# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-26-004048
**Filing Date:** 2026-2
**Character Count:** 51293
**Document Hash:** 27855cd95d740d673e872f003c562895
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004048.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0000894189-26-004048

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1112

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 26659446

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Hoya Capital High Dividend Yield ETF (Series ID: S000073033)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000229810 | Hoya Capital High Dividend Yield ETF | RIET            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Hoya Capital High Dividend Yield ETF** | **Hoya Capital High Dividend Yield ETF** | **Hoya Capital High Dividend Yield ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 89.7%** | **Shares** | **Value**  |
| **Dividend Champions - 11.4%** | **Dividend Champions - 11.4%** | |
| Alexandria Real Estate Equities, Inc. | 20177 | $1082900 |
| Apple Hospitality REIT, Inc. | 119552 | 1421473 |
| BXP, Inc. <sup>(a)</sup> | 21185 | 1532947 |
| Gaming and Leisure Properties, Inc. | 29661 | 1291143 |
| Realty Income Corp. | 24686 | 1422161 |
| Rithm Capital Corp. | 123225 | 1415855 |
| Starwood Property Trust, Inc. | 70227 | 1287963 |
| WP Carey, Inc. | 22301 | 1502418 |
|  |  | 10956860 |
| **Large-Cap REITs - 14.8%** | **Large-Cap REITs - 14.8%** |  |
| AGNC Investment Corp. | 155129 | 1627303 |
| Annaly Capital Management, Inc. | 72957 | 1663420 |
| Healthcare Realty Trust, Inc. | 95532 | 1741548 |
| Healthpeak Properties, Inc. | 81444 | 1487167 |
| Kilroy Realty Corp. | 43856 | 1880984 |
| National Storage Affiliates Trust | 40139 | 1182094 |
| NNN REIT, Inc. | 33308 | 1377286 |
| Omega Healthcare Investors, Inc. | 37877 | 1739312 |
| Sabra Health Care REIT, Inc. | 78629 | 1534052 |
|  |  | 14233166 |
| **Mid-Cap REITs - 27.9% <sup>(b)</sup>** | **Mid-Cap REITs - 27.9% <sup>(b)</sup>** |  |
| Alexander's, Inc. | 5126 | 1086353 |
| American Assets Trust, Inc. | 57568 | 1122576 |
| Apollo Commercial Real Estate Finance, Inc. | 113942 | 1154233 |
| Arbor Realty Trust, Inc. <sup>(a)</sup> | 115706 | 1030941 |
| Armada Hoffler Properties, Inc. | 157653 | 1035780 |
| ARMOUR Residential REIT, Inc. <sup>(a)</sup> | 68639 | 1202555 |
| Blackstone Mortgage Trust, Inc. - Class A | 73229 | 1425769 |
| Broadstone Net Lease, Inc. | 70936 | 1246346 |
| Dynex Capital, Inc. | 92595 | 1297256 |
| Easterly Government Properties, Inc. | 51714 | 1127365 |
| Ellington Financial, Inc. <sup>(a)</sup> | 87054 | 1192640 |
| EPR Properties | 25968 | 1357347 |
| Global Net Lease, Inc. | 141921 | 1165171 |
| Highwoods Properties, Inc. | 47694 | 1325893 |
| Innovative Industrial Properties, Inc. | 19738 | 976044 |
| Ladder Capital Corp. | 106494 | 1176759 |
| MFA Financial, Inc. | 117455 | 1129917 |
| Outfront Media, Inc. <sup>(c)</sup> | 69854 | 1643665 |
| Park Hotels & Resorts, Inc. | 107889 | 1167359 |
| Ready Capital Corp. | 261853 | 662488 |
| RLJ Lodging Trust | 154084 | 1161793 |
| Saul Centers, Inc. | 33644 | 1046328 |
| Two Harbors Investment Corp. | 101109 | 1025245 |
|  |  | 26759823 |
| **Small-Cap REITs - 35.6% <sup>(b)</sup>** | **Small-Cap REITs - 35.6% <sup>(b)</sup>** |  |
| Adamas Trust, Inc. | 170912 | 1302349 |
| Advanced Flower Capital, Inc. | 232443 | 678734 |
| AG Mortgage Investment Trust, Inc. | 159938 | 1308293 |
| Alpine Income Property Trust, Inc. | 73622 | 1276605 |
| Angel Oak Mortgage REIT, Inc. | 119009 | 1047279 |
| Ares Commercial Real Estate Corp. | 242723 | 1286432 |
| Braemar Hotels & Resorts, Inc. | 548612 | 1464794 |
| Brandywine Realty Trust | 267619 | 917933 |
| BrightSpire Capital, Inc. | 218121 | 1223659 |
| Chicago Atlantic Real Estate Finance, Inc. | 75653 | 965332 |
| City Office REIT, Inc. | 231461 | 1576249 |
| Clipper Realty, Inc. | 278453 | 1002431 |
| Community Healthcare Trust, Inc. | 69225 | 1078526 |
| CTO Realty Growth, Inc. | 61483 | 1111613 |
| Franklin BSP Realty Trust, Inc. | 101020 | 1052628 |
| Gladstone Commercial Corp. | 79180 | 875731 |
| Global Medical REIT, Inc. | 35356 | 1172759 |
| Invesco Mortgage Capital, Inc. | 149249 | 1223842 |
| KKR Real Estate Finance Trust, Inc. | 122313 | 1038437 |
| Modiv Industrial, Inc. | 77481 | 1154467 |
| Nexpoint Real Estate Finance, Inc. <sup>(a)</sup> | 73622 | 1066047 |
| One Liberty Properties, Inc. | 46628 | 971728 |
| Orchid Island Capital, Inc. <sup>(a)</sup> | 158519 | 1146092 |
| PennyMac Mortgage Investment Trust | 89779 | 1152762 |
| Postal Realty Trust, Inc. - Class A | 83501 | 1297606 |
| Redwood Trust, Inc. | 201687 | 1111295 |
| Seven Hills Realty Trust | 94825 | 830667 |
| Summit Hotel Properties, Inc. | 264353 | 1416932 |
| TPG RE Finance Trust, Inc. | 144560 | 1314050 |
| Universal Health Realty Income Trust | 28863 | 1173281 |
|  |  | 34238553 |
| **TOTAL COMMON STOCKS** (Cost $93,604,303) | **TOTAL COMMON STOCKS** (Cost $93,604,303) | 86188402 |
| **PREFERRED STOCKS - 9.6%** | **Shares** | **Value**  |
| **Preferreds Issued by U.S. REITs - 9.6%** | **Preferreds Issued by U.S. REITs - 9.6%** |  |
| Adamas Trust, Inc. | – | $– |
| &nbsp;&nbsp; Series D, 8.00% to 10/15/2027 then 3 mo. LIBOR US + 5.70%, Perpetual <sup>(d)</sup> | 13733 | 305422 |
| &nbsp;&nbsp; Series E, 11.25% (3 mo. LIBOR US + 6.43%), Perpetual <sup>(d)</sup> | 12491 | 310276 |
|  AG Mortgage Investment Trust, Inc., Series C, 10.53% (3 mo. Term SOFR + 6.74%), Perpetual | 12052 | 300697 |
| AGNC Investment Corp. | – | $– |
| &nbsp;&nbsp; Series C, 9.16% (3 mo. Term SOFR + 5.37%), Perpetual | 11852 | 299974 |
| &nbsp;&nbsp; Series D, 8.50% (3 mo. Term SOFR + 4.59%), Perpetual | 12351 | 301488 |
| Annaly Capital Management, Inc. | – | $– |
| &nbsp;&nbsp; Series F, 9.04% (3 mo. Term SOFR + 5.25%), Perpetual | 11813 | 302649 |
| &nbsp;&nbsp; Series G, 8.44% (3 mo. Term SOFR + 4.43%), Perpetual | 12233 | 308883 |
|  Arbor Realty Trust, Inc., Series D, 6.38%, Perpetual | 17668 | 313607 |
|  ARMOUR Residential REIT, Inc., Series C, 7.00%, Perpetual | 14823 | 313507 |
| Chimera Investment Corp. | – | $– |
| &nbsp;&nbsp; Series B, 10.05% (3 mo. Term SOFR + 6.05%), Perpetual | 12091 | 294779 |
| &nbsp;&nbsp; Series C, 8.79% (3 mo. Term SOFR + 5.00%), Perpetual | 13227 | 294962 |
| &nbsp;&nbsp; Series D, 9.60% (3 mo. Term SOFR + 5.60%), Perpetual | 12290 | 300736 |
| Global Net Lease, Inc. | – | $– |
| &nbsp;&nbsp; Series A, 7.25%, Perpetual | 13645 | 306876 |
| &nbsp;&nbsp; Series B, 6.88%, Perpetual | 14318 | 311273 |
| &nbsp;&nbsp; Series D, 7.50%, Perpetual | 13332 | 309302 |
|  Granite Point Mortgage Trust, Inc., Series A, 7.00% to 01/15/2027 then SOFR + 5.83%, Perpetual | 16361 | 325748 |
|  Hudson Pacific Properties, Inc., Series C, 4.75%, Perpetual | 24817 | 374985 |
|  Innovative Industrial Properties, Inc., Series A, 9.00%, Perpetual | 12427 | 310424 |
|  KKR Real Estate Finance Trust, Inc., Series A, 6.50%, Perpetual | 15691 | 283536 |
|  MFA Financial, Inc., Series C, 9.61% (3 mo. Term SOFR + 5.61%), Perpetual | 12476 | 295557 |
|  Pebblebrook Hotel Trust, Series G, 6.38%, Perpetual | 16678 | 315214 |
|  PennyMac Mortgage Investment Trust, Series C, 6.75%, Perpetual | 15604 | 297568 |
|  Ready Capital Corp., Series E, 6.50%, Perpetual | 19730 | 277798 |
| Rithm Capital Corp. | – | $– |
| &nbsp;&nbsp; Series A, 9.85% (3 mo. Term SOFR + 6.06%), Perpetual | 12002 | 303291 |
| &nbsp;&nbsp; Series B, 9.69% (3 mo. Term SOFR + 5.90%), Perpetual | 12073 | 303032 |
|  RLJ Lodging Trust, Series A, 1.95%, Perpetual | 12525 | 314378 |
| Two Harbors Investment Corp. | – | $– |
| &nbsp;&nbsp; Series B, 7.63% to 7/27/2027 then 3 mo. LIBOR US + 5.35%, Perpetual <sup>(d)</sup> | 13410 | 303871 |
| &nbsp;&nbsp; Series C, 9.06% (3 mo. Term SOFR + 5.27%), Perpetual | 12640 | 302096 |
| Vornado Realty Trust | – | $– |
| &nbsp;&nbsp; Series M, 5.25%, Perpetual | 18357 | 324919 |
| &nbsp;&nbsp; Series N, 5.25%, Perpetual | 18462 | 320316 |
| **TOTAL PREFERRED STOCKS** (Cost $8,975,034) | **TOTAL PREFERRED STOCKS** (Cost $8,975,034) | 9227164 |
| **RIGHTS - 0.0% <sup>(e)</sup>** | **Shares** | **Value**  |
| **Small-Cap REITs *-* 0.0%<sup>(e)</sup>** | **Small-Cap REITs *-* 0.0%<sup>(e)</sup>** |  |
| Seven Hills Realty Trust, Expires 12/04/2025, Exercise Price $8.65 <sup>(c)</sup> | 94081 | 2634 |
| **TOTAL RIGHTS** (Cost $16,396) | **TOTAL RIGHTS** (Cost $16,396) | 2634 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.2%** | **Units** | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.09% <sup>(f)</sup> | 5926242 | 5926242 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $5,926,242) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $5,926,242) | 5926242 |
| **MONEY MARKET FUNDS - 0.5%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(f)</sup> | 495689 | 495689 |
| **TOTAL MONEY MARKET FUNDS** (Cost $495,689) | **TOTAL MONEY MARKET FUNDS** (Cost $495,689) | 495689 |
| **TOTAL INVESTMENTS - 106.0% (**Cost $109,017,664**)** | **TOTAL INVESTMENTS - 106.0% (**Cost $109,017,664**)** | 101840131 |
| Liabilities in Excess of Other Assets - (6.0)% | Liabilities in Excess of Other Assets - (6.0)% | (5801372) |
| **TOTAL NET ASSETS - 100.0%** |  | $96038759 |
| Percentages are stated as a percent of net assets.<br> The Fund's security classifications are defined by the Fund's Adviser. | Percentages are stated as a percent of net assets.<br> The Fund's security classifications are defined by the Fund's Adviser. |  |

---

---

| |
|:---|
| LIBOR - London Interbank Offered Rate |
| LLC - Limited Liability Company |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |

---

(a) All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $5,749,575.

(b) To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(c) Non-income producing security.

(d) Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

(e) Represents less than 0.05% of net assets.

(f) The rate shown represents the 7-day annualized yield as of November 30, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
Hoya Capital High Dividend Yield ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $86188402 | $– | $– | $86188402 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 9227164 | – | – | 9227164 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Rights | 2634 | – | – | 2634 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 5926242 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 495689 | – | – | 495689 |
| Total Investments | $95913889 | $– | $– | $101840131 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $5,926,242 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** ETF Series Solutions

- **b. Investment Company Act file number:** 811-22668

- **c. CIK number of Registrant:** 0001540305

- **d. LEI of Registrant:** 5493008BB0X0GYS3UI50

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

  - **Street Address 1:** 615 E Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-516-1645

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

- **a. Name of Series:** Hoya Capital High Dividend Yield ETF

- **b. EDGAR series identifier (if any):** S000073033

- **c. LEI of Series:** 549300J6T1FHX4RHKS53

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**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:** $102003059.30

**Total Liabilities:** $5964568.56

**Net Assets:** $96038490.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229810 | -1.60%               | -3.88%               | 3.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-131002.02              | $-2626075.22                               |
| Month 2  | $10179.87                | $-4178017.10                               |
| Month 3  | $82289.83                | $3036107.25                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ADAMAS TRUST INC                          | Adamas Trust Inc                           | CUSIP: 649604873<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |     12491 | NS      | $310276.44    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Advanced Flower Capital Inc               | Advanced Flower Capital Inc                | CUSIP: 00109K105<br>LEI: 5493005G0MGS3E0E7218 | Long             | EC               | CORP              | US        |    232443 | NS      | $678733.56    | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Angel Oak Mortgage REIT Inc               | Angel Oak Mortgage REIT Inc                | CUSIP: 03464Y108<br>LEI: 5493008M8D7W7VZZ7V36 | Long             | EC               | CORP              | US        |    119009 | NS      | $1047279.20   | 1.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthpeak Properties Inc                 | Healthpeak Properties Inc                  | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |     81444 | NS      | $1487167.44   | 1.55%             |  |  |  | No            | 1                  | On Loan: No      |
| MFA FINANCIAL INC                         | MFA Financial Inc                          | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     12476 | NS      | $295556.44    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Modiv Industrial Inc                      | Modiv Industrial Inc                       | CUSIP: 60784B101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77481 | NS      | $1154466.90   | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| One Liberty Properties Inc                | One Liberty Properties Inc                 | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               | CORP              | US        |     46628 | NS      | $971727.52    | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| EPR Properties                            | EPR Properties                             | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     25968 | NS      | $1357347.36   | 1.41%             |  |  |  | No            | 1                  | On Loan: No      |
| AGNC Investment Corp                      | AGNC Investment Corp                       | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |    155129 | NS      | $1627303.21   | 1.69%             |  |  |  | No            | 1                  | On Loan: No      |
| AGNC INVESTMENT CORP                      | AGNC Investment Corp                       | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     11852 | NS      | $299974.12    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Arbor Realty Trust Inc                    | Arbor Realty Trust Inc                     | CUSIP: 038923108<br>LEI: 549300ASFUWYQO0RW077 | Long             | EC               | CORP              | US        |    115706 | NS      | $1030940.46   | 1.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Armada Hoffler Properties Inc             | Armada Hoffler Properties Inc              | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |    157653 | NS      | $1035780.21   | 1.08%             |  |  |  | No            | 1                  | On Loan: No      |
| CHIMERA INVESTMENT CORP                   | Chimera Investment Corp                    | CUSIP: 16934Q604<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     12290 | NS      | $300736.30    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| ADAMAS TRUST INC                          | Adamas Trust Inc                           | CUSIP: 649604881<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |     13733 | NS      | $305421.92    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| VORNADO REALTY TRUST                      | Vornado Realty Trust                       | CUSIP: 929042828<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     18357 | NS      | $324918.90    | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Alexandria Real Estate Equitie            | Alexandria Real Estate Equities Inc        | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     20177 | NS      | $1082899.59   | 1.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Apollo Commercial Real Estate             | Apollo Commercial Real Estate Finance Inc  | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               | CORP              | US        |    113942 | NS      | $1154232.46   | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Net Lease Inc                      | Global Net Lease Inc                       | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |    141921 | NS      | $1165171.41   | 1.21%             |  |  |  | No            | 1                  | On Loan: No      |
| MFA Financial Inc                         | MFA Financial Inc                          | CUSIP: 55272X607<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EC               | CORP              | US        |    117455 | NS      | $1129917.10   | 1.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Adamas Trust Inc                          | Adamas Trust Inc                           | CUSIP: 649604840<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EC               | CORP              | US        |    170912 | NS      | $1302349.44   | 1.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Omega Healthcare Investors Inc            | Omega Healthcare Investors Inc             | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |     37877 | NS      | $1739311.84   | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Ready Capital Corp                        | Ready Capital Corp                         | CUSIP: 75574U101<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EC               | CORP              | US        |    261853 | NS      | $662488.09    | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Sabra Health Care REIT Inc                | Sabra Health Care REIT Inc                 | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |     78629 | NS      | $1534051.79   | 1.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Seven Hills Realty Trust                  | Seven Hills Realty Trust                   | CUSIP: 81784E101<br>LEI: 549300ESBDZ3SA3OEX38 | Long             | EC               | CORP              | US        |     94825 | NS      | $830667.00    | 0.86%             |  |  |  | No            | 1                  | On Loan: No      |
| Seven Hills Realty Trust                  | Seven Hills Realty Trust                   | CUSIP: 81784E119<br>LEI: 549300ESBDZ3SA3OEX38 | Long             | EC               | CORP              | US        |     94081 | NS      | $2634.27      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| WP Carey Inc                              | WP Carey Inc                               | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |     22301 | NS      | $1502418.37   | 1.56%             |  |  |  | No            | 1                  | On Loan: No      |
| GRANITE POINT MTGE TRST                   | Granite Point Mortgage Trust Inc           | CUSIP: 38741L305<br>LEI: 529900VX2HQZ76AYIE02 | Long             | EP               | CORP              | US        |     16361 | NS      | $325747.51    | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Highwoods Properties Inc                  | Highwoods Properties Inc                   | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     47694 | NS      | $1325893.20   | 1.38%             |  |  |  | No            | 1                  | On Loan: No      |
| KKR Real Estate Finance Trust             | KKR Real Estate Finance Trust Inc          | CUSIP: 48251K100<br>LEI: 549300K23AYZDZ2REL62 | Long             | EC               | CORP              | US        |    122313 | NS      | $1038437.37   | 1.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Ladder Capital Corp                       | Ladder Capital Corp                        | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |    106494 | NS      | $1176758.70   | 1.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Nexpoint Real Estate Finance I            | Nexpoint Real Estate Finance Inc           | CUSIP: 65342V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73622 | NS      | $1066046.56   | 1.11%             |  |  |  | No            | 1                  | On Loan: —       |
| PennyMac Mortgage Investment T            | PennyMac Mortgage Investment Trust         | CUSIP: 70931T103<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EC               | CORP              | US        |     89779 | NS      | $1152762.36   | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Braemar Hotels & Resorts Inc              | Braemar Hotels & Resorts Inc               | CUSIP: 10482B101<br>LEI: 549300JDUUEBN868C776 | Long             | EC               | CORP              | US        |    548612 | NS      | $1464794.04   | 1.53%             |  |  |  | No            | 1                  | On Loan: No      |
| CHIMERA INVESTMENT CORP                   | Chimera Investment Corp                    | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     13227 | NS      | $294962.10    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| CTO Realty Growth Inc                     | CTO Realty Growth Inc                      | CUSIP: 22948Q101<br>LEI: 254900ZQ99OFO1WXS678 | Long             | EC               | CORP              | US        |     61483 | NS      | $1111612.64   | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| GLOBAL NET LEASE INC                      | Global Net Lease Inc                       | CUSIP: 379378409<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     14318 | NS      | $311273.32    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Innovative Industrial Properti            | Innovative Industrial Properties Inc       | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |     19738 | NS      | $976044.10    | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| RITHM CAPITAL CORP                        | Rithm Capital Corp                         | CUSIP: 64828T409<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     12073 | NS      | $303032.30    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| READY CAPITAL CORP                        | Ready Capital Corp                         | CUSIP: 75574U887<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |     19730 | NS      | $277798.40    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Saul Centers Inc                          | Saul Centers Inc                           | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33644 | NS      | $1046328.40   | 1.09%             |  |  |  | No            | 1                  | On Loan: No      |
| AG Mortgage Investment Trust I            | AG Mortgage Investment Trust Inc           | CUSIP: 001228501<br>LEI: 549300SNP0PBR2XTFR48 | Long             | EC               | CORP              | US        |    159938 | NS      | $1308292.84   | 1.36%             |  |  |  | No            | 1                  | On Loan: No      |
| AGNC INVESTMENT CORP                      | AGNC Investment Corp                       | CUSIP: 00123Q609<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     12351 | NS      | $301487.91    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Alpine Income Property Trust I            | Alpine Income Property Trust Inc           | CUSIP: 02083X103<br>LEI: 254900VQGUBS1J4C4N33 | Long             | EC               | CORP              | US        |     73622 | NS      | $1276605.48   | 1.33%             |  |  |  | No            | 1                  | On Loan: No      |
| ANNALY CAPITAL MGMT                       | Annaly Capital Management Inc              | CUSIP: 035710862<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     12233 | NS      | $308883.25    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| AG MORTGAGE INVEST TR                     | AG Mortgage Investment Trust Inc           | CUSIP: 001228402<br>LEI: 549300SNP0PBR2XTFR48 | Long             | EP               | CORP              | US        |     12052 | NS      | $300697.40    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| ARBOR REALTY TRUST INC                    | Arbor Realty Trust Inc                     | CUSIP: 038923876<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     17668 | NS      | $313607.00    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Dynex Capital Inc                         | Dynex Capital Inc                          | CUSIP: 26817Q886<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EC               | CORP              | US        |     92595 | NS      | $1297255.95   | 1.35%             |  |  |  | No            | 1                  | On Loan: No      |
| GLOBAL NET LEASE INC                      | Global Net Lease Inc                       | CUSIP: 379378300<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     13645 | NS      | $306876.05    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| BrightSpire Capital Inc                   | BrightSpire Capital Inc                    | CUSIP: 10949T109<br>LEI: 549300BOIFLLMVU37752 | Long             | EC               | CORP              | US        |    218121 | NS      | $1223658.81   | 1.27%             |  |  |  | No            | 1                  | On Loan: No      |
| CHIMERA INVESTMENT CORP                   | Chimera Investment Corp                    | CUSIP: 16934Q406<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     12091 | NS      | $294778.58    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| KKR REAL ESTATE FIN                       | KKR Real Estate Finance Trust Inc          | CUSIP: 48251K209<br>LEI: 549300K23AYZDZ2REL62 | Long             | EP               | CORP              | US        |     15691 | NS      | $283536.37    | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Kilroy Realty Corp                        | Kilroy Realty Corp                         | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     43856 | NS      | $1880983.84   | 1.96%             |  |  |  | No            | 1                  | On Loan: No      |
| NNN REIT Inc                              | NNN REIT Inc                               | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     33308 | NS      | $1377285.80   | 1.43%             |  |  |  | No            | 1                  | On Loan: No      |
| National Storage Affiliates Tr            | National Storage Affiliates Trust          | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |     40139 | NS      | $1182093.55   | 1.23%             |  |  |  | No            | 1                  | On Loan: No      |
| RITHM CAPITAL CORP                        | Rithm Capital Corp                         | CUSIP: 64828T300<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     12002 | NS      | $303290.54    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| RLJ Lodging Trust                         | RLJ Lodging Trust                          | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    154084 | NS      | $1161793.36   | 1.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Realty Income Corp                        | Realty Income Corp                         | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     24686 | NS      | $1422160.46   | 1.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Annaly Capital Management Inc             | Annaly Capital Management Inc              | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     72957 | NS      | $1663419.60   | 1.73%             |  |  |  | No            | 1                  | On Loan: No      |
| City Office REIT Inc                      | City Office REIT Inc                       | CUSIP: 178587101<br>LEI: 5493003J7157VP25NL57 | Long             | EC               | CORP              | CA        |    231461 | NS      | $1576249.41   | 1.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Easterly Government Properties            | Easterly Government Properties Inc         | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |     51714 | NS      | $1127365.20   | 1.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Ellington Financial Inc                   | Ellington Financial Inc                    | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               | CORP              | US        |     87054 | NS      | $1192639.80   | 1.24%             |  |  |  | No            | 1                  | On Loan: —       |
| Gladstone Commercial Corp                 | Gladstone Commercial Corp                  | CUSIP: 376536108<br>LEI: 529900EVVV534W8R0T32 | Long             | EC               | CORP              | US        |     79180 | NS      | $875730.80    | 0.91%             |  |  |  | No            | 1                  | On Loan: No      |
| INNOVATIVE INDUSTRIAL                     | Innovative Industrial Properties Inc       | CUSIP: 45781V200<br>LEI: 5493008BQ0545EZXRR30 | Long             | EP               | CORP              | US        |     12427 | NS      | $310423.97    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Redwood Trust Inc                         | Redwood Trust Inc                          | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |    201687 | NS      | $1111295.37   | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Rithm Capital Corp                        | Rithm Capital Corp                         | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    123225 | NS      | $1415855.25   | 1.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Orchid Island Capital Inc                 | Orchid Island Capital Inc                  | CUSIP: 68571X301<br>LEI: 549300KBIHGT19K9DY89 | Long             | EC               | CORP              | US        |    158519 | NS      | $1146092.37   | 1.19%             |  |  |  | No            | 1                  | On Loan: —       |
| RLJ LODGING TRUST                         | RLJ Lodging Trust                          | CUSIP: 74965L200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     12525 | NS      | $314377.50    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Apple Hospitality REIT Inc                | Apple Hospitality REIT Inc                 | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    119552 | NS      | $1421473.28   | 1.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Clipper Realty Inc                        | Clipper Realty Inc                         | CUSIP: 18885T306<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    278453 | NS      | $1002430.80   | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| First American Government Obli            | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    495689 | NS      | $495688.98    | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| ANNALY CAPITAL MGMT                       | Annaly Capital Management Inc              | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     11813 | NS      | $302649.06    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Ares Commercial Real Estate Co            | Ares Commercial Real Estate Corp           | CUSIP: 04013V108<br>LEI: 549300ZNO5IWXS443S81 | Long             | EC               | CORP              | US        |    242723 | NS      | $1286431.90   | 1.34%             |  |  |  | No            | 1                  | On Loan: No      |
| GLOBAL NET LEASE INC                      | Global Net Lease Inc                       | CUSIP: 379378508<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     13332 | NS      | $309302.40    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| ARMOUR RESIDENTIAL REIT                   | ARMOUR Residential REIT Inc                | CUSIP: 042315606<br>LEI: 549300K0WA0EJUX74V72 | Long             | EP               | CORP              | US        |     14823 | NS      | $313506.45    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| ARMOUR Residential REIT Inc               | ARMOUR Residential REIT Inc                | CUSIP: 042315705<br>LEI: 549300K0WA0EJUX74V72 | Long             | EC               | CORP              | US        |     68639 | NS      | $1202555.28   | 1.25%             |  |  |  | No            | 1                  | On Loan: —       |
| Blackstone Mortgage Trust Inc             | Blackstone Mortgage Trust Inc              | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |     73229 | NS      | $1425768.63   | 1.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Brandywine Realty Trust                   | Brandywine Realty Trust                    | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |    267619 | NS      | $917933.17    | 0.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Atlantic Real Estate F            | Chicago Atlantic Real Estate Finance Inc   | CUSIP: 167239102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75653 | NS      | $965332.28    | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Community Healthcare Trust Inc            | Community Healthcare Trust Inc             | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |     69225 | NS      | $1078525.50   | 1.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Franklin BSP Realty Trust Inc             | Franklin BSP Realty Trust Inc              | CUSIP: 35243J101<br>LEI: 549300LH3QNZK9Y1KC93 | Long             | EC               | CORP              | US        |    101020 | NS      | $1052628.40   | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Gaming and Leisure Properties             | Gaming and Leisure Properties Inc          | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     29661 | NS      | $1291143.33   | 1.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Medical REIT Inc                   | Global Medical REIT Inc                    | CUSIP: 37954A303<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |     35356 | NS      | $1172758.52   | 1.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Outfront Media Inc                        | Outfront Media Inc                         | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |     69854 | NS      | $1643664.62   | 1.71%             |  |  |  | No            | 1                  | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                   | Pebblebrook Hotel Trust                    | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     16678 | NS      | $315214.20    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| PENNYMAC MTGE INVESTMENT                  | PennyMac Mortgage Investment Trust         | CUSIP: 70931T509<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     15604 | NS      | $297568.28    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Postal Realty Trust Inc                   | Postal Realty Trust Inc                    | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |     83501 | NS      | $1297605.54   | 1.35%             |  |  |  | No            | 1                  | On Loan: No      |
| TPG RE Finance Trust Inc                  | TPG RE Finance Trust Inc                   | CUSIP: 87266M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    144560 | NS      | $1314050.40   | 1.37%             |  |  |  | No            | 1                  | On Loan: No      |
| TWO HARBORS INV CORP                      | Two Harbors Investment Corp                | CUSIP: 90187B309<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |     13410 | NS      | $303870.60    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Park Hotels & Resorts Inc                 | Park Hotels & Resorts Inc                  | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |    107889 | NS      | $1167358.98   | 1.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Starwood Property Trust Inc               | Starwood Property Trust Inc                | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |     70227 | NS      | $1287963.18   | 1.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Summit Hotel Properties Inc               | Summit Hotel Properties Inc                | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |    264353 | NS      | $1416932.08   | 1.48%             |  |  |  | No            | 1                  | On Loan: No      |
| TWO HARBORS INV CORP                      | Two Harbors Investment Corp                | CUSIP: 90187B507<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |     12640 | NS      | $302096.00    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Two Harbors Investment Corp               | Two Harbors Investment Corp                | CUSIP: 90187B804<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EC               | CORP              | US        |    101109 | NS      | $1025245.26   | 1.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Universal Health Realty Income            | Universal Health Realty Income Trust       | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               | CORP              | US        |     28863 | NS      | $1173280.95   | 1.22%             |  |  |  | No            | 1                  | On Loan: No      |
| VORNADO REALTY TRUST                      | Vornado Realty Trust                       | CUSIP: 929042810<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     18462 | NS      | $320315.70    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Alexander's Inc                           | Alexander's Inc                            | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Long             | EC               | CORP              | US        |      5126 | NS      | $1086353.18   | 1.13%             |  |  |  | No            | 1                  | On Loan: No      |
| American Assets Trust Inc                 | American Assets Trust Inc                  | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57568 | NS      | $1122576.00   | 1.17%             |  |  |  | No            | 1                  | On Loan: No      |
| BXP Inc                                   | BXP Inc                                    | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     21185 | NS      | $1532946.60   | 1.60%             |  |  |  | No            | 1                  | On Loan: —       |
| Broadstone Net Lease Inc                  | Broadstone Net Lease Inc                   | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |     70936 | NS      | $1246345.52   | 1.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthcare Realty Trust Inc               | Healthcare Realty Trust Inc                | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |     95532 | NS      | $1741548.36   | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                  | Hudson Pacific Properties Inc              | CUSIP: 444097307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     24817 | NS      | $374984.87    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Mortgage Capital Inc              | Invesco Mortgage Capital Inc               | CUSIP: 46131B704<br>LEI: PV3BDP2HFZL2FNXQBL39 | Long             | EC               | CORP              | US        |    149249 | NS      | $1223841.80   | 1.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   5926242 | NS      | $5926241.75   | 6.17%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-02-20

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer