# EDGAR Filing Document

**Accession Number:** 0001791032
**File Stem:** 0001049169-26-001762
**Filing Date:** 2026-6
**Character Count:** 245664
**Document Hash:** ab7fa1b98d6736a38da3b0702815aac1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-001762.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001049169-26-001762

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Axonic Funds
- **CENTRAL INDEX KEY:** 0001791032

**ORGANIZATION NAME:**
- **EIN:** 846741378
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23483
- **FILM NUMBER:** 261124608

**BUSINESS ADDRESS:**
- **STREET 1:** 520 MADISON AVENUE
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-259-0475

**MAIL ADDRESS:**
- **STREET 1:** 520 MADISON AVENUE
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Series and Classes Contracts Data

### Axonic Strategic Income Fund (Series ID: S000067475)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000216959 | Class A Shares |  |
| C000216960 | Class I Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** AXONIC FUNDS

- **b. Investment Company Act file number:** 811-23483

- **c. CIK number of Registrant:** 0001791032

- **d. LEI of Registrant:** 254900FM4YEIW3TLA840

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

  - **Street Address 1:** 520 MADISON AVENUE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

  - **Telephone number:** 2122590430

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

- **a. Name of Series:** Axonic Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000067475

- **c. LEI of Series:** 254900FM4YEIW3TLA840

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $4152357179.57

**Total Liabilities:** $158469710.11

**Net Assets:** $3993887469.46

**Cash Not Reported:** $1049313.96

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 6713.72905900 | **1-Year:** 45749.53516600 | **5-Year:** 112267.60451500 | **10-Year:** 92165.04432100 | **30-Year:** 4884.98026600

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

- **3-Month:** 2114.22943000 | **1-Year:** 17714.73804500 | **5-Year:** 34037.77465000 | **10-Year:** 30568.74181100 | **30-Year:** 2233.14935000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000216960 | 0.80%                | -0.60%               | 0.42%                |
| Class ID C000216959 | -1.36%               | -2.85%               | -1.86%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2678472.14              | $11207488.84                               |
| Month 2  | $1128598.77              | $-40146495.31                              |
| Month 3  | $1789864.87              | $-409500.75                                |

**Designated Index Information**

- **Index Name:** Bloomberg US Corporate High Yield Bond Index

- **Index Identifier:** LF98TRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bxsc Commercial Mortgage Trust                                        | BXSC Commercial Mortgage Trust 2022-WSS                                     | CUSIP: 05610BAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   23123749 | PA      | $23100624.77   | 0.58%             | 2027-03-15      | Floating      | 7.79%                 | Yes           |                  2 | On Loan: No      |
| Pga National Resort Commercial Mortgage Trust                         | PGA Trust 2024-RSR2                                                         | CUSIP: 69381CAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4910000 | PA      | $4911473.00    | 0.12%             | 2026-06-15      | Floating      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF2                                                        | CUSIP: 316918AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2173441 | PA      | $2144994.11    | 0.05%             | 2055-10-25      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Cstl Commercial Mortgage Trust                                        | CSTL Commercial Mortgage Trust 2025-GATE2                                   | CUSIP: 12676JAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $4449600.00    | 0.11%             | 2030-11-10      | Variable      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2019-SB66 Mortgage Trust                                              | CUSIP: 30312BAL9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   23551075 | PA      | $553221.81     | 0.01%             | 2029-07-25      | Variable      | 1.31%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CH_RTL_AX                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   20805728 | PA      | $20725454.44   | 0.52%             | 2029-01-01      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Horizon Aircraft Finance I Limited                                    | Horizon Aircraft Finance II, Ltd.                                           | CUSIP: 44040HAA0<br>LEI: 549300KSCDSEIWTVMM32 | Long             | ABS-O            | CORP              | KY        |     505370 | PA      | $496273.18     | 0.01%             | 2026-07-15      | Fixed         | 3.72%                 | Yes           |                  2 | On Loan: No      |
| Fhlmc Multifamily Structured Pass Through Certs.                      | Freddie Mac Multifamily Structured Pass Through Certificates                | CUSIP: 3137HBPA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8700000 | PA      | $3014550.00    | 0.08%             | 2034-01-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | Copper Hill Sportsmans RT                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6758557 | PA      | $6714203.49    | 0.17%             | 2027-02-01      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| Credit Suisse                                                         | Recv Irs 0.9130% 05/25/26                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $43201.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL4 LLC                                                          | CUSIP: 74136UAA3<br>LEI: 2549006327OOFEDCTX76 | Long             | ABS-MBS          | CORP              | US        |   14150441 | PA      | $14160170.90   | 0.35%             | 2055-04-25      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark 2025-V13 Mortgage Trust                                           | CUSIP: 08164ABJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   20109991 | PA      | $20737422.72   | 0.52%             | 2030-01-15      | Variable      | 7.21%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12             | CUSIP: 46632HAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     700350 | PA      | $699089.23     | 0.02%             | 2051-02-15      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2025-RRTL1                                            | CUSIP: 89053JAC1<br>LEI: 25490023B58UP9CM5N96 | Long             | ABS-MBS          | CORP              | US        |   15750000 | PA      | $15760486.35   | 0.39%             | 2027-03-25      | Variable      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| Imperial Fund Llc                                                     | Imperial Fund Mortgage Trust 2020-NQM1                                      | CUSIP: 452760AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2908663 | PA      | $2788468.83    | 0.07%             | 2055-10-25      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| American Home Mortgage Investment Trust                               | American Home Mortgage Investment Trust 2006-3                              | CUSIP: 026929AM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7622690 | PA      | $2281777.69    | 0.06%             | 2036-12-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | STC RTL AX                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4683355 | PA      | $4665285.49    | 0.12%             | 2028-02-01      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2025-FIX2                                         | CUSIP: 89183RAC6<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-O            | CORP              | US        |    7500000 | PA      | $7469409.00    | 0.19%             | 2029-10-25      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Mortgage Trust                                              | JP Morgan Mortgage Trust Series 2025-NQM5                                   | CUSIP: 46664DAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2742000 | PA      | $2716457.72    | 0.07%             | 2029-12-25      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                          | CSMC 2021-NQM3                                                              | CUSIP: 12660LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3017133 | PA      | $2679315.06    | 0.07%             | 2066-04-25      | Variable      | 1.01%                 | Yes           |                  2 | On Loan: No      |
| Phantom Aviation                                                      | Phantom Aviation                                                            | CUSIP: 71711GAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2481664 | PA      | $2435008.69    | 0.06%             | 2033-01-15      | Fixed         | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Gkn Sub Ctl Pt Trust Aub                                              | GKN Subordinated CTL Pass-Through Trust/Auburn MI                           | CUSIP: 36175XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7076849 | PA      | $4827826.39    | 0.12%             | 2030-03-15      | Variable      | 1.41%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                   | Bear Stearns Mortgage Funding Trust 2007-AR4                                | CUSIP: 07401YAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2270563 | PA      | $2123807.90    | 0.05%             | 2037-04-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAQ1<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    8100000 | PA      | $5873310.00    | 0.15%             | 2035-01-05      | Variable      | 4.53%                 | Yes           |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                      | RALI Series 2007-QO5 Trust                                                  | CUSIP: 74924AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9462102 | PA      | $1243037.24    | 0.03%             | 2047-08-25      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL13 LLC                                                         | CUSIP: 74143UAB2<br>LEI: 254900YK6WRDXT44WO59 | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $4445863.65    | 0.11%             | 2028-11-25      | Variable      | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                      | RALI Series 2006-QS4 Trust                                                  | CUSIP: 749228AE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1335639 | PA      | $1008082.95    | 0.03%             | 2036-04-25      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2026-FIX1                                         | CUSIP: 89183TAB4<br>LEI: 254900HMDJT9KG22DU68 | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $4951687.50    | 0.12%             | 2065-12-25      | Variable      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Achieve Mortgage                                                      | ACHM Trust 2025-HE3                                                         | CUSIP: 00449VAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   18716440 | PA      | $18501717.45   | 0.46%             | 2055-11-25      | Variable      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2025-2 LLC                                                             | CUSIP: 69382HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5934779 | PA      | $5925580.09    | 0.15%             | 2030-05-25      | Variable      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                  | Deephaven Residential Mortgage Trust 2026-CES1                              | CUSIP: 24380YAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2250000 | PA      | $2242386.68    | 0.06%             | 2030-04-25      | Variable      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Lehman Xs Trust                                                       | Lehman XS Trust 2007-6                                                      | CUSIP: 52524PAZ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5970257 | PA      | $5542178.63    | 0.14%             | 2037-05-25      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust 2026-1250B                            | CUSIP: 949939AG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5441000 | PA      | $5420324.20    | 0.14%             | 2029-03-10      | Variable      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2024-KING                                      | CUSIP: 05612RAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5058407 | PA      | $5096850.92    | 0.13%             | 2026-05-15      | Floating      | 6.14%                 | Yes           |                  2 | On Loan: No      |
| GREAT WOLF TRUST 2024-WOLF                                            | Great Wolf Trust 2024-WOLF                                                  | CUSIP: 39152MAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   19100000 | PA      | $19220330.00   | 0.48%             | 2039-03-15      | Floating      | 7.29%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                  | Deephaven Residential Mortgage Trust 2021-3                                 | CUSIP: 24381VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2480161 | PA      | $2181265.30    | 0.05%             | 2066-08-25      | Variable      | 1.19%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP             | CUSIP: 466317AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12210574 | PA      | $12111668.72   | 0.30%             | 2027-04-15      | Floating      | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust 2022-1                                           | CHNGE Mortgage Trust 2022-1                                                 | CUSIP: 17030JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7038601 | PA      | $6753342.63    | 0.17%             | 2067-01-25      | Variable      | 4.01%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Grantor Trust 2024-8                                         | CUSIP: 69544QAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7944856 | PA      | $7971868.17    | 0.20%             | 2032-01-15      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Alphaflow Transitional Mortgage Trust                                 | AlphaFlow Transitional Mortgage Trust 2021-WL1                              | CUSIP: 02079YAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     173893 | PA      | $6479.35       | 0.00%             | 2026-09-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-RRTL2                                            | CUSIP: 89055JAD7<br>LEI: 254900AXFPBUQ16CX921 | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6034211.40    | 0.15%             | 2039-09-25      | Variable      | 7.26%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing Llc                                           | Hertz Vehicle Financing III LP                                              | CUSIP: 42806MAH2<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $4950500.00    | 0.12%             | 2026-12-25      | Fixed         | 4.34%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | FAT DIP Facility                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5683634 | PA      | $5683633.97    | 0.14%             | 2049-12-31      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2021-3                               | CUSIP: 92258RAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     576875 | PA      | $449383.94     | 0.01%             | 2031-11-25      | Variable      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | JPMCC Multifamily Housing Mortgage Loan Trust 2025-Q032                     | CUSIP: 48129YAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8641789 | PA      | $8477594.69    | 0.21%             | 2029-10-25      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2026-CES1                                  | CUSIP: 92790EAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3250000 | PA      | $3195124.73    | 0.08%             | 2030-02-25      | Variable      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Project Silver                                                        | Project Silver                                                              | CUSIP: 827304AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     109324 | PA      | $107355.78     | 0.00%             | 2026-07-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Mortgage Trust                                              | JP Morgan Mortgage Trust 2026-NQM2                                          | CUSIP: 46664AAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1996404.80    | 0.05%             | 2066-09-25      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Flexential Issuer, Llc                                                | Flexential Issuer LLC                                                       | CUSIP: 33938MAM1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12511000 | PA      | $12574806.10   | 0.31%             | 2032-10-25      | Fixed         | 6.46%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2025-CES1                                         | CUSIP: 78438CAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $2006421.40    | 0.05%             | 2029-08-25      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2022-1                                           | CUSIP: 92538WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4508231 | PA      | $4248490.22    | 0.11%             | 2067-01-25      | Variable      | 3.72%                 | Yes           |                  2 | On Loan: No      |
| Center Street Lending Resi-investor Abs Trust                         | Center Street Lending Resi-Investor ABS Mortgage Trust 2026-RTL1            | CUSIP: 151704AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   32500000 | PA      | $32314460.75   | 0.81%             | 2028-07-25      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                   | Starwood Mortgage Residential Trust 2022-1                                  | CUSIP: 85573TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5001628 | PA      | $4505853.28    | 0.11%             | 2066-12-25      | Variable      | 2.45%                 | Yes           |                  2 | On Loan: No      |
| Magen Capital Group Trust                                             | Magen Capital Group Trust 2026-RTL1                                         | CUSIP: 55910AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14000000 | PA      | $14025004.00   | 0.35%             | 2028-09-25      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Bravo Residential Funding Trust                                       | BRAVO Residential Funding Trust 2021-NQM1                                   | CUSIP: 10569TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1546469 | PA      | $1481944.16    | 0.04%             | 2049-02-25      | Variable      | 0.94%                 | Yes           |                  2 | On Loan: No      |
| Intown Mortgage Trust                                                 | INTOWN 2025-STAY Mortgage Trust                                             | CUSIP: 46117WAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   28000000 | PA      | $28000000.00   | 0.70%             | 2027-03-15      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Easy Street Mortgage Loan Trust                                       | Easy Street Mortgage Loan Trust 2025-RTL2                                   | CUSIP: 27786YAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3600000 | PA      | $3583526.76    | 0.09%             | 2027-11-25      | Variable      | 7.16%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2019-1A                                | CUSIP: 14855MAA6<br>LEI: 549300MHTIBONNXM3R82 | Long             | ABS-O            | CORP              | US        |    2508377 | PA      | $2470500.87    | 0.06%             | 2039-04-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Grantor Trust 2024-6 And Pagaya AI Debt Trust 2024-6         | CUSIP: 69548KAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4296847 | PA      | $4303721.64    | 0.11%             | 2026-06-15      | Fixed         | 7.07%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | FAT New Money TL                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3412287 | PA      | $3412287.01    | 0.09%             | 2049-12-31      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2026-4                                           | CUSIP: 924936AL1<br>LEI: 213800IHMG1PWP37P355 | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $3985622.40    | 0.10%             | 2030-04-25      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust 2023-SMRT                               | CUSIP: 17291NAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14500000 | PA      | $14214350.00   | 0.36%             | 2028-06-12      | Variable      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-FIG6                           | CUSIP: 79582CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   18484140 | PA      | $18341158.23   | 0.46%             | 2036-01-25      | Variable      | 5.18%                 | Yes           |                  2 | On Loan: No      |
| Sg Capital Partners                                                   | SG Residential Mortgage Trust 2025-1                                        | CUSIP: 81880NAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4883762 | PA      | $4867909.31    | 0.12%             | 2029-12-25      | Variable      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs                                                         | Recv Irs 3.394% 04/03/33                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $-1039947.25   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-LOC5                           | CUSIP: 79581XAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12093781 | PA      | $12141216.35   | 0.30%             | 2033-07-25      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2026-HE1                                | CUSIP: 362975AB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4464000 | PA      | $4463984.82    | 0.11%             | 2066-03-25      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-RTL6                           | CUSIP: 79585UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   23389000 | PA      | $23504123.00   | 0.59%             | 2026-12-25      | Variable      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| Binom Securitization Trust                                            | BINOM Securitization Trust 2021-INV1                                        | CUSIP: 05552UAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14330127 | PA      | $13229131.83   | 0.33%             | 2056-06-25      | Variable      | 2.03%                 | Yes           |                  2 | On Loan: No      |
| Magen Capital Group Trust                                             | Magen Capital Group Trust 2026-RTL1                                         | CUSIP: 55910AAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10017790.00   | 0.25%             | 2028-09-25      | Fixed         | 7.46%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust                                      | CUSIP: 92257NAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     199899 | PA      | $174786.46     | 0.00%             | 2027-03-25      | Variable      | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAN8<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    8133239 | PA      | $6365072.84    | 0.16%             | 2035-01-05      | Variable      | 4.53%                 | Yes           |                  2 | On Loan: No      |
| Bmo Mortgage Trust                                                    | BMO 2025-5C10 Mortgage Trust                                                | CUSIP: 05615BAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1748200.00    | 0.04%             | 2058-05-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Smr 2022-ind Mortgage Trust                                           | SMR 2022-IND Mortgage Trust                                                 | CUSIP: 78458MAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3943788 | PA      | $3946942.64    | 0.10%             | 2039-02-15      | Floating      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| Madison Avenue Trust                                                  | MAD Commercial Mortgage Trust 2025-11MD                                     | CUSIP: 55616AAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14469000 | PA      | $14622371.40   | 0.37%             | 2030-10-15      | Variable      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2020-SB74 Mortgage Trust                                              | CUSIP: 30291SAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   17677210 | PA      | $583347.92     | 0.01%             | 2030-03-25      | Variable      | 0.14%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CSLRTLAX                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   18786130 | PA      | $18763447.18   | 0.47%             | 2026-08-21      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                 | Lehman Mortgage Trust 2006-9                                                | CUSIP: 52521HAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1587764 | PA      | $822767.92     | 0.02%             | 2037-01-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                                           | Extended Stay America Trust 2026-ESH2                                       | CUSIP: 30227WAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     940279 | PA      | $944134.44     | 0.02%             | 2028-02-15      | Floating      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Prmi Securitization Trust                                             | PRMI Securitization Trust 2025-CMG1                                         | CUSIP: 74291CAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13225000 | PA      | $13145676.45   | 0.33%             | 2032-01-25      | Floating      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAE8<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |   14945000 | PA      | $13087336.50   | 0.33%             | 2035-01-05      | Variable      | 4.14%                 | Yes           |                  2 | On Loan: No      |
| Achieve Personal Loan Master Pass-through Trust                       | Achieve Personal Loan Master Pass-Through Trust Series 2023-PT1             | CUSIP: 00446KAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     161135 | PA      | $105801.36     | 0.00%             | 2053-09-15      | Variable      | 20.93%                | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2026-NPL3 LLC                                                          | CUSIP: 69383QAB0<br>LEI: 254900YVPXC5UC5GP265 | Long             | ABS-MBS          | CORP              | US        |    7500000 | PA      | $7297316.25    | 0.18%             | 2029-02-25      | Variable      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2026-HB1                            | CUSIP: 795939AH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5140000 | PA      | $5157095.64    | 0.13%             | 2033-12-25      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2024-HE4                                                        | CUSIP: 31684UAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $1989190.60    | 0.05%             | 2054-09-25      | Variable      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2023-3                               | CUSIP: 92258WAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3102297 | PA      | $3224626.86    | 0.08%             | 2053-08-25      | Variable      | 10.60%                | Yes           |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAC2<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    3195000 | PA      | $2801056.50    | 0.07%             | 2035-01-05      | Variable      | 3.66%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust                                                  | CHNGE Mortgage Trust 2023-4                                                 | CUSIP: 12569QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3076036 | PA      | $3086582.56    | 0.08%             | 2058-09-25      | Variable      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| Soundview Home Equity Loan Trust                                      | Soundview Home Loan Trust 2007-OPT4                                         | CUSIP: 83613AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5196286 | PA      | $3894369.17    | 0.10%             | 2037-09-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                | Residential Asset Securitization Trust 2007-A1                              | CUSIP: 761136AC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   30467052 | PA      | $7300831.97    | 0.18%             | 2037-03-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                  | Cross 2023-H1 Mortgage Trust                                                | CUSIP: 22758CAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $3001992.30    | 0.08%             | 2068-03-25      | Variable      | 8.27%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2024-CES1                                         | CUSIP: 78436VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8198246 | PA      | $8240868.81    | 0.21%             | 2028-08-25      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2017-1R                                | CUSIP: 14856JAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12162872 | PA      | $12014485.29   | 0.30%             | 2041-08-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL4                                              | CUSIP: 50205PAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2010955.80    | 0.05%             | 2027-01-25      | Variable      | 7.79%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, Llc                                          | Business Jet Securities 2024-2 LLC                                          | CUSIP: 12326TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1820960 | PA      | $1815861.16    | 0.05%             | 2030-09-15      | Fixed         | 7.97%                 | Yes           |                  2 | On Loan: No      |
| Cardinal Mortgage Trust                                               | Cardinal Mortgage Trust 2025-RTL1                                           | CUSIP: 14151BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   20000000 | PA      | $19967554.00   | 0.50%             | 2028-05-25      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes                                        | Chase Auto Credit Linked Notes Series 2025-1                                | CUSIP: 46591HCX6<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | ABS-O            | CORP              | US        |     842790 | PA      | $839502.79     | 0.02%             | 2029-04-25      | Fixed         | 10.42%                | Yes           |                  2 | On Loan: No      |
| Imperial Fund Llc                                                     | Imperial Fund Mortgage Trust 2023-NQM1                                      | CUSIP: 45290BAE9<br>LEI: 984500DDE091107DY398 | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $4516677.45    | 0.11%             | 2068-02-25      | Variable      | 8.06%                 | Yes           |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust                                      | THPT 2023-THL Mortgage Trust                                                | CUSIP: 87252LAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4844448 | PA      | $4872061.35    | 0.12%             | 2026-12-10      | Variable      | 8.82%                 | Yes           |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                 | Lehman Mortgage Trust 2006-7                                                | CUSIP: 52520QAX2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   34355661 | PA      | $3794390.37    | 0.10%             | 2036-11-25      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-RRTL1                                            | CUSIP: 89054YAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6500000 | PA      | $6533371.00    | 0.16%             | 2039-02-25      | Variable      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2026-RISE                                                          | CUSIP: 05595AAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $1000000.00    | 0.03%             | 2028-04-15      | Floating      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2022-PJ5                                | CUSIP: 362925AJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7485742 | PA      | $6445926.40    | 0.16%             | 2043-01-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                    | EFMT 2025-RTL1                                                              | CUSIP: 26846FAC3<br>LEI: 254900NFBGFOBK1G2B84 | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1990509.40    | 0.05%             | 2028-05-25      | Variable      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| Bmd2 Re-remic Trust                                                   | BMD2 Re-Remic Trust 2019-FRR1                                               | CUSIP: 055631AZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12585000 | PA      | $10674597.00   | 0.27%             | 2052-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Rithm Capital Corp                                                    | Rithm Capital Corp.                                                         | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |      78637 | NS      | $1977720.55    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Smr 2022-ind Mortgage Trust                                           | SMR 2022-IND Mortgage Trust                                                 | CUSIP: 78458MAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5046282 | PA      | $5050319.02    | 0.13%             | 2039-02-15      | Floating      | 7.61%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP             | CUSIP: 466317AL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6171036 | PA      | $6095132.69    | 0.15%             | 2027-04-15      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2021-NQM1 Trust                                                         | CUSIP: 55283FAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2276230 | PA      | $2169603.65    | 0.05%             | 2065-04-25      | Variable      | 1.64%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust 2016-HHV                                                   | CUSIP: 43300LAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $9894000.00    | 0.25%             | 2026-11-05      | Variable      | 4.33%                 | Yes           |                  2 | On Loan: No      |
| Colt Funding Llc                                                      | COLT 2021-1RMortgage Pass-Through Certificates                              | CUSIP: 19688BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1939160 | PA      | $1794604.02    | 0.04%             | 2065-05-25      | Variable      | 1.42%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4200000 | PA      | $3267180.00    | 0.08%             | 2038-06-15      | Floating      | 4.97%                 | Yes           |                  2 | On Loan: No      |
| Prmi Securitization Trust                                             | PRMI Securitization Trust 2025-CMG1                                         | CUSIP: 74291CAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1996000 | PA      | $1982733.99    | 0.05%             | 2032-01-25      | Floating      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Fhlmc Multifamily Structured Pass Through Certs.                      | Freddie Mac Multifamily Structured Pass Through Certificates                | CUSIP: 3137H9JK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    6840000 | PA      | $1588248.00    | 0.04%             | 2032-11-25      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                          | Barclays Mortgage Loan Trust 2026-NQM2                                      | CUSIP: 06745FAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $5858087.40    | 0.15%             | 2030-02-25      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Bcrr Trust                                                            | BCRR 2016-FRR3 Trust                                                        | CUSIP: 81753WAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   24057599 | PA      | $24031136.11   | 0.60%             | 2026-05-26      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2026-CES2                                  | CUSIP: 92842NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $9975147.00    | 0.25%             | 2056-05-25      | Variable      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Sprite Limited                                                        | Sprite 2026-1, Ltd.                                                         | CUSIP: 85209QAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $9889000.00    | 0.25%             | 2033-03-15      | Fixed         | 9.41%                 | Yes           |                  2 | On Loan: No      |
| Sg Capital Partners                                                   | SG Residential Mortgage Trust 2021-2                                        | CUSIP: 78432YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13609133 | PA      | $11630575.68   | 0.29%             | 2061-12-25      | Variable      | 1.74%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2007-5CB                                             | CUSIP: 02150EAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7701734 | PA      | $2782200.54    | 0.07%             | 2037-04-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2025-FIX1                                         | CUSIP: 89183MAA1<br>LEI: 2549009GWN99QN2XSG71 | Long             | ABS-O            | CORP              | US        |    6146480 | PA      | $6105420.98    | 0.15%             | 2029-09-25      | Variable      | 4.97%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust 2025-B33RP                            | CUSIP: 95004RAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3600000 | PA      | $3603960.00    | 0.09%             | 2027-08-15      | Floating      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                | Sequoia Mortgage Trust 2025-S1                                              | CUSIP: 81749TAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9774432 | PA      | $8679194.73    | 0.22%             | 2037-11-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2026-NPL4 LLC                                                          | CUSIP: 74144EAA9<br>LEI: 254900TGLU13U3CRAM81 | Long             | ABS-MBS          | CORP              | US        |    8000000 | PA      | $7955934.40    | 0.20%             | 2029-03-25      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-RRTL1                                            | CUSIP: 89054YAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4030242.80    | 0.10%             | 2039-02-25      | Variable      | 9.16%                 | Yes           |                  2 | On Loan: No      |
| Barclays                                                              | REVERSE REPO                                                                | CUSIP: RP282CMM0<br>LEI: N/A                  | Short            | RA               | CORP              | US        | -100000000 | NS      | $-100000000.00 | -2.50%            |  |  |  | No            |                  2 | On Loan: No      |
| Dtp Commercial Mortgage Trust                                         | DTP Commercial Mortgage Trust 2023-STE2                                     | CUSIP: 23346GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     360000 | PA      | $364212.00     | 0.01%             | 2029-01-15      | Variable      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM3                                                | CUSIP: 00250FAC7<br>LEI: 984500D4480E0AE81M71 | Long             | ABS-MBS          | CORP              | US        |    7857584 | PA      | $7871749.23    | 0.20%             | 2070-08-25      | Variable      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                                | US 10yr Ultra Fut Jun26                                                     | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |       1250 | NC      | $141210937.50  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| United Auto Credit Securitization Trust                               | United Auto Credit Securitization Trust 2025-1                              | CUSIP: 90945JAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8500000 | PA      | $8509350.00    | 0.21%             | 2028-01-10      | Fixed         | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs                                                         | Receive 3.823% / Pay SOFR 02/13/2034                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $-36728.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust                       | Multifamily Connecticut Avenue Securities Trust 2024-01                     | CUSIP: 62548RAB5<br>LEI: 254900QY3MMJFMNKXA93 | Long             | ABS-MBS          | CORP              | US        |    1400000 | PA      | $1467760.00    | 0.04%             | 2054-07-25      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Project Silver                                                        | Project Silver                                                              | CUSIP: 827304AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    6973548 | PA      | $6849418.93    | 0.17%             | 2026-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                          | CSMC Series 2019-UVIL                                                       | CUSIP: 12656DAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1540000 | PA      | $1421112.00    | 0.04%             | 2029-12-15      | Variable      | 3.39%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL6 LLC                                                          | CUSIP: 740936AB5<br>LEI: 2549004EWBYQ3J21FL07 | Long             | ABS-MBS          | CORP              | US        |    8750000 | PA      | $8771665.88    | 0.22%             | 2028-06-25      | Variable      | 8.71%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2021-ACNT                                      | CUSIP: 05609QAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     641874 | PA      | $641552.57     | 0.02%             | 2026-11-15      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Gcat                                                                  | GCAT 2021-NQM3 Trust                                                        | CUSIP: 36167HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4193111 | PA      | $3711884.56    | 0.09%             | 2066-05-25      | Variable      | 1.09%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R1                                          | CUSIP: 92538BAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1093388 | PA      | $1067494.22    | 0.03%             | 2063-10-25      | Variable      | 1.26%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2026-CES1                                         | CUSIP: 78710HAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3162682 | PA      | $3164168.84    | 0.08%             | 2056-02-25      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Bxp Trust                                                             | BXP Trust 2021-601L                                                         | CUSIP: 05607TAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1699000 | PA      | $1393689.70    | 0.03%             | 2032-01-15      | Variable      | 2.87%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial Llc                                              | OBX 2023-INV1                                                               | CUSIP: 67448KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   17995415 | PA      | $15540728.93   | 0.39%             | 2052-01-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL11 LLC                                                         | CUSIP: 69383AAB5<br>LEI: 254900OU85YCZAPWVR73 | Long             | ABS-MBS          | CORP              | US        |    3900000 | PA      | $3877587.09    | 0.10%             | 2028-09-25      | Fixed         | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark 2025-V13 Mortgage Trust                                           | CUSIP: 08164ABL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $3081300.00    | 0.08%             | 2030-01-15      | Variable      | 8.10%                 | Yes           |                  2 | On Loan: No      |
| Pennymac Corp                                                         | PennyMac Corp.                                                              | CUSIP: 70932AAH6<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3134409.90    | 0.08%             | 2029-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAA6<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    6497500 | PA      | $5669718.50    | 0.14%             | 2035-01-05      | Variable      | 3.87%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                                            | Hudsons Bay Simon JV Trust 2015-HBS                                         | CUSIP: 44422PBW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4250000 | PA      | $3983525.00    | 0.10%             | 2034-08-05      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Prkcm Trust                                                           | PRKCM 2021-AFC1 Trust                                                       | CUSIP: 69357TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10055963 | PA      | $8517618.16    | 0.21%             | 2056-08-25      | Variable      | 1.51%                 | Yes           |                  2 | On Loan: No      |
| Harborview Mortgage Loan Trust                                        | HarborView Mortgage Loan Trust 2006-4                                       | CUSIP: 41161PP98<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14726419 | PA      | $7361458.41    | 0.18%             | 2046-05-19      | Floating      | 4.16%                 | No            |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2026-NQM1                                                | CUSIP: 00040DAG8<br>LEI: 984500FEB1BEC4C6Y473 | Long             | ABS-MBS          | CORP              | US        |    6868717 | PA      | $6787136.45    | 0.17%             | 2030-01-25      | Variable      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                          | Barclays Mortgage Loan Trust 2021-NQM1                                      | CUSIP: 06744UAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2532618 | PA      | $2333496.11    | 0.06%             | 2051-09-25      | Variable      | 2.19%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF2                                                        | CUSIP: 316918AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1999566 | PA      | $1970701.56    | 0.05%             | 2055-10-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-FL1                                                        | CUSIP: 31684QAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5325822 | PA      | $5314929.71    | 0.13%             | 2055-07-25      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Bxsc Commercial Mortgage Trust                                        | BXSC Commercial Mortgage Trust 2022-WSS                                     | CUSIP: 05610BAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4634746 | PA      | $4630574.95    | 0.12%             | 2027-03-15      | Floating      | 8.98%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF2                                                        | CUSIP: 316918AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2100000 | PA      | $2079969.57    | 0.05%             | 2055-10-25      | Variable      | 6.14%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-FIG6                           | CUSIP: 79582CAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8779967 | PA      | $8713173.11    | 0.22%             | 2036-01-25      | Variable      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                                     | Citigroup Mortgage Loan Trust 2025-LTV1                                     | CUSIP: 17332XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8371743 | PA      | $8373786.24    | 0.21%             | 2029-11-25      | Variable      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2021-SB83 Mortgage Trust                                              | CUSIP: 30318NAG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   19951042 | PA      | $521226.96     | 0.01%             | 2041-01-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| Center Street Lending Resi-investor Abs Trust                         | Center Street Lending Resi-Investor ABS Mortgage Trust 2024-RTL1            | CUSIP: 15169CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10526000 | PA      | $10629517.95   | 0.27%             | 2027-05-25      | Fixed         | 8.34%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2026-CES1                                  | CUSIP: 92790EAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4000000 | PA      | $3943042.00    | 0.10%             | 2030-02-25      | Variable      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-24CB                                            | CUSIP: 02146TAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4894331 | PA      | $1986318.03    | 0.05%             | 2036-08-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2389270 | PA      | $1283037.99    | 0.03%             | 2038-06-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Merrill Lynch Large Loan Inc                          | Banc of America Re-Remic Trust                                              | CUSIP: 05942XAG2<br>LEI: 549300MWBLMUUG6B8094 | Long             | ABS-MBS          | CORP              | US        |    9155000 | PA      | $5910468.00    | 0.15%             | 2032-02-27      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2026-RTL1                                              | CUSIP: 50206JAD7<br>LEI: 52990026MRD22HI0T740 | Long             | ABS-MBS          | CORP              | US        |    1400000 | PA      | $1393204.82    | 0.03%             | 2028-07-25      | Variable      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| Dsla Mortgage Loan Trust                                              | DSLA Mortgage Loan Trust 2006-AR2                                           | CUSIP: 23332QAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18049456 | PA      | $12186160.40   | 0.31%             | 2036-10-19      | Floating      | 3.98%                 | No            |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya Ai Debt Trust 2025-R1                                                | CUSIP: 69547CAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3663730 | PA      | $3647243.40    | 0.09%             | 2032-06-15      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Selection Trust                                              | CUSIP: 69545AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6595852 | PA      | $6620256.80    | 0.17%             | 2031-12-15      | Fixed         | 7.09%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Royalty I, Llc                                             | FAT Brands Royalty LLC                                                      | CUSIP: 31189TAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3058564 | PA      | $2905636.03    | 0.07%             | 2026-07-25      | Fixed         | 5.75%                 | Yes           |                  3 | On Loan: No      |
| Lehman Mortgage Trust                                                 | Lehman Mortgage Trust 2007-2                                                | CUSIP: 52521DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   25019752 | PA      | $4472285.75    | 0.11%             | 2037-02-25      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL7 LLC                                                          | CUSIP: 740934AA2<br>LEI: 2549001J36X6SUZ41Q96 | Long             | ABS-MBS          | CORP              | US        |    7155455 | PA      | $7160363.17    | 0.18%             | 2028-07-25      | Fixed         | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn1                                                  | CUSIP: 35563FAB7<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGSE             | US        |    2000000 | PA      | $2052000.00    | 0.05%             | 2051-01-25      | Floating      | 7.39%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2026-1 LLC                                                             | CUSIP: 74449BAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2947525.20    | 0.07%             | 2031-02-25      | Variable      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Bravo Residential Funding Trust                                       | BRAVO Residential Funding Trust 2021-NQM2                                   | CUSIP: 10569EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2646607 | PA      | $2617318.86    | 0.07%             | 2060-03-25      | Variable      | 0.97%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2024-XL4                                       | CUSIP: 05611VAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2843494 | PA      | $2850317.93    | 0.07%             | 2039-02-15      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2021-1                               | CUSIP: 92259TAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1407374 | PA      | $858514.69     | 0.02%             | 2031-03-25      | Variable      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2022-1                               | CUSIP: 92258XAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3033291 | PA      | $2440996.18    | 0.06%             | 2032-06-25      | Variable      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Cantor Commercial Real Estate Lending                                 | Cantor Commercial Real Estate Lending 2019-CF1                              | CUSIP: 12529MDH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4600000 | PA      | $3680.00       | 0.00%             | 2052-05-15      | Variable      | 4.66%                 | Yes           |                  2 | On Loan: No      |
| Vcat Asset Securitization, Llc                                        | VCAT 2026-NPL1 LLC                                                          | CUSIP: 91825GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8295419 | PA      | $8301880.02    | 0.21%             | 2029-01-25      | Variable      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                   | Starwood Mortgage Residential Trust 2021-2                                  | CUSIP: 85573HAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     354490 | PA      | $344705.55     | 0.01%             | 2065-05-25      | Variable      | 1.17%                 | Yes           |                  2 | On Loan: No      |
| Massage Envy                                                          | ME Funding LLC                                                              | CUSIP: 55282GAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $10167000.00   | 0.25%             | 2031-04-30      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2022-GR2                                | CUSIP: 36267BAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   20240125 | PA      | $17479246.73   | 0.44%             | 2052-08-26      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Funding Corporation                                   | Banc of America Funding 2015-R2 Trust                                       | CUSIP: 05990TBE6<br>LEI: 549300FIDVENGSO4CW78 | Long             | ABS-MBS          | CORP              | US        |    9145886 | PA      | $8443613.61    | 0.21%             | 2027-07-27      | Variable      | 3.80%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2025-6 LLC                                                             | CUSIP: 69395KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   17695585 | PA      | $17654580.77   | 0.44%             | 2028-08-25      | Variable      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| CWALT INC                                                             | Countrywide Alternative Loan                                                | CUSIP: 02151HAF2<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-MBS          | CORP              | US        |    6389518 | PA      | $2606865.38    | 0.07%             | 2037-08-25      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| Jp Morgan Mortgage Trust                                              | J.P. Morgan Mortgage Trust 2022-6                                           | CUSIP: 46655KAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11004891 | PA      | $9476243.15    | 0.24%             | 2042-07-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2022-SEQ2                           | CUSIP: 79581RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1349795 | PA      | $1340993.23    | 0.03%             | 2052-02-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust 2025-HI                               | CUSIP: 949933AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   21500000 | PA      | $21450550.00   | 0.54%             | 2027-10-15      | Floating      | 6.35%                 | Yes           |                  2 | On Loan: No      |
| Cali Mortgage Trust                                                   | Cali 2024-Sun                                                               | CUSIP: 12988DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2730000 | PA      | $2732457.00    | 0.07%             | 2026-07-15      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Merchants Bank Of Indiana Multifamily Housing Mortgage Loan Trust     | Merchants Bank of Indiana Multifamily Housing Mortgage Loan Trust 2024-Q025 | CUSIP: 58849RAC7<br>LEI: 549300WRDGBHKR1BXL98 | Long             | ABS-MBS          | CORP              | US        |   15239488 | PA      | $15323304.88   | 0.38%             | 2030-12-25      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Rco Mortgage Llc                                                      | RCO VIII Mortgage LLC 2025-3                                                | CUSIP: 74939GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1778506 | PA      | $1779842.66    | 0.04%             | 2028-05-25      | Variable      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Sb Multifamily Repack Trust Series 2020-frr1                          | SB Multifamily Repack Trust                                                 | CUSIP: 78397JAW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6440274 | PA      | $6388107.82    | 0.16%             | 2026-05-27      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-NPL2                           | CUSIP: 79589BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     756842 | PA      | $754304.19     | 0.02%             | 2028-04-25      | Variable      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2026-AH1                                | CUSIP: 362974AD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $5008518.50    | 0.13%             | 2035-04-25      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2026-NPL1 LLC                                                          | CUSIP: 69383TAA6<br>LEI: 2549002NGM9N1GT2FK83 | Long             | ABS-MBS          | CORP              | US        |    9636192 | PA      | $9569804.84    | 0.24%             | 2028-12-25      | Variable      | 5.18%                 | Yes           |                  2 | On Loan: No      |
| Cstl Commercial Mortgage Trust                                        | CSTL Commercial Mortgage Trust 2026-GATE3                                   | CUSIP: 228920AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4410000 | PA      | $4318713.00    | 0.11%             | 2031-02-10      | Variable      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust                             | Santander Mortgage Asset Receivable Trust 2025-NQM5                         | CUSIP: 80262CAA6<br>LEI: 254900FHBJ2YHHBOAU80 | Long             | ABS-MBS          | CORP              | US        |   11662967 | PA      | $11627847.05   | 0.29%             | 2065-08-25      | Variable      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-LBA                                                           | CUSIP: 05609BBH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1400000 | PA      | $1399580.00    | 0.04%             | 2036-02-15      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Nmlt Trust                                                            | NMLT 2021-INV1 Trust                                                        | CUSIP: 62923JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1197678 | PA      | $1056599.72    | 0.03%             | 2056-05-25      | Variable      | 1.19%                 | Yes           |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAL2<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    4991000 | PA      | $4224382.40    | 0.11%             | 2035-01-05      | Variable      | 4.53%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2026-HB1                            | CUSIP: 795939AC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5552451 | PA      | $5558688.95    | 0.14%             | 2033-12-25      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn8                                                  | CUSIP: 35563RAB1<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGSE             | US        |    2300000 | PA      | $2406950.00    | 0.06%             | 2033-06-25      | Floating      | 7.89%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2022-2                               | CUSIP: 92259UAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2907398 | PA      | $2310218.08    | 0.06%             | 2052-04-25      | Variable      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc                           | BBCMS 2018-TALL Mortgage Trust                                              | CUSIP: 05548WAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3312000 | PA      | $3040084.80    | 0.08%             | 2037-03-15      | Floating      | 4.97%                 | Yes           |                  2 | On Loan: No      |
| Hsi Asset Securitization Corporation Trust                            | HSI Asset Securitization Corp. Trust 2007-NC1                               | CUSIP: 40430TAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4022908 | PA      | $2562020.94    | 0.06%             | 2037-04-25      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| Prkcm Trust                                                           | PRKCM 2023-AFC1 Trust                                                       | CUSIP: 693981AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     679863 | PA      | $678840.11     | 0.02%             | 2027-02-25      | Variable      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Achieve Mortgage                                                      | ACHM Trust 2025-HE3                                                         | CUSIP: 00449VAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3256692 | PA      | $3219578.94    | 0.08%             | 2055-11-25      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Merrill Lynch Large Loan Inc                          | BAMLL Commercial Mortgage Securities Trust 2026-HRHB                        | CUSIP: 05557KAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7200000 | PA      | $7200000.00    | 0.18%             | 2031-05-05      | Variable      | 7.55%                 | Yes           |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                | Residential Asset Securitization Trust 2007-A1                              | CUSIP: 761136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3486435 | PA      | $1122548.04    | 0.03%             | 2037-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Rain City Mortgage Trust                                              | Rain City Mortgage Trust 2024-RTL1                                          | CUSIP: 75079KAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10035279.00   | 0.25%             | 2027-04-25      | Variable      | 8.02%                 | Yes           |                  2 | On Loan: No      |
| Bhms Mortgage Trust                                                   | BHMS Commercial Mortgage Trust 2025-ATLS                                    | CUSIP: 088928AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4004400.00    | 0.10%             | 2027-08-15      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Jpmorgan Us Treasury Plus Money Market Fund                           | JPMorgan US Treasury Plus Money Market Fund, Class Capital                  | CUSIP: 4812C2239<br>LEI: 549300WIC5LVF25Z1127 | Long             | STIV             | RF                | US        |    2163320 | NS      | $2163320.32    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2023-2                               | CUSIP: 92260AAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3103930 | PA      | $3229929.66    | 0.08%             | 2034-10-25      | Variable      | 10.52%                | Yes           |                  2 | On Loan: No      |
| Prm7 Trust                                                            | PRM7 Trust 2025-PRM7                                                        | CUSIP: 74290HAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6020000 | PA      | $5971840.00    | 0.15%             | 2030-11-10      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2026-HB1                            | CUSIP: 795939AJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4500000 | PA      | $4514864.85    | 0.11%             | 2033-12-25      | Floating      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Anchor Mortgage Trust                                                 | Anchor Mortgage Trust 2025-RTL1                                             | CUSIP: 03290CAC0<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |    1600000 | PA      | $1604440.16    | 0.04%             | 2027-11-25      | Variable      | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Bcap Llc Trust                                                        | BCAP LLC 2010-RR5-I Trust                                                   | CUSIP: 05532UAS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8307574 | PA      | $3966032.71    | 0.10%             | 2037-04-26      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                | Residential Asset Securitization Trust 2006-R1                              | CUSIP: 76113MAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9872232 | PA      | $2671581.03    | 0.07%             | 2046-01-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                                           | Extended Stay America Trust 2025-ESH                                        | CUSIP: 30227TAJ9<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-MBS          | CORP              | US        |   14965166 | PA      | $15045977.62   | 0.38%             | 2027-10-15      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Boston Lending Trust 2022-1                                           | Boston Lending Trust 2022-1                                                 | CUSIP: 10084LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2807848 | PA      | $2667736.19    | 0.07%             | 2027-02-25      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2026-CES2                                  | CUSIP: 92842NAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4500000 | PA      | $4478525.10    | 0.11%             | 2056-05-25      | Variable      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Kinetic Abs Issuer Llc                                                | Kinetic ABS Issuer LLC                                                      | CUSIP: 49459AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $5034500.00    | 0.13%             | 2031-02-25      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                      | RALI Series 2006-QS2 Trust                                                  | CUSIP: 761118UV8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4235657 | PA      | $3316245.24    | 0.08%             | 2036-02-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Citicorp Homeowners Mortgage Acceptance Corp. 1                       | MAC Trust 2025-801B                                                         | CUSIP: 553918AE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7300000 | PA      | $7325550.00    | 0.18%             | 2027-10-15      | Floating      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL5                                              | CUSIP: 50205WAC1<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-MBS          | CORP              | US        |    9400000 | PA      | $9434215.06    | 0.24%             | 2039-09-25      | Variable      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| Thunderbolt Aircraft Lease Limited/ Us Llc                            | Thunderbolt III Aircraft Lease, Ltd.                                        | CUSIP: 88607AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1826547 | PA      | $1800793.12    | 0.05%             | 2026-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                          | CSMC 2021-NQM3                                                              | CUSIP: 12660LAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     988942 | PA      | $888920.33     | 0.02%             | 2066-04-25      | Variable      | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2024-HE4                                                        | CUSIP: 31684UAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $998059.70     | 0.02%             | 2054-09-25      | Variable      | 6.81%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2024-CES1                                         | CUSIP: 78436VAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3036000 | PA      | $3060032.98    | 0.08%             | 2028-08-25      | Variable      | 6.73%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2025-CES3                                  | CUSIP: 92842MAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6816000 | PA      | $6779393.31    | 0.17%             | 2029-10-25      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                        | Cascade Funding Mortgage Trust 2021-FRR1                                    | CUSIP: 12529YBC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   24870000 | PA      | $23987115.00   | 0.60%             | 2029-09-29      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Fhlmc Multifamily Structured Pass Through Certs.                      | Freddie Mac Multifamily Structured Pass Through Certificates                | CUSIP: 3137H9UG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   11437000 | PA      | $3090277.40    | 0.08%             | 2033-01-25      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-LOC5                           | CUSIP: 79581XAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12192000 | PA      | $12230082.93   | 0.31%             | 2033-07-25      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Us Holdings Co                                                 | Pagaya US Holdings Co. LLC                                                  | CUSIP: 69549FAC3<br>LEI: 254900M9VGE3HM0OYH17 | Long             | DBT              | CORP              | US        |   10400000 | PA      | $8099052.00    | 0.20%             | 2030-08-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-RRTL2                                            | CUSIP: 89055JAB1<br>LEI: 254900AXFPBUQ16CX921 | Long             | ABS-MBS          | CORP              | US        |   13875000 | PA      | $13915283.29   | 0.35%             | 2039-09-25      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                  | Cross Mortgage Trust                                                        | CUSIP: 22757WAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3998021 | PA      | $3997943.69    | 0.10%             | 2029-10-25      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Residential Asset Mortgage Products, Inc.                             | RAMP Series 2007-RS1 Trust                                                  | CUSIP: 74923RAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   32244743 | PA      | $6832345.04    | 0.17%             | 2037-02-25      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2026-3 LLC                                                             | CUSIP: 69393HAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12384000 | PA      | $12378705.84   | 0.31%             | 2029-04-25      | Fixed         | 5.96%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2026-NQM2                                                | CUSIP: 00038TAC6<br>LEI: 984500676AA49C11FP07 | Long             | ABS-MBS          | CORP              | US        |   17801068 | PA      | $17630571.16   | 0.44%             | 2071-03-25      | Variable      | 4.81%                 | Yes           |                  2 | On Loan: No      |
| Smr 2022-ind Mortgage Trust                                           | SMR 2022-IND Mortgage Trust                                                 | CUSIP: 78458MAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10287350 | PA      | $10295579.83   | 0.26%             | 2039-02-15      | Floating      | 8.65%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, Llc                                          | Business Jet Securities 2024-1 LLC                                          | CUSIP: 12327CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5769339 | PA      | $5892802.49    | 0.15%             | 2030-05-15      | Fixed         | 6.92%                 | Yes           |                  2 | On Loan: No      |
| Solrr Aircraft 2021-1 Limited                                         | Lunar 2021-1 Structured Aircraft Portfolio Notes                            | CUSIP: 83438LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |    3540095 | PA      | $3462566.81    | 0.09%             | 2028-09-15      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Us Treasury N/b                                                       | U.S. Treasury Note                                                          | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  100000000 | PA      | $102125000.00  | 2.56%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust                                                            | CUSIP: 432826AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5008000.00    | 0.13%             | 2027-07-15      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-LOC5                           | CUSIP: 79581XAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   13042000 | PA      | $13103738.22   | 0.33%             | 2033-07-25      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                  | Deephaven Residential Mortgage Trust 2021-2                                 | CUSIP: 24381WAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1288651 | PA      | $1159281.74    | 0.03%             | 2066-04-25      | Variable      | 1.21%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Mortgage Trust                                              | JP Morgan Mortgage Trust 2024-7                                             | CUSIP: 465971AE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13300312 | PA      | $11452816.18   | 0.29%             | 2053-04-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15300000 | PA      | $3915270.00    | 0.10%             | 2038-06-15      | Floating      | 7.41%                 | Yes           |                  2 | On Loan: No      |
| Woodward Capital Management                                           | RCKT Mortgage Trust 2026-CES1                                               | CUSIP: 74939BAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2988809 | PA      | $2957213.81    | 0.07%             | 2030-01-25      | Variable      | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch Alternative Note Asset                                  | Merrill Lynch Alternative Note Asset Trust Series 2007-AF1                  | CUSIP: 59024KAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15838244 | PA      | $2355956.25    | 0.06%             | 2037-05-25      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2024-CNYN                                                          | CUSIP: 05612HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4270641 | PA      | $4289431.37    | 0.11%             | 2041-04-15      | Floating      | 6.35%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | Woodlawn Apartments                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6018000 | PA      | $5928933.60    | 0.15%             | 2031-04-01      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Mcr Mortgage Trust                                                    | MCR 2024-TWA Mortgage Trust                                                 | CUSIP: 582923AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   25695000 | PA      | $25859448.00   | 0.65%             | 2027-06-12      | Fixed         | 8.72%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2026-XL6                                       | CUSIP: 12433NAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10775000 | PA      | $10755605.00   | 0.27%             | 2028-03-15      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2026-HE4                                                        | CUSIP: 31685MAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $9975310.00    | 0.25%             | 2056-05-25      | Variable      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2025-RTL1                            | CUSIP: 92262GAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5863000 | PA      | $5898598.96    | 0.15%             | 2030-03-25      | Fixed         | 8.52%                 | Yes           |                  2 | On Loan: No      |
| Dominion Mortgage Trust                                               | Dominion Mortgage Trust 2025-RTL1                                           | CUSIP: 25746DAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4041816.00    | 0.10%             | 2027-09-25      | Variable      | 8.02%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                              | Angel Oak Mortgage Trust 2019-6                                             | CUSIP: 03464VAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1940286.20    | 0.05%             | 2059-11-25      | Variable      | 3.94%                 | Yes           |                  2 | On Loan: No      |
| Self Commercial Mortgage Trust                                        | SELF Commercial Mortgage Trust 2024-STRG                                    | CUSIP: 81631WAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     623000 | PA      | $624432.90     | 0.02%             | 2026-11-15      | Floating      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Rco Mortgage Llc                                                      | RCO IX Mortgage LLC 2025-4                                                  | CUSIP: 74939VAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   33568601 | PA      | $33519772.17   | 0.84%             | 2028-10-25      | Variable      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2026-4                                           | CUSIP: 924936AN7<br>LEI: 213800IHMG1PWP37P355 | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1987748.40    | 0.05%             | 2030-04-25      | Variable      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| Falcon Aerospace Ltd                                                  | Falcon 2019-1 Aerospace, Ltd.                                               | CUSIP: 30610GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     417120 | PA      | $411906.03     | 0.01%             | 2026-09-15      | Fixed         | 4.79%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2025-CES1                                         | CUSIP: 78438CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2250000 | PA      | $2259865.58    | 0.06%             | 2029-08-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2025-VOLT                                                          | CUSIP: 05619PAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4758000 | PA      | $4752290.40    | 0.12%             | 2027-12-15      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Jw Commercial Mortgage Trust                                          | JW Commercial Mortgage Trust 2024-MRCO                                      | CUSIP: 46657XAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10000000.00   | 0.25%             | 2026-06-15      | Floating      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | HPEF Equipment Loans                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7160872 | PA      | $7157581.93    | 0.18%             | 2030-12-31      | Floating      | 14.00%                | No            |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8500000 | PA      | $655350.00     | 0.02%             | 2038-06-15      | Floating      | 8.40%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE6                                                        | CUSIP: 31684NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   15283273 | PA      | $15157944.16   | 0.38%             | 2055-09-25      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| CSMC 2020-FACT                                                        | Credit Suisse Commercial Mortgage Trust 2020-FACT E                         | CUSIP: 126395AN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1745000 | PA      | $1229178.00    | 0.03%             | 2037-10-15      | Floating      | 9.13%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust                                                  | CHNGE Mortgage Trust 2023-2                                                 | CUSIP: 169926AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     505007 | PA      | $504143.38     | 0.01%             | 2027-05-25      | Variable      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2021-SB84 Mortgage Trust                                              | CUSIP: 30320WAR0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   24180162 | PA      | $504422.36     | 0.01%             | 2031-01-25      | Variable      | 0.17%                 | No            |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2023-NQM5                                                | CUSIP: 00249XAE8<br>LEI: 984500L072D83D1AA637 | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $3026210.40    | 0.08%             | 2068-11-25      | Variable      | 8.07%                 | Yes           |                  2 | On Loan: No      |
| Citicorp Homeowners Mortgage Acceptance Corp. 1                       | MAC Trust 2025-801B                                                         | CUSIP: 553918AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12200000 | PA      | $12229280.00   | 0.31%             | 2027-10-15      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM4                                                | CUSIP: 002941AC6<br>LEI: 9845006Y6D399D9E8O78 | Long             | ABS-MBS          | CORP              | US        |    8450012 | PA      | $8429682.89    | 0.21%             | 2029-09-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2026-FL1                                                        | CUSIP: 31684XAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4883963 | PA      | $4899988.53    | 0.12%             | 2056-03-25      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Consolidated Communications Llc, Fidium Fiber Finance Holdco Llc      | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC             | CUSIP: 315961AE2<br>LEI: 549300WW675Y48HDVX34 | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $5120500.00    | 0.13%             | 2030-12-20      | Fixed         | 8.10%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL3                                              | CUSIP: 50205GAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10500000 | PA      | $10556538.30   | 0.26%             | 2026-12-25      | Fixed         | 8.37%                 | Yes           |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust                             | Santander Mortgage Asset Receivable Trust 2026-NQM2                         | CUSIP: 802933AH4<br>LEI: 254900X3WQ94L5BYAR60 | Long             | ABS-MBS          | CORP              | US        |    1700000 | PA      | $1670179.11    | 0.04%             | 2030-01-25      | Variable      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| 1345 Trust                                                            | 1345T 2025-AOA                                                              | CUSIP: 68271CAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3250000 | PA      | $3254550.00    | 0.08%             | 2027-06-15      | Floating      | 6.66%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-24CB                                            | CUSIP: 02146TAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2258449 | PA      | $900715.24     | 0.02%             | 2036-08-25      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL5 LLC                                                          | CUSIP: 74143LAA4<br>LEI: 2549000L41AJEKAJNL30 | Long             | ABS-MBS          | CORP              | US        |   18255699 | PA      | $18266754.90   | 0.46%             | 2028-05-25      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Grantor Trust 2025-R2                                        | CUSIP: 69549AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6206726 | PA      | $4391258.40    | 0.11%             | 2032-10-15      | Fixed         | 9.34%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Gfg Royalty Llc                                            | FAT Brands GFG Royalty I LLC                                                | CUSIP: 31189WAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8808000 | PA      | $4580160.01    | 0.11%             | 2051-07-25      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| Vontive Mortgage Trust 2025-rtl1                                      | Vontive Mortgage Trust 2025-RTL1                                            | CUSIP: 928884AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8000000 | PA      | $8078957.60    | 0.20%             | 2027-03-25      | Variable      | 6.51%                 | Yes           |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limited                                      | Pioneer Aircraft Finance, Ltd.                                              | CUSIP: 72353PAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1747903 | PA      | $1741610.32    | 0.04%             | 2026-06-15      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2025-CES3                                  | CUSIP: 92842MAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2490500 | PA      | $2476991.03    | 0.06%             | 2029-10-25      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust                               | Lendingpoint 2021-B Asset Securitization Trust                              | CUSIP: 52607HAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2935305 | PA      | $713866.29     | 0.02%             | 2029-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL2                                              | CUSIP: 50205JAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4100000 | PA      | $4107835.51    | 0.10%             | 2026-10-25      | Fixed         | 8.90%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5            | CUSIP: 46649WAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3040000 | PA      | $3047600.00    | 0.08%             | 2030-03-15      | Floating      | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2026-R1                                 | CUSIP: 36274QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6747001 | PA      | $6767854.35    | 0.17%             | 2030-03-25      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM5                                                | CUSIP: 00250AAF1<br>LEI: 984500B1KGB67O4A0631 | Long             | ABS-MBS          | CORP              | US        |    1650000 | PA      | $1628833.14    | 0.04%             | 2029-11-25      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2026-RTL1                                              | CUSIP: 50206JAC9<br>LEI: 52990026MRD22HI0T740 | Long             | ABS-MBS          | CORP              | US        |    5400000 | PA      | $5343730.92    | 0.13%             | 2028-07-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                   | Bear Stearns Mortgage Funding Trust 2007-AR2                                | CUSIP: 07401TAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5225533 | PA      | $4702389.39    | 0.12%             | 2037-03-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2022-1                               | CUSIP: 92258XAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1132369 | PA      | $843909.82     | 0.02%             | 2033-08-25      | Variable      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Anchor Mortgage Trust                                                 | Anchor Mortgage Trust 2025-RTL1                                             | CUSIP: 03290CAB2<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |    3400000 | PA      | $3400701.08    | 0.09%             | 2027-11-25      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, Llc                                          | Business Jet Securities 2024-1 LLC                                          | CUSIP: 12327CAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     871775 | PA      | $883194.83     | 0.02%             | 2030-05-15      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust                             | Santander Mortgage Asset Receivable Trust 2025-NQM2                         | CUSIP: 802638AD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2450015 | PA      | $2465345.18    | 0.06%             | 2065-02-25      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                  | Deephaven Residential Mortgage Trust 2021-1                                 | CUSIP: 24380VAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     809843 | PA      | $790889.60     | 0.02%             | 2065-05-25      | Variable      | 1.13%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2024-NQM4                                                | CUSIP: 002939AF3<br>LEI: 98450000E04EA82B8915 | Long             | ABS-MBS          | CORP              | US        |    6800000 | PA      | $6759895.64    | 0.17%             | 2069-08-25      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Achieve Mortgage                                                      | ACHM Trust 2025-HE2                                                         | CUSIP: 00112XAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4012580 | PA      | $3998478.50    | 0.10%             | 2055-08-25      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | EMCAP RTL Loans AX                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3714426 | PA      | $3709723.83    | 0.09%             | 2027-06-01      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL9 LLC                                                          | CUSIP: 740937AA5<br>LEI: 254900IWII23Q41Y2V47 | Long             | ABS-MBS          | CORP              | US        |   22982587 | PA      | $22908135.34   | 0.57%             | 2028-08-25      | Variable      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-LOC5                           | CUSIP: 79581XAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9565000 | PA      | $9594614.20    | 0.24%             | 2033-07-25      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2025-DELC                                                          | CUSIP: 05594MAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6036000.00    | 0.15%             | 2027-12-15      | Floating      | 6.71%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Structured Trust                                  | Castlelake Aircraft Securitization Trust 2018-1                             | CUSIP: 14856CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4334216 | PA      | $4254465.94    | 0.11%             | 2043-06-15      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Bravo Residential Funding Trust                                       | BRAVO Residential Funding Trust 2021-NQM1                                   | CUSIP: 10569TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     493367 | PA      | $473345.42     | 0.01%             | 2049-02-25      | Variable      | 1.33%                 | Yes           |                  2 | On Loan: No      |
| Achieve Mortgage                                                      | ACHM Trust 2025-HE2                                                         | CUSIP: 00112XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8586954 | PA      | $8569426.17    | 0.21%             | 2055-08-25      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2025-CES3                                  | CUSIP: 92842MAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   21659851 | PA      | $21616981.46   | 0.54%             | 2029-10-25      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Rco Mortgage Llc                                                      | RCO X Mortgage LLC 2026-1                                                   | CUSIP: 74940DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   24476709 | PA      | $24416226.58   | 0.61%             | 2029-03-25      | Fixed         | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Lehman Xs Trust                                                       | Lehman XS Trust 2007-6                                                      | CUSIP: 52524PAY8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2814781 | PA      | $2579703.71    | 0.06%             | 2037-05-25      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                  | Cross 2024-H6 Mortgage Trust                                                | CUSIP: 227919AE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1079000 | PA      | $1075862.70    | 0.03%             | 2069-09-25      | Variable      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2025-DELC                                                          | CUSIP: 05594MAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10020000.00   | 0.25%             | 2027-12-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R1                                          | CUSIP: 92538BAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     456584 | PA      | $445523.12     | 0.01%             | 2063-10-25      | Variable      | 1.06%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2022-SB95 Mortgage Trust                                              | CUSIP: 35802DAD9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  102825131 | PA      | $1350710.93    | 0.03%             | 2031-11-25      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2025-CES3                                  | CUSIP: 92842MAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7500000 | PA      | $7468325.25    | 0.19%             | 2029-10-25      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2025-RTL3                                              | CUSIP: 50205YAC7<br>LEI: 529900XB146PHFHY2T23 | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $2523067.00    | 0.06%             | 2028-02-25      | Variable      | 6.89%                 | Yes           |                  2 | On Loan: No      |
| Gcat                                                                  | GCAT2021-NQM4 Trust                                                         | CUSIP: 36168HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     502042 | PA      | $423732.18     | 0.01%             | 2066-08-25      | Variable      | 1.09%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL3                                              | CUSIP: 50205GAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1250000 | PA      | $1254776.38    | 0.03%             | 2026-12-25      | Fixed         | 10.73%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                              | Government National Mortgage Association                                    | CUSIP: 38380JNU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   66564390 | PA      | $2369692.30    | 0.06%             | 2059-03-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| Navigator Aviation Ltd                                                | Navigator 2024-1 Aviation, Ltd.                                             | CUSIP: 63943DAB5<br>LEI: 984500UF8C3O89B30652 | Long             | ABS-O            | CORP              | KY        |    1761905 | PA      | $1771242.90    | 0.04%             | 2031-08-15      | Fixed         | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Hyt Commercial Mortgage Trust 2024-rgcy                               | HYT Commercial Mortgage Trust 2024-RGCY                                     | CUSIP: 449173AG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12900000 | PA      | $12915480.00   | 0.32%             | 2026-09-15      | Floating      | 7.09%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2022-IND                                                           | CUSIP: 05609WAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10500000 | PA      | $10523100.06   | 0.26%             | 2027-04-15      | Floating      | 7.64%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust 2025-B33RP                            | CUSIP: 95004RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15900000 | PA      | $15917490.00   | 0.40%             | 2027-08-15      | Floating      | 7.16%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL7 LLC                                                          | CUSIP: 740934AB0<br>LEI: 2549001J36X6SUZ41Q96 | Long             | ABS-MBS          | CORP              | US        |    8000000 | PA      | $8023803.20    | 0.20%             | 2028-07-25      | Fixed         | 8.35%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R3                                          | CUSIP: 92538EAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11391957 | PA      | $10964335.21   | 0.27%             | 2064-04-25      | Variable      | 1.02%                 | Yes           |                  2 | On Loan: No      |
| Twin Hospitality Llc                                                  | Twin Hospitality I LLC                                                      | CUSIP: 90164DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6435000 | PA      | $5308875.00    | 0.13%             | 2027-10-25      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-RTL5                           | CUSIP: 795935AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13331030 | PA      | $13342204.05   | 0.33%             | 2030-04-25      | Fixed         | 7.76%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-18CB                                            | CUSIP: 02147FAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   23238393 | PA      | $8475388.31    | 0.21%             | 2036-07-25      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| Legends Outlets (kansas City, Ks) Mortgage Secured Pass-through Trust | Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust          | CUSIP: 524947AD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5401000 | PA      | $5424764.40    | 0.14%             | 2027-11-05      | Fixed         | 7.79%                 | Yes           |                  2 | On Loan: No      |
| Tvc Mortgage Trust                                                    | TVC Mortgage Trust 2024-RRTL1                                               | CUSIP: 87306WAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2004197.40    | 0.05%             | 2027-02-25      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial Llc                                              | OBX 2020-EXP2 Trust                                                         | CUSIP: 67448VAM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8702993 | PA      | $7368745.82    | 0.18%             | 2060-05-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM4                                                | CUSIP: 002941AD4<br>LEI: 9845006Y6D399D9E8O78 | Long             | ABS-MBS          | CORP              | US        |    5216537 | PA      | $5207205.36    | 0.13%             | 2029-09-25      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Mrcd Mortgage Trust                                                   | MRCD 2019-MARK Mortgage Trust                                               | CUSIP: 55348UAW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8944000 | PA      | $4960533.80    | 0.12%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Gfg Royalty Llc                                            | FAT Brands GFG Royalty I LLC                                                | CUSIP: 31189WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   18774232 | PA      | $17835520.31   | 0.45%             | 2051-07-25      | Fixed         | 7.00%                 | Yes           |                  3 | On Loan: No      |
| Onslow Bay Financial Llc                                              | OBX 2022-J2 Trust                                                           | CUSIP: 67115QAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7308156 | PA      | $6311278.62    | 0.16%             | 2052-08-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Fazoli's Native I, Llc                                     | FAT Brands Fazoli's Native I LLC                                            | CUSIP: 31200BAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1930000 | PA      | $386000.00     | 0.01%             | 2051-07-25      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust                                         | CUSIP: 36262EAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $833880.40     | 0.02%             | 2061-07-25      | Variable      | 4.21%                 | Yes           |                  2 | On Loan: No      |
| Intown Mortgage Trust                                                 | INTOWN 2025-STAY Mortgage Trust                                             | CUSIP: 46117WAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18370000 | PA      | $18370000.00   | 0.46%             | 2027-03-15      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Bank                                                                  | BANK 2019-BNK17                                                             | CUSIP: 065403AL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1849000 | PA      | $1528383.40    | 0.04%             | 2029-04-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-FL1                                                        | CUSIP: 31684QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4734064 | PA      | $4732155.78    | 0.12%             | 2055-07-25      | Variable      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Scg Hotel Issuer Inc                                                  | SCG Commercial Mortgage Trust 2025-FLWR                                     | CUSIP: 78438AAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2700000 | PA      | $2705130.00    | 0.07%             | 2027-08-15      | Floating      | 6.41%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust 2020-01               | Multifamily Connecticut Avenue Securities 2020-01                           | CUSIP: 62548QAD3<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |   11021255 | PA      | $11166735.46   | 0.28%             | 2050-03-25      | Floating      | 7.51%                 | Yes           |                  2 | On Loan: No      |
| Fhlmc Multifamily Structured Pass Through Certs.                      | Freddie Mac Multifamily Structured Pass Through Certificates                | CUSIP: 3137H9PE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   19488345 | PA      | $4805825.88    | 0.12%             | 2033-01-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| The Baha Trust                                                        | BAHA Trust 2024-MAR                                                         | CUSIP: 05493XAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  284500000 | PA      | $2361350.00    | 0.06%             | 2029-12-10      | Variable      | 0.36%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust                                                            | CUSIP: 432826AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13200000 | PA      | $13230360.00   | 0.33%             | 2027-07-15      | Floating      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                                                  | FREMF 2019-KL05 Mortgage Trust                                              | CUSIP: 30311NAC4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   28878000 | PA      | $25343332.80   | 0.63%             | 2029-06-25      | Variable      | 4.09%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2026-AH1                                | CUSIP: 362974AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7176000 | PA      | $7163810.13    | 0.18%             | 2035-04-25      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Sprite Limited                                                        | Sprite 2026-1, Ltd.                                                         | CUSIP: 85209QAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7500000 | PA      | $7358250.00    | 0.18%             | 2033-03-15      | Fixed         | 6.21%                 | Yes           |                  2 | On Loan: No      |
| Cali Mortgage Trust                                                   | Cali 2024-Sun                                                               | CUSIP: 12988DAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8900000 | PA      | $8927590.00    | 0.22%             | 2026-07-15      | Floating      | 7.29%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2026-XL6                                       | CUSIP: 12433NAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18000000 | PA      | $17967600.00   | 0.45%             | 2028-03-15      | Floating      | 6.66%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn8                                                  | CUSIP: 35563RAA3<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGSE             | US        |    9485278 | PA      | $9575388.04    | 0.24%             | 2029-05-25      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2024-KING                                      | CUSIP: 05612RAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8404358 | PA      | $8466550.47    | 0.21%             | 2026-05-15      | Floating      | 7.34%                 | Yes           |                  2 | On Loan: No      |
| Tpg Re Finance Trust Inc                                              | TPG RE Finance Trust, Inc.                                                  | CUSIP: 87266M206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     120705 | NS      | $2224593.15    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2026-CES1                                         | CUSIP: 78710HAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3459183 | PA      | $3456780.76    | 0.09%             | 2056-02-25      | Variable      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                   | Starwood Mortgage Residential Trust 2019-INV1                               | CUSIP: 85572JAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     628710 | PA      | $625414.35     | 0.02%             | 2049-09-27      | Variable      | 2.92%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                                            | Hudsons Bay Simon JV Trust 2015-HBS                                         | CUSIP: 44422PBN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2764207 | PA      | $2706987.92    | 0.07%             | 2034-08-05      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL8 LLC                                                          | CUSIP: 69392EAB6<br>LEI: 254900EZKI569P0YE486 | Long             | ABS-MBS          | CORP              | US        |    7850000 | PA      | $7866782.52    | 0.20%             | 2028-07-25      | Variable      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | ADMT 2024-NQM6                                                              | CUSIP: 00249YAF3<br>LEI: 984500ZC5CFCDPFA8942 | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5025926.00    | 0.13%             | 2070-01-25      | Variable      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2025-RRTL1                                            | CUSIP: 89053JAD9<br>LEI: 25490023B58UP9CM5N96 | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4018639.60    | 0.10%             | 2027-03-25      | Variable      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse                                                         | Recv Irs 0.7335% 08/05/26                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $425679.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rmf Proprietary Issuance Trust                                        | RMF Proprietary Issuance Trust 2022-1                                       | CUSIP: 74969XAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $4471500.00    | 0.11%             | 2028-01-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2025-RTL1                                              | CUSIP: 50205UAC5<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6045487.80    | 0.15%             | 2040-01-25      | Variable      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Reremic                                                     | JP Morgan Resecuritization Trust Series 2015-1                              | CUSIP: 46644BAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7475689 | PA      | $7004854.82    | 0.18%             | 2036-09-27      | Variable      | 3.72%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust                                                  | CHNGE Mortgage Trust 2023-3                                                 | CUSIP: 17030AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1910012 | PA      | $1907654.02    | 0.05%             | 2027-06-25      | Variable      | 7.10%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark 2025-V13 Mortgage Trust                                           | CUSIP: 08164ABN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7373000 | PA      | $7588291.60    | 0.19%             | 2030-01-15      | Variable      | 9.19%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs                                                         | Recv Irs 3.775% 04/24/33                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $-1112931.33   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL9 LLC                                                          | CUSIP: 740937AB3<br>LEI: 254900IWII23Q41Y2V47 | Long             | ABS-MBS          | CORP              | US        |    7000000 | PA      | $7007151.90    | 0.18%             | 2028-08-25      | Variable      | 7.51%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R3                                          | CUSIP: 92538EAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2696019.30    | 0.07%             | 2064-04-25      | Variable      | 4.07%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2025-5 LLC                                                             | CUSIP: 69392RAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4072000 | PA      | $4061645.72    | 0.10%             | 2028-07-25      | Variable      | 8.57%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-RTL6                           | CUSIP: 79585UAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6250000 | PA      | $6303250.00    | 0.16%             | 2026-12-25      | Variable      | 8.68%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                  | Deephaven Residential Mortgage Trust 2026-CES1                              | CUSIP: 24380YAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3329000 | PA      | $3320173.16    | 0.08%             | 2030-04-25      | Variable      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2026-4                                           | CUSIP: 924936AK3<br>LEI: 213800IHMG1PWP37P355 | Long             | ABS-MBS          | CORP              | US        |    3250000 | PA      | $3238227.20    | 0.08%             | 2030-04-25      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Great Wolf Trust                                                      | Great Wolf Trust 2024-WOLF                                                  | CUSIP: 39152MAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7600000 | PA      | $7642560.00    | 0.19%             | 2029-03-15      | Floating      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Roc Securities Trust                                                  | Roc Mortgage Trust 2021-RTL1                                                | CUSIP: 77118TAC7<br>LEI: 549300IBVH6A13CK6E15 | Long             | ABS-MBS          | CORP              | US        |    6424971 | PA      | $6099520.22    | 0.15%             | 2026-08-25      | Variable      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2025-DSC2                               | CUSIP: 36275JAF7<br>LEI: 254900Y4XCLF0D6VBG48 | Long             | ABS-MBS          | CORP              | US        |    3856000 | PA      | $3830170.97    | 0.10%             | 2029-10-25      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2021-SB82 Mortgage Trust                                              | CUSIP: 30318CAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   31486289 | PA      | $599492.64     | 0.02%             | 2040-10-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan                                                           | Recv Irs 3.5995 10/11/34                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $-425427.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Achieve Mortgage                                                      | ACHM Trust 2025-HE3                                                         | CUSIP: 00449VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9937589 | PA      | $9841597.23    | 0.25%             | 2055-11-25      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Funding Corporation                                   | Banc of America Funding 2006 8T2 Trust                                      | CUSIP: 05951UAW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1587901 | PA      | $1408885.77    | 0.04%             | 2036-10-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                  | Deephaven Residential Mortgage Trust 2026-CES1                              | CUSIP: 24380YAM7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $4985952.00    | 0.12%             | 2030-04-25      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Tvc Mortgage Trust                                                    | TVC Mortgage Trust 2026-RRTL1                                               | CUSIP: 87306XAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $2486907.50    | 0.06%             | 2028-07-25      | Variable      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2020-SB79 Mortgage Trust                                              | CUSIP: 30316VAF4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   13942457 | PA      | $493645.24     | 0.01%             | 2040-07-25      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limited                                      | Pioneer Aircraft Finance, Ltd.                                              | CUSIP: 72353PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    2347512 | PA      | $2339999.92    | 0.06%             | 2026-06-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | TWNP DIP Facility                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6148008 | PA      | $6148008.09    | 0.15%             | 2049-12-31      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                  | Deephaven Residential Mortgage Trust 2025-CES1                              | CUSIP: 24380WAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8307266 | PA      | $8305685.88    | 0.21%             | 2055-10-25      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | TWNP New Money TL                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3691084 | PA      | $3691083.59    | 0.09%             | 2049-12-31      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| A&d Mortgage Trust                                                    | ADMT 2024-NQM6                                                              | CUSIP: 00249YAE6<br>LEI: 984500ZC5CFCDPFA8942 | Long             | ABS-MBS          | CORP              | US        |    3173699 | PA      | $3188013.55    | 0.08%             | 2070-01-25      | Variable      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Sg Capital Partners                                                   | SG Residential Mortgage Trust 2026-2                                        | CUSIP: 78438NAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13974823 | PA      | $13973254.82   | 0.35%             | 2030-03-25      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2025-2                                 | CUSIP: 14855XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7055057 | PA      | $7043769.29    | 0.18%             | 2032-08-15      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Horizon Aircraft Finance I Limited                                    | Horizon Aircraft Finance I, Ltd.                                            | CUSIP: 440405AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1959420 | PA      | $1950602.83    | 0.05%             | 2038-12-15      | Fixed         | 4.46%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL2                                              | CUSIP: 50205JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18306000 | PA      | $18328183.21   | 0.46%             | 2026-10-25      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2025-5 LLC                                                             | CUSIP: 69392RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13417709 | PA      | $13380598.18   | 0.34%             | 2028-07-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2024-NQM4                                                | CUSIP: 002939AH9<br>LEI: 98450000E04EA82B8915 | Long             | ABS-MBS          | CORP              | US        |    2572667 | PA      | $2607218.43    | 0.07%             | 2069-08-25      | Variable      | 7.96%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2026-NQM1                                                | CUSIP: 00040DAJ2<br>LEI: 984500FEB1BEC4C6Y473 | Long             | ABS-MBS          | CORP              | US        |    2700000 | PA      | $2633825.97    | 0.07%             | 2030-01-25      | Variable      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2026-NPL1 LLC                                                          | CUSIP: 69383TAB4<br>LEI: 2549002NGM9N1GT2FK83 | Long             | ABS-MBS          | CORP              | US        |    8816000 | PA      | $8653498.20    | 0.22%             | 2028-12-25      | Variable      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Redwood Trust Inc                                                     | Redwood Trust, Inc.                                                         | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |      44220 | NS      | $245863.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Citicorp Homeowners Mortgage Acceptance Corp. 1                       | MAC Trust 2025-801B                                                         | CUSIP: 553918AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12500000 | PA      | $12530000.00   | 0.31%             | 2027-10-15      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Bxsc Commercial Mortgage Trust                                        | BXSC Commercial Mortgage Trust 2022-WSS                                     | CUSIP: 05610BAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10496337 | PA      | $10487939.97   | 0.26%             | 2027-03-15      | Floating      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust Series 2024-CES2                           | CUSIP: 92841YAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1506000 | PA      | $1509730.96    | 0.04%             | 2028-09-25      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities                             | Multifamily Connecticut Avenue Securities                                   | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |    1419126 | PA      | $1430904.76    | 0.04%             | 2049-10-25      | Floating      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2026-CES1                                  | CUSIP: 92790EAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6250000 | PA      | $6150931.25    | 0.15%             | 2030-02-25      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                                           | Extended Stay America Trust 2025-ESH                                        | CUSIP: 30227TAG5<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-MBS          | CORP              | US        |   12089250 | PA      | $12150904.77   | 0.30%             | 2027-10-15      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2026-FIX1                                         | CUSIP: 89183TAC2<br>LEI: 254900HMDJT9KG22DU68 | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $5942992.20    | 0.15%             | 2065-12-25      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                    | Ellington Financial Mortgage Trust 2021-3                                   | CUSIP: 31573JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3570276 | PA      | $2995708.17    | 0.08%             | 2066-09-25      | Variable      | 1.24%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2025-CES1                                         | CUSIP: 78438CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $2002375.40    | 0.05%             | 2029-08-25      | Variable      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Mortgage Trust                                              | JP Morgan Mortgage Trust Series 2025-NQM4                                   | CUSIP: 46660HAK2<br>LEI: 529900AW45JIN41HJ284 | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1485525.15    | 0.04%             | 2029-10-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Fs Commerical Mortgage Trust 2023-4szn                                | FS Commercial Mortgage Trust 2023-4SZN                                      | CUSIP: 30334RAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15740000 | PA      | $16012302.00   | 0.40%             | 2027-11-10      | Variable      | 10.76%                | Yes           |                  2 | On Loan: No      |
| Dc Commercial Mortgage Trust                                          | DC Trust 2024-HLTN                                                          | CUSIP: 24022FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2439000 | PA      | $2443634.10    | 0.06%             | 2028-04-13      | Variable      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust                       | Multifamily Connecticut Avenue Securities Trust 2023-01                     | CUSIP: 62548NAB4<br>LEI: 254900JAK6X5OPMD5925 | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5685500.00    | 0.14%             | 2032-02-25      | Floating      | 10.14%                | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2021-NQM1 Trust                                                         | CUSIP: 55283FAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1111082 | PA      | $1056726.29    | 0.03%             | 2065-04-25      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                   | Starwood Mortgage Residential Trust 2021-5                                  | CUSIP: 85573QAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5564348 | PA      | $4959761.94    | 0.12%             | 2066-09-25      | Variable      | 2.44%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2025-FIX2                                         | CUSIP: 89183RAB8<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-O            | CORP              | US        |    4941000 | PA      | $4926508.54    | 0.12%             | 2029-10-25      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc                           | BBCMS 2018-TALL Mortgage Trust                                              | CUSIP: 05548WAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4760000 | PA      | $3877496.00    | 0.10%             | 2037-03-15      | Floating      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                          | CSMC 2020-FACT                                                              | CUSIP: 126395AJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $4731500.00    | 0.12%             | 2037-10-15      | Floating      | 6.87%                 | Yes           |                  2 | On Loan: No      |
| Cim Trust                                                             | CIM Trust 2025-NR1                                                          | CUSIP: 17181YAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   17663520 | PA      | $17306097.04   | 0.43%             | 2064-06-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Affirm Inc                                                            | Affirm Asset Securitization Trust 2024-X1                                   | CUSIP: 00834XAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1351784 | PA      | $1353001.08    | 0.03%             | 2029-05-15      | Fixed         | 7.29%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2019-1                               | CUSIP: 92257CAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     835532 | PA      | $675329.82     | 0.02%             | 2029-10-29      | Variable      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-LBA                                                           | CUSIP: 05609BBM0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     336000 | PA      | $335899.20     | 0.01%             | 2036-02-15      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                                    | Prosper Marketplace Issuance Trust Series 2024-1                            | CUSIP: 74363CAC3<br>LEI: 549300WV6NCA12RVBP15 | Long             | ABS-O            | CORP              | US        |    6325780 | PA      | $6333370.76    | 0.16%             | 2026-10-15      | Fixed         | 6.96%                 | Yes           |                  2 | On Loan: No      |
| Stellar Jay Ireland Dac                                               | Stellar Jay Ireland DAC                                                     | CUSIP: 858558AB5<br>LEI: 254900N0ZJ7Y0Q6V4A92 | Long             | ABS-O            | CORP              | US        |     690855 | PA      | $682703.15     | 0.02%             | 2028-03-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Flexential Issuer, Llc                                                | Flexential Issuer LLC                                                       | CUSIP: 33938MAR0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   20000000 | PA      | $19992000.00   | 0.50%             | 2031-03-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Dcal Aviation Finance Limited                                         | AIM Aviation Finance, Ltd.                                                  | CUSIP: 001406AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   14713345 | PA      | $14575039.44   | 0.36%             | 2040-02-15      | Variable      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs                                                         | Recv Irs 3.7395% 01/22/34                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $-90103.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Center Street Lending Resi-investor Abs Trust                         | Center Street Lending Resi-Investor ABS Mortgage Trust 2026-RTL1            | CUSIP: 151704AB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2977803.00    | 0.07%             | 2028-07-25      | Fixed         | 6.41%                 | Yes           |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                    | Ellington Financial Mortgage Trust 2021-3                                   | CUSIP: 31573JAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     857440 | PA      | $727467.22     | 0.02%             | 2066-09-25      | Variable      | 1.55%                 | Yes           |                  2 | On Loan: No      |
| Kinetic Abs Issuer Llc                                                | Kinetic ABS Issuer LLC                                                      | CUSIP: 49459AAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3500000 | PA      | $3587150.00    | 0.09%             | 2031-02-25      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Gcat                                                                  | GCAT 2021-NQM3 Trust                                                        | CUSIP: 36167HAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3014704 | PA      | $2688659.33    | 0.07%             | 2066-05-25      | Variable      | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                              | Angel Oak Mortgage Trust 2020-R1                                            | CUSIP: 034651AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1038580 | PA      | $996832.93     | 0.02%             | 2053-04-25      | Variable      | 0.99%                 | Yes           |                  2 | On Loan: No      |
| Tgif Funding, Llc                                                     | TGIF Funding LLC 2017-1A                                                    | CUSIP: 87244BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4817489 | PA      | $4028866.18    | 0.10%             | 2047-04-30      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                  | U.S. Treasury Note                                                          | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  250000000 | PA      | $242636725.00  | 6.08%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Sprite Limited                                                        | Sprite 2021-1, Ltd.                                                         | CUSIP: 85208UAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     466551 | PA      | $458199.29     | 0.01%             | 2028-10-15      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4089000 | PA      | $2870069.10    | 0.07%             | 2038-06-15      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R1                                          | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     614637 | PA      | $599116.29     | 0.02%             | 2063-10-25      | Variable      | 0.82%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2020-SB81 Mortgage Trust                                              | CUSIP: 30317QAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   16637263 | PA      | $617102.71     | 0.02%             | 2030-10-25      | Variable      | 0.57%                 | No            |                  2 | On Loan: No      |
| Magen Capital Group Trust                                             | Magen Capital Group Trust 2026-RTL1                                         | CUSIP: 55910AAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $2504502.50    | 0.06%             | 2028-09-25      | Fixed         | 9.06%                 | Yes           |                  2 | On Loan: No      |
| Mtn Commercial Mortgage Trust 2022-lpfl                               | MTN Commercial Mortgage Trust 2022-LPFL                                     | CUSIP: 62475WAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5001500.00    | 0.13%             | 2027-03-15      | Floating      | 8.95%                 | Yes           |                  2 | On Loan: No      |
| Slg Office Trust                                                      | SLG Office Trust 2021-OVA                                                   | CUSIP: 78449RAN5<br>LEI: 549300Z8X84XIDB6JE13 | Long             | ABS-MBS          | CORP              | US        |    9500000 | PA      | $7892600.00    | 0.20%             | 2031-07-15      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2026-CES2                               | CUSIP: 362980AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7000000 | PA      | $6982676.40    | 0.17%             | 2056-06-25      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Archwest Mortgage Trust                                               | Archwest Mortgage Trust 2026-RTL1                                           | CUSIP: 03959CAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1998181.20    | 0.05%             | 2041-04-25      | Variable      | 6.99%                 | Yes           |                  2 | On Loan: No      |
| First American Government Obligations Fund                            | First American Government Obligations Fund Class X                          | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  403465864 | NS      | $403465864.06  | 10.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL8 LLC                                                          | CUSIP: 69392EAA8<br>LEI: 254900EZKI569P0YE486 | Long             | ABS-MBS          | CORP              | US        |   18490066 | PA      | $18505909.84   | 0.46%             | 2028-07-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust 2026-1250B                            | CUSIP: 949939AE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7500000 | PA      | $7413750.00    | 0.19%             | 2029-03-10      | Variable      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Bluepeak Abs Issuer                                                   | Bluepeak ABS Issuer LLC                                                     | CUSIP: 09631QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $10106000.00   | 0.25%             | 2030-12-20      | Fixed         | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Vontive Mortgage Trust 2025-rtl1                                      | Vontive Mortgage Trust 2025-RTL1                                            | CUSIP: 928884AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4600000 | PA      | $4650167.14    | 0.12%             | 2027-03-25      | Variable      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2025-6 LLC                                                             | CUSIP: 69395KAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4400000 | PA      | $4399316.68    | 0.11%             | 2028-08-25      | Variable      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-RTL4                           | CUSIP: 79584CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     103094 | PA      | $102888.69     | 0.00%             | 2030-02-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM2                                                | CUSIP: 00250EAD8<br>LEI: 9845004ECDEDFFFFC959 | Long             | ABS-MBS          | CORP              | US        |    1695589 | PA      | $1704339.78    | 0.04%             | 2029-05-25      | Variable      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2024-NPL1 Trust                                                         | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4888179 | PA      | $4904274.31    | 0.12%             | 2027-09-25      | Variable      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Rco Mortgage Llc                                                      | RCO X Mortgage LLC 2025-5                                                   | CUSIP: 75523YAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   41115961 | PA      | $41021102.61   | 1.03%             | 2028-10-25      | Variable      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Rco Mortgage Llc                                                      | RCO X Mortgage LLC 2026-1                                                   | CUSIP: 74940DAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $9975473.00    | 0.25%             | 2029-03-25      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL4 LLC                                                          | CUSIP: 74136UAB1<br>LEI: 2549006327OOFEDCTX76 | Long             | ABS-MBS          | CORP              | US        |   11291000 | PA      | $11307288.40   | 0.28%             | 2055-04-25      | Variable      | 8.84%                 | Yes           |                  2 | On Loan: No      |
| Arixa Mortgage Trust                                                  | Arixa Mortgage Trust 2025-RTL1                                              | CUSIP: 04046BAA1<br>LEI: 254900Q4SU6C9E56ZJ68 | Long             | ABS-MBS          | CORP              | US        |   21000000 | PA      | $21044125.20   | 0.53%             | 2028-02-25      | Variable      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Easy Street Mortgage Loan Trust                                       | Easy Street Mortgage Loan Trust 2025-RTL2                                   | CUSIP: 27786YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14000000 | PA      | $13975477.60   | 0.35%             | 2027-11-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Sreit Trust                                                           | SREIT Trust 2021-MFP2                                                       | CUSIP: 85236WCS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3024000 | PA      | $3022790.40    | 0.08%             | 2036-11-15      | Floating      | 6.74%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                   | Starwood Mortgage Residential Trust 2021-2                                  | CUSIP: 85573HAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     432305 | PA      | $420830.28     | 0.01%             | 2065-05-25      | Variable      | 1.43%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2025-DELC                                                          | CUSIP: 05594MAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10020000.00   | 0.25%             | 2027-12-15      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2021-2                               | CUSIP: 92259MAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1492853 | PA      | $1234629.64    | 0.03%             | 2028-09-25      | Variable      | 1.82%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8                    | CUSIP: 61779QAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3488807 | PA      | $3469931.42    | 0.09%             | 2029-10-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2025-FIX2                                         | CUSIP: 89183RAD4<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-O            | CORP              | US        |    5400000 | PA      | $5383834.56    | 0.13%             | 2029-10-25      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Scg Hotel Issuer Inc                                                  | SCG Trust 2025-SNIP                                                         | CUSIP: 78398JAG9<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |    2460000 | PA      | $2474514.00    | 0.06%             | 2027-09-15      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2026-NPL2 LLC                                                          | CUSIP: 69393DAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $3911629.20    | 0.10%             | 2029-01-25      | Fixed         | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limited                                      | Pioneer Aircraft Finance, Ltd.                                              | CUSIP: 72353PAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |      53078 | PA      | $52579.06      | 0.00%             | 2026-06-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2026-NQM1                                                | CUSIP: 00040DAH6<br>LEI: 984500FEB1BEC4C6Y473 | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $4917656.00    | 0.12%             | 2030-01-25      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2026-AH1                                | CUSIP: 362974AQ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10296563 | PA      | $10308594.91   | 0.26%             | 2035-04-25      | Floating      | 5.29%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust 2016-HHV                                                   | CUSIP: 43300LAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6500000 | PA      | $6446050.00    | 0.16%             | 2026-11-05      | Variable      | 4.33%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Merrill Lynch Large Loan Inc                          | BAMLL Commercial Mortgage Securities Trust 2026-HRHB                        | CUSIP: 05557KAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9300000 | PA      | $9300000.00    | 0.23%             | 2031-05-05      | Variable      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| Us Treasury N/b                                                       | U.S. Treasury Bond                                                          | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   34000000 | PA      | $33747655.40   | 0.84%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn9                                                  | CUSIP: 355917AB1<br>LEI: 529900KWKEUIIIV9P337 | Long             | ABS-MBS          | USGSE             | US        |    2500000 | PA      | $2540750.00    | 0.06%             | 2044-10-25      | Floating      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                                                  | FREMF 2018-K156 Mortgage Trust                                              | CUSIP: 302957AS4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    6449682 | PA      | $3587958.10    | 0.09%             | 2033-07-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Achieve Mortgage                                                      | ACHM Trust 2025-HE3                                                         | CUSIP: 00449VAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4491000 | PA      | $4465075.70    | 0.11%             | 2055-11-25      | Variable      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2024-2                               | CUSIP: 92259PAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4305540 | PA      | $4522386.83    | 0.11%             | 2054-04-25      | Variable      | 10.72%                | Yes           |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                | Residential Asset Securitization Trust 2007-A1                              | CUSIP: 761136AJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4623837 | PA      | $1480728.31    | 0.04%             | 2037-03-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust 2025-B33RP                            | CUSIP: 95004RAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6006600.00    | 0.15%             | 2027-08-15      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Elp Commercial Mortgage Trust                                         | ELP Commercial Mortgage Trust 2025-ELP                                      | CUSIP: 290154AJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $9847000.00    | 0.25%             | 2030-11-13      | Variable      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| Center Street Lending Resi-investor Abs Trust                         | Center Street Lending Resi-Investor ABS Mortgage Trust 2026-RTL1            | CUSIP: 151704AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1900000 | PA      | $1886400.56    | 0.05%             | 2028-07-25      | Fixed         | 8.54%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2025-CES1                                         | CUSIP: 78438CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12604043 | PA      | $12606940.57   | 0.32%             | 2029-08-25      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Intown Mortgage Trust                                                 | INTOWN 2025-STAY Mortgage Trust                                             | CUSIP: 46117WAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10000000.00   | 0.25%             | 2027-03-15      | Floating      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Grantor Trust 2024-8                                         | CUSIP: 69544QAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1571988 | PA      | $1573716.82    | 0.04%             | 2032-01-15      | Fixed         | 6.03%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM4                                                | CUSIP: 002941AA0<br>LEI: 9845006Y6D399D9E8O78 | Long             | ABS-MBS          | CORP              | US        |   10327917 | PA      | $10322823.70   | 0.26%             | 2029-09-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2026-CES1                               | CUSIP: 36277LAC7<br>LEI: 2549005U12N6A8G3H936 | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $4956804.50    | 0.12%             | 2030-01-25      | Variable      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2026-RTL7                           | CUSIP: 79584UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12000000 | PA      | $11888907.60   | 0.30%             | 2031-03-25      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments Inc                             | Structured Asset Mortgage Investments II Trust 2007-AR2                     | CUSIP: 86363DAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4204554 | PA      | $4994845.35    | 0.13%             | 2037-02-25      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE4                                                        | CUSIP: 31684PAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2793517 | PA      | $2790798.23    | 0.07%             | 2055-07-25      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2026-CES1                                  | CUSIP: 92790EAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   22671001 | PA      | $22467048.24   | 0.56%             | 2030-02-25      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Tvc Mortgage Trust                                                    | TVC Mortgage Trust 2026-RRTL1                                               | CUSIP: 87306XAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $999219.80     | 0.03%             | 2028-07-25      | Variable      | 8.09%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-FIG6                           | CUSIP: 79582CAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7997049 | PA      | $7962990.66    | 0.20%             | 2036-01-25      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Nomura Resecuritization Trust                                         | Nomura Resecuritization Trust 2014-8R                                       | CUSIP: 65540QAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1777562 | PA      | $1735778.95    | 0.04%             | 2036-10-26      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2026-CES1                                  | CUSIP: 92790EAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7500000 | PA      | $7395625.50    | 0.19%             | 2030-02-25      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-INV1                           | CUSIP: 795924AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2017593.00    | 0.05%             | 2028-07-25      | Variable      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, Llc                                          | Business Jet Securities 2024-2 LLC                                          | CUSIP: 12326TAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5779907 | PA      | $5723263.57    | 0.14%             | 2030-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF2                                                        | CUSIP: 316918AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6520323 | PA      | $6453204.00    | 0.16%             | 2055-10-25      | Variable      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Horizon Aircraft Finance I Limited                                    | Horizon Aircraft Finance III, Ltd.                                          | CUSIP: 44040JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    2852987 | PA      | $2799065.83    | 0.07%             | 2026-11-15      | Fixed         | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Acres Commercial Realty                                               | ACRES Commercial Realty Corp.                                               | CUSIP: 00489Q300<br>LEI: 549300RUJWPCMY4JFR46 | Long             | EP               | CORP              | US        |      83247 | NS      | $1819779.42    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Mortgage Loan Trust                                          | Barclays Mortgage Loan Trust 2021-NQM1                                      | CUSIP: 06744UAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     801461 | PA      | $735178.66     | 0.02%             | 2051-09-25      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2024-RTL3 Trust                                                         | CUSIP: 59319PAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1600000 | PA      | $1606076.63    | 0.04%             | 2028-05-25      | Variable      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2025-FIX2                                         | CUSIP: 89183RAA0<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-O            | CORP              | US        |   13205100 | PA      | $13187940.31   | 0.33%             | 2029-10-25      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC                                                | Arbor Realty Trust                                                          | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |      99092 | NS      | $2303889.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagship Credit Auto Trust                                            | Flagship Credit Auto Trust 2022-3                                           | CUSIP: 33845PAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $503500.00     | 0.01%             | 2029-10-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2025-3                                                                 | CUSIP: 74449DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   19736130 | PA      | $19705538.63   | 0.49%             | 2028-05-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Stellar Jay Ireland Dac                                               | Stellar Jay Ireland DAC                                                     | CUSIP: 858558AA7<br>LEI: 254900N0ZJ7Y0Q6V4A92 | Long             | ABS-O            | CORP              | US        |     673391 | PA      | $663828.97     | 0.02%             | 2028-03-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2024-CES1                                         | CUSIP: 78436VAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     745000 | PA      | $750061.90     | 0.02%             | 2028-08-25      | Variable      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Apollo Aviation Securitization Equity Trust                           | AASET 2020-1 Trust                                                          | CUSIP: 00255UAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1188726 | PA      | $1146526.33    | 0.03%             | 2040-01-16      | Fixed         | 6.41%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                                           | Extended Stay America Trust 2026-ESH2                                       | CUSIP: 30227WAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6675983 | PA      | $6698013.74    | 0.17%             | 2028-02-15      | Floating      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2026-NPL4 LLC                                                          | CUSIP: 74144EAB7<br>LEI: 254900TGLU13U3CRAM81 | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $9962972.00    | 0.25%             | 2029-03-25      | Variable      | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2020-SB80 Mortgage Trust                                              | CUSIP: 30316XAK9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   45940799 | PA      | $1914123.38    | 0.05%             | 2030-09-25      | Variable      | 0.29%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2026-NPL5 LLC                                                          | CUSIP: 69384KAA4<br>LEI: 549300UJPXI5ZM873T86 | Long             | ABS-MBS          | CORP              | US        |   22000000 | PA      | $21999780.00   | 0.55%             | 2029-04-25      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn7                                                  | CUSIP: 35563QAB3<br>LEI: 529900NYZHC090WEXH18 | Long             | ABS-MBS          | USGSE             | US        |    2300000 | PA      | $2473650.00    | 0.06%             | 2033-04-25      | Floating      | 9.35%                 | Yes           |                  2 | On Loan: No      |
| Wb Commercial Mortgage Trust                                          | WB Commercial Mortgage Trust 2024-HQ                                        | CUSIP: 92943PAE1<br>LEI: 549300GK97AYN6BKKT80 | Long             | ABS-MBS          | CORP              | US        |    8500000 | PA      | $8483000.00    | 0.21%             | 2028-03-15      | Variable      | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Gfg Royalty Llc                                            | FAT Brands GFG Royalty I LLC                                                | CUSIP: 31189WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1911603 | PA      | $1816022.51    | 0.05%             | 2026-07-25      | Fixed         | 7.00%                 | Yes           |                  3 | On Loan: No      |
| Consolidated Communications Llc, Fidium Fiber Finance Holdco Llc      | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC             | CUSIP: 315961AA0<br>LEI: 549300WW675Y48HDVX34 | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $10091000.00   | 0.25%             | 2030-12-20      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                          | CSMC 2021-NQM2                                                              | CUSIP: 12662EAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2507564 | PA      | $2263870.50    | 0.06%             | 2066-02-25      | Variable      | 1.54%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                          | CSMC 2021-NQM2                                                              | CUSIP: 12662EAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4942568 | PA      | $4408630.98    | 0.11%             | 2066-02-25      | Variable      | 1.18%                 | Yes           |                  2 | On Loan: No      |
| Cantor Commercial Real Estate Lending                                 | Cantor Commercial Real Estate Lending 2019-CF2                              | CUSIP: 12528YBK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4988052 | PA      | $4504709.76    | 0.11%             | 2029-09-15      | Fixed         | 4.52%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust 2020-420K                               | CUSIP: 17328QAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     380000 | PA      | $338580.00     | 0.01%             | 2030-11-10      | Variable      | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust 2020-420K                               | CUSIP: 17328QAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5300000 | PA      | $4572310.00    | 0.11%             | 2030-11-10      | Variable      | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Orl Trust                                                             | ORL Trust 2024-GLKS                                                         | CUSIP: 67120DAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1775000 | PA      | $1782100.00    | 0.04%             | 2029-12-15      | Floating      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Stonepeak                                                             | Stonepeak 2021-1 ABS                                                        | CUSIP: 78433XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7829494 | PA      | $7474035.14    | 0.19%             | 2028-05-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | Kerrville Portfolio                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6741000 | PA      | $6721451.10    | 0.17%             | 2031-04-01      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Twin Hospitality Llc                                                  | Twin Hospitality I LLC                                                      | CUSIP: 90164DAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   21548159 | PA      | $20470750.77   | 0.51%             | 2027-10-25      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-18CB                                            | CUSIP: 02147FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8778385 | PA      | $3271402.06    | 0.08%             | 2036-07-25      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM4                                                | CUSIP: 002941AE2<br>LEI: 9845006Y6D399D9E8O78 | Long             | ABS-MBS          | CORP              | US        |   23472540 | PA      | $23455794.32   | 0.59%             | 2029-09-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Lqr Trust                                                             | LQR Trust 2025-CALI                                                         | CUSIP: 50216WAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1250000 | PA      | $1252000.00    | 0.03%             | 2028-01-15      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2023-NQM4                                                | CUSIP: 00002MAC3<br>LEI: 9845002EOD0CFAFA4F48 | Long             | ABS-MBS          | CORP              | US        |    1502041 | PA      | $1513293.54    | 0.04%             | 2027-10-25      | Variable      | 8.10%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL6 LLC                                                          | CUSIP: 740936AA7<br>LEI: 2549004EWBYQ3J21FL07 | Long             | ABS-MBS          | CORP              | US        |   17796138 | PA      | $17806674.87   | 0.45%             | 2028-06-25      | Variable      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2022-LTV2                               | CUSIP: 36266PAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13496738 | PA      | $11155897.90   | 0.28%             | 2052-07-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Rbssp Resecuritization Trust                                          | RBSSP Resecuritization Trust 2009-7                                         | CUSIP: 75524MAW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2777890 | PA      | $2024029.64    | 0.05%             | 2037-06-26      | Floating      | 4.19%                 | Yes           |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                               | Mello Mortgage Capital Acceptance 2021-INV1                                 | CUSIP: 58549KAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10879183 | PA      | $8971925.99    | 0.22%             | 2043-05-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Mlti Trust                                                            | MLTI Trust 2026-SF75                                                        | CUSIP: 55318JAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   21284000 | PA      | $21275486.40   | 0.53%             | 2028-03-15      | Floating      | 6.91%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL3                                              | CUSIP: 50205GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10636000 | PA      | $10674638.46   | 0.27%             | 2026-12-25      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE3                                                        | CUSIP: 31684LAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2374134 | PA      | $2376113.74    | 0.06%             | 2055-05-25      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2024-NQM4                                                | CUSIP: 002939AE6<br>LEI: 98450000E04EA82B8915 | Long             | ABS-MBS          | CORP              | US        |    3800237 | PA      | $3804871.08    | 0.10%             | 2069-08-25      | Variable      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Redwood Trust Inc                                                     | Redwood Trust, Inc.                                                         | CUSIP: 758075AF2<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $1020500.00    | 0.03%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-6CB                                             | CUSIP: 12668BSF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9895196 | PA      | $2650573.71    | 0.07%             | 2036-05-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Legends Outlets (kansas City, Ks) Mortgage Secured Pass-through Trust | Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust          | CUSIP: 524947AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9140000 | PA      | $9179302.00    | 0.23%             | 2027-11-05      | Fixed         | 8.76%                 | Yes           |                  2 | On Loan: No      |
| Rfm Re-remic Trust 2022-frr1                                          | RFM Reremic Trust 2022-FRR1                                                 | CUSIP: 74971BAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15460000 | PA      | $15371878.00   | 0.38%             | 2049-03-28      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Start Ltd.                                                            | Start, Ltd.                                                                 | CUSIP: 85572RAC3<br>LEI: 549300VIQYFIDJQCKZ43 | Long             | ABS-O            | CORP              | BM        |   11658410 | PA      | $11513846.19   | 0.29%             | 2043-05-15      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2021-INV2 Trust                                                         | CUSIP: 552732AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2005108 | PA      | $1827500.66    | 0.05%             | 2056-11-25      | Variable      | 1.91%                 | Yes           |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust                                       | Residential Mortgage Loan Trust 2020-1                                      | CUSIP: 76119CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      29236 | PA      | $29143.30      | 0.00%             | 2060-01-26      | Variable      | 2.68%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                              | Angel Oak Mortgage Trust 2021-7                                             | CUSIP: 03464JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14139830 | PA      | $12380208.45   | 0.31%             | 2066-10-25      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2025-4                                                 | CUSIP: 69547DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9999645 | PA      | $10038643.21   | 0.25%             | 2033-01-17      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2025-DSC2                               | CUSIP: 36275JAE0<br>LEI: 254900Y4XCLF0D6VBG48 | Long             | ABS-MBS          | CORP              | US        |   13948098 | PA      | $13946894.34   | 0.35%             | 2029-10-25      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Cardinal Mortgage Trust                                               | Cardinal Mortgage Trust 2025-RTL1                                           | CUSIP: 14151BAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $5980483.20    | 0.15%             | 2028-05-25      | Fixed         | 6.76%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R3                                          | CUSIP: 92538EAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     572707 | PA      | $552283.96     | 0.01%             | 2064-04-25      | Variable      | 1.28%                 | Yes           |                  2 | On Loan: No      |
| Bank                                                                  | BANK 2022-BNK41                                                             | CUSIP: 06540MAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1051950.00    | 0.03%             | 2032-04-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-LBA                                                           | CUSIP: 05609BBF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     329000 | PA      | $328901.30     | 0.01%             | 2036-02-15      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                              | Angel Oak Mortgage Trust 2021-6                                             | CUSIP: 03465JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15266473 | PA      | $12887579.42   | 0.32%             | 2066-09-25      | Variable      | 1.46%                 | Yes           |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                      | RALI Series 2007-QS7 Trust                                                  | CUSIP: 74923WAK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   27909095 | PA      | $10675591.68   | 0.27%             | 2037-06-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-30

**Name of Applicant:** AXONIC FUNDS

**Signature:** Joe Castellano

**Name of Signer:** Joe Castellano

**Title:** Chief Accounting Officer