.00000000
        NS
        USD
        100600.00000000
        0.014621774819
        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
        
          
        
        35000.00000000
        PA
        USD
        32987.50000000
        0.004794590426
        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
        
          
        
        2400.00000000
        NS
        USD
        60216.00000000
        0.008752135114
        Long
        EP
        CORP
        US
        N
        
        1
        
          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
        
          
        
        210000.00000000
        PA
        USD
        202618.50000000
        0.029449722478
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-12-15
          Variable
          0.03616000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY CAP I TR 2011-C2
        3IFG42XD94UUZ7FL2766
        MSC 2011-C2 D CSTR 6/44
        617459AJ1
        
          
        
        257314.49000000
        PA
        USD
        250175.87000000
        0.036361980481
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2044-06-15
          Variable
          0.05212449
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RANGE RESOURCES CORP
        H3Y3WLYCX0BTO1TRW162
        RANGE RESOURCES CORP
        75281A109
        
          
        
        81590.00000000
        NS
        USD
        2478704.20000000
        0.360268932971
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FIRSTKEY HOMES 2021-SFR2 TR
        N/A
        FIRSTKEY HOMES 2021-SFR2 TR 2.908% 09/17/2038 144A
        33767TAN0
        
          
        
        100000.00000000
        PA
        USD
        88807.58000000
        0.012907797584
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2038-09-17
          Fixed
          0.02908000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SUNSTONE HOTEL INVS INC NEW
        529900ZQ2V52V96ATF67
        SUNSTONE HOTEL INVS INC SER H 6.125% PFD PERP
        867892804
        
          
        
        3500.00000000
        NS
        USD
        84385.00000000
        0.012264994713
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SOC QUIMICA Y MINERA DE CHILE
        TJ88LXZZW5PWIN93ZC81
        SOC QUIMICA Y MIN CH PFD B
        N/A
        
          
        
        21599.00000000
        NS
        
        1866990.33000000
        0.271358968148
        Long
        EC
        CORP
        CL
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 2.375% 1/15/25
        912810FR4
        
          
        
        1908000.00000000
        PA
        USD
        3155281.73000000
        0.458606550184
        Long
        DBT
        UST
        US
        N
        
        2
        
          2025-01-15
          Fixed
          0.02375000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES TREASURY BOND
        254900HROIFWPRGM1V77
        USTN TII 1.375% 02/15/2044
        912810RF7
        
          
        
        1960000.00000000
        PA
        USD
        3033362.34000000
        0.440886094253
        Long
        DBT
        UST
        US
        N
        
        2
        
          2044-02-15
          Fixed
          0.01375000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OMEGA HEALTHCARE INVESTORS INC
        549300OJ7ENK42CZ8E73
        OMEGA HEALTHCARE INVESTORS INC 4.5% 04/01/2027 REGS
        681936BF6
        
          
        
        83000.00000000
        PA
        USD
        84649.28000000
        0.012303406668
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-04-01
          Fixed
          0.04500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEW YORK MORTGAGE TRUST INC
        549300JFGR0M7ULHWG48
        NEW YORK MORTGAGE TRUST SER D 8%/VAR PFD PERP
        649604881
        
          
        
        6000.00000000
        NS
        USD
        144674.40000000
        0.021027798200
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        STWD TR 2021-LIH
        N/A
        STWD TR 2021-LIH 1ML+355.1 11/15/2036 144A
        78486EAS7
        
          
        
        100000.00000000
        PA
        USD
        97319.09000000
        0.014144908743
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-11-15
          Variable
          0.03948000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIGITALBRIDGE GROUP INC
        549300XG87L902AGBO89
        DIGITALBRIDGE GROUP INC SER H 7.125% PERP PFD
        25401T504
        
          
        
        7530.00000000
        NS
        USD
        185840.40000000
        0.027011098222
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AGNICO EAGLE MINES LTD
        YGE0EUBRF7IJOB3QRX76
        AGNICO EAGLE MINES LTD
        008474108
        
          
        
        38945.00000000
        NS
        
        2383148.02000000
        0.346380255569
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        VLS COMMERCIAL MORTGAGE TRUST 2020
        N/A
        VLS COMMERCIAL MORTGAGE TRUST 2020 2.13% 10/10/2042 144A
        92858TAA4
        
          
        
        610000.00000000
        PA
        USD
        542317.39000000
        0.078823486653
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2042-10-10
          Fixed
          0.02130000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIAMONDROCK HOSPITALITY CO
        529900KKD4BPVBUAQ734
        DIAMONDROCK HOSPITALITY CO 8.25% PFD PERP
        252784400
        
          
        
        4437.00000000
        NS
        USD
        121396.32000000
        0.017644429969
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MORGAN STANLEY CAP I INC
        N/A
        MSC 1998-CF1 G 7.35% 7/32
        61745MHW6
        
          
        
        8077.94810000
        PA
        USD
        8053.74000000
        0.001170576269
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2032-07-15
          Variable
          0.07350000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEWMONT CORP
        549300VSP3RIX7FGDZ51
        NEWMONT CORP
        651639106
        
          
        
        30790.00000000
        NS
        USD
        2446265.50000000
        0.355554108251
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WHEATON PRECIOUS METALS CORP
        549300XSFG5ZCGVYD886
        WHEATON PRECIOUS METALS CORP
        962879102
        
          
        
        15940.00000000
        NS
        
        758015.44000000
        0.110174265144
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MORGAN STANLEY CAP I TR 2011-C2
        3IFG42XD94UUZ7FL2766
        MSC 2011-C2 F CSTR 6/44
        617459AL6
        
          
        
        343000.00000000
        PA
        USD
        223177.65000000
        0.032437905994
        Long
        ABS-MBS
        CORP
        US
        N
        
        3
        
          2044-06-15
          Variable
          0.05212449
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMCC 2021-1
        N/A
        JPMCC 2021-1MEM E CSTR 10/09/2042 144A
        46654BAL1
        
          
        
        100000.00000000
        PA
        USD
        78032.26000000
        0.011341651435
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2042-10-09
          Variable
          0.02653530
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSMC 2020-NET
        N/A
        CSMC 2020-NET VAR 08/15/2037 144A
        126438AL4
        
          
        
        100000.00000000
        PA
        USD
        94906.56000000
        0.013794257944
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2037-08-15
          Variable
          0.03705573
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CEDAR REALTY TRUST INC
        54930056URX93R2RSN82
        CEDAR REALTY TRUST INC SER C 6.50% PFD PERP
        150602506
        
          
        
        4900.00000000
        NS
        USD
        59780.00000000
        0.008688764400
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-04-30
      Laura M. Del Prato
      Laura M. Del Prato
      Laura M. Del Prato
      President and Treasurer
    
  





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