# EDGAR Filing Document

**Accession Number:** 0001762562
**File Stem:** 0000940400-26-021643
**Filing Date:** 2026-5
**Character Count:** 241603
**Document Hash:** c084674331c48e37aae8b82fd530f02d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021643.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021643

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23408
- **FILM NUMBER:** 261031906

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

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

## Nport-Ex

Consolidated Schedule of Investments (unaudited)

March 31, 2026

***If you need assistance accessing this content, please reach out to your sales representative or send an email to*** <u>accessibility@franklintempleton.com.</u>

 **Clarion Partners Real Estate Income Fund Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
|  |  | Value |
| **Private Real Estate — 87.3%** | **Private Real Estate — 87.3%** | **Private Real Estate — 87.3%** |
| **Equity — 62.8%** | **Equity — 62.8%** | **Equity — 62.8%** |
| **Real Estate Investments — 48.9%** | **Real Estate Investments — 48.9%** | **Real Estate Investments — 48.9%** |
| *Healthcare — 11.7%* | *Healthcare — 11.7%* | *Healthcare — 11.7%* |
| &nbsp;&nbsp;&nbsp; 55 Messina Drive, Braintree, MA |  | &nbsp;&nbsp;&nbsp; $17900000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; 2639 Curry Lane, Nokomis, FL |  | &nbsp;&nbsp;&nbsp; 39291377<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; 6810 10th Street, Greeley, CO |  | &nbsp;&nbsp;&nbsp; 40505743<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Denton Medical, Denton, TX |  | &nbsp;&nbsp;&nbsp; 17316645<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vitality Franklin, Franklin, TN |  | &nbsp;&nbsp;&nbsp; 44732321<br> <sup>(a)(c)</sup><br>|
| *Total Healthcare* | *Total Healthcare* | &nbsp;&nbsp; *159746086* |
| *Industrial — 24.6%* | *Industrial — 24.6%* | *Industrial — 24.6%* |
| &nbsp;&nbsp;&nbsp; 100 Friars Boulevard, West Deptford, NJ |  | &nbsp;&nbsp;&nbsp; 30300000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; 3828 Civic Center, Las Vegas, NV |  | &nbsp;&nbsp;&nbsp; 8600000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; 12000 East 56th Avenue, Denver, CO |  | &nbsp;&nbsp;&nbsp; 12200000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; 15550 Export Plaza Drive, Houston, TX |  | &nbsp;&nbsp;&nbsp; 11500000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chino Industrial Portfolio, Chino, CA |  | &nbsp;&nbsp;&nbsp; 29100000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crossroad Logistics, Tampa, FL |  | &nbsp;&nbsp;&nbsp; 18200000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hollywood Avenue, South Plainfield, NJ |  | &nbsp;&nbsp;&nbsp; 21200000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jedburg Logistics Park Building 2, Summerville, SC |  | &nbsp;&nbsp;&nbsp; 26500000<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mack Place, South Plainfield, NJ |  | &nbsp;&nbsp;&nbsp; 18000000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nordeast Business Center, Minneapolis, MN |  | &nbsp;&nbsp;&nbsp; 19300000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Golden Valley, Santa Clarita, CA |  | &nbsp;&nbsp;&nbsp; 63200000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puyallup IOS, Puyallup, WA |  | &nbsp;&nbsp;&nbsp; 7000000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Regional Airport Center II, Orlando, FL |  | &nbsp;&nbsp;&nbsp; 18800000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rojas East Distribution Center, El Paso, TX |  | &nbsp;&nbsp;&nbsp; 53600000<br> <sup>(a)(b)</sup><br>|
| *Total Industrial* | *Total Industrial* | &nbsp;&nbsp; *337500000* |
| *Mixed-Use — 2.5%* | *Mixed-Use — 2.5%* | *Mixed-Use — 2.5%* |
| &nbsp;&nbsp;&nbsp; Congress Commons, Austin, TX |  | &nbsp;&nbsp;&nbsp;&nbsp; *34500000*<br> <sup>(a)(b)</sup><br>|
| *Necessity Retail — 2.0%* | *Necessity Retail — 2.0%* | *Necessity Retail — 2.0%* |
| &nbsp;&nbsp;&nbsp; Midtown Corner, Raleigh, NC |  | &nbsp;&nbsp;&nbsp;&nbsp; *27500000*<br> <sup>(a)(b)</sup><br>|
| *Office — 2.9%* | *Office — 2.9%* | *Office — 2.9%* |
| &nbsp;&nbsp;&nbsp; The Sheds on Charlotte, Nashville, TN |  | &nbsp;&nbsp;&nbsp;&nbsp; *39900000*<br> <sup>(a)(b)</sup><br>|
| *Residential — 5.2%* | *Residential — 5.2%* | *Residential — 5.2%* |
| &nbsp;&nbsp;&nbsp; Anker Haus, Charlotte, NC |  | &nbsp;&nbsp;&nbsp; 18000000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Retreat at Weaverville, Weaverville, NC |  | &nbsp;&nbsp;&nbsp; 53300000<br> <sup>(a)(b)</sup><br>|
| *Total Residential* | *Total Residential* | &nbsp;&nbsp; *71300000* |
| **Total Real Estate Investments (Cost — $672,085,027)** | **Total Real Estate Investments (Cost — $672,085,027)** | &nbsp;&nbsp; **670446086** |
|  | Stated <br>Ownership %<sup>(e)</sup> <br>|  |
| **Investments in Non-Consolidated Joint Ventures — 13.9%** | **Investments in Non-Consolidated Joint Ventures — 13.9%** | **Investments in Non-Consolidated Joint Ventures — 13.9%** |
| *Healthcare — 1.2%* | *Healthcare — 1.2%* | *Healthcare — 1.2%* |
| &nbsp;&nbsp;&nbsp; Fusion Life Science HQ, Carlsbad, CA | &nbsp;&nbsp; 85.0% | &nbsp;&nbsp;&nbsp;&nbsp; *15969742*<br> <sup>(a)(f)</sup><br>|
| *Industrial — 1.5%* | *Industrial — 1.5%* | *Industrial — 1.5%* |
| &nbsp;&nbsp;&nbsp; 456 Sullivan Avenue, South Windsor, CT | &nbsp;&nbsp; 95.0% | &nbsp;&nbsp;&nbsp;&nbsp; *19863949*<br> <sup>(a)(f)</sup><br>|
| *Residential — 11.2%* | *Residential — 11.2%* | *Residential — 11.2%* |
| &nbsp;&nbsp;&nbsp; 7th Street Station, Corvallis, OR | &nbsp;&nbsp; 95.0% | &nbsp;&nbsp;&nbsp; 20039228<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gates at Marina, Marina, CA | &nbsp;&nbsp; 87.5% | &nbsp;&nbsp;&nbsp; 27285971<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Highland Station, Louisville, KY | &nbsp;&nbsp; 90.0% | &nbsp;&nbsp;&nbsp; 20464688<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Martinique Bay, Henderson, NV | &nbsp;&nbsp; 80.0% | &nbsp;&nbsp;&nbsp; 23459891<br> <sup>(a)(f)</sup><br>|

---

Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

\|1

------

Consolidated Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Stated<br> Ownership %<sup>(e)</sup><br>| Value |
| **Investments in Non-Consolidated Joint Ventures — continued** | **Investments in Non-Consolidated Joint Ventures — continued** | **Investments in Non-Consolidated Joint Ventures — continued** | **Investments in Non-Consolidated Joint Ventures — continued** | **Investments in Non-Consolidated Joint Ventures — continued** |
| *Residential — continued* | *Residential — continued* | *Residential — continued* | *Residential — continued* | *Residential — continued* |
| &nbsp;&nbsp;&nbsp; Mosaic at Largo Station, Largo, MD |  |  | &nbsp;&nbsp; 92.5% | &nbsp;&nbsp;&nbsp; $31521506<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; San Martin, Las Vegas, NV |  |  | &nbsp;&nbsp; 96.0% | &nbsp;&nbsp;&nbsp; 31106856<br> <sup>(a)(c)(f)</sup><br>|
| *Total Residential* | *Total Residential* | *Total Residential* | *Total Residential* | &nbsp;&nbsp; *153878140* |
| **Total Investments in Non-Consolidated Joint Ventures (Cost — $181,139,418)** | **Total Investments in Non-Consolidated Joint Ventures (Cost — $181,139,418)** | **Total Investments in Non-Consolidated Joint Ventures (Cost — $181,139,418)** | **Total Investments in Non-Consolidated Joint Ventures (Cost — $181,139,418)** | &nbsp;&nbsp; **189711831** |
| **Total Equity (Cost — $853,224,445)** | **Total Equity (Cost — $853,224,445)** | **Total Equity (Cost — $853,224,445)** | **Total Equity (Cost — $853,224,445)** | &nbsp;&nbsp; **860157917** |
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Real Estate Lending — 24.5%** | **Real Estate Lending — 24.5%** | **Real Estate Lending — 24.5%** | **Real Estate Lending — 24.5%** | **Real Estate Lending — 24.5%** |
| **Investments in Real Estate Loans — 14.6%** | **Investments in Real Estate Loans — 14.6%** | **Investments in Real Estate Loans — 14.6%** | **Investments in Real Estate Loans — 14.6%** | **Investments in Real Estate Loans — 14.6%** |
| *Industrial — 3.7%* | *Industrial — 3.7%* | *Industrial — 3.7%* | *Industrial — 3.7%* | *Industrial — 3.7%* |
| &nbsp;&nbsp;&nbsp; Agellan Portfolio III Mezzanine Loan (SOFR + 5.750%) | &nbsp;&nbsp; 9.423% | &nbsp;&nbsp; 7/9/27 | &nbsp;&nbsp; $50000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *50000000*<br> <sup>(a)(g)</sup><br>|
| *Mixed-Use — 1.3%* | *Mixed-Use — 1.3%* | *Mixed-Use — 1.3%* | *Mixed-Use — 1.3%* | *Mixed-Use — 1.3%* |
| &nbsp;&nbsp;&nbsp; Aertson Midtown Mezzanine B Loan | &nbsp;&nbsp; 9.140% | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 18000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *17994222*<br> <sup>(a)</sup><br>|
| *Office — 1.0%* | *Office — 1.0%* | *Office — 1.0%* | *Office — 1.0%* | *Office — 1.0%* |
| &nbsp;&nbsp;&nbsp; Memphis Logistics Mezzanine Loan (SOFR + 6.464%, 0.150% SOFR floor) | &nbsp;&nbsp; 10.134% | &nbsp;&nbsp; 8/9/26 | &nbsp;&nbsp; 14000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *14000000*<br> <sup>(a)(g)</sup><br>|
| *Residential — 8.6%* | *Residential — 8.6%* | *Residential — 8.6%* | *Residential — 8.6%* | *Residential — 8.6%* |
| &nbsp;&nbsp;&nbsp; Pearl at Boulder Creek Senior Loan (SOFR + 3.400%, 3.500% SOFR floor) | &nbsp;&nbsp; 7.068% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 46009524<br>| &nbsp;&nbsp;&nbsp; 46009524<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; The Biltmore Mezzanine Loan (SOFR + 7.250%, 3.000% SOFR floor) | &nbsp;&nbsp; 10.930% | &nbsp;&nbsp; 4/11/26 | &nbsp;&nbsp; 43000000<br>| &nbsp;&nbsp;&nbsp; 43000000<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; The Lodge Mezzanine Loan | &nbsp;&nbsp; 7.400% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 21400000<br>| &nbsp;&nbsp;&nbsp; 21400000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; The Parker off Pearl Mezzanine Loan | &nbsp;&nbsp; 7.400% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 8100000<br>| &nbsp;&nbsp;&nbsp; 8100000<br> <sup>(a)</sup><br>|
| *Total Residential* | *Total Residential* | *Total Residential* | *Total Residential* | &nbsp;&nbsp; *118509524* |
| **Total Investments in Real Estate Loans (Cost — $200,509,524)** | **Total Investments in Real Estate Loans (Cost — $200,509,524)** | **Total Investments in Real Estate Loans (Cost — $200,509,524)** | **Total Investments in Real Estate Loans (Cost — $200,509,524)** | &nbsp;&nbsp; **200503746** |
| **Senior Lending — 8.5%** | **Senior Lending — 8.5%** | **Senior Lending — 8.5%** | **Senior Lending — 8.5%** | **Senior Lending — 8.5%** |
| *Industrial — 8.5%* | *Industrial — 8.5%* | *Industrial — 8.5%* | *Industrial — 8.5%* | *Industrial — 8.5%* |
| &nbsp;&nbsp;&nbsp; 73rd and Washington Senior Loan (SOFR + 6.000%, 3.000% SOFR floor) | &nbsp;&nbsp; 9.668% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 23366267<br>| &nbsp;&nbsp;&nbsp; 23366267<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; National IOS Portfolio Senior Loan (SOFR + 3.700%, 3.500% SOFR floor) | &nbsp;&nbsp; 7.370% | &nbsp;&nbsp; 3/26/27 | &nbsp;&nbsp; 66500000<br>| &nbsp;&nbsp;&nbsp; 66500000<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Summit at Surprise Senior Loan (SOFR + 5.000%, 5.329% SOFR floor) | &nbsp;&nbsp; 10.329% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 26430539<br>| &nbsp;&nbsp;&nbsp; 26430539<br> <sup>(a)(g)</sup><br>|
| **Total Senior Lending (Cost — $116,296,806)** | **Total Senior Lending (Cost — $116,296,806)** | **Total Senior Lending (Cost — $116,296,806)** | **Total Senior Lending (Cost — $116,296,806)** | &nbsp;&nbsp; **116296806** |
| **Preferred Equity — 1.4%** | **Preferred Equity — 1.4%** | **Preferred Equity — 1.4%** | **Preferred Equity — 1.4%** | **Preferred Equity — 1.4%** |
| *Residential — 1.4%* | *Residential — 1.4%* | *Residential — 1.4%* | *Residential — 1.4%* | *Residential — 1.4%* |
| &nbsp;&nbsp;&nbsp; Avilla Enclave | &nbsp;&nbsp; 10.125% | &nbsp;&nbsp; 3/13/33 | &nbsp;&nbsp; 10672455<br>| &nbsp;&nbsp;&nbsp; 10672455<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avilla Suncoast (SOFR + 6.750%, 4.620% SOFR floor) | &nbsp;&nbsp; 11.370% | &nbsp;&nbsp; 3/29/33 | &nbsp;&nbsp; 8647114<br>| &nbsp;&nbsp;&nbsp; 8647114<br> <sup>(a)(g)</sup><br>|
| **Total Preferred Equity (Cost — $19,319,569)** | **Total Preferred Equity (Cost — $19,319,569)** | **Total Preferred Equity (Cost — $19,319,569)** | **Total Preferred Equity (Cost — $19,319,569)** | &nbsp;&nbsp; **19319569** |
| **Total Real Estate Lending (Cost — $336,125,899)** | **Total Real Estate Lending (Cost — $336,125,899)** | **Total Real Estate Lending (Cost — $336,125,899)** | **Total Real Estate Lending (Cost — $336,125,899)** | &nbsp;&nbsp; **336120121** |
| **Total Private Real Estate (Cost — $1,189,350,344)** | **Total Private Real Estate (Cost — $1,189,350,344)** | **Total Private Real Estate (Cost — $1,189,350,344)** | **Total Private Real Estate (Cost — $1,189,350,344)** | &nbsp;&nbsp; **1196278038** |
| **Publicly-Traded Real Estate Securities — 17.1%** | **Publicly-Traded Real Estate Securities — 17.1%** | **Publicly-Traded Real Estate Securities — 17.1%** | **Publicly-Traded Real Estate Securities — 17.1%** | **Publicly-Traded Real Estate Securities — 17.1%** |
| **Collateralized Mortgage Obligations**<sup>(h)</sup> **— 13.8%** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— 13.8%** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— 13.8%** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— 13.8%** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— 13.8%** |
| &nbsp;&nbsp;&nbsp; 280 Park Avenue Mortgage Trust, 2017-280P E (1 mo. Term SOFR + 2.419%) | &nbsp;&nbsp; 6.089% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 2130000<br>| &nbsp;&nbsp;&nbsp; 2088933<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; A10 Issuer LLC, 2025-FL6 A (1 mo. Term SOFR + 1.465%) | &nbsp;&nbsp; 5.138% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2497596<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Anchor Mortgage Trust, 2025-RTL1 A2 | &nbsp;&nbsp; 6.358% | &nbsp;&nbsp; 5/25/40 | &nbsp;&nbsp; 1470000<br>| &nbsp;&nbsp;&nbsp; 1464753<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2025-6 A3 | &nbsp;&nbsp; 5.920% | &nbsp;&nbsp; 4/25/70 | &nbsp;&nbsp; 747188<br>| &nbsp;&nbsp;&nbsp; 750602<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, 2025-FL1 D (1 mo. Term SOFR + <br> 3.293%) | &nbsp;&nbsp; 6.968% | &nbsp;&nbsp; 1/20/43 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp; 1170168<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, 2025-FL1 E (1 mo. Term SOFR + <br> 3.942%) | &nbsp;&nbsp; 7.617% | &nbsp;&nbsp; 1/20/43 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 720452<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; AREIT, 2025-CRE11 A (1 mo. Term SOFR + 1.550%) | &nbsp;&nbsp; 5.228% | &nbsp;&nbsp; 7/25/43 | &nbsp;&nbsp; 2580000<br>| &nbsp;&nbsp;&nbsp; 2583014<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Atrium Hotel Portfolio Trust, 2017-ATRM E (1 mo. Term SOFR + 3.347%) | &nbsp;&nbsp; 7.020% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1609773<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN34 F | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 6/15/63 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 417593<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN35 H | &nbsp;&nbsp; 1.662% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 423954<br> <sup>(i)(j)</sup><br>|

---

2\|

Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

------

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN35 K | &nbsp;&nbsp; 1.662% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; $3076923<br>| &nbsp;&nbsp;&nbsp; $1167769<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK43 E | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 2125000<br>| &nbsp;&nbsp;&nbsp; 1448335<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK44 E | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 203229<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Merrill Lynch Commercial Mortgage Trust, 2017-BNK3 E | &nbsp;&nbsp; 4.501% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 835385<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK5, 2024-5YR12 F | &nbsp;&nbsp; 4.802% | &nbsp;&nbsp; 12/15/57 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 238445<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bellemeade RE Ltd., 2025-1 M2 (30 Day Average SOFR + 3.900%) | &nbsp;&nbsp; 7.562% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2446935<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; BF Mortgage Trust, 2019-NYT D (1 mo. Term SOFR + 2.297%) | &nbsp;&nbsp; 5.970% | &nbsp;&nbsp; 12/15/35 | &nbsp;&nbsp; 2985600<br>| &nbsp;&nbsp;&nbsp; 2803866<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2024-NQM5 A3 | &nbsp;&nbsp; 6.158% | &nbsp;&nbsp; 6/25/64 | &nbsp;&nbsp; 621512<br>| &nbsp;&nbsp;&nbsp; 625184<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2025-NQM1 A3 | &nbsp;&nbsp; 5.908% | &nbsp;&nbsp; 12/25/64 | &nbsp;&nbsp; 578904<br>| &nbsp;&nbsp;&nbsp; 581620<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2025-NQM7 A3 | &nbsp;&nbsp; 5.814% | &nbsp;&nbsp; 7/25/65 | &nbsp;&nbsp; 1678538<br>| &nbsp;&nbsp;&nbsp; 1683911<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2025-NQM8 A3 | &nbsp;&nbsp; 5.589% | &nbsp;&nbsp; 6/25/65 | &nbsp;&nbsp; 905686<br>| &nbsp;&nbsp;&nbsp; 905612<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2026-NQM1 A3 | &nbsp;&nbsp; 5.205% | &nbsp;&nbsp; 12/25/65 | &nbsp;&nbsp; 1486818<br>| &nbsp;&nbsp;&nbsp; 1475694<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRES Commercial Mortgage Trust, 2025-ATCAP F (1 mo. Term SOFR + 5.189%) | &nbsp;&nbsp; 8.861% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1997159<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, 2013-1515 F | &nbsp;&nbsp; 3.928% | &nbsp;&nbsp; 3/10/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1702618<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2019-IMC G (1 mo. Term SOFR + 3.646%) | &nbsp;&nbsp; 7.319% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1869000<br>| &nbsp;&nbsp;&nbsp; 1823855<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2024-BIO2 D | &nbsp;&nbsp; 7.713% | &nbsp;&nbsp; 8/13/41 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1937053<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2026-CSMO D (1 mo. Term SOFR + 2.450%) | &nbsp;&nbsp; 6.123% | &nbsp;&nbsp; 2/15/43 | &nbsp;&nbsp; 2260000<br>| &nbsp;&nbsp;&nbsp; 2269171<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Corp., 2016-SH2 M4 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 12/25/45 | &nbsp;&nbsp; 689015<br>| &nbsp;&nbsp;&nbsp; 636941<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIP Commercial Mortgage Trust, 2025-SBAY E (1 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.423% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp; 2199495<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-GC29 C | &nbsp;&nbsp; 3.975% | &nbsp;&nbsp; 4/10/48 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1432800<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-P1 D | &nbsp;&nbsp; 3.225% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 11336<br>| &nbsp;&nbsp;&nbsp; 11116<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2017-P7 B | &nbsp;&nbsp; 4.137% | &nbsp;&nbsp; 4/14/50 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1416725<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, 2025-11 A3 | &nbsp;&nbsp; 5.409% | &nbsp;&nbsp; 11/25/70 | &nbsp;&nbsp; 1519900<br>| &nbsp;&nbsp;&nbsp; 1514463<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, 2026-1 B1 | &nbsp;&nbsp; 6.462% | &nbsp;&nbsp; 2/25/71 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 990943<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2015-C3 C | &nbsp;&nbsp; 4.130% | &nbsp;&nbsp; 8/15/48 | &nbsp;&nbsp; 1832807<br>| &nbsp;&nbsp;&nbsp; 1779312<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2017-CHOP H (PRIME + 4.294%) | &nbsp;&nbsp; 11.044% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 966387<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2020-FACT E (1 mo. Term SOFR + 5.476%) | &nbsp;&nbsp; 9.149% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1368469<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; DBWF Mortgage Trust, 2015-LCM B | &nbsp;&nbsp; 3.422% | &nbsp;&nbsp; 6/10/34 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1883125<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dwight Issuer LLC, 2025-FL1 A (1 mo. Term SOFR + 1.662%) | &nbsp;&nbsp; 5.342% | &nbsp;&nbsp; 6/18/42 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1001821<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dwight Issuer LLC, 2025-FL1 E (1 mo. Term SOFR + 4.938%) | &nbsp;&nbsp; 8.618% | &nbsp;&nbsp; 6/18/42 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 749462<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eagle RE Ltd., 2023-1 M1B (30 Day Average SOFR + 3.950%) | &nbsp;&nbsp; 7.612% | &nbsp;&nbsp; 9/26/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1023604<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eagle RE Ltd., 2023-1 M2 (30 Day Average SOFR + 5.200%) | &nbsp;&nbsp; 8.862% | &nbsp;&nbsp; 9/26/33 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 972226<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2025-INV1 B1 | &nbsp;&nbsp; 7.185% | &nbsp;&nbsp; 3/25/70 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 753421<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2025-NQM5 B1 | &nbsp;&nbsp; 6.716% | &nbsp;&nbsp; 11/25/70 | &nbsp;&nbsp; 1395500<br>| &nbsp;&nbsp;&nbsp; 1389426<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Credit Risk <br> Trust, 2021-MN1 M2 (30 Day Average SOFR + 3.750%) | &nbsp;&nbsp; 7.412% | &nbsp;&nbsp; 1/25/51 | &nbsp;&nbsp; 3292000<br>| &nbsp;&nbsp;&nbsp; 3421400<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Credit Risk <br> Trust, 2021-MN2 M2 (30 Day Average SOFR + 3.350%) | &nbsp;&nbsp; 7.012% | &nbsp;&nbsp; 7/25/41 | &nbsp;&nbsp; 2425431<br>| &nbsp;&nbsp;&nbsp; 2432107<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5140 NI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/25/49 | &nbsp;&nbsp; 3546188<br>| &nbsp;&nbsp;&nbsp; 512343<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5159 IP, IO, PAC | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/25/51 | &nbsp;&nbsp; 4647980<br>| &nbsp;&nbsp;&nbsp; 674196<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5408 GI, IO, PAC | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/25/54 | &nbsp;&nbsp; 2463400<br>| &nbsp;&nbsp;&nbsp; 407419<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5408 PI, IO, PAC | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/25/54 | &nbsp;&nbsp; 493372<br>| &nbsp;&nbsp;&nbsp; 98493<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5449 FQ (30 Day Average <br> SOFR + 1.500%) | &nbsp;&nbsp; 5.162% | &nbsp;&nbsp; 9/25/54 | &nbsp;&nbsp; 4417213<br>| &nbsp;&nbsp;&nbsp; 4442913<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5482 FC (30 Day Average <br> SOFR + 1.300%) | &nbsp;&nbsp; 4.962% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 3642350<br>| &nbsp;&nbsp;&nbsp; 3666538<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5523 IQ, IO, PAC | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/25/55 | &nbsp;&nbsp; 3010931<br>| &nbsp;&nbsp;&nbsp; 527403<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5549 AF (30 Day Average <br> SOFR + 1.500%) | &nbsp;&nbsp; 5.162% | &nbsp;&nbsp; 6/25/55 | &nbsp;&nbsp; 7573734<br>| &nbsp;&nbsp;&nbsp; 7628989<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2020-DNA2 B2 (30 Day Average SOFR + 4.914%) | &nbsp;&nbsp; 8.576% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 824699<br> <sup>(i)(j)</sup><br>|

---

Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

\|3

------

Consolidated Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2021-DNA3 B2 (30 Day Average SOFR + 6.250%) | &nbsp;&nbsp; 9.912% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; $725000<br>| &nbsp;&nbsp;&nbsp; $914866<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2021-DNA5 B2 (30 Day Average SOFR + 5.500%) | &nbsp;&nbsp; 9.162% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1831395<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2021-HQA4 B2 (30 Day Average SOFR + 7.000%) | &nbsp;&nbsp; 10.662% | &nbsp;&nbsp; 12/25/41 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 660369<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2025-DNA1 M2 (30 Day Average SOFR + 1.350%) | &nbsp;&nbsp; 5.012% | &nbsp;&nbsp; 1/25/45 | &nbsp;&nbsp; 1580000<br>| &nbsp;&nbsp;&nbsp; 1571742<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2025-DNA2 M2 (30 Day Average SOFR + 1.500%) | &nbsp;&nbsp; 5.162% | &nbsp;&nbsp; 5/25/45 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1152118<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, <br> 2017-1 M2 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/25/56 | &nbsp;&nbsp; 1495249<br>| &nbsp;&nbsp;&nbsp; 1458529<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, <br> 2018-4 M | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/25/58 | &nbsp;&nbsp; 967319<br>| &nbsp;&nbsp;&nbsp; 952497<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk <br> Securitized Participation Interests Trust, 2017-SPI1 B | &nbsp;&nbsp; 4.107% | &nbsp;&nbsp; 9/25/47 | &nbsp;&nbsp; 152786<br>| &nbsp;&nbsp;&nbsp; 112148<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, <br> 2019-DNA3 B2 (30 Day Average SOFR + 8.264%) | &nbsp;&nbsp; 11.926% | &nbsp;&nbsp; 7/25/49 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 832036<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, <br> 2019-FTR1 B2 (30 Day Average SOFR + 8.464%) | &nbsp;&nbsp; 12.126% | &nbsp;&nbsp; 1/25/48 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 779740<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, <br> 2019-FTR3 B2 (30 Day Average SOFR + 4.914%) | &nbsp;&nbsp; 8.582% | &nbsp;&nbsp; 9/25/47 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 868523<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, <br> 2019-FTR4 B2 (30 Day Average SOFR + 5.114%) | &nbsp;&nbsp; 8.776% | &nbsp;&nbsp; 11/25/47 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 826342<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, <br> 2019-HQA3 B2 (30 Day Average SOFR + 7.614%) | &nbsp;&nbsp; 11.276% | &nbsp;&nbsp; 9/25/49 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 1078238<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Whole Loan Securities Trust, 2017-<br> SC01 M2 | &nbsp;&nbsp; 3.657% | &nbsp;&nbsp; 12/25/46 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 495901<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2021-R01 1B1 (30 Day <br> Average SOFR + 3.100%) | &nbsp;&nbsp; 6.762% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 504890<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2021-R01 1B2 (30 Day <br> Average SOFR + 6.000%) | &nbsp;&nbsp; 9.662% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1531322<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2021-R03 1B2 (30 Day <br> Average SOFR + 5.500%) | &nbsp;&nbsp; 9.162% | &nbsp;&nbsp; 12/25/41 | &nbsp;&nbsp; 695000<br>| &nbsp;&nbsp;&nbsp; 711953<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2022-R02 2B2 (30 Day <br> Average SOFR + 7.650%) | &nbsp;&nbsp; 11.312% | &nbsp;&nbsp; 1/25/42 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1044401<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2024-R01 1B2 (30 Day <br> Average SOFR + 4.000%) | &nbsp;&nbsp; 7.662% | &nbsp;&nbsp; 1/25/44 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 359249<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2024-R02 1B1 (30 Day <br> Average SOFR + 2.500%) | &nbsp;&nbsp; 6.162% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1013841<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-15 IA, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/25/50 | &nbsp;&nbsp; 3407511<br>| &nbsp;&nbsp;&nbsp; 483203<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2021-78 CI, IO | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/25/51 | &nbsp;&nbsp; 2241478<br>| &nbsp;&nbsp;&nbsp; 507147<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2022-62 FM (30 Day <br> Average SOFR + 0.650%) | &nbsp;&nbsp; 4.312% | &nbsp;&nbsp; 9/25/52 | &nbsp;&nbsp; 9597723<br>| &nbsp;&nbsp;&nbsp; 9476041<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2024-19 PI, IO, PAC | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 1/25/54 | &nbsp;&nbsp; 2679771<br>| &nbsp;&nbsp;&nbsp; 531413<br>|
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, 2021-F117 CS (30 Day Average SOFR + 6.400%) | &nbsp;&nbsp; 10.069% | &nbsp;&nbsp; 7/25/31 | &nbsp;&nbsp; 654865<br>| &nbsp;&nbsp;&nbsp; 604653<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; FS Rialto Issuer LLC, 2025-FL10 D (1 mo. Term SOFR + 2.696%) | &nbsp;&nbsp; 6.372% | &nbsp;&nbsp; 8/19/42 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 997477<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2015-152 PI, IO, PAC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/20/45 | &nbsp;&nbsp; 2355662<br>| &nbsp;&nbsp;&nbsp; 466844<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2023-184 HI, IO | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 12/20/53 | &nbsp;&nbsp; 1021199<br>| &nbsp;&nbsp;&nbsp; 213816<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2024-151 KS, IO (-1.000 x 30 <br> Day Average SOFR + 6.050%) | &nbsp;&nbsp; 2.377% | &nbsp;&nbsp; 9/20/54 | &nbsp;&nbsp; 4607327<br>| &nbsp;&nbsp;&nbsp; 379283<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2025-175 LS, IO (-1.000 x 30 <br> Day Average SOFR + 5.950%) | &nbsp;&nbsp; 2.277% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 2178355<br>| &nbsp;&nbsp;&nbsp; 210944<br> <sup>(j)</sup><br>|

---

4\|

Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

------

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2025-214 S, IO (-1.000 x 30 <br> Day Average SOFR + 6.600%) | &nbsp;&nbsp; 2.927% | &nbsp;&nbsp; 12/20/55 | &nbsp;&nbsp; $2546122<br>| &nbsp;&nbsp;&nbsp; $259441<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, 2025-FL4 A (1 mo. Term SOFR + 1.481%) | &nbsp;&nbsp; 5.154% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp;&nbsp; 1480600<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, 2025-HC4 D (1 mo. Term SOFR + 3.940%) | &nbsp;&nbsp; 7.613% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1993062<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, 2017-375H A | &nbsp;&nbsp; 3.475% | &nbsp;&nbsp; 9/10/37 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2433646<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, 2014-GC24 B | &nbsp;&nbsp; 4.297% | &nbsp;&nbsp; 9/10/47 | &nbsp;&nbsp; 803795<br>| &nbsp;&nbsp;&nbsp; 778367<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, 2015-GC28 D | &nbsp;&nbsp; 4.129% | &nbsp;&nbsp; 2/10/48 | &nbsp;&nbsp; 210643<br>| &nbsp;&nbsp;&nbsp; 202433<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, 2015-GC32 D | &nbsp;&nbsp; 3.345% | &nbsp;&nbsp; 7/10/48 | &nbsp;&nbsp; 21891<br>| &nbsp;&nbsp;&nbsp; 21465<br>|
| &nbsp;&nbsp;&nbsp; Home RE Ltd., 2023-1 M2 (30 Day Average SOFR + 6.000%) | &nbsp;&nbsp; 9.662% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 537529<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Home RE Ltd., 2026-1 M1C (30 Day Average SOFR + 2.600%) | &nbsp;&nbsp; 6.262% | &nbsp;&nbsp; 1/25/36 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1554603<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; HOMES Trust, 2024-NQM1 A1 | &nbsp;&nbsp; 5.915% | &nbsp;&nbsp; 7/25/69 | &nbsp;&nbsp; 660451<br>| &nbsp;&nbsp;&nbsp; 666215<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; HOMES Trust, 2025-NQM1 A3 | &nbsp;&nbsp; 5.961% | &nbsp;&nbsp; 1/25/70 | &nbsp;&nbsp; 702736<br>| &nbsp;&nbsp;&nbsp; 705030<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; HOMES Trust, 2026-NQM1 A2 | &nbsp;&nbsp; 5.053% | &nbsp;&nbsp; 9/25/70 | &nbsp;&nbsp; 1092888<br>| &nbsp;&nbsp;&nbsp; 1081855<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2015-JP1 C | &nbsp;&nbsp; 4.765% | &nbsp;&nbsp; 1/15/49 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1581961<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2017-FL11 E (PRIME + <br> 0.964%) | &nbsp;&nbsp; 7.714% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 80707<br>| &nbsp;&nbsp;&nbsp; 80595<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust, 2015-4 B2 | &nbsp;&nbsp; 3.507% | &nbsp;&nbsp; 6/25/45 | &nbsp;&nbsp; 272667<br>| &nbsp;&nbsp;&nbsp; 253648<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust, 2025-NQM5 A1 | &nbsp;&nbsp; 4.879% | &nbsp;&nbsp; 5/25/66 | &nbsp;&nbsp; 1434747<br>| &nbsp;&nbsp;&nbsp; 1424627<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; KIND Trust, 2021-KIND E (1 mo. Term SOFR + 3.364%) | &nbsp;&nbsp; 7.040% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 991855<br>| &nbsp;&nbsp;&nbsp; 980406<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; KREF Ltd., 2021-FL2 C (1 mo. Term SOFR + 2.114%) | &nbsp;&nbsp; 5.793% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 928500<br>| &nbsp;&nbsp;&nbsp; 916889<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2024-RTL5 A1 | &nbsp;&nbsp; 5.323% | &nbsp;&nbsp; 9/25/39 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1501150<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2025-RTL1 M1 | &nbsp;&nbsp; 7.023% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 505584<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2026-RTL1 M1 | &nbsp;&nbsp; 5.993% | &nbsp;&nbsp; 1/25/41 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 603537<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2026-RTL1 M2 | &nbsp;&nbsp; 7.694% | &nbsp;&nbsp; 1/25/41 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 358456<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL17 D (1 mo. Term SOFR + 2.741%) | &nbsp;&nbsp; 6.421% | &nbsp;&nbsp; 2/18/40 | &nbsp;&nbsp; 2340000<br>| &nbsp;&nbsp;&nbsp; 2326973<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL17 E (1 mo. Term SOFR + 3.490%) | &nbsp;&nbsp; 7.170% | &nbsp;&nbsp; 2/18/40 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 357734<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL19 D (1 mo. Term SOFR + 3.440%) | &nbsp;&nbsp; 7.119% | &nbsp;&nbsp; 5/18/42 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1000015<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2026-FL21 A (1 mo. Term SOFR + 1.350%) | &nbsp;&nbsp; 5.030% | &nbsp;&nbsp; 2/18/41 | &nbsp;&nbsp; 2650000<br>| &nbsp;&nbsp;&nbsp; 2642479<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Ltd., 2021-FL7 E (1 mo. Term SOFR + 2.914%) | &nbsp;&nbsp; 6.594% | &nbsp;&nbsp; 10/16/36 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 986786<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Ltd., 2022-FL8 D (1 mo. Term SOFR + 2.650%) | &nbsp;&nbsp; 6.327% | &nbsp;&nbsp; 2/19/37 | &nbsp;&nbsp; 2715000<br>| &nbsp;&nbsp;&nbsp; 2721559<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Trust, 2024-FL15 D (1 mo. Term SOFR + 4.038%) | &nbsp;&nbsp; 7.718% | &nbsp;&nbsp; 8/18/41 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 401479<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Trust, 2024-FL16 A (1 mo. Term SOFR + 1.541%) | &nbsp;&nbsp; 5.221% | &nbsp;&nbsp; 11/18/39 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1001093<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2016-BNK2 B | &nbsp;&nbsp; 3.485% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 467565<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM9 A3 | &nbsp;&nbsp; 5.321% | &nbsp;&nbsp; 9/25/70 | &nbsp;&nbsp; 2797437<br>| &nbsp;&nbsp;&nbsp; 2785089<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, 2026-DSC1 A2 | &nbsp;&nbsp; 5.020% | &nbsp;&nbsp; 1/25/71 | &nbsp;&nbsp; 1310256<br>| &nbsp;&nbsp;&nbsp; 1298751<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; MSWF Commercial Mortgage Trust, 2023-1 E | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/56 | &nbsp;&nbsp; 1344000<br>| &nbsp;&nbsp;&nbsp; 1009089<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust, 2022-LPFL F (1 mo. Term SOFR + 5.285%) | &nbsp;&nbsp; 8.965% | &nbsp;&nbsp; 3/15/39 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 499396<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, 2022-JERI G (1 mo. Term SOFR + <br> 7.608%) | &nbsp;&nbsp; 11.280% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2034552<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, 2022-RRI E (1 mo. Term SOFR + <br> 5.193%) | &nbsp;&nbsp; 8.866% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 496221<br>| &nbsp;&nbsp;&nbsp; 497282<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2017-1A B6 | &nbsp;&nbsp; 5.282% | &nbsp;&nbsp; 2/25/57 | &nbsp;&nbsp; 1562484<br>| &nbsp;&nbsp;&nbsp; 1456867<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2017-5A B5 | &nbsp;&nbsp; 5.821% | &nbsp;&nbsp; 6/25/57 | &nbsp;&nbsp; 527300<br>| &nbsp;&nbsp;&nbsp; 497155<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2017-6A B3 | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 8/27/57 | &nbsp;&nbsp; 552730<br>| &nbsp;&nbsp;&nbsp; 546179<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2018-1A B6 | &nbsp;&nbsp; 5.590% | &nbsp;&nbsp; 12/25/57 | &nbsp;&nbsp; 1993300<br>| &nbsp;&nbsp;&nbsp; 1709565<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2022-NQM4 A3 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/25/62 | &nbsp;&nbsp; 694970<br>| &nbsp;&nbsp;&nbsp; 692678<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2024-RTL1 M1 | &nbsp;&nbsp; 9.298% | &nbsp;&nbsp; 3/25/39 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 270454<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2024-RTL1 M2 | &nbsp;&nbsp; 9.298% | &nbsp;&nbsp; 3/25/39 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 610411<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2025-NQM5 A3 | &nbsp;&nbsp; 5.464% | &nbsp;&nbsp; 8/25/65 | &nbsp;&nbsp; 1916444<br>| &nbsp;&nbsp;&nbsp; 1908445<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRM FHT1 Excess Owner LLC, 2025-FHT1 A | &nbsp;&nbsp; 6.545% | &nbsp;&nbsp; 3/25/32 | &nbsp;&nbsp; 611633<br>| &nbsp;&nbsp;&nbsp; 614769<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2025-NQM8 A3 | &nbsp;&nbsp; 5.826% | &nbsp;&nbsp; 3/25/65 | &nbsp;&nbsp; 1109369<br>| &nbsp;&nbsp;&nbsp; 1113585<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2025-NQM10 A3 | &nbsp;&nbsp; 5.706% | &nbsp;&nbsp; 5/25/65 | &nbsp;&nbsp; 1278239<br>| &nbsp;&nbsp;&nbsp; 1282069<br> <sup>(i)</sup><br>|

---

Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

\|5

------

Consolidated Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(h)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Opteum Mortgage Acceptance Corp. Trust, 2006-1 1AC1 (1 mo. Term SOFR + <br> 0.714%) | &nbsp;&nbsp; 4.393% | &nbsp;&nbsp; 4/25/36 | &nbsp;&nbsp; $937725<br>| &nbsp;&nbsp;&nbsp; $897238<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; PFP Ltd., 2026-13 A (1 mo. Term SOFR + 1.500%) | &nbsp;&nbsp; 5.180% | &nbsp;&nbsp; 8/18/43 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 1902194<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRPM LLC, 2025-RCF3 A2 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/25/55 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 726697<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRPM LLC, 2025-RCF5 A3 | &nbsp;&nbsp; 5.460% | &nbsp;&nbsp; 10/25/55 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1996719<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, 2025-NQM2 A3 | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 2/25/65 | &nbsp;&nbsp; 841463<br>| &nbsp;&nbsp;&nbsp; 845477<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; STWD LLC, 2025-FL4 A (1 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.127% | &nbsp;&nbsp; 11/19/42 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp;&nbsp; 2850189<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toorak Mortgage Trust, 2024-RRTL2 B2 | &nbsp;&nbsp; 9.191% | &nbsp;&nbsp; 9/25/39 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 908332<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, 2017-3 B5 | &nbsp;&nbsp; 3.822% | &nbsp;&nbsp; 7/25/57 | &nbsp;&nbsp; 1176648<br>| &nbsp;&nbsp;&nbsp; 664131<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; TRTX Issuer Ltd., 2022-FL5 E (1 mo. Term SOFR + 4.350%) | &nbsp;&nbsp; 8.028% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 502783<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, 2017-C3 C | &nbsp;&nbsp; 4.352% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1510346<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, 2018-C15 C | &nbsp;&nbsp; 5.137% | &nbsp;&nbsp; 12/15/51 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 620540<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2023-5 B1 | &nbsp;&nbsp; 7.970% | &nbsp;&nbsp; 6/25/68 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2002806<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2023-7 B1 | &nbsp;&nbsp; 7.898% | &nbsp;&nbsp; 10/25/68 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 595992<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2024-4 B1 | &nbsp;&nbsp; 7.643% | &nbsp;&nbsp; 6/25/69 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 242271<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2024-4 B2 | &nbsp;&nbsp; 8.001% | &nbsp;&nbsp; 6/25/69 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 322539<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2024-8 B1 | &nbsp;&nbsp; 7.032% | &nbsp;&nbsp; 10/25/69 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1008223<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2024-INV1 A3 | &nbsp;&nbsp; 6.470% | &nbsp;&nbsp; 3/25/69 | &nbsp;&nbsp; 682859<br>| &nbsp;&nbsp;&nbsp; 687643<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2025-11 A3 | &nbsp;&nbsp; 5.270% | &nbsp;&nbsp; 11/25/70 | &nbsp;&nbsp; 2887800<br>| &nbsp;&nbsp;&nbsp; 2872547<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2025-R1 A3 | &nbsp;&nbsp; 5.774% | &nbsp;&nbsp; 5/25/65 | &nbsp;&nbsp; 846707<br>| &nbsp;&nbsp;&nbsp; 849240<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2025-R1 B1 | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 5/25/65 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1041773<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2015-C28 D | &nbsp;&nbsp; 4.137% | &nbsp;&nbsp; 5/15/48 | &nbsp;&nbsp; 435178<br>| &nbsp;&nbsp;&nbsp; 425655<br> <sup>(j)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $188,892,532)** | **Total Collateralized Mortgage Obligations (Cost — $188,892,532)** | **Total Collateralized Mortgage Obligations (Cost — $188,892,532)** | **Total Collateralized Mortgage Obligations (Cost — $188,892,532)** | &nbsp;&nbsp; **189296289** |
| **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** |
| &nbsp;&nbsp;&nbsp; Abry Liquid Credit CLO Ltd., 2025-2A A1 (3 mo. Term SOFR + 1.310%) | &nbsp;&nbsp; 4.995% | &nbsp;&nbsp; 1/15/38 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 398960<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2024-35A C (3 mo. Term SOFR + 1.900%) | &nbsp;&nbsp; 5.570% | &nbsp;&nbsp; 1/21/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501794<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2025-42A B (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.319% | &nbsp;&nbsp; 7/22/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500025<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., 2021-16A BR (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.318% | &nbsp;&nbsp; 7/17/37 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500683<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Antares CLO Ltd., 2018-1A A1R (3 mo. Term SOFR + 1.370%) | &nbsp;&nbsp; 5.038% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300363<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A A2R (3 mo. Term SOFR + 1.850%) | &nbsp;&nbsp; 5.518% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 470437<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., 2017-28A A2R (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.318% | &nbsp;&nbsp; 10/20/38 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 749971<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., 2023-45A CR (3 mo. Term SOFR + 1.900%) | &nbsp;&nbsp; 5.568% | &nbsp;&nbsp; 7/26/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501206<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos Loan Fund Ltd., 2024-1A A1R (3 mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 4.918% | &nbsp;&nbsp; 10/25/38 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 559860<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apollo Aviation Securitization Equity Trust, 2024-1A A2 | &nbsp;&nbsp; 6.261% | &nbsp;&nbsp; 5/16/49 | &nbsp;&nbsp; 902624<br>| &nbsp;&nbsp;&nbsp; 916792<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Argent Securities Inc., Asset-Backed Pass-Through Certificates, 2003-W3 M1 (1 <br> mo. Term SOFR + 1.239%) | &nbsp;&nbsp; 4.229% | &nbsp;&nbsp; 9/25/33 | &nbsp;&nbsp; 220596<br>| &nbsp;&nbsp;&nbsp; 209328<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Atlas Senior Loan Fund Ltd., 2025-26A AN (3 mo. Term SOFR + 1.340%) | &nbsp;&nbsp; 5.208% | &nbsp;&nbsp; 10/22/38 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 330631<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Atlas Senior Loan Fund Ltd., 2025-26A AY (3 mo. Term SOFR + 1.330%) | &nbsp;&nbsp; 5.198% | &nbsp;&nbsp; 10/22/38 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120231<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2024-2A D | &nbsp;&nbsp; 7.430% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1015966<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd., 2024-3A B (3 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.418% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 391360<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2018-4A CR (3 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.418% | &nbsp;&nbsp; 1/17/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500321<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dividend Solar Loans LLC, 2018-1 B | &nbsp;&nbsp; 4.290% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 1525532<br>| &nbsp;&nbsp;&nbsp; 1442240<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Driven Brands Funding LLC, 2024-1A A2 | &nbsp;&nbsp; 6.372% | &nbsp;&nbsp; 10/20/54 | &nbsp;&nbsp; 985000<br>| &nbsp;&nbsp;&nbsp; 911016<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; EWC Master Issuer LLC, 2022-1A A2 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 962500<br>| &nbsp;&nbsp;&nbsp; 955617<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; GGAM Master Trust International Ltd., 2025-1A A | &nbsp;&nbsp; 5.923% | &nbsp;&nbsp; 9/30/60 | &nbsp;&nbsp; 997957<br>| &nbsp;&nbsp;&nbsp; 997531<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2024-20A B (3 mo. Term SOFR + <br> 1.800%) | &nbsp;&nbsp; 5.468% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 350825<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hardee's Funding LLC, 2024-1A A2 | &nbsp;&nbsp; 7.253% | &nbsp;&nbsp; 3/20/54 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 1001907<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust, 2021-2 F | &nbsp;&nbsp; 3.799% | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; 479672<br>| &nbsp;&nbsp;&nbsp; 472793<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSI Asset Securitization Corp. Trust, 2005-I1 2A4 (1 mo. Term SOFR + 0.894%) | &nbsp;&nbsp; 4.573% | &nbsp;&nbsp; 11/25/35 | &nbsp;&nbsp; 334858<br>| &nbsp;&nbsp;&nbsp; 317319<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Invesco US CLO Ltd., 2023-3A BR (3 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.422% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 470475<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Long Beach Mortgage Loan Trust, 2005-1 M4 (1 mo. Term SOFR + 1.389%) | &nbsp;&nbsp; 5.068% | &nbsp;&nbsp; 2/25/35 | &nbsp;&nbsp; 119750<br>| &nbsp;&nbsp;&nbsp; 118703<br> <sup>(j)</sup><br>|

---

6\|

Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

------

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, 2025-2A C | &nbsp;&nbsp; 7.830% | &nbsp;&nbsp; 8/20/55 | &nbsp;&nbsp; $970000<br>| &nbsp;&nbsp;&nbsp; $985961<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital Inc. Trust, 2004-HE6 A2 (1 mo. Term SOFR + <br> 0.794%) | &nbsp;&nbsp; 4.473% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; 2181347<br>| &nbsp;&nbsp;&nbsp; 2072970<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital Inc. Trust, 2005-HE2 M2 (1 mo. Term SOFR + <br> 0.774%) | &nbsp;&nbsp; 4.453% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 915710<br>| &nbsp;&nbsp;&nbsp; 901762<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Collegiate Student Loan Trust, 2006-3 B (1 mo. Term SOFR + 0.474%) | &nbsp;&nbsp; 4.153% | &nbsp;&nbsp; 1/26/32 | &nbsp;&nbsp; 824050<br>| &nbsp;&nbsp;&nbsp; 781955<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neighborly Issuer LLC, 2023-1A A2 | &nbsp;&nbsp; 7.308% | &nbsp;&nbsp; 1/30/53 | &nbsp;&nbsp; 1202800<br>| &nbsp;&nbsp;&nbsp; 1207671<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRM Excess LLC, 2024-FNT1 A | &nbsp;&nbsp; 7.398% | &nbsp;&nbsp; 11/25/31 | &nbsp;&nbsp; 426309<br>| &nbsp;&nbsp;&nbsp; 428674<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Phantom Aviation, 2026-1A B | &nbsp;&nbsp; 6.027% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 797073<br>| &nbsp;&nbsp;&nbsp; 785603<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; RAAC Trust, 2007-SP1 M3 (1 mo. Term SOFR + 1.614%) | &nbsp;&nbsp; 5.293% | &nbsp;&nbsp; 3/25/37 | &nbsp;&nbsp; 592049<br>| &nbsp;&nbsp;&nbsp; 489961<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; RASC Trust, 2006-KS1 M3 (1 mo. Term SOFR + 0.534%) | &nbsp;&nbsp; 4.423% | &nbsp;&nbsp; 2/25/36 | &nbsp;&nbsp; 1444578<br>| &nbsp;&nbsp;&nbsp; 1416990<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; SEB Funding LLC, 2024-1A A2 | &nbsp;&nbsp; 7.386% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1018683<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; ServiceMaster Funding LLC, 2021-1 A2II | &nbsp;&nbsp; 3.113% | &nbsp;&nbsp; 7/30/51 | &nbsp;&nbsp; 899166<br>| &nbsp;&nbsp;&nbsp; 775272<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer LLC, 2025-1A A2 | &nbsp;&nbsp; 5.036% | &nbsp;&nbsp; 3/25/55 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 965344<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., 2020-24A C1R (3 mo. Term SOFR + 1.800%) | &nbsp;&nbsp; 5.471% | &nbsp;&nbsp; 10/23/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 328703<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2021-16A A1R (3 mo. Term SOFR + 1.130%) | &nbsp;&nbsp; 4.798% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320334<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2021-18A BR (3 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.418% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 467157<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2025-32A B1 (3 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.421% | &nbsp;&nbsp; 7/23/38 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 470315<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2025-4A C (3 mo. Term SOFR + 1.900%) | &nbsp;&nbsp; 5.572% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 329306<br> <sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wave LLC, 2019-1 A | &nbsp;&nbsp; 3.597% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 804093<br>| &nbsp;&nbsp;&nbsp; 789239<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wave LLC, 2019-1 B | &nbsp;&nbsp; 4.581% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 715045<br>| &nbsp;&nbsp;&nbsp; 699551<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Willis Engine Structured Trust, 2025-A B | &nbsp;&nbsp; 6.070% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 973260<br>| &nbsp;&nbsp;&nbsp; 983850<br> <sup>(i)</sup><br>|
| **Total Asset-Backed Securities (Cost — $31,247,819)** | **Total Asset-Backed Securities (Cost — $31,247,819)** | **Total Asset-Backed Securities (Cost — $31,247,819)** | **Total Asset-Backed Securities (Cost — $31,247,819)** | &nbsp;&nbsp; **31225655** |
| **Mortgage-Backed Securities — 0.4%** | **Mortgage-Backed Securities — 0.4%** | **Mortgage-Backed Securities — 0.4%** | **Mortgage-Backed Securities — 0.4%** | **Mortgage-Backed Securities — 0.4%** |
| *FHLMC — 0.1%* | *FHLMC — 0.1%* | *FHLMC — 0.1%* | *FHLMC — 0.1%* | *FHLMC — 0.1%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/40 | &nbsp;&nbsp; 1561123<br>| &nbsp;&nbsp;&nbsp; *1555068*<br>|
| *FNMA — 0.3%* | *FNMA — 0.3%* | *FNMA — 0.3%* | *FNMA — 0.3%* | *FNMA — 0.3%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 4073067<br>| &nbsp;&nbsp;&nbsp; *4055398*<br>|
| **Total Mortgage-Backed Securities (Cost — $5,642,049)** | **Total Mortgage-Backed Securities (Cost — $5,642,049)** | **Total Mortgage-Backed Securities (Cost — $5,642,049)** | **Total Mortgage-Backed Securities (Cost — $5,642,049)** | &nbsp;&nbsp; **5610466** |
|  |  |  | Shares |  |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Non Voting Shares (3 mo. Term SOFR + 4.959%) | &nbsp;&nbsp; 8.641% |  | &nbsp;&nbsp; 72596<br>| &nbsp;&nbsp;&nbsp; 1761905<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp., Non Voting Shares (3 mo. Term SOFR + 5.005%) | &nbsp;&nbsp; 8.705% |  | &nbsp;&nbsp; 76166<br>| &nbsp;&nbsp;&nbsp; 1501993<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; MFA Financial Inc., Non Voting Shares (3 mo. Term SOFR + 5.607%) | &nbsp;&nbsp; 9.289% |  | &nbsp;&nbsp; 62186<br>| &nbsp;&nbsp;&nbsp; 1316478<br> <sup>(j)</sup><br>|
| **Total Preferred Stocks (Cost — $4,895,872)** | **Total Preferred Stocks (Cost — $4,895,872)** | **Total Preferred Stocks (Cost — $4,895,872)** | **Total Preferred Stocks (Cost — $4,895,872)** | &nbsp;&nbsp; **4580376** |
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Corporate Bonds & Notes — 0.2%** | **Corporate Bonds & Notes — 0.2%** | **Corporate Bonds & Notes — 0.2%** | **Corporate Bonds & Notes — 0.2%** | **Corporate Bonds & Notes — 0.2%** |
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* |
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; $1600000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1460000**<br> <sup>(i)</sup><br>|

---

Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

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Consolidated Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* |
| &nbsp;&nbsp;&nbsp; Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; $600000<br>| &nbsp;&nbsp;&nbsp; $589907<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 999342<br> <sup>(i)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1589249** |
| **Total Corporate Bonds & Notes (Cost — $3,260,904)** | **Total Corporate Bonds & Notes (Cost — $3,260,904)** | **Total Corporate Bonds & Notes (Cost — $3,260,904)** | **Total Corporate Bonds & Notes (Cost — $3,260,904)** | &nbsp;&nbsp; **3049249** |
| **Total Publicly-Traded Real Estate Securities (Cost — $233,939,176)** | **Total Publicly-Traded Real Estate Securities (Cost — $233,939,176)** | **Total Publicly-Traded Real Estate Securities (Cost — $233,939,176)** | **Total Publicly-Traded Real Estate Securities (Cost — $233,939,176)** | &nbsp;&nbsp; **233762035** |
| **Total Investments before Short-Term Investments (Cost — $1,423,289,520)** | **Total Investments before Short-Term Investments (Cost — $1,423,289,520)** | **Total Investments before Short-Term Investments (Cost — $1,423,289,520)** | **Total Investments before Short-Term Investments (Cost — $1,423,289,520)** | &nbsp;&nbsp; **1430040073** |
|  |  |  | Shares |  |
| **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management, Institutional Shares <br> (Cost — $42,843,277) | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 42843277<br>| &nbsp;&nbsp;&nbsp;&nbsp; **42843277**<br> <sup>(k)</sup><br>|
| **Total Investments — 107.5% (Cost — $1,466,132,797)** | **Total Investments — 107.5% (Cost — $1,466,132,797)** | **Total Investments — 107.5% (Cost — $1,466,132,797)** | **Total Investments — 107.5% (Cost — $1,466,132,797)** | &nbsp;&nbsp; **1472883350** |
| &nbsp;&nbsp;&nbsp; Other Liabilities in Excess of Other Assets — (7.5)% | &nbsp;&nbsp;&nbsp; Other Liabilities in Excess of Other Assets — (7.5)% | &nbsp;&nbsp;&nbsp; Other Liabilities in Excess of Other Assets — (7.5)% | &nbsp;&nbsp;&nbsp; Other Liabilities in Excess of Other Assets — (7.5)% | &nbsp;&nbsp;&nbsp; (102216206)<br>|
| **Total Net Assets Applicable to Common Shareholders — 100.0%** | **Total Net Assets Applicable to Common Shareholders — 100.0%** | **Total Net Assets Applicable to Common Shareholders — 100.0%** | **Total Net Assets Applicable to Common Shareholders — 100.0%** | &nbsp;&nbsp; **$1370667144** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Investment is valued using significant unobservable inputs (Note 1).

<sup>(b)</sup> Investment is pledged as collateral pursuant to the loan agreement.

<sup>(c)</sup> Investment is fair valued in accordance with procedures approved by the Board of Directors (Note 1).

<sup>(d)</sup> All or a portion of this investment is pledged as collateral related to the mortgage note payable . 

<sup>(e)</sup> Stated ownership % represents the Fund's contractual ownership in the joint venture prior to the impact of promote structures.

<sup>(f)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer. At March 31, 2026, the total market value of investments in Affiliated Companies was $189,711,831 and the cost was $181,139,418 (Note 2). 

<sup>(g)</sup> Floating rate investment. Interest rate disclosed is as of the most recent information available.

<sup>(h)</sup> Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit. 

<sup>(i)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. 

<sup>(j)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>(k)</sup> Rate shown is one-day yield as of the end of the reporting period. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CAS |  | Connecticut Avenue Securities |
| CLO | —  | Collateralized Loan Obligation |
| IO | —  | Interest Only |
| PAC | —  | Planned Amortization Class |
| REMIC | —  | Real Estate Mortgage Investment Conduit |
| SOFR | —  | Secured Overnight Financing Rate |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Number of <br>Contracts<br>| &nbsp;&nbsp; Expiration <br>Date<br>| &nbsp;&nbsp; Notional <br>Amount<br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 6/26 | &nbsp;&nbsp; $20881555 | &nbsp;&nbsp; $20543673 | &nbsp;&nbsp; **$337882** |

---

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Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

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 **Clarion Partners Real Estate Income Fund Inc.**

At March 31, 2026, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  |
| Swap Counterparty | Notional <br>Amount<br>| Termination <br>Date<br>| Payments <br>Made by <br>the Fund<sup>†</sup> <br>| Payments <br>Received by <br>the Fund<sup>†</sup> <br>| Market <br>Value<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Appreciation<br>|
| Amerant Bank N.A. | $15250000  | 1/20/31 | 5.028%\* | &nbsp;&nbsp;&nbsp; 1 mo. Term <br>SOFR + 1.300%\*<br>| **$(62093)** | **$(154100)** | **$92007** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentage shown is an annual percentage rate. |
| \* | One time payment made at termination date. |

---

Reference rate(s) and their value(s) as of period end used in this table:

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| &nbsp;&nbsp;&nbsp; 1 mo. Term SOFR | 3.665% |

---

This Consolidated Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

\|9

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Notes to Consolidated Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Clarion Partners Real Estate Income Fund Inc. (the "Fund") is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), that continuously offers its shares. The Fund is a Maryland corporation and has elected to be taxed as a real estate investment trust (a "REIT") for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund utilizes an Umbrella Partnership Real Estate Investment Trust ("UPREIT") structure to hold all or substantially all of its assets in an operating partnership (the "Operating Partnership"). The Operating Partnership is a Delaware limited partnership of which the Fund is the sole member of the general partner and a limited partner. At March 31, 2026, the Operating Partnership was wholly-owned by the Fund. The Board of Directors (the "Board") authorized 700 million shares of $0.001 par value common stock.

Since the Fund commenced operations in 2019, it has operated as a tender offer fund. On November 20, 2025, the Board approved the Fund's undertaking of certain actions necessary for the Fund to operate as an "interval fund" in reliance on Rule 23c-3 under the 1940 Act. On December 2, 2025, the Fund filed a post-effective amendment to its registration statement on Form N-2 (the "Amendment") to include, among other things, disclosure related to the Fund's operation as an interval fund. On February 2, 2026, the Amendment became effective and the Fund began operating as an interval fund.

The Fund's investment objective is to provide current income and long-term capital appreciation. The Fund seeks to achieve its objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities.

Generally, all investments made by the Fund or the Operating Partnership in private commercial real estate, including real property and investments in real estate loans, will be made through individual special purpose vehicles ("SPV"). Unless otherwise noted, each SPV is wholly-owned by the Fund or the Operating Partnership and this schedule of investments is the consolidated schedule of investments of the Fund, the Operating Partnership and each SPV. Investments which are joint ventures, where no party has control, are not consolidated and are carried at fair value as disclosed below.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** The Fund calculates its net asset value by subtracting liabilities (including accrued expenses or distributions) from the total assets of the Fund (the value of investments, plus cash or other assets, including interest and distributions accrued but not yet received). The Fund's assets and liabilities are valued in accordance with GAAP using the principles set forth below.

***<u>Private commercial real estate</u>***

The fair values of private real estate lending investments are generally determined by discounting the future contractual cash flows to the present value using a current market interest rate. The market rate is determined by considering one or more of the following criteria as appropriate: (i) interest rates for loans of comparable quality and maturity, (ii) the value of the underlying collateral and (iii) the prevailing state of the debt markets. The valuations of investments in real estate loans are prepared by independent external appraisers on a monthly basis. The significant unobservable inputs used in the fair value measurement of the Fund's investment in real estate loans are the selection of certain credit spreads and the loan to value ratios.

The fair values of real estate investments are generally determined by considering the income, cost and sales comparison approaches of estimating property value. The income approach estimates an income stream for a property (typically 10 years) and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Yield rates and growth assumptions utilized in this approach are derived from market transactions as well as other financial and industry data. The cost approach estimates the replacement cost of the building less physical depreciation plus the land value. Generally, this approach provides a check on the value derived using the income approach. The sales comparison approach compares recent transactions to the appraised property. Adjustments are made for dissimilarities that typically provide a range of value. The discount rate and the exit capitalization rate are significant inputs to these valuations. These rates are based on the location, type and nature of each property, and current and anticipated market conditions.

Many factors are also considered in the determination of fair value including, but not limited to, the operating cash flows and financial performance of the properties, property types and geographic locations, the physical condition of the asset, prevailing market capitalization rates, prevailing market discount rates, general economic conditions, economic conditions specific to the market in which the assets are located, and any specific rights or terms associated with the investment. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the values that would be determined by negotiations held between parties in a sale transaction.

The valuations of real estate investments are prepared by independent external appraisers. Limited scope, restricted appraisals are performed on a monthly basis and typically include a limited comparable sales analysis and a full discounted

10\|

Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

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cash flow income approach. Annually, a full-scope, detailed appraisal report is completed and typically includes a market analysis, cost approach, sales comparison approach and an income approach containing a discounted cash flow analysis and direct capitalization method. The full-scope report is prepared by an additional third-party appraisal firm. Since appraisals consider the estimated effect of physical depreciation, historical cost depreciation and amortization on real estate related assets have been excluded from net investment income. Development costs and major renovations are capitalized as a component of cost, while routine maintenance and repairs are expensed as incurred.

Investments in non-consolidated joint ventures are stated at fair value. The Fund's ownership interests are valued based on the Fund's ownership interest in the underlying entities and the fair value of the underlying real estate, using the same techniques as described within this Note. Any other factors, such as ownership percentage, ownership rights, buy/sell agreements, distribution provisions, and capital call obligations are also considered. Upon the disposition of all investments in joint ventures by an investee entity, the Fund will continue to state its equity in the remaining net assets of the investee entity during the wind down period, if any, that occurs prior to the dissolution of the investee entity.

***<u>Real estate securities and other investments</u>***

The valuations for fixed income securities (which may include, but are not limited to, corporate bonds, mortgage-backed and asset-back securities, and collateralized mortgage obligations) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Board.

***<u>Valuation oversight</u>***

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio investment that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

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Notes to Consolidated Schedule of Investments (unaudited) (cont'd)

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities carried at fair value: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Real Estate Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $670446086 | &nbsp;&nbsp; $670446086 |
| &nbsp;&nbsp;&nbsp; Investments in Non-Consolidated Joint Ventures | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 189711831 | &nbsp;&nbsp; 189711831 |
| &nbsp;&nbsp;&nbsp; Investments in Real Estate Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 200503746 | &nbsp;&nbsp; 200503746 |
| &nbsp;&nbsp;&nbsp; Senior Lending | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116296806 | &nbsp;&nbsp; 116296806 |
| &nbsp;&nbsp;&nbsp; Preferred Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19319569 | &nbsp;&nbsp; 19319569 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $189296289 | &nbsp;&nbsp; — | &nbsp;&nbsp; 189296289 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 31225655 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31225655 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 5610466 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5610466 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; $4580376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4580376 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 3049249 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3049249 |
| Total Long-Term Investments | &nbsp;&nbsp; 4580376 | &nbsp;&nbsp; 229181659 | &nbsp;&nbsp; 1196278038 | &nbsp;&nbsp; 1430040073 |
| Short-Term Investments† | &nbsp;&nbsp; 42843277 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42843277 |
| **Total Investments** | &nbsp;&nbsp; **$47423653** | &nbsp;&nbsp; **$229181659** | &nbsp;&nbsp; **$1196278038** | &nbsp;&nbsp; **$1472883350** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $337882 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $337882 |
| **Total** | &nbsp;&nbsp; **$47761535** | &nbsp;&nbsp; **$229181659** | &nbsp;&nbsp; **$1196278038** | &nbsp;&nbsp; **$1473221232** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; OTC Interest Rate Swaps‡ | &nbsp;&nbsp; — | &nbsp;&nbsp; $62093 | &nbsp;&nbsp; — | &nbsp;&nbsp; $62093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Consolidated Schedule of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments. <br> ‡ Value includes any premium paid or received with respect to swap contracts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value: <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments  | Balance <br>as of <br>December 31, 2025<br>| Accrued <br>premiums/ <br>discounts<br>| Realized <br>gain <br>(loss)<br>| Change in <br>unrealized <br>appreciation <br>(depreciation)<sup>1</sup> <br>| Purchases |
| **Real Estate** <br> **Investments**<br>| $517749410 |  |  | $4086053 | $148610623 |
| **Investments in Non-**<br> **Consolidated Joint** <br> **Ventures**<br>| 159092286 |  |  | 2334032 | 32191456 |
| **Investments in Real** <br> **Estate Loans**<br>| 199627127 |  |  | (882) | 877501 |
| **Senior Lending** | 113971858 |  |  |  | 2324948 |
| **Preferred Equity** | 19018213 |  |  |  | 301356 |
| **Total** | **$1009458894** | **—** | **—** | **$6419203** | **$184305884** |

---

12\|

Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments (cont'd) | Sales | Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>March 31, 2026<br>| Net change <br>in unrealized <br>appreciation <br>(depreciation) for <br> investments <br>still held at <br>March 31, 2026<sup>1</sup> <br>|
| **Real Estate** <br> **Investments**<br>|  |  |  | $670446086 | $4086053 |
| **Investments in Non-**<br> **Consolidated Joint** <br> **Ventures**<br>| $(3905943)<br> \*<br>|  |  | 189711831 | 2334032 |
| **Investments in Real** <br> **Estate Loans**<br>|  |  |  | 200503746 | (882) |
| **Senior Lending** |  |  |  | 116296806 |  |
| **Preferred Equity** |  |  |  | 19319569 |  |
| **Total** | **$(3905943)** | **—** | **—** | **$1196278038** | **$6419203** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents return of capital from proceeds of issuance of mortgage note payable.

<sup>1</sup> Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. 

The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain material Level 3 investments. The table does not include Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information without adjustment (e.g., broker quotes, pricing services, net asset values). <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair Value <br>at 3/31/26 <br>(000's)\*<br>| Valuation <br>Technique(s)<br>| Unobservable <br>Input(s)<br>| Value/Range | Impact to Valuation <br>from an Increase in <br>Input\*\*<br>|
| **Real Estate Investments:** | **Real Estate Investments:** | **Real Estate Investments:** | **Real Estate Investments:** | **Real Estate Investments:** | **Real Estate Investments:** |
| Healthcare | $17900<br>| Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 7.25% <br>5.75%<br>| Decrease <br>Decrease<br>|
| Industrial | $337500 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 6.50% to 8.00% <br>5.50% to 7.00%<br>| Decrease <br>Decrease<br>|
| Mixed-Use | $34500 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 7.25% <br>6.50%<br>| Decrease <br>Decrease<br>|
| Necessity Retail | $27500 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 8.25% <br>7.00%<br>| Decrease <br>Decrease<br>|
| Office | $39900 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 7.75% <br>6.75%<br>| Decrease <br>Decrease<br>|
| Residential | $71300 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 7.00% <br>5.50%<br>| Decrease <br>Decrease<br>|
| **Investments in Non-Consolidated Joint Ventures:** | **Investments in Non-Consolidated Joint Ventures:** | **Investments in Non-Consolidated Joint Ventures:** | **Investments in Non-Consolidated Joint Ventures:** | **Investments in Non-Consolidated Joint Ventures:** | **Investments in Non-Consolidated Joint Ventures:** |
| Healthcare | $15970 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 8.25% <br>7.00%<br>| Decrease <br>Decrease<br>|
| Industrial | $19864 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 6.75% <br>4.75%<br>| Decrease <br>Decrease<br>|
| Residential | $122771 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 7.00% to 7.75% <br>5.50% to 6.00%<br>| Decrease <br>Decrease<br>|
| **Investments in Real Estate Loans:** | **Investments in Real Estate Loans:** | **Investments in Real Estate Loans:** | **Investments in Real Estate Loans:** | **Investments in Real Estate Loans:** | **Investments in Real Estate Loans:** |
| Industrial | $50000<br>| Yield Method | Loan to value ratio | 65.40% | Decrease |
| Mixed-Use | $17994 | Yield Method | Credit spread <br>Loan to value ratio<br>| 7.96% <br>90.28%<br>| Decrease <br>Decrease<br>|
| Office | $14000<br>| Yield Method | Loan to value ratio | 90.51% | Decrease |
| Residential | $118510 | Yield Method | Credit spread <br>Loan to value ratio<br>| 5.50% to 6.00% <br>65.68% to 88.39%<br>| Decrease <br>Decrease<br>|
| **Senior Lending:** | **Senior Lending:** | **Senior Lending:** | **Senior Lending:** | **Senior Lending:** | **Senior Lending:** |
| Industrial | $116297 | Yield Method | Loan to value ratio | 44.88% to 80.60% | Decrease |
| **Preferred Equity:** | **Preferred Equity:** | **Preferred Equity:** | **Preferred Equity:** | **Preferred Equity:** | **Preferred Equity:** |
| Residential | $19320 | Yield Method | Credit spread <br>Loan to value ratio<br>| 7.00% <br>77.83% to 85.79%<br>| Decrease <br>Decrease<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

\* Real estate investments of $141,846,086 and investments in underlying real estate held by non-consolidated joint <br> ventures of $31,106,856 are fair valued at cost as of March 31, 2026, in accordance with procedures approved by the <br> Board and are not included in the table above.<br>

Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

\|13

------

Notes to Consolidated Schedule of Investments (unaudited) (cont'd)

\*\* This column represents the directional change in the fair value of the Level 3 investments that would result in an <br> increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite <br> effect. Significant increases and decreases in these unobservable inputs in isolation could result in significantly higher or <br> lower fair value measurements.<br>

**2. Transactions with affiliated companies**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities. The following companies were considered affiliated companies for all or some portion of the period ended March 31, 2026. The following transactions were effected in such companies for the period ended March 31, 2026. <br>

---

| | | | |
|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Purchased | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Cost | Proceeds |
| Fusion Life Science HQ, Carlsbad, <br> CA<br>| $15736312 | $170000 |  |
| 456 Sullivan Avenue, South Windsor, <br> CT<br>| 24064251 |  | $3,830,943<br> \*<br>|
| 7th Street Station, Corvallis, OR | 17276069 |  | 75000 |
| Gates at Marina, Marina, CA | 27148928 | 245000 |  |
| Highland Station, Louisville, KY | 18479327 | 360000 |  |
| Martinique Bay, Henderson, NV | 24021704 | 309600 |  |
| Mosaic at Largo Station, Largo, MD | 32365695 |  |  |
| San Martin, Las Vegas, NV |  | 31106856 |  |
| **Total** | **$159092286** | **$32191456** | **$3905943** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>March 31, <br>2026<br>|
| Fusion Life Science HQ, <br> Carlsbad, CA<br>|  | $610725 | $63430 | $15969742 |
| 456 Sullivan Avenue, South <br> Windsor, CT<br>|  | 747050 | (369359)<br>| 19863949 |
| 7th Street Station, Corvallis, <br> OR<br>|  | 315875 | 2838159 | 20039228 |
| Gates at Marina, Marina, CA |  | 421114 | (107957)<br>| 27285971 |
| Highland Station, Louisville, <br> KY<br>|  |  | 1625361 | 20464688 |
| Martinique Bay, Henderson, NV |  | 277600 | (871413)<br>| 23459891 |
| Mosaic at Largo Station, <br> Largo, MD<br>|  | 168813 | (844189)<br>| 31521506 |
| San Martin, Las Vegas, NV |  |  |  | 31106856 |
| **Total** | **—** | **$2541177** | **$2334032** | **$189711831** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents return of capital from proceeds of issuance of mortgage note payable.

14\|

Clarion Partners Real Estate Income Fund Inc. 2026 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** One Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $1464252300.84

**Total Liabilities:** $113162365.76

**Net Assets:** $1351089935.08

**Cash Not Reported:** $772061.39

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 184.37000000 | **1-Year:** 16530.91000000 | **5-Year:** 32260.07000000 | **10-Year:** 1401.34000000 | **30-Year:** 0.00000000

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

- **3-Month:** 511.64000000 | **1-Year:** 6404.36000000 | **5-Year:** 10844.25000000 | **10-Year:** 10937.41000000 | **30-Year:** 156.25000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000004 | 0.35%                | 0.26%                | 0.72%                |
| Class ID C000000002 | -3.16%               | -3.24%               | -2.81%               |
| Class ID C000000001 | 0.50%                | 0.24%                | 0.86%                |
| Class ID C000000003 | 0.39%                | 0.31%                | 0.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-418370.67              | $745658.89                                 |
| Month 2  | $333492.07               | $915796.65                                 |
| Month 3  | $-90784.59               | $2968184.73                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2024-RTL1                                                                | NRMLT 2024-RTL1 M1                                                                                                                                     | CUSIP: 64831PAC9<br>LEI: 213800CVLC5IFCJL6C96 | Long             | ABS-O            | CORP              | US        |    270000 | PA      | $270453.65    | 0.02%             | 2039-03-25      | Variable      | 9.30%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET SECURITIES CORP                                                                            | RASC 2006-KS1 M3                                                                                                                                       | CUSIP: 76113AAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1444578 | PA      | $1416989.84   | 0.10%             | 2036-02-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZAT TR 2024-8                                                                                  | VERUS 2024-8 B1                                                                                                                                        | CUSIP: 92540PAE8<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1008223.00   | 0.07%             | 2069-10-25      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| AASET 2024-1 TRUST                                                                                           | AASET 2024-1A A2                                                                                                                                       | CUSIP: 00255JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    902624 | PA      | $916792.59    | 0.07%             | 2049-05-16      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                                              | FHR 5159 IP                                                                                                                                            | CUSIP: 3137H3ST0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   4647980 | PA      | $674196.05    | 0.05%             | 2051-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| 55 Messina Drive                                                                                             | 55 Messina Drive                                                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $17900000.00  | 1.32%             |  |  |  | No            |                  3 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                                       | FHR 5549 AF                                                                                                                                            | CUSIP: 3137HLU34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   7573734 | PA      | $7628988.73   | 0.56%             | 2055-06-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA1                                                                      | STACR 2025-DNA1 M2                                                                                                                                     | CUSIP: 35564NGA5<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-O            | USGSE             | US        |   1580000 | PA      | $1571741.66   | 0.12%             | 2045-01-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| San Martin Senior Living                                                                                     | San Martin Senior Living                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $31279344.00  | 2.32%             |  |  |  | No            |                  3 | On Loan: No      |
| Federal National Mortgage Association                                                                        | FNR 2024-19 PI                                                                                                                                         | CUSIP: 3136BRLS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   2679771 | PA      | $531413.08    | 0.04%             | 2054-01-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DWIGHT 2025-FL1 ISSUER LLC                                                                                   | DWIGHT 2025-FL1 A                                                                                                                                      | CUSIP: 233636AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1001820.50   | 0.07%             | 2042-06-20      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2025-11                                                                           | VERUS 2025-11 A3                                                                                                                                       | CUSIP: 924935AJ8<br>LEI: 213800H1O4C5SRNN4B66 | Long             | ABS-O            | CORP              | US        |   2887800 | PA      | $2872547.21   | 0.21%             | 2070-11-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                                       | FHR 5408 PI                                                                                                                                            | CUSIP: 3137HCN65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    493372 | PA      | $98492.62     | 0.01%             | 2054-03-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| A10 2025-FL6 Issuer LLC                                                                                      | A10 2025-FL6 A                                                                                                                                         | CUSIP: 00028AAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2500000 | PA      | $2497595.75   | 0.18%             | 2042-05-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2021-R01                                                                 | CAS 2021-R01 1B1                                                                                                                                       | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    500000 | PA      | $504889.95    | 0.04%             | 2041-10-25      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Apidos CLO XLV Ltd / Apidos CLO XLV LLC                                                                      | APID 2023-45A CR                                                                                                                                       | CUSIP: 03770MAS2<br>LEI: 5493000BLHDFQUOR8F12 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $501206.00    | 0.04%             | 2038-07-26      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust 2022-NQM3                                                                    | BRAVO 2025-NQM1 A3                                                                                                                                     | CUSIP: 10569MAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    578904 | PA      | $581619.51    | 0.04%             | 2064-12-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| Phantom 2026-1 Aviation Ltd. / Phantom 2026-1 Aviation LLC                                                   | PHNTOM 2026-1A B                                                                                                                                       | CUSIP: 71711GAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    797073 | PA      | $785603.19    | 0.06%             | 2051-01-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| J P MORGAN MTG TR 2025-NQM1                                                                                  | JPMMT 2025-NQM5 A1                                                                                                                                     | CUSIP: 46664DAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1434747 | PA      | $1424627.12   | 0.11%             | 2066-05-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| WAVE 2019-1 LLC                                                                                              | WAAV 2019-1 B                                                                                                                                          | CUSIP: 94354KAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    715045 | PA      | $699550.63    | 0.05%             | 2044-09-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Summit at Surprise                                                                                           | Summit at Surprise                                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  26430539 | PA      | $26430539.00  | 1.96%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| UBS COMMERCIAL MORTGAGE TRUST 2017-C3                                                                        | UBSCM 2017-C3 C                                                                                                                                        | CUSIP: 90276GAY8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1510345.76   | 0.11%             | 2050-08-17      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| MF1 2021-FL7 LTD                                                                                             | MF1 2021-FL7 E                                                                                                                                         | CUSIP: 55284AAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $986786.00    | 0.07%             | 2036-10-21      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| PRIORITY 1 ISSUER LOGISTICS DAC                                                                              | PRPM 2025-RCF3 A2                                                                                                                                      | CUSIP: 69392PAB1<br>LEI: 635400FLODFXG5M9HI42 | Long             | ABS-O            | CORP              | IE        |    730000 | PA      | $726696.46    | 0.05%             | 2055-07-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL17 LLC                                                                                            | MF1 2025-FL17 E                                                                                                                                        | CUSIP: 55287HAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    360000 | PA      | $357733.84    | 0.03%             | 2040-02-21      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp Trust 2017-375H                                                                  | GSMS 2017-375H A                                                                                                                                       | CUSIP: 36254JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2433645.50   | 0.18%             | 2037-09-14      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| ATRIUM HOTEL PORTFOLIO TRUST 2017-ATRM                                                                       | AHPT 2017-ATRM E                                                                                                                                       | CUSIP: 04965JAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1700000 | PA      | $1609772.50   | 0.12%             | 2036-12-15      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| EFMT 2025-INV1                                                                                               | EFMT 2025-INV1 B1                                                                                                                                      | CUSIP: 26846XAE0<br>LEI: 2549005YTE90D77H8V23 | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $753420.90    | 0.06%             | 2070-03-25      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FDG TR 2024-NQM5                                                                           | BRAVO 2024-NQM5 A3                                                                                                                                     | CUSIP: 105925AC5<br>LEI: 254900RBHU9OC1RNXD92 | Long             | ABS-O            | CORP              | US        |    621512 | PA      | $625184.15    | 0.05%             | 2064-06-25      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| GOLDENTREE LN MGM 20 LTD/LLC                                                                                 | GLM 2024-20A B                                                                                                                                         | CUSIP: 38139MAE5<br>LEI: 984500CF2B1A04F63R63 | Long             | ABS-CBDO         | CORP              | JE        |    350000 | PA      | $350824.81    | 0.03%             | 2037-07-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2017-1                                                                   | NRZT 2017-1A B6                                                                                                                                        | CUSIP: 64829JBP7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1562484 | PA      | $1456866.52   | 0.11%             | 2057-02-25      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| 456 Sullivan Avenue                                                                                          | 456 Sullivan Avenue                                                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $18905000.00  | 1.40%             |  |  |  | No            |                  3 | On Loan: No      |
| New Residential Mortgage LLC/New Residential Mortgage FHT1 Excuss Owner LLC                                  | NRM FHT1 Excess Owner LLC                                                                                                                              | CUSIP: 64832EAA7<br>LEI: 549300FB4YR8GY21CA08 | Long             | ABS-O            | CORP              | US        |    611633 | PA      | $614768.66    | 0.05%             | 2032-03-25      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| Fusion Life Science HQ                                                                                       | Fusion Life Science HQ                                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $15602418.95  | 1.15%             |  |  |  | No            |                  3 | On Loan: No      |
| Full House Resorts Inc.                                                                                      | FLL 8.25 02/15/28 144A                                                                                                                                 | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1460000.00   | 0.11%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA5                                                                      | STACR 2021-DNA5 B2                                                                                                                                     | CUSIP: 35564KJB6<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-O            | USGSE             | US        |   1500000 | PA      | $1831395.00   | 0.14%             | 2034-01-25      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST 2022-NQM3                                                                    | BRAVO 2026-NQM1 A3                                                                                                                                     | CUSIP: 10570CAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1486818 | PA      | $1475693.52   | 0.11%             | 2065-12-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Ggam Master Trust Internationa Ltd. / Ggam Mastertrust Us LLC                                                | GGAMMT 2025-1A A                                                                                                                                       | CUSIP: 36173XAA0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | ABS-O            | CORP              | KY        |    997957 | PA      | $997531.55    | 0.07%             | 2060-09-30      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2017-6                                                                   | NRZT 2017-6A B3                                                                                                                                        | CUSIP: 64830BBH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    552730 | PA      | $546179.12    | 0.04%             | 2057-08-25      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Brickstone Boulder Lodge Mezz                                                                                | Brickstone Boulder Lodge Mezz                                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21400000 | PA      | $21400000.00  | 1.58%             | 2027-07-01      | Floating      | 18.50%                | No            |                  3 | On Loan: No      |
| Symphony Clo XXIV Ltd.                                                                                       | SYMP 2020-24A C1R                                                                                                                                      | CUSIP: 87167QAW8<br>LEI: 5493007X3UVVYJ005O73 | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $328702.80    | 0.02%             | 2035-10-23      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| HOME RE 2026-1 LTD                                                                                           | HMIR 2026-1 M1C                                                                                                                                        | CUSIP: 436956AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1550000 | PA      | $1554603.04   | 0.12%             | 2036-01-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| SWITCH ABS ISSUER LLC                                                                                        | SWTCH 2025-1A A2                                                                                                                                       | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $965344.10    | 0.07%             | 2055-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                        | CAS 2021-R03 1B2                                                                                                                                       | CUSIP: 20754AAJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    695000 | PA      | $711953.27    | 0.05%             | 2041-12-26      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2026-DSC1                                                     | MSRM 2026-DSC1 A2                                                                                                                                      | CUSIP: 617950AF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1310256 | PA      | $1298751.22   | 0.10%             | 2071-01-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MSCR TRUST MN1                                                                                   | MSCR 2021-MN1 M2                                                                                                                                       | CUSIP: 35563FAB7<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-O            | USGSE             | US        |   3292000 | PA      | $3421399.96   | 0.25%             | 2051-01-25      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2016-BNK2                                                                     | MSC 2016-BNK2 B                                                                                                                                        | CUSIP: 61690YBY7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $467564.85    | 0.03%             | 2049-11-18      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                        | FNR 2022-62 FM                                                                                                                                         | CUSIP: 3136BNZ74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   9597723 | PA      | $9476040.83   | 0.70%             | 2052-09-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2017-5                                                                   | NRZT 2017-5A B5                                                                                                                                        | CUSIP: 64828NBD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    527300 | PA      | $497154.77    | 0.04%             | 2057-06-25      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| Cerberus-Outour IOS Portfolio                                                                                | Cerberus-Outour IOS Portfolio                                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  66500000 | PA      | $66500000.00  | 4.92%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FREDDIE MAC STACR TRUST 2019-HQA3                                                                            | STACR 2019-HQA3 B2                                                                                                                                     | CUSIP: 35564XBE0<br>LEI: 549300EUJICRX5L38Y52 | Long             | ABS-O            | USGSE             | US        |    970000 | PA      | $1078238.32   | 0.08%             | 2049-09-27      | Floating      | 11.28%                | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2024-RTL1                                                                | NRMLT 2024-RTL1 M2                                                                                                                                     | CUSIP: 64831PAF2<br>LEI: 213800CVLC5IFCJL6C96 | Long             | ABS-O            | CORP              | US        |    610000 | PA      | $610410.53    | 0.05%             | 2039-03-25      | Variable      | 9.30%                 | No            |                  2 | On Loan: No      |
| CIP COMMERCIAL MORTGAGE TRUST 2025-SBAY                                                                      | CIP 2025-SBAY E                                                                                                                                        | CUSIP: 12576AAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2200000 | PA      | $2199495.10   | 0.16%             | 2037-10-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2024-INV                                                                          | VERUS 2024-INV1 A3                                                                                                                                     | CUSIP: 92540FAC4<br>LEI: 9845000FE754F4AE7E70 | Long             | ABS-O            | CORP              | US        |    682859 | PA      | $687642.98    | 0.05%             | 2069-03-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2018-BILT                                                                                           | BX 2026-CSMO D                                                                                                                                         | CUSIP: 12433LAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2260000 | PA      | $2269171.31   | 0.17%             | 2031-02-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Bravo Residential Funding Trust 2025-NQM8                                                                    | BRAVO 2025-NQM8 A3                                                                                                                                     | CUSIP: 10571JAE6<br>LEI: 254900Z6C8GAQR4M4U49 | Long             | ABS-O            | CORP              | US        |    905686 | PA      | $905612.41    | 0.07%             | 2065-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| AGL CLO 42 LTD /LLC                                                                                          | AGL 2025-42A B                                                                                                                                         | CUSIP: 00791YAE8<br>LEI: 254900AMSJHVKQ5QFA09 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500025.20    | 0.04%             | 2038-07-22      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| PFP 2026-13 LTD                                                                                              | PFP 2026-13 A                                                                                                                                          | CUSIP: 716966AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1900000 | PA      | $1902194.12   | 0.14%             | 2043-08-18      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Weaverville Retreat                                                                                          | Weaverville Retreat                                                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $53300000.00  | 3.94%             |  |  |  | No            |                  3 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA2                                                                      | STACR 2025-DNA2 M2                                                                                                                                     | CUSIP: 35564NJA2<br>LEI: 529900XX8WXEM4FBIH80 | Long             | ABS-O            | USGSE             | US        |   1150000 | PA      | $1152118.30   | 0.09%             | 2045-05-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                     | GNR 2023-184 HI                                                                                                                                        | CUSIP: 38384GXW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1021199 | PA      | $213815.79    | 0.02%             | 2053-12-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MTG TR 2024-5                                                                                     | TRK 2024-RRTL2 B2                                                                                                                                      | CUSIP: 89055JAH8<br>LEI: 254900AXFPBUQ16CX921 | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $908332.20    | 0.07%             | 2039-09-25      | Variable      | 9.19%                 | No            |                  2 | On Loan: No      |
| EAGLE RE 2023-1 LTD                                                                                          | EMIR 2023-1 M1B                                                                                                                                        | CUSIP: 26982EAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |   1000000 | PA      | $1023603.60   | 0.08%             | 2033-09-26      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                                       | FHR 5408 GI                                                                                                                                            | CUSIP: 3137HCMV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   2463400 | PA      | $407419.43    | 0.03%             | 2054-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STWD 2025-FL4 LLC                                                                                            | STWD 2025-FL4 A                                                                                                                                        | CUSIP: 863922AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2850000 | PA      | $2850188.96   | 0.21%             | 2042-11-19      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Avilla Enclave                                                                                               | Avilla Enclave                                                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10672455 | PA      | $10672455.00  | 0.79%             | 2099-03-31      | Floating      | 4.74%                 | No            |                  3 | On Loan: No      |
| Colt 2025-11 Mortgage Loan Trust                                                                             | COLT 2025-11 A3                                                                                                                                        | CUSIP: 12676KAG8<br>LEI: 213800CETFGZSOQ6WF79 | Long             | ABS-O            | CORP              | US        |   1519900 | PA      | $1514463.01   | 0.11%             | 2070-11-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| KNDR TRUST 2021-KIND                                                                                         | KNDR 2021-KIND E                                                                                                                                       | CUSIP: 482606AQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    991855 | PA      | $980406.19    | 0.07%             | 2038-08-16      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR TRUST 2019-FTR4                                                                            | STACR 2019-FTR4 B2                                                                                                                                     | CUSIP: 35565GAE7<br>LEI: 549300K0XW5MBR2WNZ55 | Long             | ABS-O            | USGSE             | US        |    750000 | PA      | $826342.43    | 0.06%             | 2047-11-25      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR TRUST 2019-FTR1                                                                            | STACR 2019-FTR1 B2                                                                                                                                     | CUSIP: 35564PAC2<br>LEI: 549300MHCI0CUXMJQS62 | Long             | ABS-O            | USGSE             | US        |    660000 | PA      | $779740.43    | 0.06%             | 2048-01-27      | Floating      | 12.13%                | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2024-4                                                                            | VERUS 2024-4 B1                                                                                                                                        | CUSIP: 92540GAE8<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $242270.90    | 0.02%             | 2069-06-25      | Variable      | 7.64%                 | No            |                  2 | On Loan: No      |
| 7th Street Station                                                                                           | 7th Street Station                                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $20140000.00  | 1.49%             |  |  |  | No            |                  3 | On Loan: No      |
| HOME PARTNERS OF AMERICA 2021-2 TRUST                                                                        | HPA 2021-2 F                                                                                                                                           | CUSIP: 43732VAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    479672 | PA      | $472792.68    | 0.03%             | 2026-12-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                                       | FHR 5523 IQ                                                                                                                                            | CUSIP: 3137HKRE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   3010931 | PA      | $527403.34    | 0.04%             | 2055-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| 2639 Curry Lane                                                                                              | 2639 Curry Lane                                                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $39291377.00  | 2.91%             |  |  |  | No            |                  3 | On Loan: No      |
| Mosaic at Largo Station                                                                                      | Mosaic at Largo Station                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $30062500.00  | 2.23%             |  |  |  | No            |                  3 | On Loan: No      |
| ANCHOR MORTGAGE TRUST 2025-RTL1                                                                              | ANCHR 2025-RTL1 A2                                                                                                                                     | CUSIP: 03290CAB2<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-O            | CORP              | US        |   1470000 | PA      | $1464753.13   | 0.11%             | 2040-05-25      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| Memphis Logistics Mezz                                                                                       | Memphis Logistics Mezz                                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14000000 | PA      | $14000000.00  | 1.04%             | 2035-08-09      | Floating      | 6.84%                 | No            |                  3 | On Loan: No      |
| Federal National Mortgage Association                                                                        | FNR 2020-15 IA                                                                                                                                         | CUSIP: 3136B8K24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   3407511 | PA      | $483203.11    | 0.04%             | 2050-03-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM9                                                     | MSRM 2025-NQM9 A3                                                                                                                                      | CUSIP: 61779VAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2797438 | PA      | $2785088.77   | 0.21%             | 2070-09-25      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| MTN COMMERCIAL MORTGAGE TRUST 2022-LPFL                                                                      | MTN 2022-LPFL F                                                                                                                                        | CUSIP: 62475WAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $499396.05    | 0.04%             | 2039-03-15      | Floating      | 8.97%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                  | 10-Year T-Note Futures, Jun-2026,ETH                                                                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -185 | NC      | $337882.15    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2021-BNK34                                                                                              | BANK 2021-BN34 F                                                                                                                                       | CUSIP: 06541JBW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $417592.68    | 0.03%             | 2063-06-15      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| DBWF 2015-LCM MORTGAGE TRUST                                                                                 | DBWF 2015-LCM B                                                                                                                                        | CUSIP: 23306NAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1883125.00   | 0.14%             | 2034-06-12      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                         | JPMCC 2017-FL11 E                                                                                                                                      | CUSIP: 46648PAN5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | ABS-O            | CORP              | US        |     80707 | PA      | $80595.27     | 0.01%             | 2032-10-15      | Variable      | 7.71%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK44                                                                                              | BANK 2022-BNK44 E                                                                                                                                      | CUSIP: 06540KBS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $203229.09    | 0.02%             | 2032-11-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LHOME MORTGAGE TRUST 2024-RTL5                                                                               | LHOME 2024-RTL5 A1                                                                                                                                     | CUSIP: 50205WAA5<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1501149.90   | 0.11%             | 2039-09-25      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| Homes Trust 2024-NQM1                                                                                        | HOMES 2024-NQM1 A1                                                                                                                                     | CUSIP: 40390TAA8<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-O            | CORP              | US        |    660451 | PA      | $666215.42    | 0.05%             | 2069-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| TRINITAS CLO XXXII LTD                                                                                       | TRNTS 2025-32A B1                                                                                                                                      | CUSIP: 89642NAE6<br>LEI: 254900KN2E57M5580B74 | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $470314.90    | 0.03%             | 2038-07-23      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| SEB FUNDING LLC                                                                                              | SEB4P 2024-1A A2                                                                                                                                       | CUSIP: 78433DAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1018683.00   | 0.08%             | 2054-04-30      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1                                                | JPMCC 2015-JP1 C                                                                                                                                       | CUSIP: 46590KAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1700000 | PA      | $1581961.35   | 0.12%             | 2049-01-15      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| ATLAS SENIOR LOAN FUND XXVI LTD                                                                              | ATCLO 2025-26A AN                                                                                                                                      | CUSIP: 04942WAC6<br>LEI: 2138002FK7N1KZ7PEF33 | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $330631.22    | 0.02%             | 2038-10-22      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Highland Station                                                                                             | Highland Station                                                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $19800000.00  | 1.47%             |  |  |  | No            |                  3 | On Loan: No      |
| MF1 2022-FL8 LTD                                                                                             | MF1 2022-FL8 D                                                                                                                                         | CUSIP: 55284JAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2715000 | PA      | $2721558.90   | 0.20%             | 2037-02-20      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| TRTX 2022-FL5 ISSUER LTD                                                                                     | TRTX 2022-FL5 E                                                                                                                                        | CUSIP: 87277JAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502782.60    | 0.04%             | 2039-02-17      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| OBX 2025-NQM10 TRUST                                                                                         | OBX 2025-NQM10 A3                                                                                                                                      | CUSIP: 67121LAC0<br>LEI: 254900NDJVO62R77II89 | Long             | ABS-O            | CORP              | US        |   1278239 | PA      | $1282068.64   | 0.09%             | 2065-05-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2023-7                                                                            | VERUS 2023-7 B1                                                                                                                                        | CUSIP: 92539YAE2<br>LEI: 213800W65K5FH3AI2J91 | Long             | ABS-O            | CORP              | US        |    590000 | PA      | $595992.28    | 0.04%             | 2068-10-25      | Variable      | 7.90%                 | No            |                  2 | On Loan: No      |
| HARDEE'S FUNDING LLC                                                                                         | HNGRY 2024-1A A2                                                                                                                                       | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    980000 | PA      | $1001907.02   | 0.07%             | 2054-03-20      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| KREF 2021-Fl2 Ltd.                                                                                           | KREF 2021-FL2 C                                                                                                                                        | CUSIP: 48275RAG2<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    928500 | PA      | $916888.55    | 0.07%             | 2039-02-17      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| AIMCO CLO 16 LTD                                                                                             | AIMCO 2021-16A BR                                                                                                                                      | CUSIP: 00901FAN6<br>LEI: 254900Q0PCRO7XC6LM21 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500682.95    | 0.04%             | 2037-07-17      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2025-R1                                                                           | VERUS 2025-R1 B1                                                                                                                                       | CUSIP: 92541AAE0<br>LEI: 213800UBQ9UM61L7TB84 | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1041772.52   | 0.08%             | 2065-05-25      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| LHOME MORTGAGE TRUST 2026-RTL1                                                                               | LHOME 2026-RTL1 M1                                                                                                                                     | CUSIP: 50206JAC9<br>LEI: 52990026MRD22HI0T740 | Long             | ABS-O            | CORP              | US        |    610000 | PA      | $603537.23    | 0.04%             | 2041-01-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STRUCTURED AGENCY CREDIT RISK (STACR) SECURITIZED PARTICIPATION INTERESTS TRUST SERIES 2017-SPI1 | STACR 2017-SPI1 B                                                                                                                                      | CUSIP: 3137G1CG0<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    152786 | PA      | $112148.13    | 0.01%             | 2047-09-25      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 2022-JERI                                                       | NCMS 2022-JERI G                                                                                                                                       | CUSIP: 63875LAS2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2034552.00   | 0.15%             | 2039-01-18      | Variable      | 11.28%                | No            |                  2 | On Loan: No      |
| Nordeast Business Center                                                                                     | Nordeast Business Center                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $19300000.00  | 1.43%             |  |  |  | No            |                  3 | On Loan: No      |
| 15550 Export Plaza Drive                                                                                     | 15550 Export Plaza Drive                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $11500000.00  | 0.85%             |  |  |  | No            |                  3 | On Loan: No      |
| Crossroads Logistics Park                                                                                    | Crossroads Logistics Park                                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $18200000.00  | 1.35%             |  |  |  | No            |                  3 | On Loan: No      |
| FS RIALTO 2025-FL10 ISSUER LLC                                                                               | FSRIA 2025-FL10 D                                                                                                                                      | CUSIP: 30340KAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $997477.40    | 0.07%             | 2042-08-19      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Bravo Residential Funding Trust 2025-NQM7                                                                    | BRAVO 2025-NQM7 A3                                                                                                                                     | CUSIP: 10570TAD7<br>LEI: 254900I1LYOO3G3UAT10 | Long             | ABS-O            | CORP              | US        |   1678538 | PA      | $1683911.29   | 0.12%             | 2065-07-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| Agnc Investment Corp                                                                                         | Agnc Investment Corp DEPOSITARY SHARES EACH REPRESENTING 1/1,000TH OF A SHARE OF 6.125% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRE | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     72596 | NS      | $1761904.92   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MF1 2026-FL21 LLC                                                                                            | MF1 2026-FL21 A                                                                                                                                        | CUSIP: 55287NAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2650000 | PA      | $2642478.77   | 0.20%             | 2041-02-19      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Jedburg Logistics Park Building 2                                                                            | Jedburg Logistics Park Building 2                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $11250000.00  | 0.83%             |  |  |  | No            |                  3 | On Loan: No      |
| 3828 Civic Center                                                                                            | 3828 Civic Center                                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $8600000.00   | 0.64%             |  |  |  | No            |                  3 | On Loan: No      |
| AGL CLO 35 LTD                                                                                               | AGL 2024-35A C                                                                                                                                         | CUSIP: 00852KAD6<br>LEI: 254900LDCU83O7QV9777 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501794.45    | 0.04%             | 2038-01-21      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| DWIGHT 2025-FL1 ISSUER LLC                                                                                   | DWIGHT 2025-FL1 E                                                                                                                                      | CUSIP: 233636AL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    750000 | PA      | $749462.33    | 0.06%             | 2042-06-20      | Floating      | 8.62%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust 2017-P7                                                                  | CGCMT 2017-P7 B                                                                                                                                        | CUSIP: 17325HBS2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1416725.40   | 0.10%             | 2050-04-15      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| 73rd & Washington                                                                                            | 73rd & Washington                                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  23366267 | PA      | $23366267.00  | 1.73%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Angel Oak Mortgage Trust                                                                                     | AOMT 2025-6 A3                                                                                                                                         | CUSIP: 034937AC6<br>LEI: 254900GRN1I3WMM1H095 | Long             | ABS-O            | CORP              | US        |    747188 | PA      | $750602.00    | 0.06%             | 2070-04-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| RAAC SERIES 2007-SP1 TRUST                                                                                   | RAAC 2007-SP1 M3                                                                                                                                       | CUSIP: 74978AAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    592049 | PA      | $489961.01    | 0.04%             | 2037-03-25      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA3                                                                      | STACR 2021-DNA3 B2                                                                                                                                     | CUSIP: 35564KFH7<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-O            | USGSE             | US        |    725000 | PA      | $914866.12    | 0.07%             | 2033-10-25      | Floating      | 9.91%                 | No            |                  2 | On Loan: No      |
| Agellan Portfolio III                                                                                        | Agellan Portfolio III                                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  50000000 | PA      | $50000000.00  | 3.70%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Rojas East                                                                                                   | Rojas East                                                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $53600000.00  | 3.97%             |  |  |  | No            |                  3 | On Loan: No      |
| Chino Industrial Portfolio                                                                                   | Chino Industrial Portfolio                                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $29100000.00  | 2.15%             |  |  |  | No            |                  3 | On Loan: No      |
| 280 Park Avenue Trust                                                                                        | PRK 2017-280P E                                                                                                                                        | CUSIP: 90205FAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2130000 | PA      | $2088932.96   | 0.15%             | 2034-09-15      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR TRUST 2019-DNA3                                                                            | STACR 2019-DNA3 B2                                                                                                                                     | CUSIP: 35564TBE9<br>LEI: 549300KB1O80CETXGJ21 | Long             | ABS-O            | USGSE             | US        |    750000 | PA      | $832036.13    | 0.06%             | 2049-07-26      | Floating      | 11.93%                | No            |                  2 | On Loan: No      |
| EFMT 2025-NQM5                                                                                               | EFMT 2025-NQM5 B1                                                                                                                                      | CUSIP: 28225KAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1395500 | PA      | $1389425.95   | 0.10%             | 2070-11-25      | Variable      | 6.72%                 | No            |                  2 | On Loan: No      |
| CARVAL CLO XI-C LTD /LLC                                                                                     | CARVL 2024-3A B                                                                                                                                        | CUSIP: 14688RAE0<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |    390000 | PA      | $391359.85    | 0.03%             | 2037-10-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| APEX CREDIT CLO 2021-2 LTD                                                                                   | APEXC 2021-2A A2R                                                                                                                                      | CUSIP: 03755QAE3<br>LEI: 254900H6CNZLCIDMYC58 | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $470436.68    | 0.03%             | 2034-10-20      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2017-3                                                                             | TPMT 2017-3 B5                                                                                                                                         | CUSIP: 89169DAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1176648 | PA      | $664131.41    | 0.05%             | 2057-07-25      | Variable      | 3.82%                 | No            |                  2 | On Loan: No      |
| LHOME MTG TR 2025-RTL1                                                                                       | LHOME 2025-RTL1 M1                                                                                                                                     | CUSIP: 50205UAC5<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $505584.20    | 0.04%             | 2040-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Trust 2016-2                                                                                  | CHASE 2016-SH2 M4                                                                                                                                      | CUSIP: 16164AAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    689015 | PA      | $636941.39    | 0.05%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| TRINITAS CLO XVIII LTD                                                                                       | TRNTS 2021-18A BR                                                                                                                                      | CUSIP: 89640LAM4<br>LEI: 2549005HDP7QU1IK5W96 | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $467156.64    | 0.03%             | 2035-01-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| CSAIL 2015-C3 COMMERCIAL MORTGAGE TRUST                                                                      | CSAIL 2015-C3 C                                                                                                                                        | CUSIP: 12635FAZ7<br>LEI: 549300ZAGI6FKGY8O078 | Long             | ABS-O            | CORP              | US        |   1832807 | PA      | $1779311.96   | 0.13%             | 2048-08-17      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| MFA Financial Inc.                                                                                           | MFA Financial Inc. 6.50% SERIES C FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK                                                         | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     62186 | NS      | $1316477.62   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                                                     | AESOP 2024-2A D                                                                                                                                        | CUSIP: 05377RKK9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1015965.70   | 0.08%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| Dividend Solar Loans 2018-1 LLC                                                                              | DIV 2018-1 B                                                                                                                                           | CUSIP: 255396AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1525532 | PA      | $1442240.46   | 0.11%             | 2038-07-20      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management Funds                                                                     | Dreyfus Government Cash Management Funds SH BEN INT                                                                                                    | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  42058704 | NS      | $42058703.60  | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2016-FL1 LTD                                                       | ARCREN 2025-FL1 D                                                                                                                                      | CUSIP: 03881KAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1170000 | PA      | $1170120.63   | 0.09%             | 2043-01-21      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Regional Airport Center II                                                                                   | Regional Airport Center II                                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $18800000.00  | 1.39%             |  |  |  | No            |                  3 | On Loan: No      |
| ABRY LIQUID CREDIT CLO 2025-2 LTD                                                                            | ALC 2025-2A A1                                                                                                                                         | CUSIP: 003943AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $398960.48    | 0.03%             | 2038-01-15      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| HSI Asset Securitization Corporation Trust                                                                   | HASC 2005-I1 2A4                                                                                                                                       | CUSIP: 40430HCN6<br>LEI: 2138004J9K5ER1VNP306 | Long             | ABS-O            | CORP              | US        |    334858 | PA      | $317318.88    | 0.02%             | 2035-11-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2016-FL1 LTD                                                       | ARCREN 2025-FL1 E                                                                                                                                      | CUSIP: 03881KAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    720000 | PA      | $720451.66    | 0.05%             | 2043-01-21      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| LHOME MORTGAGE TRUST 2026-RTL1                                                                               | LHOME 2026-RTL1 M2                                                                                                                                     | CUSIP: 50206JAD7<br>LEI: 52990026MRD22HI0T740 | Long             | ABS-O            | CORP              | US        |    360000 | PA      | $358456.18    | 0.03%             | 2041-01-25      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| CSMC 2020-FACT                                                                                               | CSMC 2020-FACT E                                                                                                                                       | CUSIP: 126395AN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1368468.75   | 0.10%             | 2037-10-15      | Floating      | 9.15%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 LLC                                                                                            | MF1 2025-FL19 D                                                                                                                                        | CUSIP: 55287KAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1000015.20   | 0.07%             | 2042-05-18      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| The Pearl at Boulder Creek                                                                                   | The Pearl at Boulder Creek                                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  46009524 | PA      | $46009524.00  | 3.41%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| COLT 2026-1 MORTGAGE LOAN TRUST                                                                              | COLT 2026-1 B1                                                                                                                                         | CUSIP: 196926AM1<br>LEI: 2138009O96115X8GVT44 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $990942.80    | 0.07%             | 2071-02-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA MERRILL LYNCH COMMERCIAL MORTGAGE TRUST 2017-BNK3                                            | BACM 2017-BNK3 E                                                                                                                                       | CUSIP: 06427DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $835385.30    | 0.06%             | 2050-02-17      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley ABS Capital I Inc                                                                             | MSAC 2005-HE2 M2                                                                                                                                       | CUSIP: 61744CNC6<br>LEI: 549300RLSHIMYD3FZB52 | Long             | ABS-O            | CORP              | US        |    915710 | PA      | $901762.41    | 0.07%             | 2035-01-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 2022-RRI                                                        | NCMS 2022-RRI E                                                                                                                                        | CUSIP: 63875JAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    496221 | PA      | $497281.82    | 0.04%             | 2035-03-15      | Floating      | 8.87%                 | No            |                  2 | On Loan: No      |
| Apidos Loan Fund 2024-1 Ltd/Apidos Loan Fund 2024-1 LLC                                                      | APID 2024-1A A1R                                                                                                                                       | CUSIP: 037986AN6<br>LEI: 549300092LX0NPUDVC76 | Long             | ABS-CBDO         | CORP              | JE        |    560000 | PA      | $559860.00    | 0.04%             | 2038-10-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| 12000 E 56th                                                                                                 | 12000 E 56th                                                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $12200000.00  | 0.90%             |  |  |  | No            |                  3 | On Loan: No      |
| Avilla Suncoast                                                                                              | Avilla Suncoast                                                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8647114 | PA      | $8647114.19   | 0.64%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ATLAS SENIOR LOAN FUND XXVI LTD                                                                              | ATCLO 2025-26A AY                                                                                                                                      | CUSIP: 04942WAE2<br>LEI: 2138002FK7N1KZ7PEF33 | Long             | ABS-CBDO         | CORP              | KY        |    120000 | PA      | $120230.80    | 0.01%             | 2038-10-22      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| WILLIS ENGINE STRUCTURED TRUST VIII                                                                          | WESTF 2025-A B                                                                                                                                         | CUSIP: 97063RAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    973260 | PA      | $983849.93    | 0.07%             | 2050-06-15      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK35                                                                                              | BANK 2021-BN35 K                                                                                                                                       | CUSIP: 06540CCJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3076923 | PA      | $1167768.89   | 0.09%             | 2064-06-17      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST 2014-GC18                                                                       | GSMS 2014-GC24 B                                                                                                                                       | CUSIP: 36253GAK8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    803795 | PA      | $778366.99    | 0.06%             | 2047-09-12      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| HOMES TR 2025-NQM1                                                                                           | HOMES 2025-NQM1 A3                                                                                                                                     | CUSIP: 43761DAE0<br>LEI: 254900LUV7YA0N50XT86 | Long             | ABS-O            | CORP              | US        |    702736 | PA      | $705029.48    | 0.05%             | 2070-01-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2025-R1                                                                           | VERUS 2025-R1 A3                                                                                                                                       | CUSIP: 92541AAC4<br>LEI: 213800UBQ9UM61L7TB84 | Long             | ABS-O            | CORP              | US        |    846707 | PA      | $849240.03    | 0.06%             | 2065-05-25      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| ARGENT SECURITIES INC ASSET-BACKED PASS-THROUGH CERTIFICATES SERIES 2003-W5                                  | ARSI 2003-W3 M1                                                                                                                                        | CUSIP: 040104BF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220596 | PA      | $209328.54    | 0.02%             | 2033-09-25      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| 100 Friars Boulevard                                                                                         | 100 Friars Boulevard                                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $30300000.00  | 2.24%             |  |  |  | No            |                  3 | On Loan: No      |
| MF1 2025-FL17 LLC                                                                                            | MF1 2025-FL17 D                                                                                                                                        | CUSIP: 55287HAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2340000 | PA      | $2326972.75   | 0.17%             | 2040-02-21      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                             | FR SB8370                                                                                                                                              | CUSIP: 3132D6JP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1561123 | PA      | $1555068.54   | 0.12%             | 2040-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE 2025-1 LTD                                                                                     | BMIR 2025-1 M2                                                                                                                                         | CUSIP: 07876NAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2446934.88   | 0.18%             | 2035-10-25      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| Mack Place IOS Portfolio                                                                                     | Mack Place IOS Portfolio                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $18000000.00  | 1.33%             |  |  |  | No            |                  3 | On Loan: No      |
| Ginnie Mae (Ze)                                                                                              | GNR 2025-214 S                                                                                                                                         | CUSIP: 38385KQ86<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2546122 | PA      | $259441.44    | 0.02%             | 2055-12-20      | Floating      | 2.93%                 | No            |                  2 | On Loan: No      |
| Martinique Bay                                                                                               | Martinique Bay                                                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $22688000.00  | 1.68%             |  |  |  | No            |                  3 | On Loan: No      |
| Congress Commons                                                                                             | Congress Commons                                                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $34500000.00  | 2.55%             |  |  |  | No            |                  3 | On Loan: No      |
| OBX 2025-NQM8 TRUST                                                                                          | OBX 2025-NQM8 A3                                                                                                                                       | CUSIP: 67449AAC9<br>LEI: 2549006UJL1L84XG2C80 | Long             | ABS-O            | CORP              | US        |   1109369 | PA      | $1113585.35   | 0.08%             | 2065-03-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Metronet Infrastructure Issuer LLC.                                                                          | MNET 2025-2A C                                                                                                                                         | CUSIP: 59170JBB3<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    970000 | PA      | $985960.96    | 0.07%             | 2055-08-20      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29                                                                | CGCMT 2015-GC29 C                                                                                                                                      | CUSIP: 17323VBE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1432800.00   | 0.11%             | 2048-04-10      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC WHOLE LOAN SECURITIES TRUST SERIES 2017-SC01                                                     | FWLS 2017-SC01 M2                                                                                                                                      | CUSIP: 3137G1BN6<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    530000 | PA      | $495900.81    | 0.04%             | 2046-12-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR TRUST 2019-FTR3                                                                            | STACR 2019-FTR3 B2                                                                                                                                     | CUSIP: 35565EAE2<br>LEI: 5493009ZFZYH4FRCW638 | Long             | ABS-O            | USGSE             | US        |    800000 | PA      | $868523.04    | 0.06%             | 2047-09-25      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                     | GNR 2024-151 KS                                                                                                                                        | CUSIP: 38384WFF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   4607327 | PA      | $379282.53    | 0.03%             | 2054-09-20      | Floating      | 2.38%                 | No            |                  2 | On Loan: No      |
| MSWF 2023-1                                                                                                  | MSWF 2023-1 E                                                                                                                                          | CUSIP: 55376CBN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1344000 | PA      | $1009089.31   | 0.07%             | 2056-05-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EWC MASTER ISSUER LLC                                                                                        | WAX 2022-1A A2                                                                                                                                         | CUSIP: 26929HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    962500 | PA      | $955616.87    | 0.07%             | 2052-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STRUCTURED PASS THROUGH CERTIFICATES                                                             | SCRT 2018-4 M                                                                                                                                          | CUSIP: 35563PHQ5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    967319 | PA      | $952497.09    | 0.07%             | 2058-03-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                                              | SCRT 2017-1 M2                                                                                                                                         | CUSIP: 35563PAT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1495249 | PA      | $1458529.25   | 0.11%             | 2056-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                        | FN MA5682                                                                                                                                              | CUSIP: 31418FJ40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4073067 | PA      | $4055397.75   | 0.30%             | 2040-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding Llc                                                                                    | HONK 2024-1A A2                                                                                                                                        | CUSIP: 26209XAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    985000 | PA      | $911015.86    | 0.07%             | 2054-10-20      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2024-4                                                                            | VERUS 2024-4 B2                                                                                                                                        | CUSIP: 92540GAF5<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-O            | CORP              | US        |    320000 | PA      | $322539.20    | 0.02%             | 2069-06-25      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Midtown Corner                                                                                               | Midtown Corner                                                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $27500000.00  | 2.04%             |  |  |  | No            |                  3 | On Loan: No      |
| MF1 2024-FL15 LLC                                                                                            | MF1 2024-FL15 D                                                                                                                                        | CUSIP: 58003MAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $401479.36    | 0.03%             | 2041-08-19      | Variable      | 7.72%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                        | CAS 2024-R02 1B1                                                                                                                                       | CUSIP: 20754GAF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1000000 | PA      | $1013841.10   | 0.08%             | 2044-02-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Chimera Investment Corporation                                                                               | Chimera Investment Corporation 7.75% SER C FIXED TO FLOAT CUM RED PFD STOCK                                                                            | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     76166 | NS      | $1501993.52   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AREIT 2025-CRE11 LTD                                                                                         | AREIT 2025-CRE11 A                                                                                                                                     | CUSIP: 04002DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2580000 | PA      | $2583013.70   | 0.19%             | 2043-07-25      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                                              | FHR 5140 NI                                                                                                                                            | CUSIP: 3137H24R2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   3546188 | PA      | $512343.02    | 0.04%             | 2049-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| The Gates at Marina                                                                                          | The Gates at Marina                                                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $28831250.00  | 2.13%             |  |  |  | No            |                  3 | On Loan: No      |
| Cifc Fdg 2018-Iv Ltd / Cifc Fdg 2018-Iv Llc                                                                  | CIFC 2018-4A CR                                                                                                                                        | CUSIP: 17181TAN1<br>LEI: 254900PA63PFHC11GD90 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500320.95    | 0.04%             | 2038-01-19      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK35                                                                                              | BANK 2021-BN35 H                                                                                                                                       | CUSIP: 06540CAQ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $423953.78    | 0.03%             | 2064-06-17      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| NRZ FHT EXCESS LLC                                                                                           | NZES 2024-FNT1 A                                                                                                                                       | CUSIP: 62956YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    426309 | PA      | $428674.47    | 0.03%             | 2031-11-25      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| SANTANDER MORTGAGE ASSET RECEIVABLE TRUST 2025-NQM2                                                          | SAN 2025-NQM2 A3                                                                                                                                       | CUSIP: 802638AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    841464 | PA      | $845477.30    | 0.06%             | 2065-02-25      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| Hollywood Ave IOS Portfolio                                                                                  | Hollywood Ave IOS Portfolio                                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $21200000.00  | 1.57%             |  |  |  | No            |                  3 | On Loan: No      |
| Federal National Mortgage Association                                                                        | FNR 2021-78 CI                                                                                                                                         | CUSIP: 3136BJVT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   2241478 | PA      | $507146.97    | 0.04%             | 2051-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NYT 2019- NYT MORTGAGE TRUST                                                                                 | NYT 2019-NYT D                                                                                                                                         | CUSIP: 62954PAL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2985600 | PA      | $2803866.23   | 0.21%             | 2035-12-17      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| FREMF 2021-KF117 MORTGAGE TRUST                                                                              | FREMF 21K-F117 CS                                                                                                                                      | CUSIP: 30320YAE5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    654865 | PA      | $604652.73    | 0.04%             | 2031-07-25      | Variable      | 10.07%                | No            |                  2 | On Loan: No      |
| SERVICEMASTER FUNDING LLC                                                                                    | SERV 2021-1 A2II                                                                                                                                       | CUSIP: 81761TAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    899166 | PA      | $775271.61    | 0.06%             | 2051-07-30      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                        | CAS 2024-R01 1B2                                                                                                                                       | CUSIP: 20753UAJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    340000 | PA      | $359249.24    | 0.03%             | 2044-01-25      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| National Collegiate Stud Ln 06-3                                                                             | NCSLT 2006-3 B                                                                                                                                         | CUSIP: 63543VAG8<br>LEI: 635400CI2B1FTO6YXF12 | Long             | ABS-O            | CORP              | US        |    824050 | PA      | $781954.81    | 0.06%             | 2032-01-26      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Greystone CRE Notes 2025-HC4 LLC                                                                             | GSTNE 2025-HC4 D                                                                                                                                       | CUSIP: 39809NAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $1993062.20   | 0.15%             | 2042-10-15      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| HOME RE 2023-1 LTD                                                                                           | HMIR 2023-1 M2                                                                                                                                         | CUSIP: 43731BAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |    500000 | PA      | $537528.90    | 0.04%             | 2033-10-25      | Floating      | 9.66%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                        | CAS 2022-R02 2B2                                                                                                                                       | CUSIP: 20754BAJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1000000 | PA      | $1044400.60   | 0.08%             | 2042-01-27      | Floating      | 11.31%                | No            |                  2 | On Loan: No      |
| INVESCO US CLO 2023-3 LTD                                                                                    | INVCO 2023-3A BR                                                                                                                                       | CUSIP: 46091RAN3<br>LEI: 213800YAVR2FVYDIRM63 | Long             | ABS-CBDO         | CORP              | JE        |    470000 | PA      | $470474.61    | 0.03%             | 2038-07-15      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Long Beach Mortgage Loan Trust                                                                               | LBMLT 2005-1 M4                                                                                                                                        | CUSIP: 542514KC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119750 | PA      | $118702.79    | 0.01%             | 2035-02-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust 2015-GC28                                                                       | GSMS 2015-GC28 D                                                                                                                                       | CUSIP: 36251FAG1<br>LEI: 5493002EPQ51IPGGFX73 | Long             | ABS-O            | CORP              | US        |    210643 | PA      | $202432.53    | 0.01%             | 2048-02-12      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Aertson Midtown Mezzanine Term Loan                                                                          | Aertson Midtown Mezzanine Term Loan                                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  18000000 | PA      | $17994222.00  | 1.33%             | 2099-03-31      | Floating      | 8.76%                 | No            |                  3 | On Loan: No      |
| BRES COMMERCIAL MORTGAGE TRUST 2025-ATCAP                                                                    | BRES 2025-ATCAP F                                                                                                                                      | CUSIP: 05619GAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1997159.00   | 0.15%             | 2042-11-17      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK43                                                                                              | BANK 2022-BNK43 E                                                                                                                                      | CUSIP: 06541QAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2125000 | PA      | $1448334.98   | 0.11%             | 2055-08-17      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST 2017-CHOP                                                                                         | CSMC 2017-CHOP H                                                                                                                                       | CUSIP: 12651QAU3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $966386.70    | 0.07%             | 2032-07-15      | Floating      | 11.04%                | No            |                  2 | On Loan: No      |
| WAVE 2019-1 LLC                                                                                              | WAAV 2019-1 A                                                                                                                                          | CUSIP: 94354KAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    804093 | PA      | $789239.39    | 0.06%             | 2044-09-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                                       | FHR 5482 FC                                                                                                                                            | CUSIP: 3137HHLW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   3642350 | PA      | $3666538.27   | 0.27%             | 2054-12-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Pacific Golden Valley                                                                                        | Pacific Golden Valley                                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $63200000.00  | 4.68%             |  |  |  | No            |                  3 | On Loan: No      |
| Trinitas Clo XVI Ltd.                                                                                        | TRNTS 2021-16A A1R                                                                                                                                     | CUSIP: 89642DAQ1<br>LEI: 5493004FCKEPFTK2QI86 | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $320333.76    | 0.02%             | 2034-07-20      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-NQM4                                                                | NRZT 2022-NQM4 A3                                                                                                                                      | CUSIP: 64831UAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    694970 | PA      | $692678.44    | 0.05%             | 2062-06-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEIGHBORLY ISSUER LLC                                                                                        | NBLY 2023-1A A2                                                                                                                                        | CUSIP: 64016NAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1202800 | PA      | $1207671.10   | 0.09%             | 2053-01-30      | Fixed         | 7.31%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2024-BIO2                                                                       | BX 2024-BIO2 D                                                                                                                                         | CUSIP: 05613GAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1937053.00   | 0.14%             | 2041-08-15      | Variable      | 7.71%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Senior Incorporated                                                                             | ABR 7.875 07/15/30 144A                                                                                                                                | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $999342.07    | 0.07%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                                       | FHR 5449 FQ                                                                                                                                            | CUSIP: 3137HFHU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   4417213 | PA      | $4442912.65   | 0.33%             | 2054-09-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| UBS COMMERCIAL MORTGAGE TRUST 2018-C15                                                                       | UBSCM 2018-C15 C                                                                                                                                       | CUSIP: 90278LBD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $620540.18    | 0.05%             | 2051-12-15      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust 2015-GC32                                                                       | GSMS 2015-GC32 D                                                                                                                                       | CUSIP: 36250PAM7<br>LEI: 54930066YOFVQE068N73 | Long             | ABS-O            | CORP              | US        |     21891 | PA      | $21464.89     | 0.00%             | 2048-07-10      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| PRPM 2025-RCF5 LLC                                                                                           | PRPM 2025-RCF5 A3                                                                                                                                      | CUSIP: 69384AAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1996719.40   | 0.15%             | 2055-10-25      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2019-IMC                                                                                            | BX 2019-IMC G                                                                                                                                          | CUSIP: 05608BAS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1869000 | PA      | $1823855.24   | 0.13%             | 2034-04-17      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley ABS Capital I Inc                                                                             | MSAC 2004-HE6 A2                                                                                                                                       | CUSIP: 61744CFA9<br>LEI: 549300RLSHIMYD3FZB52 | Long             | ABS-O            | CORP              | US        |   2181347 | PA      | $2072970.22   | 0.15%             | 2034-08-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Brickstone Boulder Pearl Mezz                                                                                | Brickstone Boulder Pearl Mezz                                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8100000 | PA      | $8100000.00   | 0.60%             | 2027-07-01      | Floating      | 18.50%                | No            |                  3 | On Loan: No      |
| 6810 Tenth Street                                                                                            | 6810 Tenth Street                                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $40505743.00  | 3.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Government National Mortgage Association                                                                     | GNR 2015-152 PI                                                                                                                                        | CUSIP: 38379FAG4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2355662 | PA      | $466844.09    | 0.03%             | 2045-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Antares Clo 2018-1 Ltd/ Llc                                                                                  | ANTR 2018-1A A1R                                                                                                                                       | CUSIP: 03665MAJ0<br>LEI: 254900BLLG7F7B4DGG41 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300362.76    | 0.02%             | 2038-04-20      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| VOYA CLO 2025-4 LTD                                                                                          | VOYA 2025-4A C                                                                                                                                         | CUSIP: 92946DAG0<br>LEI: 254900U7M8PTC5C6HY46 | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $329305.71    | 0.02%             | 2038-10-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Opteum Mortgage Acceptance Corp                                                                              | OPMAC 2006-1 1AC1                                                                                                                                      | CUSIP: 68383NDW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    937725 | PA      | $897238.07    | 0.07%             | 2036-04-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| APIDOS CLO XXVIII LTD                                                                                        | APID 2017-28A A2R                                                                                                                                      | CUSIP: 03767CAQ3<br>LEI: 549300QCAOUF4OXOI275 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $749971.28    | 0.06%             | 2038-10-20      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-HQA4                                                                      | STACR 2021-HQA4 B2                                                                                                                                     | CUSIP: 35564KPP8<br>LEI: 5493000ISE4NWBTOSK36 | Long             | ABS-O            | USGSE             | US        |    640000 | PA      | $660369.02    | 0.05%             | 2041-12-26      | Floating      | 10.66%                | No            |                  2 | On Loan: No      |
| Denton Medical                                                                                               | Denton Medical                                                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $17316645.00  | 1.28%             |  |  |  | No            |                  3 | On Loan: No      |
| BANK5 2024-5YR12                                                                                             | BANK5 2024-5YR12 F                                                                                                                                     | CUSIP: 06644XAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $238445.10    | 0.02%             | 2057-12-17      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| EAGLE RE 2023-1 LTD                                                                                          | EMIR 2023-1 M2                                                                                                                                         | CUSIP: 26982EAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |    920000 | PA      | $972226.28    | 0.07%             | 2033-09-26      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM5                                                                | NRZT 2025-NQM5 A3                                                                                                                                      | CUSIP: 64832GAE4<br>LEI: 213800USJ6KQFZEWGZ76 | Long             | ABS-O            | CORP              | US        |   1916444 | PA      | $1908444.66   | 0.14%             | 2065-08-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2021-R01                                                                 | CAS 2021-R01 1B2                                                                                                                                       | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   1500000 | PA      | $1531321.95   | 0.11%             | 2041-10-25      | Floating      | 9.66%                 | No            |                  2 | On Loan: No      |
| The Sheds on Charlotte                                                                                       | The Sheds on Charlotte                                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $39900000.00  | 2.95%             |  |  |  | No            |                  3 | On Loan: No      |
| Anker Haus                                                                                                   | Anker Haus                                                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $18000000.00  | 1.33%             |  |  |  | No            |                  3 | On Loan: No      |
| The Biltmore Apartments                                                                                      | The Biltmore Apartments                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  43000000 | PA      | $43000000.00  | 3.18%             | 2027-07-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2020-DNA2                                                                      | STACR 2020-DNA2 B2                                                                                                                                     | CUSIP: 35565KBE7<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-O            | USGSE             | US        |    750000 | PA      | $824699.40    | 0.06%             | 2050-02-25      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| VERUS SEC TR 2023-5                                                                                          | VERUS 2023-5 B1                                                                                                                                        | CUSIP: 924934AE2<br>LEI: 984500BADC7CFE3B0756 | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2002806.00   | 0.15%             | 2068-06-25      | Variable      | 7.97%                 | No            |                  2 | On Loan: No      |
| Vitality Franklin PropCo                                                                                     | Vitality Franklin PropCo                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $44087381.00  | 3.26%             |  |  |  | No            |                  3 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-P1                                                                  | CGCMT 2015-P1 D                                                                                                                                        | CUSIP: 17324DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11336 | PA      | $11115.45     | 0.00%             | 2048-09-17      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MSCR TRUST MN2                                                                                   | MSCR 2021-MN2 M2                                                                                                                                       | CUSIP: 35563JAB9<br>LEI: 549300OXOJE8K5OHDX86 | Long             | ABS-O            | USGSE             | US        |   2425431 | PA      | $2432107.41   | 0.18%             | 2041-07-25      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| MF1 2024-FL16 LLC                                                                                            | MF1 2024-FL16 A                                                                                                                                        | CUSIP: 55287EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1001093.30   | 0.07%             | 2039-11-18      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| BWAY 2013-1515 MORTGAGE TRUST                                                                                | BWAY 2013-1515 F                                                                                                                                       | CUSIP: 05604FAS4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1702618.40   | 0.13%             | 2033-03-10      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-C28                                                               | WFCM 2015-C28 D                                                                                                                                        | CUSIP: 94989JBH8<br>LEI: 549300S7ENI2U7O0XH56 | Long             | ABS-O            | CORP              | US        |    435178 | PA      | $425654.58    | 0.03%             | 2048-05-15      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| GREYSTONE CRE NOTES 2025-FL4 LTD                                                                             | GSTNE 2025-FL4 A                                                                                                                                       | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1480000 | PA      | $1480599.84   | 0.11%             | 2043-01-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2015-4                                                                              | JPMMT 2015-4 B2                                                                                                                                        | CUSIP: 46644VBR6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    272667 | PA      | $253647.97    | 0.02%             | 2045-06-25      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2018-1                                                                   | NRZT 2018-1A B6                                                                                                                                        | CUSIP: 64830GCC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1993300 | PA      | $1709565.06   | 0.13%             | 2057-12-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Puyallup IOS                                                                                                 | Puyallup IOS                                                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $7000000.00   | 0.52%             |  |  |  | No            |                  3 | On Loan: No      |
| HOMES 2025-NQM3 TRUST                                                                                        | HOMES 2026-NQM1 A2                                                                                                                                     | CUSIP: 437922AD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1092888 | PA      | $1081855.40   | 0.08%             | 2070-09-25      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                     | GNR 2025-175 LS                                                                                                                                        | CUSIP: 38385HFF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2178355 | PA      | $210943.59    | 0.02%             | 2055-10-20      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Senior Incorporated                                                                             | ABR 8.5 12/15/28 144A                                                                                                                                  | CUSIP: 03881NAL1<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    600000 | PA      | $589906.69    | 0.04%             | 2028-12-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer