# EDGAR Filing Document

**Accession Number:** 0001791032
**File Stem:** 0001049169-25-001101
**Filing Date:** 2025-12
**Character Count:** 223708
**Document Hash:** 37c9fa13b9f6dac741a42788c31eec15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-001101.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001049169-25-001101

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20251031

**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:** 251606348

**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:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3940123888.86

**Total Liabilities:** $162576538.50

**Net Assets:** $3777547350.36

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2319.12185400 | **1-Year:** 50231.91820100 | **5-Year:** 72852.30679700 | **10-Year:** 100928.20412800 | **30-Year:** 58133.81932200

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

- **3-Month:** 1203.31252300 | **1-Year:** 23364.17902800 | **5-Year:** 29179.09093100 | **10-Year:** 11035.93383000 | **30-Year:** 2096.18912600

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000216960 | 1.00%                | 0.54%                | 0.44%                |
| Class ID C000216959 | -1.35%               | -1.59%               | -1.79%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1560956.22              | $10833692.34                               |
| Month 2  | $1125288.41              | $3747860.41                                |
| Month 3  | $4686459.99              | $522796.79                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Sapphire Aviation Finance I Limited                                   | Sapphire Aviation Finance II, Ltd.                                          | CUSIP: 80307AAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2279093 | PA      | $2169924.88   | 0.06%             | 2027-03-15      | Fixed         | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Bxsc Commercial Mortgage Trust                                        | BXSC Commercial Mortgage Trust 2022-WSS                                     | CUSIP: 05610BAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  35445000 | PA      | $35586780.00  | 0.94%             | 2027-03-15      | Floating      | 8.17%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC               | CUSIP: 466330AL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1713000 | PA      | $1712486.10   | 0.05%             | 2026-04-15      | Floating      | 6.10%                 | 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      | $4900180.00   | 0.13%             | 2026-06-15      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF2                                                        | CUSIP: 316918AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2463814 | PA      | $2442807.97   | 0.06%             | 2055-10-25      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Castle Hill Ingots Ltd                                                | CSTL Commercial Mortgage Trust 2025-GATE2                                   | CUSIP: 12676JAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $4500000.00   | 0.12%             | 2042-11-10      | Variable      | 5.63%                 | 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          | CORP              | US        |  26802782 | PA      | $639897.65    | 0.02%             | 2029-07-25      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Horizon Aircraft Finance                                              | Horizon Aircraft Finance II, Ltd.                                           | CUSIP: 44040HAA0<br>LEI: 549300KSCDSEIWTVMM32 | Long             | ABS-O            | CORP              | KY        |    622416 | PA      | $610403.86    | 0.02%             | 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      | $3195510.00   | 0.08%             | 2034-01-25      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | Copper Hill Sportsmans RT                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6824500 | PA      | $6777161.56   | 0.18%             | 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      | $353303.34    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL4 LLC                                                          | CUSIP: 74136UAA3<br>LEI: 2549006327OOFEDCTX76 | Long             | ABS-MBS          | CORP              | US        |  15467289 | PA      | $15535385.74  | 0.41%             | 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        |  25109991 | PA      | $25509239.86  | 0.68%             | 2030-01-15      | Variable      | 6.98%                 | Yes           |                  2 | On Loan: No      |
| Pennymac Corp                                                         | PennyMac Corp.                                                              | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |  10682000 | PA      | $10665977.00  | 0.28%             | 2026-03-15      | Fixed         | 5.50%                 | No            |                  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        |   2442570 | PA      | $2437928.71   | 0.06%             | 2051-02-15      | Variable      | 6.35%                 | 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      | $15835854.83  | 0.42%             | 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        |   3745178 | PA      | $3541252.81   | 0.09%             | 2055-10-25      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Marlette Funding Trust                                                | Marlette Funding Trust 2024-1                                               | CUSIP: 57108VAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3750000 | PA      | $3845625.00   | 0.10%             | 2028-10-15      | Fixed         | 6.93%                 | 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        |   7620281 | PA      | $2386375.44   | 0.06%             | 2036-12-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Fremf Mortgage Trust                                                  | FREMF 2018-KF49 Mortgage Trust                                              | CUSIP: 30307PAC5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4014924 | PA      | $3993645.29   | 0.11%             | 2025-06-25      | Floating      | 10.42%                | Yes           |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                   | Bear Stearns Mortgage Funding Trust 2007-AR4                                | CUSIP: 073324AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4921681 | PA      | $4424136.55   | 0.12%             | 2037-04-25      | Floating      | 4.59%                 | No            |                  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      | $4603490.27   | 0.12%             | 2030-03-15      | Variable      | 1.38%                 | 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        |   2357118 | PA      | $2219013.19   | 0.06%             | 2037-04-25      | Floating      | 4.59%                 | 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      | $6431400.00   | 0.17%             | 2035-01-05      | Variable      | 4.39%                 | 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      | $1366246.10   | 0.04%             | 2047-08-25      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Hospitality Investors Trust                                           | HIT Trust 2022-HI32                                                         | CUSIP: 40442AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1866244 | PA      | $1867550.06   | 0.05%             | 2039-07-15      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL1                                              | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10190000 | PA      | $10237295.87  | 0.27%             | 2029-01-25      | Fixed         | 7.02%                 | 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        |   1448342 | PA      | $1060466.15   | 0.03%             | 2036-04-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2025-NQM3 Trust                                                         | CUSIP: 58004LAC1<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |  14693103 | PA      | $14698830.13  | 0.39%             | 2070-08-25      | Variable      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | Tower Bellflower LLC                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  18848047 | PA      | $18853701.37  | 0.50%             | 2026-02-01      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2025-2 LLC                                                             | CUSIP: 69382HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6419208 | PA      | $6429143.29   | 0.17%             | 2030-05-25      | Variable      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Lehman Xs Trust                                                       | Lehman XS Trust 2007-6                                                      | CUSIP: 52524PAZ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6313227 | PA      | $5878358.11   | 0.16%             | 2037-05-25      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2024-KING                                      | CUSIP: 05612RAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4935031 | PA      | $4953784.37   | 0.13%             | 2026-05-15      | Floating      | 6.52%                 | 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        |  24100000 | PA      | $24273520.00  | 0.64%             | 2039-03-15      | Floating      | 7.67%                 | 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        |  14983516 | PA      | $14769251.87  | 0.39%             | 2027-04-15      | Floating      | 5.39%                 | 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        |   7593028 | PA      | $7311595.41   | 0.19%             | 2067-01-25      | Variable      | 3.01%                 | 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        |  11498731 | PA      | $11566573.59  | 0.31%             | 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      | $6748.59      | 0.00%             | 2026-01-25      | 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      | $5995776.00   | 0.16%             | 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      | $4882000.00   | 0.13%             | 2027-12-27      | Fixed         | 4.34%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2                    | CUSIP: 61778XAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2065265 | PA      | $2080350.65   | 0.06%             | 2029-07-25      | Variable      | 5.70%                 | Yes           |                  2 | 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      | $446055.31    | 0.01%             | 2051-10-25      | 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        |   8933106 | PA      | $8708884.72   | 0.23%             | 2029-10-25      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Project Silver                                                        | Project Silver                                                              | CUSIP: 827304AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    149843 | PA      | $146636.54    | 0.00%             | 2026-07-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                                            | Hudsons Bay Simon JV Trust 2015-HBS                                         | CUSIP: 44422PBC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2950200.00   | 0.08%             | 2034-08-05      | Fixed         | 4.67%                 | 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      | $1999883.80   | 0.05%             | 2029-08-25      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Fidelis Mortgage Trust                                                | Fidelis Mortgage Trust 2025-RTL2                                            | CUSIP: 31575JAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $2260004.40   | 0.06%             | 2040-07-25      | Variable      | 6.06%                 | 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        |   1963243 | PA      | $1837129.15   | 0.05%             | 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        |  25000000 | PA      | $25000000.00  | 0.66%             | 2027-03-15      | Floating      | 6.88%                 | 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      | $3599580.96   | 0.10%             | 2040-10-25      | Fixed         | 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        |   5960773 | PA      | $5898780.92   | 0.16%             | 2026-04-15      | Fixed         | 3.97%                 | 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      | $7638428.00   | 0.20%             | 2030-01-15      | Variable      | 8.89%                 | 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        |   6038816 | PA      | $6093165.19   | 0.16%             | 2026-06-15      | Fixed         | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2024-NPL6 LLC                                                          | CUSIP: 69381QAA4<br>LEI: 254900RZOKAJE9T5UQ09 | Long             | ABS-MBS          | CORP              | US        |   8665902 | PA      | $8668554.27   | 0.23%             | 2027-10-25      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8                    | CUSIP: 61779QAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4983709.00   | 0.13%             | 2029-10-25      | Variable      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2023-RTL4                                              | CUSIP: 50204VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13750000 | PA      | $13815415.63  | 0.37%             | 2026-06-25      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-1                                                | CUSIP: 89053DAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $7035638.40   | 0.19%             | 2031-02-25      | Fixed         | 9.60%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE5                                                        | CUSIP: 31684MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4767987 | PA      | $4769524.13   | 0.13%             | 2055-08-25      | Variable      | 5.29%                 | 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      | $-521648.07   | -0.01%            |  |  |  | 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        |  14586447 | PA      | $14586377.44  | 0.39%             | 2055-10-25      | Floating      | 5.59%                 | 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      | $23562455.16  | 0.62%             | 2026-12-25      | Variable      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| Marlette Funding Trust                                                | Marlette Funding Trust 2024-1                                               | CUSIP: 57108VAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5300000 | PA      | $5357240.00   | 0.14%             | 2027-10-15      | Fixed         | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE5                                                        | CUSIP: 31684MAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9535974 | PA      | $9574595.51   | 0.25%             | 2055-08-25      | Variable      | 5.69%                 | 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      | $163773.07    | 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      | $6666816.01   | 0.18%             | 2035-01-05      | Variable      | 4.39%                 | 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      | $1797200.00   | 0.05%             | 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        |   6713745 | PA      | $6721801.30   | 0.18%             | 2039-02-15      | Floating      | 6.98%                 | 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        |  11945000 | PA      | $11929471.50  | 0.32%             | 2030-10-15      | Variable      | 6.36%                 | 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          | CORP              | US        |  18911561 | PA      | $529523.71    | 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        |   3455794 | PA      | $3456141.76   | 0.09%             | 2026-06-01      | Fixed         | 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        |   1593942 | PA      | $829851.18    | 0.02%             | 2037-01-25      | Floating      | 4.71%                 | No            |                  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      | $13168039.50  | 0.35%             | 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        |    244030 | PA      | $149321.96    | 0.00%             | 2053-09-15      | Variable      | 20.93%                | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2024-HE4                                                        | CUSIP: 31684UAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2019771.80   | 0.05%             | 2054-09-25      | Variable      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Citimortgage Alternative Loan Trust                                   | CitiMortgage Alternative Loan Trust Series 2007-A2                          | CUSIP: 12566UAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1123212 | PA      | $969545.88    | 0.03%             | 2037-02-25      | Floating      | 4.71%                 | No            |                  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      | $2745783.00   | 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        |   4111671 | PA      | $4164580.53   | 0.11%             | 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        |   5343539 | PA      | $4029656.27   | 0.11%             | 2037-09-25      | Floating      | 5.11%                 | 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        |  30466903 | PA      | $7158677.29   | 0.19%             | 2037-03-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Dominion Mortgage Trust                                               | Dominion Mortgage Trust 2021-RTL1                                           | CUSIP: 257463AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12000918 | PA      | $11911814.97  | 0.32%             | 2027-07-25      | Variable      | 3.49%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2024-CES1                                         | CUSIP: 78436VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10003673 | PA      | $10056343.96  | 0.27%             | 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        |  16202552 | PA      | $15721336.32  | 0.42%             | 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      | $2029321.80   | 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        |   2175191 | PA      | $2179106.00   | 0.06%             | 2030-09-15      | Fixed         | 7.97%                 | Yes           |                  2 | On Loan: No      |
| Dominion Mortgage Trust                                               | Dominion Mortgage Trust 2021-RTL1                                           | CUSIP: 257463AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3359192.90   | 0.09%             | 2027-07-25      | Fixed         | 5.73%                 | 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        |   1019576 | PA      | $1050162.84   | 0.03%             | 2029-04-25      | Fixed         | 10.42%                | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF1                                                        | CUSIP: 316922AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3501229 | PA      | $3561439.04   | 0.09%             | 2055-06-25      | Variable      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Avant Credit Card Master Trust                                        | Avant Credit Card Master Trust                                              | CUSIP: 05351KAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2021200.00   | 0.05%             | 2027-10-16      | Fixed         | 6.23%                 | 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      | $4497927.75   | 0.12%             | 2068-02-25      | Variable      | 8.09%                 | 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      | $4914208.05   | 0.13%             | 2034-12-10      | Variable      | 8.53%                 | Yes           |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                 | Lehman Mortgage Trust 2006-7                                                | CUSIP: 52520QAX2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  34331415 | PA      | $3820581.78   | 0.10%             | 2036-11-25      | Floating      | 4.46%                 | 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      | $6547122.40   | 0.17%             | 2026-03-25      | Variable      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | UTEX-DEFEASED                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    637126 | PA      | $636488.92    | 0.02%             | 2049-12-31      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Cribs Mortgage Trust 2025-rtl1                                        | Cribs Mortgage Trust 2025-RTL1                                              | CUSIP: 12704NAA1<br>LEI: 254900Y2C40FXLSY2W87 | Long             | ABS-MBS          | CORP              | US        |   3350000 | PA      | $3383570.69   | 0.09%             | 2027-10-25      | Variable      | 5.81%                 | 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        |   7628053 | PA      | $6660839.54   | 0.18%             | 2043-01-25      | Variable      | 3.00%                 | 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      | $10289496.00  | 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      | $1935256.57   | 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        |   5075617 | PA      | $5081707.45   | 0.13%             | 2039-02-15      | Floating      | 7.98%                 | 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        |   6351077 | PA      | $6231042.12   | 0.16%             | 2027-04-15      | Floating      | 6.45%                 | 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      | $9730000.00   | 0.26%             | 2038-11-05      | Variable      | 4.19%                 | 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        |   2023467 | PA      | $1830663.59   | 0.05%             | 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      | $3525480.00   | 0.09%             | 2038-06-15      | Floating      | 5.34%                 | 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      | $1653912.00   | 0.04%             | 2054-11-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust                                            | Point Securitization Trust 2025-1                                           | CUSIP: 73072DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10633426 | PA      | $10649692.83  | 0.28%             | 2028-05-25      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Bcrr Trust                                                            | BCRR 2016-FRR3 Trust                                                        | CUSIP: 81753WAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24057599 | PA      | $23898819.31  | 0.63%             | 2026-05-26      | Floating      | 6.25%                 | 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        |  14214292 | PA      | $12182628.78  | 0.32%             | 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        |  12464054 | PA      | $4829324.67   | 0.13%             | 2037-04-25      | Floating      | 4.56%                 | 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        |   6897793 | PA      | $6872055.63   | 0.18%             | 2065-09-25      | 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        |   6000000 | PA      | $6045000.00   | 0.16%             | 2027-08-15      | Floating      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                | Sequoia Mortgage Trust 2025-S1                                              | CUSIP: 81749TAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10268307 | PA      | $9148930.23   | 0.24%             | 2054-09-25      | Variable      | 2.50%                 | 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      | $4026899.20   | 0.11%             | 2026-03-25      | Variable      | 9.16%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | REVERSE REPO                                                                | CUSIP: RP282CMM0<br>LEI: N/A                  | Short            | RA               | CORP              | US        | -52500000 | NS      | $-52500000.00 | -1.39%            |  |  |  | No            |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM3                                                | CUSIP: 00250FAC7<br>LEI: 984500D4480E0AE81M71 | Long             | ABS-MBS          | CORP              | US        |  13219406 | PA      | $13267002.83  | 0.35%             | 2070-08-25      | Variable      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC1                    | CUSIP: 61790VAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2628239 | PA      | $2649830.68   | 0.07%             | 2029-04-25      | Variable      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF1                                                        | CUSIP: 316922AB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2655800 | PA      | $2693770.85   | 0.07%             | 2055-06-25      | Variable      | 5.91%                 | Yes           |                  2 | 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      | $8480450.00   | 0.22%             | 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      | $451274.02    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities                             | Multifamily Connecticut Avenue Securities Trust 2024-01                     | CUSIP: 62548RAB5<br>LEI: 254900QY3MMJFMNKXA93 | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1472240.00   | 0.04%             | 2054-07-25      | Floating      | 8.03%                 | Yes           |                  2 | On Loan: No      |
| Project Silver                                                        | Project Silver                                                              | CUSIP: 827304AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   6973548 | PA      | $6283864.18   | 0.17%             | 2026-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF1                                                        | CUSIP: 316922AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4424814 | PA      | $4494833.65   | 0.12%             | 2055-06-25      | Variable      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Tlwnd 2019-1                                                          | GAIA Aviation, Ltd.                                                         | CUSIP: 87404LAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  13426043 | PA      | $12847380.25  | 0.34%             | 2044-12-15      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Gls Auto Receivables Trust                                            | GLS Auto Receivables Issuer Trust 2021-4                                    | CUSIP: 36263DAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1963000.00   | 0.05%             | 2026-06-15      | Fixed         | 4.43%                 | 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      | $8813389.38   | 0.23%             | 2028-06-25      | Fixed         | 8.71%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R1                                          | CUSIP: 92538BAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1480900 | PA      | $1441512.88   | 0.04%             | 2063-10-25      | Variable      | 1.26%                 | Yes           |                  2 | On Loan: No      |
| Bxp Trust                                                             | BXP Trust 2021-601L                                                         | CUSIP: 05607TAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1699000 | PA      | $1376529.80   | 0.04%             | 2032-01-15      | Variable      | 2.77%                 | Yes           |                  2 | On Loan: No      |
| Maps Ltd                                                              | MAPS 2021-1 Trust                                                           | CUSIP: 55292RAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5431 | PA      | $5395.42      | 0.00%             | 2028-06-15      | Fixed         | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial Llc                                              | OBX 2023-INV1                                                               | CUSIP: 67448KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18469513 | PA      | $16127635.81  | 0.43%             | 2052-01-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | Pret 2025-NPL11 LLC                                                         | CUSIP: 69383AAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2700000 | PA      | $2688239.07   | 0.07%             | 2055-10-25      | 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        |   8000000 | PA      | $8221600.00   | 0.22%             | 2030-01-15      | Variable      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| Pennymac Corp                                                         | PennyMac Corp.                                                              | CUSIP: 70932AAH6<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3088680.90   | 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      | $5537819.25   | 0.15%             | 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      | $4238950.00   | 0.11%             | 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        |  10975836 | PA      | $9277488.62   | 0.25%             | 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        |  14884496 | PA      | $7703982.99   | 0.20%             | 2046-05-19      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF2                                                        | CUSIP: 316918AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2266709 | PA      | $2247510.95   | 0.06%             | 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        |   6152900 | PA      | $6169116.41   | 0.16%             | 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        |   5100000 | PA      | $5119890.00   | 0.14%             | 2027-03-15      | Floating      | 9.36%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF2                                                        | CUSIP: 316918AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2100000 | PA      | $2096082.66   | 0.06%             | 2055-10-25      | Variable      | 6.14%                 | 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          | CORP              | US        |  24799189 | PA      | $671142.94    | 0.02%             | 2041-01-25      | Variable      | 0.86%                 | 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      | $10639405.02  | 0.28%             | 2027-05-25      | Fixed         | 8.34%                 | 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        |   4997964 | PA      | $2067536.34   | 0.05%             | 2036-08-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust                             | Santander Mortgage Asset Receivable Trust 2025-NQM3                         | CUSIP: 80263AAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13427939 | PA      | $13538703.04  | 0.36%             | 2065-05-25      | Variable      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2389270 | PA      | $1543946.27   | 0.04%             | 2038-06-15      | Floating      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2023-RTL3                                              | CUSIP: 50205TAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3003089.10   | 0.08%             | 2028-08-25      | Fixed         | 9.00%                 | 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      | $5690748.00   | 0.15%             | 2032-02-27      | Fixed         | 0.00%                 | 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        |  18691454 | PA      | $12756859.42  | 0.34%             | 2036-10-19      | Floating      | 4.35%                 | 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        |   4250000 | PA      | $4278900.00   | 0.11%             | 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        |   9403738 | PA      | $9497775.71   | 0.25%             | 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        |   3840000 | PA      | $3563520.00   | 0.09%             | 2026-07-25      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                 | Lehman Mortgage Trust 2007-2                                                | CUSIP: 52521DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24989968 | PA      | $4418493.65   | 0.12%             | 2037-02-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | Pret 2025-NPL7 LLC                                                          | CUSIP: 740934AA2<br>LEI: 2549001J36X6SUZ41Q96 | Long             | ABS-MBS          | CORP              | US        |  14654389 | PA      | $14679776.64  | 0.39%             | 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          | USGA              | US        |   2000000 | PA      | $2058400.00   | 0.05%             | 2051-01-25      | Floating      | 7.93%                 | 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        |   1523135 | PA      | $952889.82    | 0.03%             | 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        |   3223350 | PA      | $2363156.10   | 0.06%             | 2032-06-25      | Variable      | 5.86%                 | 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      | $77280.00     | 0.00%             | 2026-08-25      | Variable      | 4.66%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL1 Trust                                                        | CUSIP: 74143VAA2<br>LEI: 25490067FPEW3M3QY244 | Long             | ABS-MBS          | CORP              | US        |   8402175 | PA      | $8418790.17   | 0.22%             | 2028-02-25      | Variable      | 6.06%                 | 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        |    510094 | PA      | $488509.69    | 0.01%             | 2065-05-25      | Variable      | 1.17%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2022-GR2                                | CUSIP: 36267BAB3<br>LEI: 5493001UQE7OCP3UT106 | Long             | ABS-MBS          | CORP              | US        |  20937788 | PA      | $18282941.55  | 0.48%             | 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        |   9676263 | PA      | $9014347.37   | 0.24%             | 2027-07-27      | Variable      | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-3                                                 | CUSIP: 69547XAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14305009 | PA      | $14393700.42  | 0.38%             | 2026-03-15      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2025-6 LLC                                                             | CUSIP: 69395KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18727129 | PA      | $18718344.38  | 0.50%             | 2028-08-25      | Variable      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                                | US 10yr Ultra Fut Dec25                                                     | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |       950 | NC      | $109799218.75 | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Alternative Loan Trust 2006-Hy12                                      | Countrywide Alternative Loan                                                | CUSIP: 02151HAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6494176 | PA      | $2675456.27   | 0.07%             | 2037-08-25      | Floating      | 4.61%                 | No            |                  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        |   2890539 | PA      | $2861550.83   | 0.08%             | 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        |  16500000 | PA      | $16501650.00  | 0.44%             | 2027-10-15      | Floating      | 6.72%                 | Yes           |                  2 | On Loan: No      |
| Cali Mortgage Trust                                                   | Cali 2024-Sun                                                               | CUSIP: 12988DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1920000 | PA      | $1922688.00   | 0.05%             | 2026-07-15      | Floating      | 5.98%                 | 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        |  16232000 | PA      | $16331015.20  | 0.43%             | 2030-12-25      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc                           | BBCMS Mortgage Trust 2023-5C23                                              | CUSIP: 05493QAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4079000 | PA      | $3803667.50   | 0.10%             | 2028-11-15      | Variable      | 7.46%                 | Yes           |                  2 | On Loan: No      |
| Rco Mortgage Llc                                                      | RCO VIII Mortgage LLC 2025-3                                                | CUSIP: 74939GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2011240 | PA      | $2015853.90   | 0.05%             | 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        |   8121020 | PA      | $8047930.73   | 0.21%             | 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        |   1006536 | PA      | $1002770.31   | 0.03%             | 2028-04-25      | Variable      | 7.77%                 | 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        |  12840707 | PA      | $12831943.27  | 0.34%             | 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        |   1186215 | PA      | $1185028.44   | 0.03%             | 2036-02-15      | Floating      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| Clicklease Equipment Receivables 2024-1 Trust                         | ClickLease Equipment Receivables 2024-1 Trust                               | CUSIP: 18682FAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7060000 | PA      | $7160958.00   | 0.19%             | 2027-02-15      | Fixed         | 8.40%                 | 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      | $4300245.60   | 0.11%             | 2035-01-05      | Variable      | 4.39%                 | Yes           |                  2 | On Loan: No      |
| Fs Trust                                                              | FS Trust 2024-HULA                                                          | CUSIP: 30338DAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5007500.00   | 0.13%             | 2026-08-15      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn8                                                  | CUSIP: 35563RAB1<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGA              | US        |   2300000 | PA      | $2421440.00   | 0.06%             | 2033-06-25      | Floating      | 8.43%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-LBA                                                           | CUSIP: 05609BAK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $349615.00    | 0.01%             | 2036-02-15      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | HILT Commercial Mortgage Trust 2024-ORL                                     | CUSIP: 403956AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2093000 | PA      | $2092162.80   | 0.06%             | 2026-05-15      | Floating      | 7.22%                 | 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        |   2918886 | PA      | $2343281.44   | 0.06%             | 2052-04-25      | Variable      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2024-MF                                        | CUSIP: 05612EAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88545 | PA      | $88917.38     | 0.00%             | 2026-02-15      | Floating      | 6.72%                 | 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      | $3042072.00   | 0.08%             | 2037-03-15      | Floating      | 5.35%                 | 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        |   4191349 | PA      | $2756105.98   | 0.07%             | 2037-04-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Cribs Mortgage Trust 2025-rtl1                                        | Cribs Mortgage Trust 2025-RTL1                                              | CUSIP: 12704NAB9<br>LEI: 254900Y2C40FXLSY2W87 | Long             | ABS-MBS          | CORP              | US        |   5850000 | PA      | $5912710.83   | 0.16%             | 2027-10-25      | Variable      | 6.44%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2025-DSC2                               | CUSIP: 36275JAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $14960566.50  | 0.40%             | 2066-01-25      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Prkcm Trust                                                           | PRKCM 2023-AFC1 Trust                                                       | CUSIP: 693981AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    869976 | PA      | $870891.34    | 0.02%             | 2027-02-25      | Variable      | 7.30%                 | 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        |   3534189 | PA      | $1160813.52   | 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      | $10092549.00  | 0.27%             | 2029-09-25      | 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        |  16903000 | PA      | $16957089.60  | 0.45%             | 2027-08-15      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Jpmorgan Us Treasury Plus Money Market Fund                           | JPMorgan US Treasury Plus Money Market Fund                                 | CUSIP: 4812C2239<br>LEI: 549300WIC5LVF25Z1127 | Long             | STIV             | RF                | US        |     61939 | NS      | $61939.17     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Prm7 Trust                                                            | PRM7 Trust 2025-PRM7                                                        | CUSIP: 74290HAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6020000 | PA      | $5948964.00   | 0.16%             | 2042-11-10      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Anchor Mortgage Trust                                                 | Anchor Mortgage Trust 2025-RTL1                                             | CUSIP: 03290CAC0<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1506302.25   | 0.04%             | 2040-05-25      | 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        |   8403247 | PA      | $4193299.22   | 0.11%             | 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        |   9860549 | PA      | $2729998.59   | 0.07%             | 2046-01-25      | Floating      | 4.51%                 | 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        |  11290000 | PA      | $11381449.00  | 0.30%             | 2027-10-15      | Floating      | 7.50%                 | 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        |   2769548 | PA      | $2449387.96   | 0.06%             | 2027-02-25      | Variable      | 2.75%                 | 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        |   4480522 | PA      | $3476660.14   | 0.09%             | 2036-02-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Monarch Alternative Capital                                           | MAC Trust 2025-801B                                                         | CUSIP: 553918AE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6700000 | PA      | $6714070.00   | 0.18%             | 2027-10-15      | Floating      | 6.73%                 | 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      | $9439688.68   | 0.25%             | 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        |   5722291 | PA      | $4968093.36   | 0.13%             | 2026-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2024-HE4                                                        | CUSIP: 31684UAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1023179.50   | 0.03%             | 2054-09-25      | Variable      | 6.81%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM2                                                | CUSIP: 00250EAC0<br>LEI: 9845004ECDEDFFFFC959 | Long             | ABS-MBS          | CORP              | US        |   9545620 | PA      | $9634171.47   | 0.26%             | 2029-05-25      | Variable      | 5.79%                 | 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      | $3028118.85   | 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      | $6800133.72   | 0.18%             | 2055-11-25      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC1                    | CUSIP: 61790VAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2867169 | PA      | $2893040.77   | 0.08%             | 2029-04-25      | Variable      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2019-1A                                | CUSIP: 14855MAB4<br>LEI: 549300MHTIBONNXM3R82 | Long             | ABS-O            | CORP              | US        |   2422091 | PA      | $2335864.68   | 0.06%             | 2026-04-15      | Fixed         | 5.09%                 | 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      | $22962471.00  | 0.61%             | 2029-09-29      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Massage Envy                                                          | ME Funding LLC                                                              | CUSIP: 55282GAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10595504 | PA      | $10765032.05  | 0.28%             | 2027-04-30      | Fixed         | 8.10%                 | 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      | $3300718.20   | 0.09%             | 2033-01-25      | Variable      | 5.10%                 | 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      | $12191929.29  | 0.32%             | 2055-10-25      | Floating      | 6.19%                 | 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      | $13908766.20  | 0.37%             | 2039-09-25      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-2                                                 | CUSIP: 694961AG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1564747 | PA      | $1569754.00   | 0.04%             | 2031-08-15      | Variable      | 6.76%                 | 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      | $7520051.25   | 0.20%             | 2037-02-25      | Floating      | 4.67%                 | No            |                  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        |  10347152 | PA      | $10353360.00  | 0.27%             | 2039-02-15      | Floating      | 9.03%                 | 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        |   8016400 | PA      | $8284148.24   | 0.22%             | 2030-05-15      | Fixed         | 6.92%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2023-DELC                                                          | CUSIP: 05610DAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $6054600.00   | 0.16%             | 2038-05-15      | Floating      | 9.32%                 | 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        |   4481815 | PA      | $4246519.57   | 0.11%             | 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      | $104273440.00 | 2.76%             | 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        |   8000000 | PA      | $8030400.00   | 0.21%             | 2027-07-15      | Floating      | 6.22%                 | 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      | $13041933.49  | 0.35%             | 2055-10-25      | Floating      | 5.79%                 | 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        |  13743789 | PA      | $12001118.79  | 0.32%             | 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      | $5143860.00   | 0.14%             | 2038-06-15      | Floating      | 7.79%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2023-6                                                 | CUSIP: 69547UAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    694657 | PA      | $695559.95    | 0.02%             | 2031-06-16      | Variable      | 8.49%                 | 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        |  15944155 | PA      | $2247250.48   | 0.06%             | 2037-05-25      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2024-CNYN                                                          | CUSIP: 05612HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4449294 | PA      | $4460417.40   | 0.12%             | 2041-04-15      | Floating      | 6.72%                 | Yes           |                  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      | $25962228.00  | 0.69%             | 2027-06-12      | Fixed         | 8.72%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust                                                            | CUSIP: 432826AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10039000.00  | 0.27%             | 2027-07-15      | Floating      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| Fidelis Mortgage Trust                                                | Fidelis Mortgage Trust 2025-RTL1                                            | CUSIP: 31575LAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1761678.45   | 0.05%             | 2040-02-27      | Variable      | 6.22%                 | 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      | $5938517.79   | 0.16%             | 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      | $4089379.60   | 0.11%             | 2027-09-25      | Variable      | 8.02%                 | Yes           |                  2 | On Loan: No      |
| Nrth Park Mortgage Trust                                              | NRTH Commercial Mortgage Trust 2025-PARK                                    | CUSIP: 669985AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13000000 | PA      | $12990900.00  | 0.34%             | 2027-10-15      | Floating      | 5.54%                 | 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        |  38000000 | PA      | $37910263.00  | 1.00%             | 2030-10-25      | Variable      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Bmd2 Re-remic Trust                                                   | BMD2 Re-Remic Trust 2019-FRR1                                               | CUSIP: 055631BX2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6619500 | PA      | $5025524.40   | 0.13%             | 2052-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Falcon Aerospace Ltd                                                  | Falcon 2019-1 Aerospace, Ltd.                                               | CUSIP: 30610GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    451734 | PA      | $439943.60    | 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      | $2250019.58   | 0.06%             | 2029-08-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Cps Auto Trust                                                        | CPS Auto Receivables Trust 2023-A                                           | CUSIP: 12664LAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5415500.00   | 0.14%             | 2027-02-16      | Fixed         | 10.59%                | Yes           |                  2 | On Loan: No      |
| Jw Commercial Mortgage Trust 2024-mrco                                | JW Commercial Mortgage Trust 2024-MRCO                                      | CUSIP: 46657XAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10048000.00  | 0.27%             | 2026-06-15      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8500000 | PA      | $1011500.00   | 0.03%             | 2038-06-15      | Floating      | 8.78%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE6                                                        | CUSIP: 31684NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17000000 | PA      | $16947548.20  | 0.45%             | 2055-09-25      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | US BANK MMDA - USBGFS 9                                                     | CUSIP: 8AMMF0JA0<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1150000 | NS      | $1150000.00   | 0.03%             |  |  |  | No            |                  1 | 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      | $1643964.50   | 0.04%             | 2025-10-15      | Floating      | 9.63%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust                                                  | CHNGE Mortgage Trust 2023-2                                                 | CUSIP: 169926AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    678895 | PA      | $681066.96    | 0.02%             | 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          | CORP              | US        |  24595302 | PA      | $583890.00    | 0.02%             | 2031-01-25      | Variable      | 0.46%                 | 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      | $3029115.90   | 0.08%             | 2068-11-25      | Variable      | 8.11%                 | Yes           |                  2 | On Loan: No      |
| Monarch Alternative Capital                                           | MAC Trust 2025-801B                                                         | CUSIP: 553918AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12200000 | PA      | $12226840.00  | 0.32%             | 2027-10-15      | Floating      | 6.18%                 | 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        |   8961866 | PA      | $8952659.75   | 0.24%             | 2029-09-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE3                                                        | CUSIP: 31684LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1581744 | PA      | $1594511.60   | 0.04%             | 2055-05-25      | Variable      | 5.91%                 | 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      | $10665644.85  | 0.28%             | 2029-05-25      | Fixed         | 8.37%                 | Yes           |                  2 | On Loan: No      |
| Flexential Issuer, Llc                                                | Flexential Issuer 2021-1                                                    | CUSIP: 33938MAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7934000 | PA      | $7706294.20   | 0.20%             | 2051-11-27      | Fixed         | 3.72%                 | Yes           |                  2 | On Loan: No      |
| 1345 Trust                                                            | 1345T 2025-AOA                                                              | CUSIP: 68271CAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3250000 | PA      | $3269500.00   | 0.09%             | 2027-06-15      | Floating      | 7.03%                 | 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        |   2306270 | PA      | $937360.97    | 0.02%             | 2036-08-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL5 LLC                                                          | CUSIP: 74143LAA4<br>LEI: 2549000L41AJEKAJNL30 | Long             | ABS-MBS          | CORP              | US        |  19623023 | PA      | $19707552.63  | 0.52%             | 2028-05-25      | Fixed         | 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        |   9706902 | PA      | $9711755.55   | 0.26%             | 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      | $8298016.81   | 0.22%             | 2036-12-15      | Fixed         | 8.00%                 | Yes           |                  2 | 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      | $8141023.20   | 0.22%             | 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        |   1688795 | PA      | $1632220.70   | 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      | $2484594.28   | 0.07%             | 2055-11-25      | Variable      | 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        |   3000000 | PA      | $739800.00    | 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      | $4151860.08   | 0.11%             | 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      | $3036656.00   | 0.08%             | 2030-03-15      | Floating      | 6.58%                 | 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        |   5616425 | PA      | $5180430.89   | 0.14%             | 2037-03-25      | Floating      | 4.51%                 | 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        |   1215814 | PA      | $837919.13    | 0.02%             | 2033-08-25      | Variable      | 5.86%                 | 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      | $3417375.02   | 0.09%             | 2040-05-25      | 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        |   1301404 | PA      | $1326651.01   | 0.04%             | 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        |   2805977 | PA      | $2829344.18   | 0.07%             | 2065-02-25      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2023-5                                                 | CUSIP: 69546PAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19999831 | PA      | $20001830.94  | 0.53%             | 2031-04-15      | Fixed         | 9.00%                 | 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        |   1218368 | PA      | $1173473.20   | 0.03%             | 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      | $6771004.80   | 0.18%             | 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        |   4451788 | PA      | $4454888.51   | 0.12%             | 2055-08-25      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL9 LLC                                                          | CUSIP: 740937AA5<br>LEI: 254900IWII23Q41Y2V47 | Long             | ABS-MBS          | CORP              | US        |  24330940 | PA      | $24409624.05  | 0.65%             | 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      | $9564936.87   | 0.25%             | 2055-10-25      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | Tower Bellflower LLC                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    201953 | PA      | $202013.63    | 0.01%             | 2026-02-01      | Fixed         | 0.00%                 | No            |                  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      | $4144376.87   | 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        |    626329 | PA      | $589107.99    | 0.02%             | 2049-02-25      | Variable      | 1.33%                 | Yes           |                  2 | On Loan: No      |
| Avant Credit Card Master Trust                                        | Avant Credit Card Master Trust                                              | CUSIP: 05351KAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5051500.00   | 0.13%             | 2027-10-16      | Fixed         | 8.80%                 | Yes           |                  2 | On Loan: No      |
| Hltn Commercial Mortgage Trust 2024-dplo                              | HLTN Commercial Mortgage Trust 2024-DPLO                                    | CUSIP: 40424UAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16000000 | PA      | $16072000.00  | 0.43%             | 2026-06-15      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Achieve Mortgage                                                      | ACHM Trust 2025-HE2                                                         | CUSIP: 00112XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9534370 | PA      | $9541728.19   | 0.25%             | 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        |  24000000 | PA      | $23937026.40  | 0.63%             | 2055-11-25      | Variable      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Lehman Xs Trust                                                       | Lehman XS Trust 2007-6                                                      | CUSIP: 52524PAY8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2976480 | PA      | $2744696.70   | 0.07%             | 2037-05-25      | Variable      | 4.20%                 | 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      | $1079969.05   | 0.03%             | 2069-09-25      | Variable      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R1                                          | CUSIP: 92538BAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    618404 | PA      | $601374.97    | 0.02%             | 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          | CORP              | US        | 106119308 | PA      | $1261312.88   | 0.03%             | 2041-11-25      | Variable      | 0.09%                 | 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        |   5000000 | PA      | $4988414.50   | 0.13%             | 2055-11-25      | Variable      | 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      | $2516381.75   | 0.07%             | 2040-08-25      | Variable      | 6.89%                 | Yes           |                  2 | On Loan: No      |
| Gcat                                                                  | GCAT2021-NQM4 Trust                                                         | CUSIP: 36168HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    521785 | PA      | $441968.17    | 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      | $1263628.38   | 0.03%             | 2029-05-25      | 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        |  67338854 | PA      | $2478069.81   | 0.07%             | 2059-03-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2025-NQM2                               | CUSIP: 36272EAA2<br>LEI: 254900WJFO182DZH8M35 | Long             | ABS-MBS          | CORP              | US        |  10765215 | PA      | $10850913.66  | 0.29%             | 2065-06-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Navigator Aviation Ltd                                                | Navigator 2024-1 Aviation, Ltd.                                             | CUSIP: 63943DAB5<br>LEI: 984500UF8C3O89B30652 | Long             | ABS-O            | CORP              | KY        |   1833333 | PA      | $1873300.07   | 0.05%             | 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      | $12916770.00  | 0.34%             | 2026-09-15      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2022-IND                                                           | CUSIP: 05609WAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10500000 | PA      | $10534650.06  | 0.28%             | 2027-04-15      | Floating      | 8.02%                 | 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        |  12400000 | PA      | $12490520.00  | 0.33%             | 2027-08-15      | Floating      | 7.53%                 | 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      | $8045894.40   | 0.21%             | 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        |  14760146 | PA      | $13942060.06  | 0.37%             | 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      | $5925991.50   | 0.16%             | 2027-10-25      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2025-DSC2                               | CUSIP: 36275JAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5339000 | PA      | $5318282.54   | 0.14%             | 2066-01-25      | Variable      | 6.74%                 | Yes           |                  2 | 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        |  20500000 | PA      | $20709801.10  | 0.55%             | 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        |  23413399 | PA      | $8598369.58   | 0.23%             | 2036-07-25      | Floating      | 4.46%                 | 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      | $5458250.60   | 0.14%             | 2039-11-05      | Fixed         | 7.79%                 | Yes           |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust                                      | THPT 2023-THL Mortgage Trust                                                | CUSIP: 87252LAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9158000 | PA      | $8894249.60   | 0.24%             | 2034-12-10      | Variable      | 7.19%                 | 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      | $2004162.00   | 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        |   9142909 | PA      | $7834368.96   | 0.21%             | 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        |   5532526 | PA      | $5538911.43   | 0.15%             | 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      | $4787894.03   | 0.13%             | 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        |  23570880 | PA      | $22646901.50  | 0.60%             | 2051-07-25      | Fixed         | 7.00%                 | 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      | $1873644.00   | 0.05%             | 2051-07-25      | Fixed         | 8.00%                 | Yes           |                  2 | 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      | $831628.90    | 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        |  11000000 | PA      | $11000000.00  | 0.29%             | 2027-03-15      | Floating      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Bank                                                                  | BANK 2019-BNK17                                                             | CUSIP: 065403AL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1849000 | PA      | $1513406.50   | 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        |   5469244 | PA      | $5483768.97   | 0.15%             | 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      | $2703240.00   | 0.07%             | 2027-08-15      | Floating      | 6.78%                 | 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        |  12028484 | PA      | $12325587.61  | 0.33%             | 2050-03-25      | Floating      | 8.05%                 | 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      | $5129332.40   | 0.14%             | 2033-01-25      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-1                                                | CUSIP: 89053DAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20000000 | PA      | $20074712.00  | 0.53%             | 2031-02-25      | Fixed         | 7.33%                 | Yes           |                  2 | On Loan: No      |
| The Baha Trust                                                        | BAHA Trust 2024-MAR                                                         | CUSIP: 05493XAC4<br>LEI: XLEZHWWOI4HFQDGL4793 | Long             | ABS-MBS          | CORP              | US        | 284500000 | PA      | $2788100.00   | 0.07%             | 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        |  13000000 | PA      | $13055900.00  | 0.35%             | 2027-07-15      | Floating      | 6.67%                 | 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      | $24863958.00  | 0.66%             | 2029-06-25      | Variable      | 3.96%                 | Yes           |                  2 | On Loan: No      |
| Cali Mortgage Trust                                                   | Cali 2024-Sun                                                               | CUSIP: 12988DAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8900000 | PA      | $8931150.00   | 0.24%             | 2026-07-15      | Floating      | 7.71%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2024-NQM1                                                | CUSIP: 00039GAE9<br>LEI: 984500E3BD374F778L95 | Long             | ABS-MBS          | CORP              | US        |   3017000 | PA      | $3056116.31   | 0.08%             | 2069-02-25      | Variable      | 8.47%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn8                                                  | CUSIP: 35563RAA3<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGA              | US        |  10868557 | PA      | $11032672.66  | 0.29%             | 2029-05-25      | Floating      | 7.03%                 | 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      | $8458986.55   | 0.22%             | 2026-05-15      | Floating      | 7.72%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2023-DELC                                                          | CUSIP: 05610DAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3025500.00   | 0.08%             | 2038-05-15      | Floating      | 8.42%                 | 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      | $2113544.55   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hltn Commercial Mortgage Trust 2024-dplo                              | HLTN Commercial Mortgage Trust 2024-DPLO                                    | CUSIP: 40424UAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3076000 | PA      | $3082459.60   | 0.08%             | 2026-06-15      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                                            | Hudsons Bay Simon JV Trust                                                  | CUSIP: 44422PAU6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    979101 | PA      | $974695.21    | 0.03%             | 2034-08-05      | Fixed         | 3.91%                 | 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        |   2208336 | PA      | $2186255.95   | 0.06%             | 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      | $2758402.17   | 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      | $7872227.28   | 0.21%             | 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      | $5041316.00   | 0.13%             | 2070-01-25      | Variable      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2                    | CUSIP: 61778XAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9834596 | PA      | $9906022.59   | 0.26%             | 2029-07-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Upstart Securitization Trust                                          | Upstart Securitization Trust 2021-2                                         | CUSIP: 91680FAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30108 | PA      | $30056.59     | 0.00%             | 2031-06-20      | Fixed         | 3.61%                 | 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      | $3995770.00   | 0.11%             | 2027-03-25      | Variable      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                   | Bear Stearns Mortgage Funding Trust 2007-AR5                                | CUSIP: 07400NAT7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1791287 | PA      | $1578200.44   | 0.04%             | 2037-06-25      | Floating      | 4.57%                 | No            |                  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      | $1219058.49   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-1                                                | CUSIP: 89053DAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $6032821.80   | 0.16%             | 2031-02-25      | Fixed         | 12.54%                | Yes           |                  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      | $4355000.00   | 0.12%             | 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      | $6054377.40   | 0.16%             | 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        |   8095601 | PA      | $7581004.79   | 0.20%             | 2036-09-27      | Variable      | 3.91%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust                                                  | CHNGE Mortgage Trust 2023-3                                                 | CUSIP: 17030AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2793657 | PA      | $2813559.74   | 0.07%             | 2027-06-25      | Variable      | 7.10%                 | Yes           |                  2 | On Loan: No      |
| Shenton Aircraft Investment Ltd                                       | Shenton Aircraft Investment I, Ltd.                                         | CUSIP: 82321UAA1<br>LEI: 254900877LAQRYY3YZ51 | Long             | ABS-O            | CORP              | KY        |   4005954 | PA      | $3927837.48   | 0.10%             | 2042-10-15      | Fixed         | 4.75%                 | 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      | $-582866.76   | -0.02%            |  |  |  | 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      | $7011930.10   | 0.19%             | 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      | $2860977.00   | 0.08%             | 2064-04-25      | Variable      | 4.07%                 | Yes           |                  2 | On Loan: No      |
| Colt Funding Llc                                                      | COLT 2025-5 Mortgage Loan Trust                                             | CUSIP: 19689AAB1<br>LEI: 213800S6EGXVNRKXHN58 | Long             | ABS-MBS          | CORP              | US        |   1517557 | PA      | $1529830.19   | 0.04%             | 2070-05-25      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2023-6                                                 | CUSIP: 69547UAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19994872 | PA      | $20030862.57  | 0.53%             | 2031-06-16      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2025-5 LLC                                                             | CUSIP: 69392RAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4072000 | PA      | $4085427.42   | 0.11%             | 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        |  12250000 | PA      | $12358664.85  | 0.33%             | 2026-12-25      | Variable      | 8.68%                 | 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      | $7646360.00   | 0.20%             | 2029-03-15      | Floating      | 6.92%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-2                                                 | CUSIP: 694961AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7213606 | PA      | $7264100.90   | 0.19%             | 2031-08-15      | Fixed         | 7.57%                 | Yes           |                  2 | On Loan: No      |
| Roc Securities Trust                                                  | Roc Mortgage Trust 2021-RTL1                                                | CUSIP: 77118TAC7<br>LEI: 549300IBVH6A13CK6E15 | Long             | ABS-MBS          | CORP              | US        |   6745000 | PA      | $6700708.96   | 0.18%             | 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: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3856000 | PA      | $3840570.60   | 0.10%             | 2066-01-25      | 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          | CORP              | US        |  35047216 | PA      | $720644.37    | 0.02%             | 2040-10-25      | Variable      | 0.92%                 | 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      | $-35396.62    | -0.00%            |  |  |  | No            |                  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        |   1699696 | PA      | $1516883.49   | 0.04%             | 2036-10-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2020-SB79 Mortgage Trust                                              | CUSIP: 30316VAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14059489 | PA      | $491639.23    | 0.01%             | 2040-07-25      | Variable      | 0.33%                 | No            |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2022-PJ6                                | CUSIP: 36267JAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20256823 | PA      | $17688320.73  | 0.47%             | 2042-03-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust                                    | STWD 2021-HTS Mortgage Trust                                                | CUSIP: 78486DAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1253713 | PA      | $1250202.33   | 0.03%             | 2034-04-15      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limited                                      | Pioneer Aircraft Finance, Ltd.                                              | CUSIP: 72353PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8660872 | PA      | $8551745.12   | 0.23%             | 2026-06-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM7                    | CUSIP: 61779KAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8925105 | PA      | $8907106.16   | 0.24%             | 2070-09-25      | Variable      | 4.98%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | ADMT 2024-NQM6                                                              | CUSIP: 00249YAE6<br>LEI: 984500ZC5CFCDPFA8942 | Long             | ABS-MBS          | CORP              | US        |   3423879 | PA      | $3443492.73   | 0.09%             | 2070-01-25      | Variable      | 6.07%                 | 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        |   7098429 | PA      | $7160184.88   | 0.19%             | 2032-08-15      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Horizon Aircraft Finance                                              | Horizon Aircraft Finance I, Ltd.                                            | CUSIP: 440405AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2314122 | PA      | $2300468.70   | 0.06%             | 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      | $18445337.95  | 0.49%             | 2026-10-25      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2025-5 LLC                                                             | CUSIP: 69392RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14671571 | PA      | $14653910.84  | 0.39%             | 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      | $2588509.74   | 0.07%             | 2069-08-25      | Variable      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| Redwood Trust Inc                                                     | Redwood Trust, Inc.                                                         | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |     44220 | NS      | $234808.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Alternative Capital                                           | MAC Trust 2025-801B                                                         | CUSIP: 553918AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20500000 | PA      | $20545100.00  | 0.54%             | 2027-10-15      | Floating      | 5.73%                 | 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        |  11550000 | PA      | $11589270.00  | 0.31%             | 2027-03-15      | Floating      | 7.22%                 | 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      | $1516235.68   | 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        |   1507080 | PA      | $1530440.09   | 0.04%             | 2049-10-25      | Floating      | 7.55%                 | 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        |  10550000 | PA      | $10622795.00  | 0.28%             | 2027-10-15      | Floating      | 6.75%                 | 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        |   3349808 | PA      | $2827997.00   | 0.07%             | 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      | $2000203.40   | 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      | $1494677.40   | 0.04%             | 2066-03-25      | 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      | $16297196.00  | 0.43%             | 2039-11-10      | Variable      | 10.42%                | 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      | $2456560.80   | 0.07%             | 2028-04-13      | Variable      | 7.71%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities                             | Multifamily Connecticut Avenue Securities Trust 2023-01                     | CUSIP: 62548NAB4<br>LEI: 254900JAK6X5OPMD5925 | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5681500.00   | 0.15%             | 2032-02-25      | Floating      | 10.68%                | 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      | $3952228.00   | 0.10%             | 2037-03-15      | Floating      | 6.67%                 | 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      | $4813500.00   | 0.13%             | 2037-10-15      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Cim Trust                                                             | CIM Trust 2025-NR1                                                          | CUSIP: 17181YAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19539155 | PA      | $19138821.55  | 0.51%             | 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        |   1500000 | PA      | $1503150.00   | 0.04%             | 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        |   1029682 | PA      | $840153.05    | 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        |    379589 | PA      | $379209.10    | 0.01%             | 2036-02-15      | Floating      | 7.15%                 | 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        |   9525000 | PA      | $9566910.00   | 0.25%             | 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        |   1632983 | PA      | $1612080.85   | 0.04%             | 2028-03-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Dcal Aviation Finance Limited                                         | AIM Aviation Finance, Ltd.                                                  | CUSIP: 001406AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  16306177 | PA      | $15950702.39  | 0.42%             | 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      | $147308.22    | 0.00%             |  |  |  | No            |                  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        |    906419 | PA      | $765744.45    | 0.02%             | 2066-09-25      | Variable      | 1.55%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE4                                                        | CUSIP: 31684PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4623391 | PA      | $4635480.45   | 0.12%             | 2055-07-25      | Variable      | 5.41%                 | 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        |   1371993 | PA      | $1306747.20   | 0.03%             | 2053-04-25      | Variable      | 0.99%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2025-NQM2                               | CUSIP: 36272EAC8<br>LEI: 254900WJFO182DZH8M35 | Long             | ABS-MBS          | CORP              | US        |   9905792 | PA      | $9958940.54   | 0.26%             | 2065-06-25      | Variable      | 5.90%                 | 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      | $4118471.47   | 0.11%             | 2039-01-15      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2017-1R                                | CUSIP: 14856JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    557439 | PA      | $535141.12    | 0.01%             | 2027-04-15      | Fixed         | 2.74%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                          | U.S. Treasury Bond                                                          | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 250000000 | PA      | $247167975.00 | 6.54%             | 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        |    956275 | PA      | $938010.29    | 0.02%             | 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      | $3251572.80   | 0.09%             | 2038-06-15      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R1                                          | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    832817 | PA      | $808933.42    | 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          | CORP              | US        |  17661811 | PA      | $636849.59    | 0.02%             | 2030-10-25      | Variable      | 1.19%                 | No            |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2023-DELC                                                          | CUSIP: 05610DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8345000 | PA      | $8400911.50   | 0.22%             | 2038-05-15      | Floating      | 7.37%                 | 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      | $5018500.00   | 0.13%             | 2027-03-15      | Floating      | 9.33%                 | 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      | $7809950.00   | 0.21%             | 2031-07-15      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| First American Government Obligations Fund                            | First American Government Obligations Fund                                  | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        | 344653404 | NS      | $344653404.28 | 9.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL8 LLC                                                          | CUSIP: 69392EAA8<br>LEI: 254900EZKI569P0YE486 | Long             | ABS-MBS          | CORP              | US        |  19304570 | PA      | $19347705.61  | 0.51%             | 2028-07-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Corevest American Finance Ltd                                         | CAFL 2025-RRTL1 Issuer LP                                                   | CUSIP: 124760AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $6045158.40   | 0.16%             | 2040-05-28      | Fixed         | 6.32%                 | Yes           |                  2 | On Loan: No      |
| Gcat                                                                  | GCAT 2025-NQM6 Trust                                                        | CUSIP: 36831QAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4206500 | PA      | $4181082.22   | 0.11%             | 2029-10-25      | Variable      | 5.78%                 | 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        |   2000000 | PA      | $2043650.80   | 0.05%             | 2027-03-25      | Variable      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| Stonepeak                                                             | Stonepeak 2021-1 ABS                                                        | CUSIP: 78433XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1159565 | PA      | $1123734.09   | 0.03%             | 2027-12-15      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-1                                                 | CUSIP: 69548AAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3601845 | PA      | $3606167.09   | 0.10%             | 2031-07-15      | Variable      | 7.29%                 | Yes           |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2025-6 LLC                                                             | CUSIP: 69395KAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4400000 | PA      | $4413548.04   | 0.12%             | 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        |  23750000 | PA      | $23864672.13  | 0.63%             | 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        |   1909124 | PA      | $1922200.86   | 0.05%             | 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        |   5195432 | PA      | $5224781.69   | 0.14%             | 2027-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | Lhome Mortgage Trust 2025-Rtl2                                              | CUSIP: 50206RAB3<br>LEI: 529900COAFD3IY51O355 | Long             | ABS-MBS          | CORP              | US        |   4400000 | PA      | $4427655.76   | 0.12%             | 2040-04-25      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Pga National Resort Commercial Mortgage Trust                         | PGA Trust 2024-RSR2                                                         | CUSIP: 69381CAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1999800.00   | 0.05%             | 2026-06-15      | Floating      | 7.52%                 | 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        |  25000000 | PA      | $24974555.00  | 0.66%             | 2028-10-25      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-RISE                                                          | CUSIP: 12434EAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17430475 | PA      | $17474050.88  | 0.46%             | 2036-11-15      | Floating      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| Arixa Mortgage Trust                                                  | Arixa Mortgage Trust 2025-RTL1                                              | CUSIP: 04046BAA1<br>LEI: 254900Q4SU6C9E56ZJ68 | Long             | ABS-MBS          | CORP              | US        |  11000000 | PA      | $11044179.30  | 0.29%             | 2028-02-25      | Fixed         | 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      | $13998338.20  | 0.37%             | 2040-10-25      | Fixed         | 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      | $3022488.00   | 0.08%             | 2036-11-15      | Floating      | 7.11%                 | 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        |    622066 | PA      | $596759.48    | 0.02%             | 2065-05-25      | Variable      | 1.43%                 | 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        |   4000000 | PA      | $3986968.40   | 0.11%             | 2029-10-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Scg Hotel Issuer Inc                                                  | SCG Trust 2025-SNIP                                                         | CUSIP: 78398JAG9<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3523450.00   | 0.09%             | 2027-09-15      | Floating      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| Fs Trust                                                              | FS Trust 2024-HULA                                                          | CUSIP: 30338DAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4400000 | PA      | $4405720.00   | 0.12%             | 2026-08-15      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2023-RTL2 Trust                                                         | CUSIP: 55286UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  27486000 | PA      | $27532509.06  | 0.73%             | 2026-04-25      | Variable      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limited                                      | Pioneer Aircraft Finance, Ltd.                                              | CUSIP: 72353PAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1656250 | PA      | $1605734.42   | 0.04%             | 2026-06-15      | Fixed         | 4.95%                 | 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      | $6394050.00   | 0.17%             | 2038-11-05      | Variable      | 4.19%                 | Yes           |                  2 | On Loan: No      |
| Us Treasury N/b                                                       | U.S. Treasury Bond                                                          | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  34000000 | PA      | $34446250.00  | 0.91%             | 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          | USGA              | US        |   2500000 | PA      | $2534500.00   | 0.07%             | 2044-10-25      | Floating      | 7.44%                 | 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      | $3444775.16   | 0.09%             | 2033-07-25      | None          | 0.00%                 | 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        |   4623792 | PA      | $1502063.30   | 0.04%             | 2037-03-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Unlock Hea Trust                                                      | Unlock HEA Trust 2025-1                                                     | CUSIP: 91528BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3966431 | PA      | $3978639.66   | 0.11%             | 2033-04-25      | Fixed         | 6.75%                 | Yes           |                  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      | $6012600.00   | 0.16%             | 2027-08-15      | Floating      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL1                                              | CUSIP: 50205DAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $6054635.40   | 0.16%             | 2029-01-25      | Fixed         | 9.16%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2025-CES1                                         | CUSIP: 78438CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14453757 | PA      | $14444315.97  | 0.38%             | 2029-08-25      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Scg Hotel Issuer Inc                                                  | SCG Trust 2025-SNIP                                                         | CUSIP: 78398JAA2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $15019500.00  | 0.40%             | 2027-09-15      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Intown Mortgage Trust                                                 | INTOWN 2025-STAY Mortgage Trust                                             | CUSIP: 46117WAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13100000 | PA      | $13100000.00  | 0.35%             | 2027-03-15      | Floating      | 6.28%                 | 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        |   2275166 | PA      | $2279715.99   | 0.06%             | 2032-01-15      | Fixed         | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Freedom Financial                                                     | FREED ABS Trust 2022-4FP                                                    | CUSIP: 35634JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2530732 | PA      | $2533262.94   | 0.07%             | 2029-12-18      | Fixed         | 7.40%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-1                                                 | CUSIP: 69548AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2989500 | PA      | $2997571.67   | 0.08%             | 2031-07-15      | Fixed         | 7.11%                 | 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        |  13940850 | PA      | $13956917.94  | 0.37%             | 2029-09-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Fidelis Mortgage Trust                                                | Fidelis Mortgage Trust 2025-RTL2                                            | CUSIP: 31575JAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13000000 | PA      | $13057753.80  | 0.35%             | 2040-07-25      | Variable      | 5.57%                 | 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        |   4360344 | PA      | $5304546.98   | 0.14%             | 2037-02-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE4                                                        | CUSIP: 31684PAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3236374 | PA      | $3250663.73   | 0.09%             | 2055-07-25      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Twin Hospitality Llc                                                  | Twin Hospitality I LLC                                                      | CUSIP: 90164DAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1196321 | PA      | $1202542.11   | 0.03%             | 2027-10-25      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Nomura Resecuritization Trust                                         | Nomura Resecuritization Trust 2014-8R                                       | CUSIP: 65540QAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2011406 | PA      | $1958784.51   | 0.05%             | 2036-10-26      | Variable      | 4.46%                 | 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      | $2020871.20   | 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        |   6411165 | PA      | $6409241.48   | 0.17%             | 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        |   7391441 | PA      | $7328242.82   | 0.19%             | 2055-10-25      | Variable      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Horizon Aircraft Finance                                              | Horizon Aircraft Finance III, Ltd.                                          | CUSIP: 44040JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   3320404 | PA      | $3205849.98   | 0.08%             | 2039-11-15      | 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      | $1839758.70   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Santander Consumer Auto Receivables Trust                             | Santander Consumer Auto Receivables Trust                                   | CUSIP: 80282YAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1370000 | PA      | $1370000.00   | 0.04%             | 2028-08-15      | Fixed         | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2024-RTL3 Trust                                                         | CUSIP: 59319PAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1615547.99   | 0.04%             | 2028-05-25      | Variable      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Trust, Inc.                                              | Arbor Realty Trust                                                          | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     99092 | NS      | $2185969.52   | 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      | $512900.00    | 0.01%             | 2029-10-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2025-3                                                                 | CUSIP: 74449DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  22912756 | PA      | $22925204.91  | 0.61%             | 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        |   1623077 | PA      | $1595484.46   | 0.04%             | 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      | $746297.42    | 0.02%             | 2028-08-25      | Variable      | 6.33%                 | 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          | CORP              | US        |  47775581 | PA      | $2045635.73   | 0.05%             | 2030-09-25      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn7                                                  | CUSIP: 35563QAB3<br>LEI: 529900NYZHC090WEXH18 | Long             | ABS-MBS          | USGA              | US        |   2300000 | PA      | $2484000.00   | 0.07%             | 2033-04-25      | Floating      | 9.88%                 | 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      | $8536550.00   | 0.23%             | 2028-03-15      | Variable      | 6.90%                 | 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        |   2400000 | PA      | $2351040.00   | 0.06%             | 2026-07-25      | Fixed         | 7.00%                 | 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      | $4501218.12   | 0.12%             | 2029-09-15      | Fixed         | 4.52%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust 2025-HI                               | CUSIP: 949933AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4005600.00   | 0.11%             | 2027-10-15      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Stonepeak                                                             | Stonepeak 2021-1 ABS                                                        | CUSIP: 78433XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8508282 | PA      | $8021608.32   | 0.21%             | 2028-05-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Corevest American Finance Ltd                                         | CAFL 2025-RRTL1 Issuer LP                                                   | CUSIP: 124760AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13450000 | PA      | $13532622.01  | 0.36%             | 2040-05-28      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Twin Hospitality Llc                                                  | Twin Hospitality I LLC                                                      | CUSIP: 90164DAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  26135625 | PA      | $25848133.15  | 0.68%             | 2027-10-25      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-18CB                                            | CUSIP: 02147FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8844494 | PA      | $3320318.58   | 0.09%             | 2036-07-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2023-RTL3                                              | CUSIP: 50205TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19725116 | PA      | $19756164.89  | 0.52%             | 2028-08-25      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM4                                                | CUSIP: 002941AE2<br>LEI: 9845006Y6D399D9E8O78 | Long             | ABS-MBS          | CORP              | US        |  24894375 | PA      | $24922761.57  | 0.66%             | 2029-09-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2023-NQM4                                                | CUSIP: 00002MAC3<br>LEI: 9845002EOD0CFAFA4F48 | Long             | ABS-MBS          | CORP              | US        |   1700172 | PA      | $1729293.44   | 0.05%             | 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        |  18738376 | PA      | $18775148.33  | 0.50%             | 2028-06-25      | Fixed         | 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        |  14015209 | PA      | $11769490.76  | 0.31%             | 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        |   2912702 | PA      | $2119920.36   | 0.06%             | 2037-06-26      | Floating      | 4.67%                 | 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        |  11254885 | PA      | $9451465.20   | 0.25%             | 2043-05-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Prkcm Trust                                                           | PRKCM 2025-AFC1 Trust                                                       | CUSIP: 69392YAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2982321 | PA      | $2980365.06   | 0.08%             | 2060-10-25      | Variable      | 5.10%                 | 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      | $10745211.51  | 0.28%             | 2029-05-25      | 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        |   2711561 | PA      | $2728564.66   | 0.07%             | 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        |   4527101 | PA      | $4541422.83   | 0.12%             | 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      | $1000785.20   | 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: 549300NHEJTDVQUV3M53 | Long             | ABS-MBS          | CORP              | US        |   9910239 | PA      | $2705755.80   | 0.07%             | 2036-05-25      | Floating      | 4.81%                 | 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      | $9235056.00   | 0.24%             | 2027-11-05      | Fixed         | 8.76%                 | Yes           |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                               | Mello Mortgage Capital Acceptance 2022-INV2                                 | CUSIP: 58549JAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6336594 | PA      | $5531153.10   | 0.15%             | 2044-10-25      | Variable      | 3.00%                 | 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      | $14880250.00  | 0.39%             | 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        |   8645550 | PA      | $8631717.16   | 0.23%             | 2043-05-15      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2                    | CUSIP: 61778XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2950379 | PA      | $2969355.31   | 0.08%             | 2029-07-25      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Tvc Mortgage Trust                                                    | TVC Mortgage Trust 2025-RRTL1                                               | CUSIP: 900927AB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6797000 | PA      | $6866762.37   | 0.18%             | 2040-04-25      | Variable      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2021-INV2 Trust                                                         | CUSIP: 552732AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2247283 | PA      | $2031905.98   | 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        |    131452 | PA      | $130429.34    | 0.00%             | 2060-01-26      | Variable      | 2.68%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                   | Bear Stearns Mortgage Funding Trust 2007-AR5                                | CUSIP: 07400NAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700656 | PA      | $597647.35    | 0.02%             | 2037-06-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Colt Funding Llc                                                      | COLT 2020-3 Mortgage Loan Trust                                             | CUSIP: 12597QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1046011 | PA      | $1036266.75   | 0.03%             | 2065-04-27      | Variable      | 1.51%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-NPL1                           | CUSIP: 79582BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6599346 | PA      | $6572698.87   | 0.17%             | 2030-01-25      | Variable      | 7.12%                 | 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        |  10000000 | PA      | $10110000.00  | 0.27%             | 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: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $14961231.00  | 0.40%             | 2066-01-25      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Jpmorgan Chase Bank, Na - Cacln                                       | J.P. Morgan Chase Bank NA - Chase Auto Credit Linked Notes                  | CUSIP: 48128U2S7<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | ABS-O            | CORP              | US        |    507479 | PA      | $507529.94    | 0.01%             | 2028-12-26      | Fixed         | 8.48%                 | Yes           |                  2 | On Loan: No      |
| Bank                                                                  | BANK 2022-BNK41                                                             | CUSIP: 06540MAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1089900.00   | 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        |    371681 | PA      | $371271.74    | 0.01%             | 2036-02-15      | Floating      | 5.75%                 | 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        |   9601336 | PA      | $8214867.43   | 0.22%             | 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        |  28029154 | PA      | $11257071.51  | 0.30%             | 2037-06-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-30

**Name of Applicant:** AXONIC FUNDS

**Signature:** Lu Chang

**Name of Signer:** Lu Chang

**Title:** Treasurer & Chief Risk Officer