# EDGAR Filing Document

**Accession Number:** 0001762562
**File Stem:** 0000940400-26-007252
**Filing Date:** 2026-2
**Character Count:** 117985
**Document Hash:** 64d6d47612b2e2195af111472a1c64f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007252.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0000940400-26-007252

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clarion Partners Real Estate Income Fund Inc.
- **CENTRAL INDEX KEY:** 0001762562

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23408
- **FILM NUMBER:** 26664697

**BUSINESS ADDRESS:**
- **STREET 1:** 620 8TH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 8887770102

**MAIL ADDRESS:**
- **STREET 1:** 620 8TH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Clarion Partners Real Estate Income Fund Inc.

- **b. Investment Company Act file number:** 811-23408

- **c. CIK number of Registrant:** 0001762562

- **d. LEI of Registrant:** 549300HQZ8T32H6E5695

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-888-777-0102

**Item A.2. Information about the Series.**

- **a. Name of Series:** Clarion Partners Real Estate Income Fund Inc.

- **c. LEI of Series:** 549300HQZ8T32H6E5695

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1291733357.10

**Total Liabilities:** $90455543.19

**Net Assets:** $1201277813.91

**Cash Not Reported:** $768804.87

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 218.12000000 | **1-Year:** 16913.51000000 | **5-Year:** 33062.48000000 | **10-Year:** 3287.11000000 | **30-Year:** 109.51000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 424.50000000 | **1-Year:** 7920.49000000 | **5-Year:** 11385.46000000 | **10-Year:** 10967.33000000 | **30-Year:** 208.04000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000001 | 0.41%                | 0.32%                | 0.41%                |
| Class ID C000000002 | -3.13%               | -3.21%               | -3.15%               |
| Class ID C000000003 | 0.39%                | 0.31%                | 0.40%                |
| Class ID C000000004 | 0.35%                | 0.36%                | 0.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $119353.21               | $-976941.65                                |
| Month 2  | $-273401.06              | $-297240.38                                |
| Month 3  | $260628.14               | $-44866.22                                 |

### Schedule of Portfolio Investments

| Name                                        | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR NOTE (CBT)                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -185 | NC      | $107828.85    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BRES Commercial Mortgage Trust              | BRES Commercial Mortgage Trust 2025-ATCAP                                   | CUSIP: 05619GAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2015162.20   | 0.17%             | 2042-11-15      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38383LC73<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1128428 | PA      | $219519.25    | 0.02%             | 2049-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hollywood Ave IOS Portfolio                 | Hollywood Ave IOS Portfolio                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $21100000.00  | 1.76%             |  |  |  | No            |                  3 | On Loan: No      |
| 7th Street Station                          | 7th Street Station                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $16646870.90  | 1.39%             |  |  |  | No            |                  3 | On Loan: No      |
| Preston Ridge Partners Mortgag              | PRPM 2025-RCF5 LLC                                                          | CUSIP: 69384AAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1997244.40   | 0.17%             | 2055-10-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-4                                           | CUSIP: 92540GAE8<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $243889.49    | 0.02%             | 2069-06-25      | Variable      | 7.64%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                     | TRTX 2022-FL5 Issuer Ltd                                                    | CUSIP: 87277JAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502290.75    | 0.04%             | 2039-02-15      | Floating      | 8.09%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2025-11                                          | CUSIP: 924935AJ8<br>LEI: 213800H1O4C5SRNN4B66 | Long             | ABS-MBS          | CORP              | US        |   2987255 | PA      | $2989070.76   | 0.25%             | 2070-11-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| Agellan Portfolio III                       | Agellan Portfolio III                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  50000000 | PA      | $50000000.00  | 4.16%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2025-FL17 LLC                                                           | CUSIP: 55287HAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    360000 | PA      | $357525.54    | 0.03%             | 2040-02-18      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA2                                     | CUSIP: 35564KRN1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |   1446000 | PA      | $1489766.37   | 0.12%             | 2042-02-25      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2021-BNK34                                                             | CUSIP: 06541JBW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $413038.12    | 0.03%             | 2063-06-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2021-BNK35                                                             | CUSIP: 06540CCJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3076923 | PA      | $1144909.82   | 0.10%             | 2064-06-15      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2020-FACT                                                              | CUSIP: 126395AN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1366801.50   | 0.11%             | 2037-10-15      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2025-NQM7                                   | CUSIP: 10570TAD7<br>LEI: 254900I1LYOO3G3UAT10 | Long             | ABS-MBS          | CORP              | US        |   1801689 | PA      | $1815504.05   | 0.15%             | 2065-07-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| Neighborly Issuer LLC                       | Neighborly Issuer 2023-1                                                    | CUSIP: 64016NAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1205900 | PA      | $1223469.96   | 0.10%             | 2053-01-30      | Fixed         | 7.31%                 | No            |                  2 | On Loan: No      |
| Willis Engine Securitization T              | Willis Engine Structured Trust VIII                                         | CUSIP: 97063RAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    982290 | PA      | $999908.80    | 0.08%             | 2050-06-15      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust              | Morgan Stanley Capital I Trust 2016-BNK2                                    | CUSIP: 61690YBY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $465275.05    | 0.04%             | 2049-11-15      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                         | Arbor Realty SR Inc                                                         | CUSIP: 03881NAL1<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    600000 | PA      | $597796.72    | 0.05%             | 2028-12-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| EWC Master Issuer LLC                       | EWC Master Issuer LLC                                                       | CUSIP: 26929HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    965000 | PA      | $954514.21    | 0.08%             | 2052-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Colony American Finance Ltd                 | CAFL 2023-RTL1 Issuer LLC                                                   | CUSIP: 124762AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    580000 | PA      | $580000.00    | 0.05%             | 2030-12-28      | Variable      | 9.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA7                                     | CUSIP: 35564KNE5<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $525805.60    | 0.04%             | 2041-11-25      | Floating      | 11.67%                | No            |                  2 | On Loan: No      |
| 100 Friars Boulevard                        | 100 Friars Boulevard                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $30700000.00  | 2.56%             |  |  |  | No            |                  3 | On Loan: No      |
| Dwight 2025-FL1 Issuer LLC                  | Dwight 2025-FL1 Issuer LLC                                                  | CUSIP: 233636AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1003195.00   | 0.08%             | 2042-06-18      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securities C              | RASC Series 2006-KS1 Trust                                                  | CUSIP: 76113AAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1471681.95   | 0.12%             | 2036-02-25      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| Home Re Ltd                                 | Home RE 2023-1 Ltd                                                          | CUSIP: 43731BAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $536714.60    | 0.04%             | 2033-10-25      | Floating      | 9.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                           | CUSIP: 3136BJVT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2375281 | PA      | $546248.46    | 0.05%             | 2051-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2025-NQM10 Trust                                                        | CUSIP: 67121LAC0<br>LEI: 254900NDJVO62R77II89 | Long             | ABS-MBS          | CORP              | US        |   1386338 | PA      | $1394731.25   | 0.12%             | 2065-05-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Highland Station                            | Highland Station                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $18207665.10  | 1.52%             |  |  |  | No            |                  3 | On Loan: No      |
| Trinitas CLO Ltd                            | Trinitas CLO XXXII Ltd                                                      | CUSIP: 89642NAE6<br>LEI: 254900KN2E57M5580B74 | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $473295.92    | 0.04%             | 2038-07-23      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S              | HOMES 2024-NQM1 Trust                                                       | CUSIP: 40390TAA8<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-MBS          | CORP              | US        |    706213 | PA      | $713683.96    | 0.06%             | 2069-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2025-11 Mortgage Loan Trust                                            | CUSIP: 12676KAG8<br>LEI: 213800CETFGZSOQ6WF79 | Long             | ABS-MBS          | CORP              | US        |   1590000 | PA      | $1594668.24   | 0.13%             | 2070-11-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Long Beach Mortgage Loan Trust              | Long Beach Mortgage Loan Trust 2005-1                                       | CUSIP: 542514KC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125310 | PA      | $124227.90    | 0.01%             | 2035-02-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2021-KF117 Mortgage Trust                                             | CUSIP: 30320YAE5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    654865 | PA      | $603892.56    | 0.05%             | 2031-07-25      | Floating      | 10.41%                | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL1                                              | CUSIP: 50205DAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $658291.14    | 0.05%             | 2029-01-25      | Variable      | 9.16%                 | No            |                  2 | On Loan: No      |
| Mack Place IOS Portfolio                    | Mack Place IOS Portfolio                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $18000000.00  | 1.50%             |  |  |  | No            |                  3 | On Loan: No      |
| 3828 Civic Center                           | 3828 Civic Center                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $8600000.00   | 0.72%             |  |  |  | No            |                  3 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2022-ONL                              | CUSIP: 95003WAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $434253.10    | 0.04%             | 2039-12-15      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust              | Home Partners of America 2021-2 Trust                                       | CUSIP: 43732VAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    479748 | PA      | $470459.33    | 0.04%             | 2026-12-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2025 HC-4 LLC                                           | CUSIP: 39809NAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $1992797.80   | 0.17%             | 2042-10-15      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust Series 2025-NQM8                            | CUSIP: 10571JAE6<br>LEI: 254900Z6C8GAQR4M4U49 | Long             | ABS-MBS          | CORP              | US        |    983659 | PA      | $988701.71    | 0.08%             | 2065-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| SMR 2022-IND Mortgage Trust                 | SMR 2022-IND Mortgage Trust                                                 | CUSIP: 78458MAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    549406 | PA      | $504857.85    | 0.04%             | 2039-02-15      | Floating      | 11.25%                | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2015-4                                             | CUSIP: 46644VBR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    283498 | PA      | $266003.19    | 0.02%             | 2045-06-25      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                           | CUSIP: 3136BXKF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1341353 | PA      | $1354427.43   | 0.11%             | 2055-09-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Trust 2015-GC32                                      | CUSIP: 36250PAM7<br>LEI: 54930066YOFVQE068N73 | Long             | ABS-MBS          | CORP              | US        |     28145 | PA      | $27597.73     | 0.00%             | 2048-07-10      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2022-FL8 Ltd                                                            | CUSIP: 55284JAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2715000 | PA      | $2713713.90   | 0.23%             | 2037-02-19      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Aertson Midtown Mezzanine Term Loan         | Aertson Midtown Mezzanine Term Loan                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  18000000 | PA      | $17995104.00  | 1.50%             | 2099-03-31      | Floating      | 8.76%                 | No            |                  3 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2019-IMC                                       | CUSIP: 05608BAS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1869000 | PA      | $1809251.81   | 0.15%             | 2034-04-15      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| Hospitality Investors Trust                 | HIT Trust 2022-HI32                                                         | CUSIP: 40442AAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $810328.72    | 0.07%             | 2039-07-15      | Floating      | 10.98%                | No            |                  2 | On Loan: No      |
| 73rd & Washington                           | 73rd & Washington                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  22075965 | PA      | $22075965.00  | 1.84%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| UBS Commercial Mortgage Trust               | UBS Commercial Mortgage Trust 2018-C15                                      | CUSIP: 90278LBD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $625510.80    | 0.05%             | 2051-12-15      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-7                                           | CUSIP: 92539YAE2<br>LEI: 213800W65K5FH3AI2J91 | Long             | ABS-MBS          | CORP              | US        |    590000 | PA      | $598749.64    | 0.05%             | 2068-10-25      | Variable      | 7.90%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                      | Switch ABS Issuer LLC                                                       | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $984730.30    | 0.08%             | 2055-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R01                                | CUSIP: 20754LAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2073946.80   | 0.17%             | 2041-12-25      | Floating      | 9.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-DNA3                                           | CUSIP: 35564TBE9<br>LEI: 549300KB1O80CETXGJ21 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $838950.60    | 0.07%             | 2049-07-25      | Floating      | 12.14%                | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                            | Trinitas CLO XVI Ltd                                                        | CUSIP: 89642DAQ1<br>LEI: 5493004FCKEPFTK2QI86 | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $320070.66    | 0.03%             | 2034-07-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                    | Angel Oak Mortgage Trust 2025-6                                             | CUSIP: 034937AC6<br>LEI: 254900GRN1I3WMM1H095 | Long             | ABS-MBS          | CORP              | US        |    811749 | PA      | $820643.43    | 0.07%             | 2070-04-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA3                                     | CUSIP: 35564KFH7<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | CORP              | US        |    725000 | PA      | $906715.74    | 0.08%             | 2033-10-25      | Floating      | 10.12%                | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Trust 2015-GC28                                      | CUSIP: 36251FAG1<br>LEI: 5493002EPQ51IPGGFX73 | Long             | ABS-MBS          | CORP              | US        |    210643 | PA      | $201910.87    | 0.02%             | 2048-02-10      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                              | AGL CLO 42 Ltd                                                              | CUSIP: 00791YAE8<br>LEI: 254900AMSJHVKQ5QFA09 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502920.95    | 0.04%             | 2038-07-22      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2018-HQA2                                           | CUSIP: 35563XBE1<br>LEI: 5493005RUXPCBST1N217 | Long             | ABS-MBS          | CORP              | US        |    880000 | PA      | $1093154.22   | 0.09%             | 2048-10-25      | Floating      | 14.99%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA1                                     | CUSIP: 35564NGA5<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |   1580000 | PA      | $1582512.20   | 0.13%             | 2045-01-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Anker Haus                                  | Anker Haus                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $18000000.00  | 1.50%             |  |  |  | No            |                  3 | On Loan: No      |
| UBS Commercial Mortgage Trust               | UBS Commercial Mortgage Trust 2017-C3                                       | CUSIP: 90276GAY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1504024.48   | 0.13%             | 2050-08-15      | Variable      | 4.36%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor              | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9                    | CUSIP: 61779VAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2941658 | PA      | $2948427.19   | 0.25%             | 2070-09-25      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2024-NQM5                                   | CUSIP: 105925AC5<br>LEI: 254900RBHU9OC1RNXD92 | Long             | ABS-MBS          | CORP              | US        |    709605 | PA      | $715523.94    | 0.06%             | 2064-06-25      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                         | Arbor Realty SR Inc                                                         | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1033347.91   | 0.09%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| A10 Securitization                          | A10 2025-FL6 Issuer LLC                                                     | CUSIP: 00028AAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2500000 | PA      | $2497117.75   | 0.21%             | 2042-05-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38384GXW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1049543 | PA      | $221307.85    | 0.02%             | 2053-12-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R03                                | CUSIP: 20754AAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    695000 | PA      | $719026.15    | 0.06%             | 2041-12-25      | Floating      | 9.37%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                            | Symphony CLO XXIV Ltd                                                       | CUSIP: 87167QAW8<br>LEI: 5493007X3UVVYJ005O73 | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $330753.09    | 0.03%             | 2035-10-23      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Nordeast Business Center                    | Nordeast Business Center                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $19000000.00  | 1.58%             |  |  |  | No            |                  3 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                           | CUSIP: 3136BRLS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2930946 | PA      | $516837.71    | 0.04%             | 2054-01-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL15                                                               | CUSIP: 58003MAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $401477.84    | 0.03%             | 2041-08-18      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2024-RTL1                               | CUSIP: 64831PAF2<br>LEI: 213800CVLC5IFCJL6C96 | Long             | ABS-MBS          | CORP              | US        |    610000 | PA      | $610663.92    | 0.05%             | 2039-03-25      | Variable      | 9.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR3                                           | CUSIP: 35565EAE2<br>LEI: 5493009ZFZYH4FRCW638 | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $872519.36    | 0.07%             | 2047-09-25      | Floating      | 8.99%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                            | CIFC Funding 2018-IV Ltd                                                    | CUSIP: 17181TAN1<br>LEI: 254900PA63PFHC11GD90 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502214.80    | 0.04%             | 2038-01-17      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                              | CarVal CLO XI C Ltd                                                         | CUSIP: 14688RAE0<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |    390000 | PA      | $391139.07    | 0.03%             | 2037-10-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2022-FL10 LLC                                                           | CUSIP: 55285BAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1500000 | PA      | $1515136.05   | 0.13%             | 2037-09-17      | Floating      | 9.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R01                                | CUSIP: 20753UAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    340000 | PA      | $359890.34    | 0.03%             | 2044-01-25      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA2                                     | CUSIP: 35565KBE7<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $828175.13    | 0.07%             | 2050-02-25      | Floating      | 8.79%                 | No            |                  2 | On Loan: No      |
| The Gates at Marina                         | The Gates at Marina                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $28831250.00  | 2.40%             |  |  |  | No            |                  3 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                                    | CUSIP: 05377RKK9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1023157.80   | 0.09%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                        | AGNC Investment Corp                                                        | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     72596 | NS      | $1781505.84   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R01                                | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1549507.65   | 0.13%             | 2041-10-25      | Floating      | 9.87%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T              | EFMT 2025-INV1                                                              | CUSIP: 26846XAE0<br>LEI: 2549005YTE90D77H8V23 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $760137.30    | 0.06%             | 2070-03-25      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2017-5                                  | CUSIP: 64828NBD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    566783 | PA      | $534593.15    | 0.04%             | 2057-06-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2017-C42                              | CUSIP: 95001GAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $990266.25    | 0.08%             | 2050-12-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2023-BNK45                                                             | CUSIP: 06541BAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    637000 | PA      | $470891.55    | 0.04%             | 2056-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38381Q3B5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5262489 | PA      | $468853.53    | 0.04%             | 2055-08-20      | Floating      | 1.93%                 | No            |                  2 | On Loan: No      |
| Antares CLO                                 | Antares CLO 2018-1 Ltd                                                      | CUSIP: 03665MAJ0<br>LEI: 254900BLLG7F7B4DGG41 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $299922.42    | 0.02%             | 2038-04-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                          | CUSIP: 3137HCN65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    551563 | PA      | $107213.25    | 0.01%             | 2054-03-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage               | Citigroup Commercial Mortgage Trust 2015-P1                                 | CUSIP: 17324DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90883 | PA      | $88229.95     | 0.01%             | 2048-09-15      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateraliz              | NRM FNT1 Excess LLC                                                         | CUSIP: 62956YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450992 | PA      | $459428.36    | 0.04%             | 2031-11-25      | Variable      | 7.40%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2017-FL11            | CUSIP: 46648PAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80707 | PA      | $80603.63     | 0.01%             | 2032-10-15      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real E              | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC                      | CUSIP: 03881KAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    920000 | PA      | $919520.31    | 0.08%             | 2043-01-20      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                          | CUSIP: 3137HCMV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2783793 | PA      | $494347.04    | 0.04%             | 2054-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chino Industrial Portfolio                  | Chino Industrial Portfolio                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $29700000.00  | 2.47%             |  |  |  | No            |                  3 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA6                                     | CUSIP: 35564KLV9<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $783394.20    | 0.07%             | 2041-10-25      | Floating      | 11.37%                | No            |                  2 | On Loan: No      |
| Argent Securities Inc.                      | Argent Securities Inc Asset-Backed Pass-Through Certificates Series 2003-W7 | CUSIP: 040104BF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220596 | PA      | $210567.01    | 0.02%             | 2033-09-25      | Floating      | 3.91%                 | No            |                  2 | On Loan: No      |
| DBWF Mortgage Trust                         | DBWF Mortgage Trust                                                         | CUSIP: 23306NAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1928665.60   | 0.16%             | 2034-06-10      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| GGAM Master Trust US LLC                    | GGAM Master Trust International Ltd                                         | CUSIP: 36173XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1109516.32   | 0.09%             | 2060-09-30      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Opteum Mortgage Acceptance Cor              | Opteum Mortgage Acceptance Corp Trust 2006-1                                | CUSIP: 68383NDW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    965467 | PA      | $923062.75    | 0.08%             | 2036-04-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2025-RTL1                                              | CUSIP: 50205UAC5<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $507385.60    | 0.04%             | 2040-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| 15550 Export Plaza Drive                    | 15550 Export Plaza Drive                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $11000000.00  | 0.92%             |  |  |  | No            |                  3 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Trust 2014-GC24                                      | CUSIP: 36253GAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1930588.00   | 0.16%             | 2047-09-10      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| Memphis Logistics Mezz                      | Memphis Logistics Mezz                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14000000 | PA      | $14000000.00  | 1.17%             | 2035-08-09      | Floating      | 6.84%                 | No            |                  3 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2025-FL10 Issuer LLC                                              | CUSIP: 30340KAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $980656.10    | 0.08%             | 2042-08-19      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus              | CSAIL 2015-C3 Commercial Mortgage Trust                                     | CUSIP: 12635FAZ7<br>LEI: 549300ZAGI6FKGY8O078 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $917187.50    | 0.08%             | 2048-08-15      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R02                                | CUSIP: 20754GAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1020167.70   | 0.08%             | 2044-02-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2025-FL17 LLC                                                           | CUSIP: 55287HAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2340000 | PA      | $2329676.62   | 0.19%             | 2040-02-18      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp Trust 2017-375H                                 | CUSIP: 36254JAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2437218.50   | 0.20%             | 2037-09-10      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| 55 Messina Drive                            | 55 Messina Drive                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $17900000.00  | 1.49%             |  |  |  | No            |                  3 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2025-NQM8 Trust                                                         | CUSIP: 67449AAC9<br>LEI: 2549006UJL1L84XG2C80 | Long             | ABS-MBS          | CORP              | US        |   1212909 | PA      | $1221974.74   | 0.10%             | 2065-03-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2017-3                                            | CUSIP: 89169DAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1176648 | PA      | $802442.79    | 0.07%             | 2057-07-25      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust Series 2025-NQM5                                   | CUSIP: 46664DAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1501594.80   | 0.12%             | 2065-05-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Recei              | Santander Mortgage Asset Receivable Trust 2025-NQM2                         | CUSIP: 802638AE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    898148 | PA      | $905732.03    | 0.08%             | 2065-02-25      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| Crossroads Logistics Park                   | Crossroads Logistics Park                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $17244444.00  | 1.44%             |  |  |  | No            |                  3 | On Loan: No      |
| Bank5                                       | BANK5 2024-5YR12                                                            | CUSIP: 06644XAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $241350.27    | 0.02%             | 2057-12-15      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| Congress Commons                            | Congress Commons                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $34700000.00  | 2.89%             |  |  |  | No            |                  3 | On Loan: No      |
| Saluda Grade Alternative Mortg              | Saluda Grade Alternative Mortgage Trust 2024-RTL4                           | CUSIP: 79584CAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    580000 | PA      | $579881.80    | 0.05%             | 2030-02-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Mosaic at Largo Station                     | Mosaic at Largo Station                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | GB        |         1 | OU      | $30987500.00  | 2.58%             |  |  |  | No            |                  3 | On Loan: No      |
| PRKCM Trust                                 | PRKCM 2025-AFC1 Trust                                                       | CUSIP: 69392YAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1969274 | PA      | $1973708.42   | 0.16%             | 2060-10-25      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC Trust 2017-CHOP                                                        | CUSIP: 12651QAU3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $961600.30    | 0.08%             | 2032-07-15      | Floating      | 11.04%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA5                                     | CUSIP: 35564KJB6<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1798618.65   | 0.15%             | 2034-01-25      | Floating      | 9.37%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2024-RTL1                               | CUSIP: 64831PAC9<br>LEI: 213800CVLC5IFCJL6C96 | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $271535.06    | 0.02%             | 2039-03-25      | Variable      | 9.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38379FAG4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2380969 | PA      | $478706.23    | 0.04%             | 2045-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Lo              | National Collegiate Student Loan Trust 2006-3                               | CUSIP: 63543VAG8<br>LEI: 635400CI2B1FTO6YXF12 | Long             | ABS-O            | CORP              | US        |    904716 | PA      | $852221.53    | 0.07%             | 2032-01-26      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                     | Chimera Investment Corp                                                     | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     76166 | NS      | $1624620.78   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Apex Credit CLO LLC                         | Apex Credit CLO 2021-II LLC                                                 | CUSIP: 03755QAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $471056.84    | 0.04%             | 2034-10-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Apollo Aviation Securitization              | AASET 2024-1                                                                | CUSIP: 00255JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    916928 | PA      | $943493.68    | 0.08%             | 2049-05-16      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR1                                           | CUSIP: 35564PAC2<br>LEI: 549300MHCI0CUXMJQS62 | Long             | ABS-MBS          | CORP              | US        |    660000 | PA      | $783461.32    | 0.07%             | 2048-01-25      | Floating      | 12.34%                | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2022-BNK44                                                             | CUSIP: 06540KBS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $205515.90    | 0.02%             | 2032-11-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| The Biltmore Apartments                     | The Biltmore Apartments                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  43000000 | PA      | $43000000.00  | 3.58%             | 2027-07-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2023-1 Ltd                                                         | CUSIP: 26982EAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    920000 | PA      | $974929.70    | 0.08%             | 2033-09-26      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                | Voya CLO 2025-4 Ltd                                                         | CUSIP: 92946DAG0<br>LEI: 254900U7M8PTC5C6HY46 | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $331944.56    | 0.03%             | 2038-10-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| SEB Funding LLC                             | SEB Funding LLC                                                             | CUSIP: 78433DAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1023959.10   | 0.09%             | 2054-04-30      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2025-R1                                          | CUSIP: 92541AAE0<br>LEI: 213800UBQ9UM61L7TB84 | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $1048547.85   | 0.09%             | 2065-05-25      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA4                                     | CUSIP: 35564KPP8<br>LEI: 5493000ISE4NWBTOSK36 | Long             | ABS-MBS          | CORP              | US        |    640000 | PA      | $671011.39    | 0.06%             | 2041-12-25      | Floating      | 10.87%                | No            |                  2 | On Loan: No      |
| Rojas East                                  | Rojas East                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $53400000.00  | 4.45%             |  |  |  | No            |                  3 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | JP Morgan Chase Commercial Mortgage Securities Trust 2015-JP1               | CUSIP: 46590KAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1323501.90   | 0.11%             | 2049-01-15      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| Aimco                                       | AIMCO CLO 16 Ltd                                                            | CUSIP: 00901FAN6<br>LEI: 254900Q0PCRO7XC6LM21 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501158.30    | 0.04%             | 2037-07-17      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-8                                           | CUSIP: 92540PAE8<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1011916.40   | 0.08%             | 2069-10-25      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| Fusion Life Science HQ                      | Fusion Life Science HQ                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $15315952.80  | 1.27%             |  |  |  | No            |                  3 | On Loan: No      |
| AGL CLO 1 Ltd.                              | AGL CLO 35 Ltd                                                              | CUSIP: 00852KAD6<br>LEI: 254900LDCU83O7QV9777 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502802.05    | 0.04%             | 2038-01-21      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Martinique Bay                              | Martinique Bay                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $23488000.00  | 1.96%             |  |  |  | No            |                  3 | On Loan: No      |
| Citigroup Commercial Mortgage               | Citigroup Commercial Mortgage Trust 2015-GC29                               | CUSIP: 17323VBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1461899.52   | 0.12%             | 2048-04-10      | Variable      | 3.98%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                          | CUSIP: 3137H24R2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3612242 | PA      | $530726.86    | 0.04%             | 2049-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Inc                  | Morgan Stanley ABS Capital I Inc Trust 2004-HE6                             | CUSIP: 61744CFA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2227299 | PA      | $2116313.30   | 0.18%             | 2034-08-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                   | HIH Trust 2024-61P                                                          | CUSIP: 40444VAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1477881 | PA      | $1491182.48   | 0.12%             | 2041-10-15      | Floating      | 9.19%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | Bravo Residential Funding Trust Series 2025-NQM1                            | CUSIP: 10569MAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    629408 | PA      | $634263.44    | 0.05%             | 2064-12-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| Abry Liquid Credit CLO Ltd                  | Abry Liquid Credit CLO 2025-2 Ltd                                           | CUSIP: 003943AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $400000.00    | 0.03%             | 2038-01-15      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R01                                | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $508221.30    | 0.04%             | 2041-10-25      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2015-C28                              | CUSIP: 94989JBH8<br>LEI: 549300S7ENI2U7O0XH56 | Long             | ABS-MBS          | CORP              | US        |    685217 | PA      | $653532.65    | 0.05%             | 2048-05-15      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                         | BWAY 2013-1515 Mortgage Trust                                               | CUSIP: 05604FAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1704618.20   | 0.14%             | 2033-03-10      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| Summit at Surprise                          | Summit at Surprise                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  25395893 | PA      | $25395893.00  | 2.11%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| 280 Park Avenue Mortgage Trust              | 280 Park Avenue 2017-280P Mortgage Trust                                    | CUSIP: 90205FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2130000 | PA      | $2106021.74   | 0.18%             | 2034-09-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Mscr Trust Mn1                                                  | CUSIP: 35563FAB7<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGSE             | US        |   3292000 | PA      | $3405537.13   | 0.28%             | 2051-01-25      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Mscr Trust Mn2                                                  | CUSIP: 35563JAB9<br>LEI: 549300OXOJE8K5OHDX86 | Long             | ABS-MBS          | USGSE             | US        |   2437449 | PA      | $2444384.83   | 0.20%             | 2041-07-25      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2025-4                                           | CUSIP: 92540UAE7<br>LEI: 2138009ZO3B2B5MAHZ49 | Long             | ABS-MBS          | CORP              | US        |   1296574 | PA      | $1304844.74   | 0.11%             | 2070-05-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R02                                | CUSIP: 20754BAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1056413.00   | 0.09%             | 2042-01-25      | Floating      | 11.52%                | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2025-R1                                          | CUSIP: 92541AAC4<br>LEI: 213800UBQ9UM61L7TB84 | Long             | ABS-MBS          | CORP              | US        |    885344 | PA      | $893446.70    | 0.07%             | 2065-05-25      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                  | Apidos CLO XXVIII                                                           | CUSIP: 03767CAQ3<br>LEI: 549300QCAOUF4OXOI275 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $753122.25    | 0.06%             | 2038-10-20      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-5                                           | CUSIP: 924934AE2<br>LEI: 984500BADC7CFE3B0756 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2017310.40   | 0.17%             | 2068-06-25      | Variable      | 7.97%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management          | Dreyfus Government Cash Management                                          | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  21714815 | NS      | $21714814.65  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                           | CUSIP: 3136BNZ74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9935885 | PA      | $9807310.52   | 0.82%             | 2052-09-25      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-1               | CUSIP: 35563PAT6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1563441 | PA      | $1520349.18   | 0.13%             | 2056-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL5                                              | CUSIP: 50205WAA5<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1503943.80   | 0.13%             | 2039-09-25      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-BIO2                                      | CUSIP: 05613GAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1954582.40   | 0.16%             | 2041-08-13      | Variable      | 7.71%                 | No            |                  2 | On Loan: No      |
| Wave USA                                    | WAVE 2019-1 LLC                                                             | CUSIP: 94354KAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    887866 | PA      | $872558.61    | 0.07%             | 2044-09-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                           | KREF 2021-FL2 Ltd                                                           | CUSIP: 48275RAG2<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    928500 | PA      | $915252.72    | 0.08%             | 2039-02-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC Trust 2017-CHOP                                                        | CUSIP: 12651QAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $398151.44    | 0.03%             | 2032-07-15      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora              | Chase Mortgage Finance Corp                                                 | CUSIP: 16164AAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    714327 | PA      | $665402.94    | 0.06%             | 2045-12-25      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                       | Toorak Mortgage Trust 2024-RRTL2                                            | CUSIP: 89055JAH8<br>LEI: 254900AXFPBUQ16CX921 | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $907673.22    | 0.08%             | 2039-09-25      | Variable      | 9.19%                 | No            |                  2 | On Loan: No      |
| 12000 E 56th                                | 12000 E 56th                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $12200000.00  | 1.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Preston Ridge Partners Mortgag              | PRPM 2025-RCF3 LLC                                                          | CUSIP: 69392PAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    730000 | PA      | $732429.44    | 0.06%             | 2055-07-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Avilla Suncoast                             | Avilla Suncoast                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8527108 | PA      | $8527108.00   | 0.71%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| The Pearl at Boulder Creek                  | The Pearl at Boulder Creek                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  45132023 | PA      | $45132022.80  | 3.76%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Bank                                        | BANK 2023-BNK46                                                             | CUSIP: 06541DAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1576111.20   | 0.13%             | 2056-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                | Atrium Hotel Portfolio Trust 2017-ATRM                                      | CUSIP: 04965JAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1700000 | PA      | $1571650.00   | 0.13%             | 2036-12-15      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2025-FL4 LLC                                            | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1480000 | PA      | $1483647.61   | 0.12%             | 2043-01-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| 456 Sullivan Avenue                         | 456 Sullivan Avenue                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $20805000.00  | 1.73%             |  |  |  | No            |                  3 | On Loan: No      |
| Bank                                        | BANK 2022-BNK43                                                             | CUSIP: 06541QAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2125000 | PA      | $1466428.08   | 0.12%             | 2055-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2021-FL7 Ltd                                                            | CUSIP: 55284AAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $984983.60    | 0.08%             | 2036-10-16      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2020-R01                                | CUSIP: 20754CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140000 | PA      | $142655.32    | 0.01%             | 2040-01-25      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Inc                  | Morgan Stanley ABS Capital I Inc Trust 2005-HE2                             | CUSIP: 61744CNC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    963350 | PA      | $948020.47    | 0.08%             | 2035-01-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR4                                           | CUSIP: 35565GAE7<br>LEI: 549300K0XW5MBR2WNZ55 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $825702.15    | 0.07%             | 2047-11-25      | Floating      | 8.99%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                            | Trinitas CLO XVIII Ltd                                                      | CUSIP: 89640LAM4<br>LEI: 2549005HDP7QU1IK5W96 | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $470913.45    | 0.04%             | 2035-01-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Farmer Mac Agricultural Real E              | FARM 2024-2 Mortgage Trust                                                  | CUSIP: 307910AE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    612657 | PA      | $556521.92    | 0.05%             | 2054-08-01      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Wave USA                                    | WAVE 2019-1 LLC                                                             | CUSIP: 94354KAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    916802 | PA      | $892456.06    | 0.07%             | 2044-09-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| RAAC Series                                 | RAAC Series 2007-SP1 Trust                                                  | CUSIP: 74978AAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    609932 | PA      | $512723.04    | 0.04%             | 2037-03-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2025-NQM5                               | CUSIP: 64832GAE4<br>LEI: 213800USJ6KQFZEWGZ76 | Long             | ABS-MBS          | CORP              | US        |   2058831 | PA      | $2069185.59   | 0.17%             | 2065-08-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                          | CUSIP: 3137HKRE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3368078 | PA      | $602469.40    | 0.05%             | 2055-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2025-FL19 LLC                                                           | CUSIP: 55287KAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1009921.60   | 0.08%             | 2042-05-18      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                      | Full House Resorts Inc                                                      | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1396000.00   | 0.12%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38384WFF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4878265 | PA      | $444606.05    | 0.04%             | 2054-09-20      | Floating      | 2.13%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real E              | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC                      | CUSIP: 03881KAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    720000 | PA      | $719595.22    | 0.06%             | 2043-01-20      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund LTD                  | Atlas Senior Loan Fund XXVI Ltd                                             | CUSIP: 04942WAE2<br>LEI: 2138002FK7N1KZ7PEF33 | Long             | ABS-CBDO         | CORP              | KY        |    120000 | PA      | $120291.67    | 0.01%             | 2038-10-22      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Securitized Participation Interests Trust 2017-SPI1       | CUSIP: 3137G1CG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    152786 | PA      | $111775.06    | 0.01%             | 2047-09-25      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC                      | Arbor Realty Trust Inc                                                      | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     45278 | NS      | $985249.28    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco CLO LTD                             | Invesco US CLO 2023-3 Ltd                                                   | CUSIP: 46091RAN3<br>LEI: 213800YAVR2FVYDIRM63 | Long             | ABS-CBDO         | CORP              | JE        |    470000 | PA      | $473474.43    | 0.04%             | 2038-07-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants Holdings Inc                | Hardee's Funding LLC                                                        | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    982500 | PA      | $1017287.38   | 0.08%             | 2054-03-20      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SMR 2022-IND Mortgage Trust                 | SMR 2022-IND Mortgage Trust                                                 | CUSIP: 78458MAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    824109 | PA      | $807211.81    | 0.07%             | 2039-02-15      | Floating      | 9.75%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL16                                                               | CUSIP: 55287EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1001806.70   | 0.08%             | 2039-11-18      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                    | CHS/Community Health Systems Inc                                            | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    720000 | PA      | $641484.00    | 0.05%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Brickstone Boulder Pearl Mezz               | Brickstone Boulder Pearl Mezz                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8100000 | PA      | $8100000.00   | 0.67%             | 2027-07-01      | Floating      | 18.50%                | No            |                  3 | On Loan: No      |
| The Sheds on Charlotte                      | The Sheds on Charlotte                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $41200000.00  | 3.43%             |  |  |  | No            |                  3 | On Loan: No      |
| NRZ Excess Spread Collateraliz              | NRM FHT1 Excess Owner LLC                                                   | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    638605 | PA      | $646081.28    | 0.05%             | 2032-03-25      | Variable      | 6.54%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2022-BNK44                                                             | CUSIP: 06540KBQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $790150.80    | 0.07%             | 2032-11-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Anchor Mortgage Trust                       | Anchor Mortgage Trust 2025-RTL1                                             | CUSIP: 03290CAB2<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |   1470000 | PA      | $1483075.06   | 0.12%             | 2040-05-25      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding, LLC                  | Driven Brands Funding LLC                                                   | CUSIP: 26209XAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    987500 | PA      | $1022994.31   | 0.09%             | 2054-10-20      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| HSI Asset Securitization Corpo              | HSI Asset Securitization Corp Trust 2005-I1                                 | CUSIP: 40430HCN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    392706 | PA      | $370946.81    | 0.03%             | 2035-11-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Se              | Natixis Commercial Mortgage Securities Trust 2022-RRI                       | CUSIP: 63875JAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1492915.50   | 0.12%             | 2035-03-15      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                           | CUSIP: 3136B8K24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3485388 | PA      | $494469.50    | 0.04%             | 2050-03-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Jedburg Logistics Park Building 2           | Jedburg Logistics Park Building 2                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $26400000.00  | 2.20%             |  |  |  | No            |                  3 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA2                                     | CUSIP: 35564NJA2<br>LEI: 529900XX8WXEM4FBIH80 | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1151554.34   | 0.10%             | 2045-05-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38381NUY2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4802466 | PA      | $412364.24    | 0.03%             | 2055-06-20      | Floating      | 1.96%                 | No            |                  2 | On Loan: No      |
| Colony American Finance Ltd                 | CAFL 2024-RTL1 Issuer LLC                                                   | CUSIP: 12770DAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    940000 | PA      | $962786.35    | 0.08%             | 2031-11-28      | Variable      | 8.68%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2022-2 Mortgage Loan Trust                                             | CUSIP: 19685EAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $420631.75    | 0.04%             | 2067-02-25      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| NYT Mortgage Trust                          | BF 2019-NYT Mortgage Trust                                                  | CUSIP: 62954PAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2085600 | PA      | $1989752.29   | 0.17%             | 2035-12-15      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                          | CUSIP: 3137HHVQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3122189 | PA      | $3140377.24   | 0.26%             | 2055-01-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | STWD 2025-FL4 LLC                                                           | CUSIP: 863922AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2850000 | PA      | $2855137.41   | 0.24%             | 2042-11-19      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38381PWW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   9578500 | PA      | $444712.52    | 0.04%             | 2055-07-20      | Floating      | 1.23%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2025-6 Mortgage Loan Trust                                             | CUSIP: 19689BAB9<br>LEI: 213800IXUWCX6RHIO921 | Long             | ABS-MBS          | CORP              | US        |   1813871 | PA      | $1830467.38   | 0.15%             | 2070-08-25      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| Midtown Corner                              | Midtown Corner                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $26569224.00  | 2.21%             |  |  |  | No            |                  3 | On Loan: No      |
| Dwight 2025-FL1 Issuer LLC                  | Dwight 2025-FL1 Issuer LLC                                                  | CUSIP: 233636AL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    750000 | PA      | $751453.65    | 0.06%             | 2042-06-18      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-INV1                                        | CUSIP: 92540FAC4<br>LEI: 9845000FE754F4AE7E70 | Long             | ABS-MBS          | CORP              | US        |    725837 | PA      | $732863.07    | 0.06%             | 2069-03-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2022-LP2                                       | CUSIP: 05610HAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $350436.87    | 0.03%             | 2039-02-15      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund LTD                  | Atlas Senior Loan Fund XXVI Ltd                                             | CUSIP: 04942WAC6<br>LEI: 2138002FK7N1KZ7PEF33 | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $330795.10    | 0.03%             | 2038-10-22      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| CIP Commercial Mortgage Trust               | CIP Commercial Mortgage Trust 2025-SBAY                                     | CUSIP: 12576AAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $2211342.10   | 0.18%             | 2037-10-15      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust              | MSWF Commercial Mortgage Trust 2023-1                                       | CUSIP: 55376CBN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1344000 | PA      | $995296.11    | 0.08%             | 2056-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mor              | Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3           | CUSIP: 06427DAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $822228.60    | 0.07%             | 2050-02-15      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2023-1 Ltd                                                         | CUSIP: 26982EAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1000000 | PA      | $1027677.70   | 0.09%             | 2033-09-26      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2021-BNK35                                                             | CUSIP: 06540CAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $417630.57    | 0.03%             | 2064-06-15      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| KNDR Trust 2021-KIND                        | KIND Trust 2021-KIND                                                        | CUSIP: 482606AQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    991855 | PA      | $982803.90    | 0.08%             | 2038-08-15      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Pacific Golden Valley                       | Pacific Golden Valley                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $59535742.00  | 4.96%             |  |  |  | No            |                  3 | On Loan: No      |
| Apidos CLO                                  | Apidos Loan Fund 2024-1 Ltd                                                 | CUSIP: 037986AN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    560000 | PA      | $560718.42    | 0.05%             | 2038-10-25      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                          | CUSIP: 3137HLU34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8504781 | PA      | $8608111.94   | 0.72%             | 2055-06-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                          | CUSIP: 3137HHLW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3891353 | PA      | $3916030.76   | 0.33%             | 2054-12-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Brickstone Boulder Lodge Mezz               | Brickstone Boulder Lodge Mezz                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21400000 | PA      | $21400000.00  | 1.78%             | 2027-07-01      | Floating      | 18.50%                | No            |                  3 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2017-1                                  | CUSIP: 64829JBP7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1543186 | PA      | $1454057.48   | 0.12%             | 2057-02-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                             | AREIT 2025-CRE11                                                            | CUSIP: 04002DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2580000 | PA      | $2585423.93   | 0.22%             | 2043-07-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| ServiceMaster Brands                        | ServiceMaster Funding LLC                                                   | CUSIP: 81761TAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    899166 | PA      | $780747.17    | 0.06%             | 2051-07-30      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-4               | CUSIP: 35563PHQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $974066.70    | 0.08%             | 2058-03-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp II                                              | CUSIP: 36269JAL2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $1091780.76   | 0.09%             | 2041-03-10      | Variable      | 8.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Debt Notes 2016-DNA1                                      | CUSIP: 3137G0HZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    511162 | PA      | $514020.34    | 0.04%             | 2028-07-25      | Floating      | 13.99%                | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T              | Ellington Financial Mortgage Trust 2022-1                                   | CUSIP: 31573CAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $569293.43    | 0.05%             | 2067-01-25      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust              | Morgan Stanley Capital I Trust 2021-230P                                    | CUSIP: 61772WAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1402586.25   | 0.12%             | 2038-12-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Dividend Solar Loans LLC                    | Dividend Solar Loans 2018-1 LLC                                             | CUSIP: 255396AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1584870 | PA      | $1498333.03   | 0.12%             | 2038-07-20      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-HQA3                                           | CUSIP: 35564XBE0<br>LEI: 549300EUJICRX5L38Y52 | Long             | ABS-MBS          | CORP              | US        |    970000 | PA      | $1086532.89   | 0.09%             | 2049-09-25      | Floating      | 11.49%                | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust               | MTN Commercial Mortgage Trust 2022-LPFL                                     | CUSIP: 62475WAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $501744.20    | 0.04%             | 2039-03-15      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| Weaverville Retreat                         | Weaverville Retreat                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $53700000.00  | 4.47%             |  |  |  | No            |                  3 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2022-NQM4                               | CUSIP: 64831UAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    722625 | PA      | $718554.56    | 0.06%             | 2062-06-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2024-HC3                                                | CUSIP: 39808MAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $755433.30    | 0.06%             | 2041-03-15      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                  | Apidos CLO XLV Ltd                                                          | CUSIP: 03770MAS2<br>LEI: 5493000BLHDFQUOR8F12 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $502920.05    | 0.04%             | 2038-07-26      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                           | MFA Financial Inc                                                           | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     62186 | NS      | $1419084.52   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TWO HARBORS INV CORP                        | Two Harbors Investment Corp                                                 | CUSIP: 90187BAB7<br>LEI: 549300ZUIBT6KH4HU823 | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1705725.00   | 0.14%             | 2026-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Regional Airport Center II                  | Regional Airport Center II                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $18800000.00  | 1.57%             |  |  |  | No            |                  3 | On Loan: No      |
| Ellington Financial Mortgage T              | EFMT 2025-NQM5                                                              | CUSIP: 28225KAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1395500 | PA      | $1401000.50   | 0.12%             | 2070-11-25      | Variable      | 6.72%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                            | Bellemeade Re 2025-1 Ltd                                                    | CUSIP: 07876NAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2400000 | PA      | $2415712.56   | 0.20%             | 2035-10-25      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2017-6                                  | CUSIP: 64830BBH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    580208 | PA      | $576542.35    | 0.05%             | 2057-08-27      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                          | CUSIP: 3137H3ST0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4752495 | PA      | $698993.15    | 0.06%             | 2051-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-4                                           | CUSIP: 92540GAF5<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $324373.25    | 0.03%             | 2069-06-25      | Variable      | 8.01%                 | No            |                  2 | On Loan: No      |
| Cerberus-Outour IOS Portfolio               | Cerberus-Outour IOS Portfolio                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  66500000 | PA      | $66500000.00  | 5.54%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Avilla Enclave                              | Avilla Enclave                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10491105 | PA      | $10491104.70  | 0.87%             | 2099-03-31      | Floating      | 4.74%                 | No            |                  3 | On Loan: No      |
| MetroNet Infrastructure Issuer              | MetroNet Infrastructure Issuer LLC                                          | CUSIP: 59170JBB3<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    970000 | PA      | $998440.21    | 0.08%             | 2055-08-20      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| Hospitality Investors Trust                 | HIT Trust 2022-HI32                                                         | CUSIP: 40442AAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $242632.90    | 0.02%             | 2039-07-15      | Floating      | 12.87%                | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2022-JS2                              | CUSIP: 95003GAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $562346.40    | 0.05%             | 2039-12-15      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Blackbird Capital Aircraft                  | Blackbird Capital Aircraft Lease Securitization Ltd 2016-1                  | CUSIP: 09228YAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    488326 | PA      | $489418.58    | 0.04%             | 2041-12-16      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S              | HOMES 2025-NQM1 Trust                                                       | CUSIP: 43761DAE0<br>LEI: 254900LUV7YA0N50XT86 | Long             | ABS-MBS          | CORP              | US        |    749969 | PA      | $756436.92    | 0.06%             | 2070-01-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust              | SWCH Commercial Mortgage Trust 2025-DATA                                    | CUSIP: 78489CAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $996050.20    | 0.08%             | 2042-02-15      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL2                                              | CUSIP: 50205JAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    440000 | PA      | $444380.90    | 0.04%             | 2029-03-25      | Variable      | 8.90%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                    | Benchmark 2023-V3 Mortgage Trust                                            | CUSIP: 08163VAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $404263.49    | 0.03%             | 2056-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US               | GoldenTree Loan Management US CLO 20 Ltd                                    | CUSIP: 38139MAE5<br>LEI: 984500CF2B1A04F63R63 | Long             | ABS-CBDO         | CORP              | JE        |    350000 | PA      | $351657.85    | 0.03%             | 2037-07-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Se              | Natixis Commercial Mortgage Securities Trust 2022-JERI                      | CUSIP: 63875LAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $1977495.00   | 0.16%             | 2039-01-15      | Floating      | 11.36%                | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Recei              | Santander Mortgage Asset Receivable Trust 2025-NQM3                         | CUSIP: 80263AAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1747402 | PA      | $1762377.58   | 0.15%             | 2065-05-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-21

**Name of Applicant:** Clarion Partners Real Estate Income Fund Inc.

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer